Too many loopholes for the rich to matter. Gotta get rid of them first.
They are only making money if they get out soon. I have been wondering if this was some negative manipulation. It is snake oil. Serves no purpose but makes people feel hope for a while. I don’t know the outcome, and don’t care, can cut ties to the market without any lasting harm to myself but these people were manipulated. They will be the ones to pay.
Please stay away from this financially, it is the Kobayashi Maru.
Take your profits now if you are invested. I am kind of dollar point averaging in reverse but I have played this game and can afford the table. This can blow up, don’t get caught up in the explosion. This is not about them and us, I hope no one here loses money on this. Danger Will Robinson.
I like Mitt Romney, voted for him and would again. He wanted to end the loopholes for the rich. Don’t get me wrong, I don’t have much against Obama just wish that Romney would have won. Can’t say about soulless but he is head and shoulders above most right now. Trickle down is such a joke and he knew it then. Why are the ones who can stand against their own party for what they believe is right always the pariah? McCain screwed the pooch when he picked Palin or he would have made a... you know? I don’t know if they would have been great leaders but they had the stuff inside to make one. My favorite president in my time is Jimmy Carter, he was not a good president but was, and still is, an amazing man. I don’t know what makes a great president but knowing the difference between consionable and politics has to be up there, right? Or am I way off?
I like Mitt Romney, voted for him and would again. He wanted to end the loopholes for the rich. Don’t get me wrong, I don’t have much against Obama just wish that Romney would have won. Can’t say about soulless but he is head and shoulders above most right now. Trickle down is such a joke and he knew it then. Why are the ones who can stand against their own party for what they believe is right always the pariah? McCain screwed the pooch when he picked Palin or he would have made a... you know? I don’t know if they would have been great leaders but they had the stuff inside to make one. My favorite president in my time is Jimmy Carter, he was not a good president but was, and still is, an amazing man. I don’t know what makes a great president but knowing the difference between consionable and politics has to be up there, right? Or am I way off?
I was simply commenting on how Romney was perceived by the electorate in 2012. He has been one of exactly TWO elected Republicans who did the right thing when it actually mattered during concerning Trump. My good will about that washed away pretty quick when he said the COVID-19 bill at 1.9 trillion would be a non-starter. Would it be too much to ask for someone on the right side of the aisle to even offer an IDEA as to what should be done to end the pandemic and make people somewhat whole economically?? I'm not sure there have been any Republican domestic policy ideas that aren't tax cuts since the 2005. And the one from that year was privatizing Social Security.
Fun fact: the derivatives market alone is currently estimated at one quadrillion dollars. That's around 10 times the world gross product, give or take, depending on who you ask.
A quadrillion is $1000 trillion. That doesn't sound out of the realm of possibility to me.
Given the estimates I have heard for gross world product are in the 80-100 trillion dollar range, yeah.
Derivatives are what they sound like, they're derived from things. Shorts/longs/calls options are derivatives. Futures are derivatives.
Think of it this way. If there's a stock that's worth $5 dollars, just a single piece of one stock, it's possible for 5 people to bet $20 dollars that it's going to go down ($100) tomorrow, and 100 people to bet $5 that it's going to go up tomorrow ($500).
The THING is only worth $5, but the derivative market for the $5 thing is $600. And that's just the long and short options, tht doesn't include other options, or the futures, forwards, and swaps. And that's just on what it's going to do tomorrow. Not 2 days from now, or a week from now, or a month, or 6 months, or a year. All those are their own thing, for this one $5 thing that actually is something tangible. (Not that every one of those is going to be $600. There might be little interest in long-term call options for the obvious reason that predicting the future is hard.)
Google knows more about us than we know about ourselves. It's not like anyone really did anything to stop it, and no one is going to give up their smartphones or high speed internet. But, as an example, I got an email from Google Maps the other day that literally had every single location I have visited in the last 7 or 8 years. Since I never went anywhere without my phone in that time, it basically traced every step I took for that time period. My only surprise was how few places I've gone in that time outside the city I live in.
