> The Spectator does have a tendency towards superficially high-minded but ultimately ineffectual chatter (which at least fits with its name). The article draw

> The Spectator does have a tendency towards superficially high-minded but ultimately ineffectual chatter (which at least fits with its name). The article draws rather thinly supported conclusions about SV from the collapse of Silicon Valley Bank. Yes, the bank failed but so did others like First Republic, and for similar reasons: interest rates went up and left them holding low-interest bonds that undermined their balance sheets. This is plain old bad management. The Fed response is similarly explainable by fear of contagion. It would have been a stronger argument if the Spectotor pointed out that many large VC-funded firms look like pyramid schemes. Wework and Uber are two obvious examples, along with numerous recent database IPOs--firms that still have no clear route to profitability. Not only that, prominent VC firms seemed to double down on the strategy, as evidenced by A16Z funding Adam Neumann (again) after Wework. [0] [0] https://a16z.com/2022/08/15/investing-in-flow/ https://a16z.com/2022/08/15/investing-in-flow/ Edit: typo