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tkdguy
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That's not the half of it.

 

The worst is that they begged for (and, in a limited way, have gotten via the owners of the reddit forums and other sources) "protection" from these people who are doing--

 

and folks, it is _vitally important to understand this; I implore you that if you don't, please read up on it a bit (not memes or facebook) before picking a side; I am begging--

 

protection from people who are doing EXACTLY WHAT THE HEDGEFUNDS ARE DOING TO OTHER PEOPLE.

 

Apparently, it's only wrong to manipulate the stock market when you are poor.  That's the "crime" that has taken place here.  These hegdefund people will then appeal to Congress (you know: where those six people who received NO PUNISHMENT FOR INSIDER TRADING work), then go the Fed because "hey, we completely mismanaged the last billions you gave us; pony up some more."  In all likelihood, with the precedent of bail-outs now well-established from both ruling parties, they'll get it.

 

Remember that these are the people who remain unpunished for the tactics that created the depression in the early 2000s, nearly bankrupted Puerto Rico, and I am afraid I can't remember the other small country that suffered a decade or so before that because I'm getting old--- 

 

using the exact same tactics that these folks on RobinHood used-- perfectly legal tactics to bleed the poor; heinous and potentially terroristic when done by working class Joes.

 

It's sickening.

 

 

 

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From NYT:

 

Quote

General Motors said Thursday that it would phase out petroleum-powered cars and trucks and sell only vehicles that have zero tailpipe emissions by 2035, a seismic shift by one of the world’s largest automakers that makes billions of dollars today from gas-guzzling pickup trucks and sport utility vehicles.

 

This is a big deal to me.  They're #5 now (VW, Toyota, Daimler, Ford) but that's still big.  What it does is push the core demand forward, meaning battery makers, charging stations, all the infrastructure can now point to this.  R&D sees a market, so battery system improvements can be expected.  Economics of scale will kick in;  this should help prices for the consumer, and for expanding out the charging station network.  

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6 hours ago, Duke Bushido said:

 

using the exact same tactics that these folks on RobinHood used

 

 

That's why I responded that I think that what they're both are doing is wrong, morally if not legally.

 

I would like to say that the short-sellers were destabilizing only the Game Stop stock, which already wasn't a good investment.

 

The Redditors destabilized the whole stock market these last few days. If you were in a position where you were needing to pull money out of your mutual fund, for example, the Redditors took money out of your pocket because they tanked stocks in general.

 

Fortunately, my yearly dispersement from my 401k came through a few days before all this nonsense became a widespread concern or the Redditors would have cost me at least a few hundred dollars.

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I agree: it's morally reprehensible, and it _should_ be illegal.  It would be simple enough: you can't sell any stocks that you don't own outright.  Of course, I also think that after-hours trading should be illegal, but it isn't. Interestingly enough, it's _also_ something that Average Joe cannot participate in.

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2 hours ago, archer said:

The Redditors destabilized the whole stock market these last few days. If you were in a position where you were needing to pull money out of your mutual fund, for example, the Redditors took money out of your pocket because they tanked stocks in general.

 

What?  The major indices are off maybe one percentage point since this started.  That's a rounding error, not a tank.  If your mutual fund actually held GME or AMC you'd be ahead of the game.

 

Furthermore, there's nothing illegal or amoral about buying and holding stock, which is all the Redditors are doing.

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A lot of the strange things that can happen on the markets are perhaps watered-down versions of rackets set up by stockbrokers in the late 1800s and early 1900s, when regulations more or less didn't exist, and lots of the stockbrokers were literally gambling with other people's money and pocketing the winnings, as well as fleecing clients as much as they could.  Episodically this would be exposed, a few people would get caught and a few regulations get passed into law, and when the furor died down the details were different but the scams played on.  The violent reaction of the hedge fund operators who got burned in this situation is the outrage of the the fat and sassy when they find themselves on the short end of a stick they have used against others for more or less their entire lives; it is the same outrage and lust for out-of-proportion vengeance that manifests in slaveholders when a slave revolt happens.

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On 1/28/2021 at 6:06 PM, unclevlad said:

From NYT:

Quote

[GM Goes electric]

 

This is a big deal to me.  They're #5 now (VW, Toyota, Daimler, Ford) but that's still big.  What it does is push the core demand forward, meaning battery makers, charging stations, all the infrastructure can now point to this.  R&D sees a market, so battery system improvements can be expected.  Economics of scale will kick in;  this should help prices for the consumer, and for expanding out the charging station network.  

 

You know what this means? Electric Corvettes!

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