The freakiest thing Google ever pulled for me was giving me directions to a stadium for a baseball game I was going to attend with my family in a city that was not where I lived. On me having typed 1 Letter in Google Maps, "R" (Ranger Stadium, to be precise).
I don't go to Fort Worth frequently, but I do often enough for various things (and my sister lives there), and for a baseball game no more often than once per year as it's a traditional once per year thing with my dad and his office.
We live in a universe of increasing acceleration, and information processing is no different.
I did not explain the GameStop thing very well least night. You can ride the stock both ways at the same time with a series of puts and stops offsetting your minimal loses. Like I said it is a way of dollar point averaging when your goal is to short a stock. It is risky and I am slowly getting out of it all together. Well not completely, it is balloon with nothing in it but air, it will pop just a matter of time. I don’t have that much in it, not much of a gambler remember, and can afford to hold on till it drops. Will make a little anyway all said and done, just feel bad for for the people that are buying this that don’t know what they are doing. So me offsetting my risk by selling and buying at the same time allows me to always have the ability to cover my short. Probably those that were shorting it before it went up got hurt, the people that keep buying at the inflated price will probably never see most of that money again. It is a ticking time bomb, if anyone here owns some of the stock just to stick it to the original people who were shorting, get out. You have already stuck it to them, they are nursing their wounds right now, take your money and run. When it goes down, and it will, it will be hard to get rid of. People think that they can just sell right? Usually you can at a small loss as a stock slowly ticks down. This stock will not slowly decline, it will plunge and even the circuit breakers won’t hold the plunge back, which means no one will buy it at any price. So they will be stuck with that stock until it’s price is in line with the company’s value which is not much, hence the reason for the short in the first place.
The plan on r/WSB today is just to hold GME and not sell. Apparently they think hedge funds haven't really closed their short positions yet, so if they continue to hold they can send the price soaring again during normal market hours. If they are right, and they haven't actually closed yet, I don't see how you can say things like that cnbc news story aren't market manipulation.
I didn't expect FOX to take the side of the retail investors instead of the banks, but i'll take it.
How are all of these trading apps closing retail sales of stocks with high short positions not engaging in market manipulation? I would sincerely like to know. Especially when they do things like make it so you can only sell and not buy. They clearly are trying to force a particular outcome.
How are all of these trading apps closing retail sales of stocks with high short positions not engaging in market manipulation? I would sincerely like to know. Especially when they do things like make it so you can only sell and not buy. They clearly are trying to force a particular outcome.
Somehow this has become a conspiracy? From what I can tell it is nothing more than an effort to protect people from their own ignorance. It is easy for me to sit back when I know nothing of a subject, er... yeah, not true but we are not discussing my many faults here, I do know a bit about this though. They know that allowing people purchase those stocks is irresponsible knowing it is waaaaaaaay above it's true value. Would you have them continue to allow the uninitiated to throw their money away foolishly? How very uncharitable of you.
I have to agree with @_Nightfall_. As much as I like to see folks profiting at the expense of the wealthy, folks who buy at the inflated price and don't sell before the price drops are going to lose money. If they're willing to do that, that's fine, but I hope that nobody jumps on the bandwagon without realizing they could easily end up losing a lot of money.
Somehow this has become a conspiracy? From what I can tell it is nothing more than an effort to protect people from their own ignorance.
That doesn't hold up from a legal perspective. What would hold up from a legal perspective is letting people know the risks and current situation with the stock and letting them buy or close out as they will. Actually preventing people from buying but not selling, and only to a particular class of people with a financial interest in the outcome, especially when you may also have a financial interest in the outcome, shouldn't be legal for whatever reason.
I'd say the average person generally agrees with me here.
Between this and calling out Feinstein for asking for a mere fine for breaking the law Tlaib is quickly becoming one of my favorite Congresswomen around. I think she's the only one who has called this out so far.
