My perspective is that our financial system was in a Cuban Missile Crisis sort of moment. Most normal people were oblivious what was actually going on, but I think we were just minutes away from a financial disaster at least one, possibly two orders of magnitude worse than what actually happened. I don’t see how Sequoia’s efforts to communicate a (somewhat sanitized) version of the knowledge they had to their portfolio CEOs, and to provide actionable tactical instructions to us, could be perceived of as anything but good faith. That being said, I am glad that presentation ended up being wrong, just as I am glad the Cuban Missile Crisis did not turn into a full-blown nuclear war.
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“RIP Good Times”: Silicon Valley’s Cuban Missile Crisis by Dalton Caldwell
It’s mind-boggling to me that there are people who don’t realize how close to the brink we were. There was a 48 hour period where the banks and the federal government literally weren’t sure that direct deposit was going to work. Like for anyone. At all.
