David Sacks

@DavidSacks ↗

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Last Checked April 3, 2023

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Tue Mar 14 21:00:56 +0000 2023

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David Sacks @DavidSacks

If you want to understand the context for the crisis, look at the FDIC Chair’s March 6 testimony — a week before SVB’s collapse — where he explains that banks were sitting on $620 billion of unrealized losses from long-dated bonds. This provided the tinder for the crisis. https://t.co/G3jw3TMKTr — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

It’s painful for me to watch so many smart pundits and politicians on both the right and the left buy into a media narrative that seeks to blame “wealthy speculators” or “tech bros” or VCs for a banking crisis that ultimately started in Washington. Let me explain. 🧵 — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

The match was lit when SVB announced on Wednesday March 9 that it had sold substantially all of its available-for-sale securities and needed to raise fresh capital because of large unrealized losses from its mortgage bond portfolio. https://t.co/KBXOFp1q7A — PolitiTweet.org

Posted March 14, 2023