Business, Economics, and Taxes: Capitalism. Yay? >=(

[Handyman]

Republicanism in action?

[Kepler]

The owner decided to tweet about it. Read the comments it did not go well

SAC whined on twitter about getting static for bailing out Melvin in light of the RH block. These guys are probably more insulated from the way they are viewed in the real world than Dump. They seem genuinely dumbfounded that they are being greeted as anything but liberators.

I think from their trophy wives to their gold digging mistresses to their suck up clients to their equally clueless peers, Wall Streeters have no idea they are the most hated people in America. Not envied. Note feared. Despised. Considered a cancer to be contained and eradicated.

[Jimjamesak]

I think you are wrong...but it might not matter because RH might not exist by then. It seems they have ticked off the Dude Bros bad enough that they are making it their mission to destroy RH over this. Many pulling their money out and going to other brokerages with their own clearinghouses.

The owner decided to tweet about it. Read the comments it did not go well: https://twitter.com/vladtenev/status...00963979530241

edit: allowing "liited" action tomorrow makes it look shady as fcuk. They aren't even really hiding their game. Tomorrow is must see TV.

Also lots of jokes now that GME should buy RH because the RH IPO is going to crash hard.

Yeah I kept seeing the stuff about RH’s IPO. Like, really? Now? After all this?

[Handyman]

SAC whined on twitter about getting static for bailing out Melvin in light of the RH block. These guys are probably more insulated from the way they are viewed in the real world than Dump. They seem genuinely dumbfounded that they are being greeted as anything but liberators.

I think from their trophy wives to their gold digging mistresses to their suck up clients to their equally clueless peers, Wall Streeters have no idea they are the most hated people in America. Not envied. Note feared. Despised. Considered a cancer to be contained and eradicated.

Yeah but the owners of RH should have known better...their whole schtick is "democratizing the market" and they were poised to cash in huge on it. Now they will be the Dude Bros version of Lehman Brothers when this is all said and done.

Halting trading for a day so the hedges could get back some of their losses is such an monumentally dumb move it actually boggles my mind. I don't care how much Citadel pressured them they committed seppuku over this. It is almost as stupid as this board and its constant "server busy" messages lately.

[BassAle]

Ok, but again, let's work this through. Let's say you have $10,000 in cash sitting in a Robinhood account that you'd like to spend on GME.

I don't think Robinhood is stopping you from withdrawing your cash and taking it elsewhere.

Let's say your $10,000 is in stocks other than the reddit stocks. Again, Robinhood isn't preventing you from cashing out.

Let's say your stock is in GME. I don't believe Robinhood is preventing you from selling and cashing out.

What they are saying is, if you have cash in your account, or want to put cash in your account, that's fine, but we're not going to let you buy GME with it. That's what the lawsuit is about. They claim that they can't go onto Robinhoods site and make free trades to buy shares of GME. I don't think that states a claim.

The other thing that GME did as part of this is require them to have more equity in their account. A lot of these guys aren't just depositing $10,000 and buying $10,000 worth of shares. They are buying options, and I think that Robinhood is a little afraid about what happens when the net worth of these traders accounts tanks because suddenly these shares turn to crap.

you can transfer your assets to another trading platform, but it takes time. Like days. You can also cash out and withdraw your money, but it takes days to clear. These people don’t want to buy GME next week. They want to now.

Robinhood Gold accounts can trade on margin. If you’re using your current assets (which may be highly volatile) as collateral to make more risky buys, it may end very badly for you and Robinhood. It’s think this is why Robinhood is worried.

[Kepler]

Yeah but the owners of RH should have known better...

Tenev (RH Prez) is coming on CNBC in a couple minutes.

[jerphisch]

So, a bunch of rich people are mad at even richer people for committing probably legal but definitely immoral acts to further enrich themselves. The rich people decide to get back at even richer people by committing possibly legal but definitely immoral acts to further enrich themselves. They decide that they should commit these acts using a tool of the even richer people, and are shocked that the tool is taken away from them. Then they start lying about how this is all impacting poor people.

