“People Don’t Understand Repercussions”: Silicon Valley Bank Collapse Leads to Arnold Schwarzenegger’s Son Raising Major Concerns

Even a few weeks ago, Silicon Valley Bank was one of America’s most influential banks. However, on Friday, the bank that led money to some of the most prominent tech companies in the world failed. The California Department of Financial Protection and Innovation closed the bank that Republican Congressman Matt Gaetz called the “financial arm of Silicon Valley.” Representative Matt Gaetz also uploaded a video on Twitter, where he talked about his stance on the “bail out,” request, which seems imminent. The son of former California governor Arnold Schwarzenegger retweeted the clip.

However, Patrick Schwarzenegger didn’t agree with the Congressman’s stance on the matter. Schwarzenegger’s eldest son explained his stance and raised a major concern that Gaetz didn’t address.

The actor has a different perspective

Congressman Matt Gaetz shared a clip from his conversation with Steve Bannon. In the clip, Bannon and Gaetz discussed the imminent bailout request that the many high-profile startups could make. However, Gaetz said he wouldn’t stand for “an effort to use taxpayer money to bail out Silicon Valley Bank.” 

He also said, “the American people can count on the fact that I will be there leading the fight against it.” Patrick Schwarzenegger shared the clip and explained his take in the caption. The actor pointed out that Gaetz’s “bailing out the elite,” comment shouldn’t be the focus of the debate. “There are tons of small businesses that relied on SVB,” Schwarzenegger wrote.

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“There are tons of employees & working-class Americans that rely on those small businesses for work & wages,” added Arnold Schwarzenegger’s eldest son. The Midnight Sun actor raised concerns that the employees of the startups relying on the Silicon Valley Bank will suffer unless the government can solve the issue.

“Unfortunately- It seems to be that many people don’t understand the repercussions of SVB going down…” wrote Chris Pratt’s brother-in-law. The 29-year-old was confident about his argument and even replied to a comment on his post.

The eldest son of Arnold Schwarzenegger considered all the angles

A Twitter user commented on Patrick Schwarzenegger’s post. “Then bail out the working class that are effected, because bailing out the bank doesn’t necessarily do that,” wrote the user. “I’m all for that,” wrote Patrick Schwarzenegger. He also suggested an alternative to how the government might consider helping the employees of the startups.

The actor suggested the government should “bail out” the small businesses with deposits at SVB. “Or create a PPP (Paycheck Protection Program) type loan for quick payroll expenses to keep personal on,” added Schwarzenegger.

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The Silicon Valley Bank collapse has taken the financial world by storm. As the story develops, the true impact of the biggest bank failure since the 2008 financial crisis could come to light.