Drunkard's Walk Forums

The background:
Amateur investors, perhaps propelled by a mix of greed and boredom, are looking to teach Wall Street a lesson. They’ve come together on a popular Reddit page, Wall Street Bets, to push the stock of companies like GameStop — up 1,700% — to outrageous highs.

The results:
Hedge-Fund Titans Lose Billions to Reddit Traders Running Amok

The crying:

My take:

Dear SEC:

Hi! Just a reminder that your job is to police the stock market so that people can have confidence in it and so that average investors don’t lose their shirts by following the rules and playing nice.

You may be tempted to just go after the “Reddit Traders” and leave the hedge funds alone. That would completely undermine the point of your existence. Either no one should play games with stock prices, or everyone gets to play games with stock prices.

I mention this because after the financial collapse in 2008, y’all spent a bunch of time investigating the few folks who showed you up to the public (you know, the heroes of The Big Short) rather than the investors who created the problems in the first place. For a lot of people, this confirmed that you were rigging the game for the few rather than protecting the public.

So don’t do that again.

Kthxbai.

Lynch the rich.

Failing that, make them less rich.

I know a lot of people getting their beak in for nothing more than driving the price up higher and higher.

I think the key takeaway is that the hedge funds convinced Robinhood to stop selling these stocks to their users, and reinforced their short sales right before the change went into effect.  And now Robinhood is automatically executing sales of GME stock while not allowing users to cancel the sale.  It looks like the rich are willing to break any laws to keep themselves from losing massive amounts of money at the expense of commoners.

So, nothing new here, really.  Pic related.

And the Right wonders why socialism is gaining more and more traction with the Left.

To quote AOC: The existence of billionaires is a policy failure.

Google erases 1-star reviews of Robinhood App

https://www.theverge.com/2021/1/28/22255...play-store