Numerous Silicon Valley elites are desperately calling for bailouts after the rapid collapse of Silicon Valley Bank (SVB), formerly the country’s 16th-largest bank.
This failure marks the second-largest in banking history, Breitbart News reported.
“YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN & CONTAGION @POTUS & @SecYellen MUST GET ON TV TOMORROW AND GUARANTEE ALL DEPOSITS UP TO $10M OR THIS WILL SPIRAL INTO CHAOS,” exclaimed entrepreneur Jason Calacanis.
YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN & CONTAGION @POTUS & @SecYellen MUST GET ON TV TOMORROW AND GUARANTEE ALL DEPOSITS UP TO $10M OR THIS WILL SPIRAL INTO CHAOS
— @jason (@Jason) March 12, 2023
Another entrepreneur named Joe Lonsdale weighed in, clarifying that while he is “opposed to bailouts,” he cannot help but wonder if “the innovation world is the only part of our economy that doesn’t deserve a depositor bailout?”
Am curious if the innovation world is the only part of our economy that doesn’t deserve a depositor bailout?
And can’t help but ask how many equivalent aid packages to Ukraine (0.5 of them?) it takes to resolve the crisis impacting thousands of promising US technology companies.
— Joe Lonsdale (@JTLonsdale) March 11, 2023
Nanxi Liu, reportedly the CEO and co-founder of the digital signage software company Enplug, argued that a taxpayer-funded bailout of SVB “would cost the taxpayers nothing,” and in reality would “make taxpayers money.”
“SVB bailout is COMPLETELY different than bailouts of 2008. Fed stepping in to help depositors would cost the taxpayers nothing, in fact, it would make taxpayers money,” she said.
Rep. Matt Gaetz (R-FL) shared a video on Twitter of NBC News contributor Maria Teresa Kumar suggesting during an appearance on “Meet The Press” that Silicon Valley Bank (SVB) is essentially the ‘Democrat ATM Bank.’
Gaetz stated Teresa was saying the quiet part out loud, before adding, “Maybe this is why they got a corrupt bailout without so much as a VOTE by the elected representatives of the people.”
Silicon Valley Bank is the “Democrats’ ATM”
Maybe this is why they got a corrupt bailout without so much as a VOTE by the elected representatives of the people.
— Rep. Matt Gaetz (@RepMattGaetz) March 13, 2023
The Florida congressman shared another clip of himself promising he would not back a taxpayer bailout of SVB.
I will NOT support a taxpayer bailout of Silicon Valley Bank. pic.twitter.com/s3wAV26iNL
— Rep. Matt Gaetz (@RepMattGaetz) March 11, 2023
Some had wondered if an alleged focus by SVB on leftist politics contributed to its collapse, as was noted by FOX Business host Lisa “Kennedy” Montgomery, who pondered, “is this a unique area where the [SVB] chief risk officer was more interested in telling their personal narrative about sexuality and immigration status as opposed to talking about creating safe spaces for workers at the company?”
She quipped, “It’s like, no, a safe space is a well-run bank where my money isn’t going to dissolve if people start to panic and that’s what they’re doing.”