We have found ourselves in a scenario where the investor class has, yet again, managed to privatize profits and socialize losses. While many of these powerful, wealthy, and connected individuals have pushed for policies that would scale back government and regulators, promoted cryptocurrencies they believe to be outside control of the state, and pushed back against any action to break up tech monopolies, they quickly found themselves begging government officials for a rescue. “No atheists in a foxhole. No libertarians in a bank run,” tweeted Eric Newcomer, after rightand libertarian-leaning David Sacks tweeted at government officials demanding they “Stop this crisis NOW”.
Just incredible stuff from the VC class this month.