Binging Bridgerton here while working on a new bracelet for a very good client, and even better friend, I don't have the heart for this argument right now. Will leave you with this. The average person knows very little about trading so I will not be paying attention to what they are saying. Yes, brokers are to advise not instruct, I don't think there is any law requiring them make a purchase for their client though. The client of course is always free to go to another broker, not good to lose clients because you are not willing to do what they want so I would think it is rarely done. I could be wrong, the corruption of man never ceases to amaze me, I doubt this the case here. Crying foul when you may not know all the information? I don't know. On your conscience be it.
It's entirely conceivable after yesterday's news that thousands of people who have never traded a stock in their life (like me) were downloading trading apps and dropping money into these three stocks. And their $1000.00 savings might become $10.00 in very short order. These businesses are at the tail-end of their lifespans, and they are trading at the level of Fortune 500 companies. Eventually, and likely sooner rather than later, the whole thing is going to crash and burn.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment. What the hedge funds do is bullshit, but so is the inflated value of these companies. This does expose why the system shouldn't exist in the first place. Yes, it was probably invitable it would take regular people manipulating it to come to this conclusion, rather than the rich who have been doing it for decades.
But when I have been reading through Twitter threads the last hour, you see alot of "off with their heads" talk, and then people like @_Nightfall_ who have some measure of expertise in the field telling everyone it's the entirely responsible thing to do given the situation, and since I have no idea what I'm talking about, I'm gonna defer to someone who has demonstrated in their recent posts they clearly have a intimate grasp on it.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment
It's a free market when financial institutions are making money off the backs of the little guys.
As soon as they are losing big to the little guy we have to stop trading for the little guy in the name of the little guy. Suddenly laws don't matter, established market principles don't matter.
It's entirely conceivable after yesterday's news that thousands of people who have never traded a stock in their life (like me) were downloading trading apps and dropping money into these three stocks. And their $1000.00 savings might become $10.00 in very short order. These businesses are at the tail-end of their lifespans, and they are trading at the level of Fortune 500 companies. Eventually, and likely sooner rather than later, the whole thing is going to crash and burn.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment. What the hedge funds do is bullshit, but so is the inflated value of these companies. This does expose why the system shouldn't exist in the first place. Yes, it was probably invitable it would take regular people manipulating it to come to this conclusion, rather than the rich who have been doing it for decades.
This has been going on for decades, if not longer. Remember the penny stock craze back in the 90's? Many of you may not have been born so I'll elaborate. Back in the 90's individual brokers were cold-calling regular people and trying to talk them into buying the latest 'hot' penny stock (low priced stocks that could be easily manipulated). They would get some clout if they helped one of your buddies or workmates score some easy money. Of course the real winner was the broker himself who bought his stock before the run and could more easily 'time' his divestiture. Fortunes were made and lost in a few days back then too. There's nothing new under the ?...
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment
It's a free market when financial institutions are making money off the backs of the little guys.
As soon as they are losing big to the little guy we have to stop trading for the little guy in the name of the little guy. Suddenly laws don't matter, established market principles don't matter.
I don't buy it.
I mean, people are already talking about a class action lawsuit against Robinhood, and their app is now getting review-bombed on the Google Play store. More power to them I guess. I have no skin in this game, but I have a feeling alot of people are gonna lose alot of flesh because they got caught up in the hype of this story.
No SEC fine is ever going to compare to the potentially billions they stand to save by manipulating the market to drive the price down. When you can only sell and not buy that tends to be the trend. U.S regulations are designed by lobbyists with the intent of making the crime more profitable than the loss they get from the penalty. Lot of folks getting their first lesson in how The Game Was Rigged From The Start this week.
