David Sacks

David Sacks @DavidSacks

Just look at WashPo’s coverage. They practically make SVB’s collapse sound like a good thing: “I don’t think we’re at risk of a crisis.” “This is what the Fed wants to see.” Experts LOL. https://t.co/soTHORTmDX — PolitiTweet.org

David Sacks @DavidSacks

RT @TheChiefNerd: 🚩 David Friedberg & David Sacks on the Gravity of the SVB Collapse “This is basically a Lehman-sized event for Silicon V… — PolitiTweet.org

David Sacks @DavidSacks

The US banking system is on the cusp of being concentrated in a handful of politically connected “too big to fail” banks. One wonders if that’s the point. — PolitiTweet.org

David Sacks @DavidSacks

RT @VinnyLingham: Returning depositors money is not a bailout. SVB was a regulatory failure, not a failure of depositors. Equity holders… — PolitiTweet.org

David Sacks @DavidSacks

RT @dawallach: Totally right. Even Warren Buffett (when asked by Ackman) described how difficult large banking institution finances are to… — PolitiTweet.org

David Sacks @DavidSacks

@SinaiLawFirm @BillAckman Perhaps FDIC could add a business-class level (eg $25M protection) that’s incredibly restrictive about what banks can invest in (eg fully marketable liquid securities only). All businesses would opt for this, and it would end systemic risk. — PolitiTweet.org

David Sacks @DavidSacks

.@BillAckman is right. There are two systemic crises underway right now: (1) Startup Extinction Event - thousands of startups and small businesses won’t be able to make payroll and will immediately need to furlow or layoff employees if the FDIC does not release at least a… — PolitiTweet.org

David Sacks @DavidSacks

💯 — PolitiTweet.org

David Sacks @DavidSacks

RT @theallinpod: every once in a while, there is an event so insane that we need to publish a one-topic show today is one of those days b… — PolitiTweet.org

David Sacks @DavidSacks

@thehopster Either you announce that you’re protecting deposits or you don’t. So far they haven’t. — PolitiTweet.org

David Sacks @DavidSacks

Yellen & Powell said inflation was transitory so they could keep spending & pumping. When it blew up in their faces, the Fed jacked up rates so hard it collapsed a huge bank. Now they want to say it’s startups’ fault—you shouldn’t have kept your deposits there. Give me a break. — PolitiTweet.org

David Sacks @DavidSacks

@aeyakovenko This is not a partisan point. The administration really needs to act this weekend, and I’m hearing they may not. — PolitiTweet.org

David Sacks @DavidSacks

Yellen was in Kiev last week to reassure Ukraine that US financial aid would continue. But she can't reassure 10,000+ small businesses that their deposits are safe. She says she's "monitoring" the situation. Give me a break. — PolitiTweet.org

David Sacks @DavidSacks

@DonpaulStephens Banks can still make these loans but they would need to be packaged up and turned into marketable securities. Or don’t use customer deposits for that. — PolitiTweet.org

David Sacks @DavidSacks

Judd apologized and deleted the tweet so kudos for that. — PolitiTweet.org

David Sacks @DavidSacks

@JuddLegum Thank you. — PolitiTweet.org

David Sacks @DavidSacks

The solution is for FDIC to offer a category of insurance where (1) deposits are fully protected but (2) banks are restricted to investing that money in fully liquid securities that are marked-to-market daily. That is the product everyone wants. — PolitiTweet.org

David Sacks @DavidSacks

The idea that depositors are creditors to a bank is an absurd and outdated notion. Everyone just wants a checking account, not to loan the bank money. — PolitiTweet.org

David Sacks @DavidSacks

@Jkylebass SVB is going bankrupt. All the stockholders and executive stock options are getting wiped out. I got no problem with that. The only question is how you treat deposits. — PolitiTweet.org

David Sacks @DavidSacks

SVB was a Top 20 A-rated FDIC-insured bank. Do I believe regulators should protect deposits at a bank that they blessed? Yes I do. Should regulators prevent systemic risk? Yes they should. There’s no contradiction unless you believe in protecting Ukraine but not the US economy. — PolitiTweet.org

David Sacks @DavidSacks

These journalists are pathologically dishonest. Look at my actual tweet. It was talking about Ukraine, which he made sure to cut off. https://t.co/jKntUKswqM — PolitiTweet.org

David Sacks @DavidSacks

@nandelabra Yup and I was talking about Ukraine. There’s no contradiction unless you believe the federal government should protect Ukraine and not the US economy. https://t.co/3LrngRlj9j — PolitiTweet.org

David Sacks @DavidSacks

RT @GustoHQ: Gusto does not use Silicon Valley Bank to fund customer payroll services and operations. Therefore, Silicon Valley Bank's curr… — PolitiTweet.org

David Sacks @DavidSacks

RT @BobEUnlimited: The US banking system is built on the expectation that equity and bond holders accept the bank economic risk and deposit… — PolitiTweet.org

David Sacks @DavidSacks

RT @thechrisbuskirk: @DavidSacks Right now Powell looks like his plan to whip inflation now is a banking crisis. The silence & inaction… — PolitiTweet.org

David Sacks @DavidSacks

RT @naval: If businesses lose money on deposit, then every business in the country will move all cash above $250K into Treasuries and we’ll… — PolitiTweet.org

David Sacks @DavidSacks

@CollinRugg True https://t.co/aVJ6rNgj0p — PolitiTweet.org

David Sacks @DavidSacks

RT @garrytan: The real victims of the SVB fallout are the depositors: startups (10 to 100 employees) who cannot make payroll, and will hav… — PolitiTweet.org

David Sacks @DavidSacks

If the Fed doesn’t nip the bank run in the bud, regional banks will be decimated, and all that will be left is the biggest banks. You know, the “too big to fail”ones. This will not help the little guy. — PolitiTweet.org

David Sacks @DavidSacks

Craft has no money at SVB. — PolitiTweet.org