Urgent: Sign the petition now

Re:Urgent: Sign the petition now by WalterSear on Saturday March 11, 2023 @07:54PM (#35114957)

The failure of the bank is certainly not YC's fault.

But, much of the profits they made, and losses they are now incurring are both a consequence of the zero interest rate environment and it's current unwinding.

If the goverment bails out YC's companies, when they are successful later, who is going to benefit the most from that?

[ Parent | on HN ]

Re:Urgent: Sign the petition now by AlchemistCamp on Saturday March 11, 2023 @09:22PM (#35115717)

As I said, most SVB customers were not YC startups.

There are thousands of businesses using SVB. If they only know they have 250k coming in the near future, and can’t be sure they’ll make payroll, what do you think happens to all of their employees? Or the other businesses relying on their products? Or anyone they owe?

This is the second largest bank failure in US history, and for now it’s confined to a single bank and the cost to stop the fallout is relatively low.

If decisive action is not taken by the end of this weekend, it’s going to get much, much worse.

[ Parent | on HN ]