It's entirely conceivable after yesterday's news that thousands of people who have never traded a stock in their life (like me) were downloading trading apps and dropping money into these three stocks. And their $1000.00 savings might become $10.00 in very short order. These businesses are at the tail-end of their lifespans, and they are trading at the level of Fortune 500 companies. Eventually, and likely sooner rather than later, the whole thing is going to crash and burn.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment. What the hedge funds do is bullshit, but so is the inflated value of these companies. This does expose why the system shouldn't exist in the first place. Yes, it was probably invitable it would take regular people manipulating it to come to this conclusion, rather than the rich who have been doing it for decades.
This has been going on for decades, if not longer. Remember the penny stock craze back in the 90's? Many of you may not have been born so I'll elaborate. Back in the 90's individual brokers were cold-calling regular people and trying to talk them into buying the latest 'hot' penny stock (low priced stocks that could be easily manipulated). They would get some clout if they helped one of your buddies or workmates score some easy money. Of course the real winner was the broker himself who bought his stock before the run and could more easily 'time' his divestiture. Fortunes were made and lost in a few days back then too. There's nothing new under the ?...
There are entire movies about this. And this whole thing is a sucker's bet. I'm seeing the most gung-ho people who have gotten into this saying they're going to aim to drive Gamestop to $1000.00 a share. That destroys the hedge fund, which is awesome. What happens to the people who get in at $750.00 and are eventually forced out at something like $20.00, which is where the stock should actually be?? I don't know, I just go to work and get my paycheck deposited every two weeks. That's how I've always lived and likely how I always will.
That doesn't hold up from a legal perspective. What would hold up from a legal perspective is letting people know the risks and current situation with the stock and letting them buy or close out as they will. Actually preventing people from buying but not selling, and only to a particular class of people with a financial interest in the outcome, especially when you may also have a financial interest in the outcome, shouldn't be legal for whatever reason.
I'd say the average person generally agrees with me here.
I have to agree with these statements. I wouldn't recommend that people play poker at a casino if they don't remember the difference between a full house and straight flush, but I shouldn't be able to stop them if they want to have a go at it. It's the responsibility of every individual to know what they're getting into. Adults shouldn't be protected against their own ignorance, they should be given the opportunity to become educated about any given topic. Restricting their access to a perfectly legal activity is, in my opinion, illegal, and it sets a dangerous precedent.
This all seems incredibly short sighted. Like - I get it the allure of people banding together to inflict harm upon something like a hedge fund. That represents them flexing their financial muscle to achieve a localized goal.
Unfortunately, the 1% has far more financial muscle than the 99% - and their way to flexing is to lobby to change the rules of the game. That result will not be localized in nature and probably be disproportionate to boot.
Is it fair? No - but this was always a consequence of allowing money into politics with so few strings attached.
The best I think that can come from this will be more people wanting money out of politics
Edit - Gamestop's share price crashed a bit. Was down 60 some odd percent, now only down 20%.
It's entirely conceivable after yesterday's news that thousands of people who have never traded a stock in their life (like me) were downloading trading apps and dropping money into these three stocks. And their $1000.00 savings might become $10.00 in very short order. These businesses are at the tail-end of their lifespans, and they are trading at the level of Fortune 500 companies. Eventually, and likely sooner rather than later, the whole thing is going to crash and burn.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment. What the hedge funds do is bullshit, but so is the inflated value of these companies. This does expose why the system shouldn't exist in the first place. Yes, it was probably invitable it would take regular people manipulating it to come to this conclusion, rather than the rich who have been doing it for decades.
This has been going on for decades, if not longer. Remember the penny stock craze back in the 90's? Many of you may not have been born so I'll elaborate. Back in the 90's individual brokers were cold-calling regular people and trying to talk them into buying the latest 'hot' penny stock (low priced stocks that could be easily manipulated). They would get some clout if they helped one of your buddies or workmates score some easy money. Of course the real winner was the broker himself who bought his stock before the run and could more easily 'time' his divestiture. Fortunes were made and lost in a few days back then too. There's nothing new under the ?...
