It's a robber-baron classic.īut because the bankers in question here saw themselves as innovating the way startups get funded, their bleating for government aid actually comes from a whole other wellspring. But when it's their money on the line, they're all for privatizing the profits and socializing the losses. Sure, they like to mock colleges as "woke madrassas" and condemn student-loan forgiveness as a moral hazard. When capitalism goes kersplat, even the most libertarian Peter Thiel adherents turn into New Dealers. Our opinions are always our own.Īs Silicon Valley Bank went down the tubes, it wasn't surprising that the loudest mouths in Techworld started demanding that the federal government cover everyone's losses.
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