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David Sacks @DavidSacks
Some unscrupulous reporters and political types have even claimed that somehow I caused this through my tweeting. Damn, you must think I’m Superman! Or maybe E.F. Hutton. But the timing doesn’t line up at all, as I already explained. — PolitiTweet.org
David Sacks @DavidSacks
In the never-ending quest for scapegoats, some reporters and political types are asking if @theallinpod could have… https://t.co/ryRP3qx0Kl
David Sacks @DavidSacks
By Friday the run on other banks had begun. This became abundantly clear when regulators placed Signature Bank in receivership, announced a backstop facility for First Republic, and temporarily halted trading of regional bank stocks on Monday. Even giant Schwab was halted. — PolitiTweet.org
David Sacks @DavidSacks
The idea that one needed “non-public information” to understand that SVB was at risk is drivel being peddled by populist demagogues. Any depositor who could read the WSJ or watch the stock ticker could understand that there was no upside in waiting to see what would happen next. — PolitiTweet.org
David Sacks @DavidSacks
On Thursday morning, the financial press widely reported SVB’s need for new capital, and short sellers were all over the stock. The CEO’s disastrous “don’t panic” call later that morning only heightened fears and undermined confidence in the bank. https://t.co/7u0KDRbvdH — PolitiTweet.org
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
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
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
David Sacks @DavidSacks
@karaswisher @Jason I just checked my calendar and I’m doing something much more fun that day, like getting a colonoscopy. But rain check. 😂 — PolitiTweet.org
David Sacks @DavidSacks
@karaswisher @Jason This is getting silly. — PolitiTweet.org
David Sacks @DavidSacks
@karaswisher @Jason I welcome good faith engagement and disagreement. — PolitiTweet.org
David Sacks @DavidSacks
@karaswisher @RippleyRippley @Jason Notice the word “their” instead of “his” because you’re not talking about me anymore. So it’s lumping us into a group when convenient. — PolitiTweet.org
David Sacks @DavidSacks
@nivi Is that a good thing? 😂 — PolitiTweet.org
David Sacks @DavidSacks
@AnnafiWahed @Jason I want officials to do their job and be accountable. State Department is supposed to engage in diplomacy. NIH is supposed to prevent viruses. FDIC is supposed to stop bank runs. One of these three did its job. — PolitiTweet.org
David Sacks @DavidSacks
@karaswisher @Jason There’s probably not a single more vitriolic voice in the tech ecosystem than you. And as soon as you get called out for it, it’s all faux friendliness and “why are you being so touchy”. But if your change in tone is sincere, I will reciprocate it. — PolitiTweet.org
David Sacks @DavidSacks
@davidsirota I think every American should have health care. The best way to get there is something I would need to research. I have not purported to be an expert on this topic. — PolitiTweet.org
David Sacks @DavidSacks
@Jason @karaswisher 😂😂😂 — PolitiTweet.org
David Sacks @DavidSacks
@davidsirota How do you know what I believe on that issue? You don’t. — PolitiTweet.org
David Sacks @DavidSacks
Not sure I’ve self-identified as a pure libertarian since college, and even libertarians understand the need for government to prevent bank runs, but a hateful media will make me be whatever they need me to be in order to keep their attack machine going for another day—even when… — PolitiTweet.org
Kara Swisher @karaswisher
Someone sent me this. No comment. https://t.co/mpYdDkkd77
David Sacks @DavidSacks
@VivekGRamaswamy @Jason I speak out contrary to my interests and the Silicon Valley consensus all the time (eg opposing woke, opposing the deplatforming of Trump) which cost me untold business so a little more credit is due. The real question was whether we were going to allow a banking crisis because… — PolitiTweet.org
David Sacks @DavidSacks
@pbreit @realchrisrufo No time. A banking crisis was underway. — PolitiTweet.org
David Sacks @DavidSacks
RT @realchrisrufo: @DavidSacks I'm a little confused by Vivek's position here. The resolution seems very reasonable: bank run averted, depo… — PolitiTweet.org
David Sacks @DavidSacks
The fact that you’re still making these unfounded ad hominem attacks after we had a thoughtful and civil debate shows that you’re not the transcendent candidate you positioned yourself to be. You would have allowed a full-blown banking crisis to pursue this vendetta against tech. — PolitiTweet.org
Vivek Ramaswamy @VivekGRamaswamy
Pretend like you care about something other than profit & power, precisely to gain more of each: Silicon Valley tau… https://t.co/ofzp0…
David Sacks @DavidSacks
RT @KanekoaTheGreat: .@DavidSacks: "It's not about SVB anymore. It's about the 20 banks and the cascade that comes next. Remember, on Thurs… — PolitiTweet.org
David Sacks @DavidSacks
RT @unusual_whales: BREAKING: JPMorgan Chase, $JPM, Citigroup, $C, and other large financial institutions are being inundated with requests… — PolitiTweet.org
David Sacks @DavidSacks
We need a strong vibrant regional banking system in this country. Clearly some regulatory reforms are needed. I may not agree with @RoKhanna on every detail, but I think he is smart, thoughtful and good faith. Republicans should engage with him to produce some bipartisan reforms. — PolitiTweet.org
Ro Khanna @RoKhanna
A thread on some of my takeaways from the SVB collapse. SVB is in my district, but I did not hesitate to tell them… https://t.co/dhUzuudpx4
David Sacks @DavidSacks
RT @KanekoaTheGreat: .@DavidSacks: "Let me tell you who the big winner is going to be if we don't do the simple policy I'm talking about —… — PolitiTweet.org
David Sacks @DavidSacks
RT @KanekoaTheGreat: .@VivekGRamaswamy: "None of us here wants a bank run in America, but the weird thing that happened over the weekend is… — PolitiTweet.org
David Sacks @DavidSacks
RT @KanekoaTheGreat: .@DavidSacks: "There are 40,000 small businesses who use SVB, and 10,000 of them were in danger of missing payroll on… — PolitiTweet.org
David Sacks @DavidSacks
RT @bgurley: Some (below) are arguing US capitalism would be better off if SVB had completely failed (also wiping out depositors). History… — PolitiTweet.org
David Sacks @DavidSacks
Appeared on @CNBC: “Blaming VCs for run on SVB is shooting the messenger” https://t.co/uHpdOeLNm7 — PolitiTweet.org