There are entire movies about this. And this whole thing is a sucker's bet. I'm seeing the most gung-ho people who have gotten into this saying they're going to aim to drive Gamestop to $1000.00 a share. That destroys the hedge fund, which is awesome. What happens to the people who get in at $750.00 and are eventually forced out at something like $20.00, which is where the stock should actually be?? I don't know, I just go to work and get my paycheck deposited every two weeks. That's how I've always lived and likely how I always will.
Yeah, just play the lottery if you want to gamble for fun once in a while. The $billion dollar winner bought the ticket at a Kroger in Novi, Michigan. My daughter played basketball in Novi just last fall. It's about 20 miles from my house as the crow flies. Guess I should have been buying my groceries there... ?
This all seems incredibly short sighted. Like - I get it the allure of people banding together to inflict harm upon something like a hedge fund. That represents them flexing their financial muscle to achieve a localized goal.
Unfortunately, the 1% has far more financial muscle than the 99% - and their way to flexing is to lobby to change the rules of the game. That result will not be localized in nature and probably be disproportionate to boot.
Is it fair? No - but this was always a consequence of allowing money into politics with so few strings attached.
The best I think that can come from this will be more people wanting money out of politics
Edit - Gamestop's share price crashed a bit. Was down 60 some odd percent, now only down 20%.
They didn't do themselves any favors by drawing so much attention to it, basically announcing to the world "we are gonna artificially inflate this stock, come stop us if you dare".
These internet communities had successfully rolled hide in shadows, and then came out of it before finishing the backstab. What's the phrase, "all warfare is based on deception"??
This all seems incredibly short sighted. Like - I get it the allure of people banding together to inflict harm upon something like a hedge fund. That represents them flexing their financial muscle to achieve a localized goal.
Unfortunately, the 1% has far more financial muscle than the 99% - and their way to flexing is to lobby to change the rules of the game. That result will not be localized in nature and probably be disproportionate to boot.
Is it fair? No - but this was always a consequence of allowing money into politics with so few strings attached.
The best I think that can come from this will be more people wanting money out of politics
Edit - Gamestop's share price crashed a bit. Was down 60 some odd percent, now only down 20%.
I would argue that them changing the rules of the game in plain sight is exactly the kind of reaction some want to see. The more they expose themselves the more the public demand for accountability grows. There are even folks in office who seem to be willing to do something about it. It's much harder to get away with this kinda stuff unnoticed in the internet age, it seems.
It's an "I would rather flip the board than play a slow, rigged, losing game." kinda deal.
Peer beneath the surface for one second and you see nothing but a rigged system everywhere you look. The concept of the accredited investor is another example. They get to engage in all sorts of, frankly, bullshit financial games to enrich themselves that everyone else is barred from.
What are the requirements to become one? Have a net worth of over a million dollars or have a six figure income. That's literally it. Just lol. No aptitude tests for market knowledge to allow the skilled but poor, no nothing. Just be rich or go to hell. This is just one big game for rich people to print money. This whole system should be dismantled.
Peer beneath the surface for one second and you see nothing but a rigged system everywhere you look. The concept of the accredited investor is another example. They get to engage in all sorts of, frankly, bullshit financial games to enrich themselves that everyone else is barred from.
What are the requirements to become one? Have a net worth of over a million dollars or have a six figure income. That's literally it. Just lol. No aptitude tests for market knowledge to allow the skilled but poor, no nothing. Just be rich or go to hell. This is just one big game for rich people to print money. This whole system should be dismantled.
Meanwhile the same rule mentioned in this article (Regulation D, and this is in my wheelhouse) prevents normal people who have a bank account from making more than 6 transfers from their savings to their checking account in a calendar month without accruing fees.
Edit: Nevermind, it appears they are different Regulation Ds entirely.
Comments
They are only making money if they get out soon. I have been wondering if this was some negative manipulation. It is snake oil. Serves no purpose but makes people feel hope for a while. I don’t know the outcome, and don’t care, can cut ties to the market without any lasting harm to myself but these people were manipulated. They will be the ones to pay.
