Silicon Valley Bank collapse sends tech startups scrambling
edition.cnn.com/2023/03/10/tec…

That story again:

#SiliconValley tech startups learn first hand about the dangers of centralization. 👀

#SVB

🧵

Hypercapitalist techbros already calling for, wait for it, government intervention!

What happened to "the market will solve it"?

"The market solves it" only if it's your money on the line, not their stock options.

Remember all this bullshit about "we get the big payouts because we take the big risks"? Yeah, well… observe what happens when the risks actually materialize. Crying for risk-mitigating bailout *checks notes* literally the next day.

#SVB

🧵

Feb 14, 2023 #SVB

“Forbes’ America’s Best Banks 2023”

forbes.com/lists/americas-best…

Silicon Valley startups: We're libertarian, hate government regulation and oversight, and believe every person and business should be accountable for its own decisions and mistakes.

Also Silicon Valley startups: OMG,
#SVB has failed. The government better do a bailout, and the FDIC must protect all our assets expediently!

amp.cnn.com/cnn/2023/03/10/inv…

Silicon Valley Bank collapses after failing to raise capital

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.

^{By Allison Morrow and Matt Egan, CNN (CNN)}