Silicon Valley Bank crisis will test every 2024 candidate
The Silicon Valley Bank (#SVB) crisis will test every 2024 candidate for #President who has (or had) any responsibility over banks. Why and what to do:
WHY#SVB MATTERS TO 2024 #POTUS CANDIDATES:
Reportedly, 50% of all VC backed startups have some level of exposure to #SVB, including household names #Etsy and #Roku. Tens of thousands, potentially hundreds of thousands, of people will be directly impacted. Tens of millions more will be indirectly impacted. Paid-for customer orders and services may not be delivered. What were safe stocks at the beginning of last week will tumble more - further eroding losses in 401Ks. More companies could go under. People will lose their jobs. Voters will point the finger at someone. Company execs will get blamed. In turn, the execs will point the finger at the politicians who set the rules. Some of those politicians will be #2024 candidates, creating opportunities to attack and be attacked.
WHAT #POTUS CANDIDATES MUST DO:
(1) Get knowledgeable on the facts, particularly as they relate to your areas of responsibility. People like a #President who has command of the issues. If you can’t demonstrate that now, voters won’t see you as presidential.
(2) Be a problem solver, not a flame thrower. Offer realistic solutions. Be a leader. Think long-term. The #SVB crisis isn’t going away any time soon. It could be the catalyst that officially pushes the economy into a recession. Treat it as such. Don’t be the one who plays to the base in order to raise a few bucks online.
(3) Get prepared to defend your votes and actions. The arrows are coming your way. The media will challenge you. Your opponents will attack. This is not likely to be one of those times where you can duck and hide. Be transparent. Put into context why you did (or didn’t) take action. Offer solutions.
(4) Turn lemons into lemonade. Release a five point plan. Develop a strategy. Announce a policy. Offer voters a solution. Hold people and institutions accountable. Always remember, campaigns are about the future.
#banks#startups#strategy#media#economy#future#people#leader#opportunities#jobs