Please stay away from this financially, it is the Kobayashi Maru.
Take your profits now if you are invested. I am kind of dollar point averaging in reverse but I have played this game and can afford the table. This can blow up, don’t get caught up in the explosion. This is not about them and us, I hope no one here loses money on this. Danger Will Robinson.
I was simply commenting on how Romney was perceived by the electorate in 2012. He has been one of exactly TWO elected Republicans who did the right thing when it actually mattered during concerning Trump. My good will about that washed away pretty quick when he said the COVID-19 bill at 1.9 trillion would be a non-starter. Would it be too much to ask for someone on the right side of the aisle to even offer an IDEA as to what should be done to end the pandemic and make people somewhat whole economically?? I'm not sure there have been any Republican domestic policy ideas that aren't tax cuts since the 2005. And the one from that year was privatizing Social Security.
Given the estimates I have heard for gross world product are in the 80-100 trillion dollar range, yeah.
Derivatives are what they sound like, they're derived from things. Shorts/longs/calls options are derivatives. Futures are derivatives.
Think of it this way. If there's a stock that's worth $5 dollars, just a single piece of one stock, it's possible for 5 people to bet $20 dollars that it's going to go down ($100) tomorrow, and 100 people to bet $5 that it's going to go up tomorrow ($500).
The THING is only worth $5, but the derivative market for the $5 thing is $600. And that's just the long and short options, tht doesn't include other options, or the futures, forwards, and swaps. And that's just on what it's going to do tomorrow. Not 2 days from now, or a week from now, or a month, or 6 months, or a year. All those are their own thing, for this one $5 thing that actually is something tangible. (Not that every one of those is going to be $600. There might be little interest in long-term call options for the obvious reason that predicting the future is hard.)
The freakiest thing Google ever pulled for me was giving me directions to a stadium for a baseball game I was going to attend with my family in a city that was not where I lived. On me having typed 1 Letter in Google Maps, "R" (Ranger Stadium, to be precise).
I don't go to Fort Worth frequently, but I do often enough for various things (and my sister lives there), and for a baseball game no more often than once per year as it's a traditional once per year thing with my dad and his office.
We live in a universe of increasing acceleration, and information processing is no different.
Anyway, how I see it.
It has been interesting for me to watch.
The plan on r/WSB today is just to hold GME and not sell. Apparently they think hedge funds haven't really closed their short positions yet, so if they continue to hold they can send the price soaring again during normal market hours. If they are right, and they haven't actually closed yet, I don't see how you can say things like that cnbc news story aren't market manipulation.
I didn't expect FOX to take the side of the retail investors instead of the banks, but i'll take it.
That doesn't hold up from a legal perspective. What would hold up from a legal perspective is letting people know the risks and current situation with the stock and letting them buy or close out as they will. Actually preventing people from buying but not selling, and only to a particular class of people with a financial interest in the outcome, especially when you may also have a financial interest in the outcome, shouldn't be legal for whatever reason.
I'd say the average person generally agrees with me here.
So while they may be colluding with Wall Street big wigs, they are also preventing people who have no idea what they're doing from losing their entire investment. What the hedge funds do is bullshit, but so is the inflated value of these companies. This does expose why the system shouldn't exist in the first place. Yes, it was probably invitable it would take regular people manipulating it to come to this conclusion, rather than the rich who have been doing it for decades.
But when I have been reading through Twitter threads the last hour, you see alot of "off with their heads" talk, and then people like @_Nightfall_ who have some measure of expertise in the field telling everyone it's the entirely responsible thing to do given the situation, and since I have no idea what I'm talking about, I'm gonna defer to someone who has demonstrated in their recent posts they clearly have a intimate grasp on it.
It's a free market when financial institutions are making money off the backs of the little guys.
As soon as they are losing big to the little guy we have to stop trading for the little guy in the name of the little guy. Suddenly laws don't matter, established market principles don't matter.
