The collapse of Silicon Valley Bank and the dramatic federal rescue of its depositors has forced Washington and libertarian tech investors into a shotgun reconciliation.
The “All In” ALL CAPS tweet blizzard quickly defined public perceptions of Silicon Valley’s response, overshadowing the basic concerns of small business owners and employees — many not in the tech industry at all — about their deposits.
“There’s a universal agreement that libertarian VCs screaming for bailout money was not helpful,” said one person involved in managing Silicon Valley’s response to the crisis, who was granted anonymity to speak candidly about tech industry peers. “Elevating startup founders or even business owners outside of tech — those are better faces for the industry than a guy in Atherton who’s scared that his portfolio companies might get hit.
Washington needs tech entrepreneurs to stay in the U.S., and not get too disillusioned. | J. Scott Applewhite/AP Photo
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