Not one single soul on either side is actually investing in anything, they are gambling. Zero sympathy for anyone screwed by this.

[Kepler]

The Squad, Ted Cruz, Ben Shapiro, Sherrod Brown, Mark Cuban, Elon Musk, and Jon Stewart all posted in defense of WSB and against RH and Wall Street today.

The only people defending the shorters are the NYSE, the SEC talking heads, CNBC, and Bloomberg. And even Bloomberg is kinda, "this is shady AF..."

[Handyman]

Yeah I kept seeing the stuff about RH’s IPO. Like, really? Now? After all this?

I don't know hw any of that works...but good lord if you were ever going to short an IPO this would be one to go for. I mean the run on RH in the next 24 hours is going to be painful.

No one cares if you are openly crooked. Americans are cynical and expect that. But when you pretend to be righteous and get caught stealing we aren't as forgiving. If your mantra is "we are bringing the market to the people" you cannot allow yourself to have the stench of siding against those people when they learn how to use the system correctly. And if you are going to pretend you are halting the buying of certain stocks to protect your customers while at the same time making it ok for them to sell those stocks at a loss you are going to get the "prison" treatment without any lube by those people.

Even if you give them all benefit of the doubt that they were trying to do the right thing to protect their users...they should have never made this decision unilaterally. If people want to risk their money that is their cross to bear.

[Kepler]

Not one single soul on either side is actually investing in anything, they are gambling. Zero sympathy for anyone screwed by this.

That's the best part of this. This is the Plutes with cannon getting charged across St. Petersburg Square by alt-right bros with bayonets. When the Plutes open fire they'll murder and maim all the bros, which is good, and expose themselves as tyrannical monsters, which is even better.

The ideal outcome would be every one of these people on both sides perishes and the rest of us just reclaim our wealth and go on our way in a better world unencumbered by these parasites.

[BassAle]

Except Robinhood is holding their money so that is not exactly true. Maybe if Robinhood would transfer out your money in real time but I would assume if you pull all your accounts and liquidate you will pay fees and it could take hours if not days to get out what you have in there even if it is just cash in an EFT.

After you sell assets it take days for the money to clear and be available for withdrawal. and it takes days for a transfer of cash from robinhood to your bank.

[Handyman]

So, a bunch of rich people are mad at even richer people for committing probably legal but definitely immoral acts to further enrich themselves. The rich people decide to get back at even richer people by committing possibly legal but definitely immoral acts to further enrich themselves. They decide that they should commit these acts using a tool of the even richer people, and are shocked that the tool is taken away from them. Then they start lying about how this is all impacting poor people.

Not one single soul on either side is actually investing in anything, they are gambling. Zero sympathy for anyone screwed by this.

That is an oversimplification but not by much. Everyone was cut off not just the rich. Why should RH be able to tell people what they can buy? But yes everyone involved sucks that is why it is fun for us to watch :^)

Kepler,

Kourtney Gibson (on CNBC) is the one who pimpslapped the old fogie earlier today. Now she is up against a clown pretending that anyone is to blame for the previous crashes but them. Also playing up the "its all stupid kids and this is a real problem blah blah blah".

[Handyman]

The Squad, Ted Cruz, Ben Shapiro, Sherrod Brown, Mark Cuban, Elon Musk, and Jon Stewart all posted in defense of WSB and against RH and Wall Street today.

The only people defending the shorters are the NYSE, the SEC talking heads, CNBC, and Bloomberg. And even Bloomberg is kinda, "this is shady AF..."

My guess is CNBC will start to soften too...they already have some people on there mocking the old guard types.

It used to be "Politics makes strange bedfellows" well now it is "Wall Street getting its comeuppance from d-bags on Reddit makes strange bedfellows". This is the stuff Jon Stewart was fighting against 13 years ago!

[MinnesotaNorthStar]

It's kinda funny that the name of the app trying to protect the rich from the poor is named Robinhood...

[Handyman]

After you sell assets it take days for the money to clear and be available for withdrawal. and it takes days for a transfer of cash from robinhood to your bank.

Which makes sense. (TD it has been 24 hours usually but I am low level stuff)