David Sacks

David Sacks @DavidSacks

Kudos to @RoKhanna. Every word of this is true. Decisive action is needed to protect the regional banking system. The run on other banks has already started. https://t.co/G45fvuKQaJ — PolitiTweet.org

David Sacks @DavidSacks

What Yellen should have said: 1. No bailout for SVB stockholders/bond holders. 2. But deposits are safe—not just at SVB but at all regional banks. You can trust the US banking system. 3. We will backstop it if necessary to prevent contagion. We will defend the US banking system. — PolitiTweet.org

David Sacks @DavidSacks

The basic formula here is actually correct… 1. No bailout for SVB stockholders/bond holders. 2. But we will meet the needs of depositors. 3. And prevent contagion… But it all sounds hopeless vague. Half-measures won’t stop a banking crisis. https://t.co/sfw27Kt2C7 — PolitiTweet.org

David Sacks @DavidSacks

RT @nbt: 5 main thoughts as we wrap another crazy day (03.11.23, which happens to be my birthday): 1) It's important that we all learn fro… — PolitiTweet.org

David Sacks @DavidSacks

@AlexBerenson It’s like GPT was told to write a formulaic populist class warfare rant without even understanding the particulars. SVB had 40,000 small business customers who are impacted. If this was “Farmers’ Bank,” you would understand the risk of contagion. It will be obvious soon enough. — PolitiTweet.org

David Sacks @DavidSacks

The spike in interest rates took out SVB first, but it could have been any bank. Soon the contagion will spread and it will become obvious that animosity towards tech is blinding people to the real issue. — PolitiTweet.org

David Sacks @DavidSacks

In reality, this has little or nothing to do with tech. It’s about whether half the deposits in the US (which are uninsured) can be trusted. — PolitiTweet.org

David Sacks @DavidSacks

SVB’s customers are being treated like they engaged in some incredibly risky behavior for which they’re being unfairly bailed out. But all they did was open a bank account! That’s not an investment, it’s a deposit. — PolitiTweet.org

David Sacks @DavidSacks

I’m not asking for a bailout. I’m asking for banking regulators to ensure the integrity of the system. Either deposits in the US are safe or they’re not. If not, look out below. We have a very big problem on our hands. — PolitiTweet.org

David Sacks @DavidSacks

RT @BobEUnlimited: Fed/FDIC decisions on SVB determine whether they risk a bank run trillions of dollars in size. 1/3 of US deposits are i… — PolitiTweet.org

David Sacks @DavidSacks

@jonfortt @Jason @mcuban I can understand hate-scrolling @jason but me? https://t.co/jbSKdNjaFB — PolitiTweet.org

David Sacks @DavidSacks

https://t.co/TZniSMT5tB — PolitiTweet.org

David Sacks @DavidSacks

Sometimes entertaining Steve Bannon worked at Goldman Sachs but doesn’t seem to remember what systemic risk is. The people lining up to get their money out of this bank don’t look like “elites” to me, Steve! https://t.co/bc4m7w3Fdp https://t.co/nsXmg2njTE — PolitiTweet.org

David Sacks @DavidSacks

Community banks simply won’t be able to compete if the Fed says you can lose your deposits there but not at a Big 4 bank. The Big 4 will have too great a regulatory advantage by virtue of being “too big to fail.” — PolitiTweet.org

David Sacks @DavidSacks

By a 2-to-1 margin, those polled said they would move to a Big 4 bank if the Fed doesn’t protect deposits at SVB. — PolitiTweet.org

David Sacks @DavidSacks

RT @lcmichaelides: Hi, I’m Lindsey. A bit about me: - Ohio mother of 4 - I employ a team of 15 as a start-up founder & CEO of Strongsuit… — PolitiTweet.org

David Sacks @DavidSacks

@kinkade_realty @SVB_Financial You’ve obviously never watched @theallinpod. I’ve been strongly opposed to venture debt and said so many times. — PolitiTweet.org

David Sacks @DavidSacks

Blaming depositors for bank failure is like placing the blame for medical malpractice on patients because they didn’t do a good enough job shopping for a doctor. Depositors expect the Fed to ensure that banks are safe. — PolitiTweet.org

David Sacks @DavidSacks

Thank you @CommunityNotes! These corporate journalists can’t stop spreading disinformation. — PolitiTweet.org

David Sacks @DavidSacks

Only morons in the media could blame a single VC or even all VCs for SVB’s demise. It happened because SVB mismanaged its balance sheet and communications, with regulators asleep at the wheel. The sharks on Wall Street already smelled blood in the water by Thursday morning, and… — PolitiTweet.org

David Sacks @DavidSacks

RT @thechrisbuskirk: This is exactly right. Should execs of SVB pay a price for bad business decisions? Yes Should SVB shareholders? Ye… — PolitiTweet.org

David Sacks @DavidSacks

Startups, don’t panic. There’s absolutely nothing to worry about. The regulators are in complete control of the situation. https://t.co/PPBXwipT52 — PolitiTweet.org

David Sacks @DavidSacks

“Tech doesn’t need a bailout, but it shouldn’t get arbitrarily snuffed out.” — PolitiTweet.org

David Sacks @DavidSacks

RT @BillAckman: From a source I trust: @SVB_Financial depositors will get ~50% on Mon/Tues and the balance based on realized value over the… — PolitiTweet.org

David Sacks @DavidSacks

RT @garrytan: Regulators need to step in to do a *backstop* of depositors (not a bailout of a bank) 40,000 SVB depositor small businesses… — PolitiTweet.org

David Sacks @DavidSacks

RT @SteveRattner: Facing massive contagion in #SVB debacle as money comes out of other similar banks. No longer may be enough to make #SVB… — PolitiTweet.org

David Sacks @DavidSacks

RT @paulgp: The market definitely thinks there are more banks that will be run on. Here's the 7 banks with the largest decline in the mark… — PolitiTweet.org

David Sacks @DavidSacks

If the Fed doesn’t protect deposits at SVB, will you feel more compelled to move your money to a Big 4 bank (JP Morgan Chase; Citi; BofA; Wells) out of an abundance of caution? — PolitiTweet.org

David Sacks @DavidSacks

@CarlosChangSV @SinaiLawFirm @BillAckman Right. I don’t think they should be in that business using customer deposits. — PolitiTweet.org

David Sacks @DavidSacks

If you’re a conservative who doesn’t believe that the Fed should act decisively to stop this banking crisis, you’re being played for a sucker or a fool. The result will be the further concentration of Big Finance in a small number of politically connected firms. — PolitiTweet.org