Apocalyptic nonsense aside (good ideas, good people, and good innovations will continue even if the current equity holders of a startup are wiped out), if the argument is "we need to make sure people can make their mortgage payments," then let's have the federal government send the affected workers checks for their mortgage payments. None of this indirect bailouts for careless VCs nonsense.
SV no longer has any moral authority about "disruption", "innovation", or any other buzzword. The entire industry should be allowed to burn to the ground so genuine growth can follow.
Well put. This is exactly why people are so emotional about this story - you've got a group of people acting like they're shaking up a stodgy old system and those who can't keep up need to whither and die. And then suddenly when things don't go their way (and this is an extremely minor thing really, most of the money is there, there are lots of private ways to backstop this), they run and cry to the government.
Iirc the rap group Geto Boys has a (great) song "We don't talk to police" about how they don't cooperate with law enforcement, and then got rightfully made fun of when they screamed about people downloading their music and demanded someone do something. The G-Code doesn't extend very far apparently, and that holds for VCs as well
