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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 Apr 3
    • Report Tweet
    • Report NetzDG Violation

    Using banks as a distribution channel for loans plays to the banks’ strengths. Asking substantially all banks to spin up a new line of business in single digit weeks does not.

    11:37 PM - 3 Apr 2020
    • 14 Retweets
    • 131 Likes
    • Tweet News ダークソール Winning Emergence ben blazak Shreeda Segan Dave Branson Smith Sumanth ⚡ Varun Arora Josh Schwarzapel
    3 replies 14 retweets 131 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 Apr 3
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        “The loans are risk free. Why aren’t the banks more interested?!?” They’re not risk-free. The government may write a put option on some of the loans. Credit risk is far from the only risk, as the banks are keenly aware of.

        2 replies 1 retweet 30 likes
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      3. Patrick McKenzie‏ @patio11 Apr 3
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        Also note a little bit of rational “Hey, remember what happened the last time we were told ‘It is the public policy of the United States that traditional underwriting standards do not conform to our policy preferences. Adjust yours. We’ll guarantee the loans. Totes risk free.’ ?”

        2 replies 1 retweet 31 likes
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      4. Patrick McKenzie‏ @patio11 Apr 3
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        “Hey are we going to get backstabbed if this goes pear shaped?” “Has any American administration, much less this administration, ever blamed its failures on in someone else? Come on, where’s your patriotism.”

        1 reply 2 retweets 36 likes
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      5. Patrick McKenzie‏ @patio11 Apr 4
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        Unsurprisingly, Matt Levine smashed nail on head regarding reputational risk: https://www.bloomberg.com/opinion/articles/2020-04-03/small-business-bailout-makes-banks-nervous?utm_source=url_link …pic.twitter.com/UXC13Fqvig

        3 replies 3 retweets 44 likes
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      6. End of conversation
      1. Noah Callaway‏ @ncallaway Apr 3
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        Replying to @patio11

        Single digits weeks? Feels more like single digits *days*, if we talking about the PPP loans. It's nuts that banks got final guidance late Thursday and the admin thought they would be giving out loans Friday morning.

        0 replies 0 retweets 13 likes
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      1. New conversation
      2. Einar Vollset‏ @einarvollset Apr 3
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        Replying to @trevorloy @patio11

        As someone who spent almost as much time as Trevor on CARES - hell yes it should have been a grant.

        0 replies 0 retweets 9 likes
      3. End of conversation
      1. NinaKilbride‏ @NinaKilbride Apr 4
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        Replying to @patio11

        Forcing their underwriting departments to figure out how to administer loans that are too small to be profitable is not playing to their strengths, but to established weakness. Banks don't do small biz loans for a reason. Everyone knows that but the clowns in DC.

        0 replies 0 retweets 2 likes
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      2. Ian Lyons‏ @ianlyyons Apr 4
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        Replying to @ianlyyons @patio11 @blendlabsinc

        (Or for any system — guidance Thursday to rolling out on Friday is insane. As is funds disbursement on the same day, like was suggested...)

        0 replies 0 retweets 0 likes
      3. End of conversation

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