I don't buy it.
This has been going on for decades, if not longer. Remember the penny stock craze back in the 90's? Many of you may not have been born so I'll elaborate. Back in the 90's individual brokers were cold-calling regular people and trying to talk them into buying the latest 'hot' penny stock (low priced stocks that could be easily manipulated). They would get some clout if they helped one of your buddies or workmates score some easy money. Of course the real winner was the broker himself who bought his stock before the run and could more easily 'time' his divestiture. Fortunes were made and lost in a few days back then too. There's nothing new under the ?...
I mean, people are already talking about a class action lawsuit against Robinhood, and their app is now getting review-bombed on the Google Play store. More power to them I guess. I have no skin in this game, but I have a feeling alot of people are gonna lose alot of flesh because they got caught up in the hype of this story.
There are entire movies about this. And this whole thing is a sucker's bet. I'm seeing the most gung-ho people who have gotten into this saying they're going to aim to drive Gamestop to $1000.00 a share. That destroys the hedge fund, which is awesome. What happens to the people who get in at $750.00 and are eventually forced out at something like $20.00, which is where the stock should actually be?? I don't know, I just go to work and get my paycheck deposited every two weeks. That's how I've always lived and likely how I always will.
I have to agree with these statements. I wouldn't recommend that people play poker at a casino if they don't remember the difference between a full house and straight flush, but I shouldn't be able to stop them if they want to have a go at it. It's the responsibility of every individual to know what they're getting into. Adults shouldn't be protected against their own ignorance, they should be given the opportunity to become educated about any given topic. Restricting their access to a perfectly legal activity is, in my opinion, illegal, and it sets a dangerous precedent.
Unfortunately, the 1% has far more financial muscle than the 99% - and their way to flexing is to lobby to change the rules of the game. That result will not be localized in nature and probably be disproportionate to boot.
Is it fair? No - but this was always a consequence of allowing money into politics with so few strings attached.
The best I think that can come from this will be more people wanting money out of politics
Edit - Gamestop's share price crashed a bit. Was down 60 some odd percent, now only down 20%.
Yeah, just play the lottery if you want to gamble for fun once in a while. The $billion dollar winner bought the ticket at a Kroger in Novi, Michigan. My daughter played basketball in Novi just last fall. It's about 20 miles from my house as the crow flies. Guess I should have been buying my groceries there... ?
They didn't do themselves any favors by drawing so much attention to it, basically announcing to the world "we are gonna artificially inflate this stock, come stop us if you dare".
These internet communities had successfully rolled hide in shadows, and then came out of it before finishing the backstab. What's the phrase, "all warfare is based on deception"??
Well, they're not that difficult to hate, especially when they turn into vulture funds.
I don't think anyone here is defending hedge funds, merely pointing out this is a quixotic quest that is gonna have unintended collateral damage.
These two have been on the same page for this for a while. That and Campaign Finances iirc.
I would argue that them changing the rules of the game in plain sight is exactly the kind of reaction some want to see. The more they expose themselves the more the public demand for accountability grows. There are even folks in office who seem to be willing to do something about it. It's much harder to get away with this kinda stuff unnoticed in the internet age, it seems.
It's an "I would rather flip the board than play a slow, rigged, losing game." kinda deal.
What are the requirements to become one? Have a net worth of over a million dollars or have a six figure income. That's literally it. Just lol. No aptitude tests for market knowledge to allow the skilled but poor, no nothing. Just be rich or go to hell. This is just one big game for rich people to print money. This whole system should be dismantled.
https://www.investopedia.com/terms/a/accreditedinvestor.asp
Meanwhile the same rule mentioned in this article (Regulation D, and this is in my wheelhouse) prevents normal people who have a bank account from making more than 6 transfers from their savings to their checking account in a calendar month without accruing fees.
Edit: Nevermind, it appears they are different Regulation Ds entirely.