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

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  • Originally posted by SJHovey View Post

    It certainly seems truthful and likely, but I'm not sure about sensible.

    The guy got in early, then bailed way, way too early just so he could pocket $40,000, then got in late and is watching all of his February options at prices in the mid-100s turn to garbage as the days tick by and the stock price tumbles below 100, so he's begging other people to buy to drive up the price.
    with enough implied volatility you can still sell out of the money options with an expiration that's a week or two out for a profit. The problem is GME is trending in the wrong direction right now... If it jumps up to $125 he may be able to unload a mid 100s call for a profit, so you may be right. He might not have to move the stock that much to push his options into the green.

    Comment


    • Yeah it doesn't seem sensible to me, it just sounds like the guy is trying to get rid of the dead weight so he is pretending to care about the people losing their shirts. Everyone holding as the stock is crashing isn't helping any of them so getting people to sell puts shares out there for people to buy which helps them more.

      This is just a Dude Bros protecting himself...which he has done from the beginning. That is why he sold at $35 and then re-bought in and cashed out along the way.

      He is right that they need to stop the holy quest though that is dead when it comes to GME.
      "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
      -aparch

      "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
      -INCH

      Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
      -ScoobyDoo 12/17/2007

      Comment


      • The GME story seems to be getting a tad more interesting.

        Apparently the guy who started it all, and who was the big promoter of the buying of the stock to squeeze the hedge funds, Roaring Kitty(?) is actually a securities broker for MassMutual. Regulators are looking into matters. Roaring Kitty has apparently told the "followers" that he's "taking a break" from posting updates on the stock for now.

        Curious.

        https://wtop.com/consumer-news/2021/...as-shares-sag/
        Last edited by SJHovey; 02-04-2021, 01:35 PM.
        That community is already in the process of dissolution where each man begins to eye his neighbor as a possible enemy, where non-conformity with the accepted creed, political as well as religious, is a mark of disaffection; where denunciation, without specification or backing, takes the place of evidence; where orthodoxy chokes freedom of dissent; where faith in the eventual supremacy of reason has become so timid that we dare not enter our convictions in the open lists, to win or lose.

        Comment


        • Like I said...the belief this was a bunch of nerds taking a break from D&D was hilariously wrong. I never thought it was a current broker mind you but it was obvious the Dude Bros had a lot of knowledge how the game worked.
          "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
          -aparch

          "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
          -INCH

          Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
          -ScoobyDoo 12/17/2007

          Comment


          • Originally posted by Handyman View Post
            Like I said...the belief this was a bunch of nerds taking a break from D&D was hilariously wrong. I never thought it was a current broker mind you but it was obvious the Dude Bros had a lot of knowledge how the game worked.
            I think most of us assumed that it was one or two people with actual knowledge and 99.99% who are the nerds living with mom. I still think that. The guys with the actual knowledge, like Mr. Kitty, are the ones who are going to make some money. The rest are going to get boned.

            It'll be interesting to see what Mr. Kitty's trade history looks like, both with his own account and with his MassMutual customers. The problem he has if he was just trying to do a simple pump and dump was the thing grew so exponentially that it became a worldwide news story, and as a result, there is going to be some digging done by regulators.
            That community is already in the process of dissolution where each man begins to eye his neighbor as a possible enemy, where non-conformity with the accepted creed, political as well as religious, is a mark of disaffection; where denunciation, without specification or backing, takes the place of evidence; where orthodoxy chokes freedom of dissent; where faith in the eventual supremacy of reason has become so timid that we dare not enter our convictions in the open lists, to win or lose.

            Comment


            • Originally posted by Handyman View Post
              Like I said...the belief this was a bunch of nerds taking a break from D&D was hilariously wrong.
              Nobody believed this.
              Cornell University
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              • Originally posted by Kepler View Post

                Nobody believed this.
                Actually quite a few did. I never said I was talking about you ;^)
                "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                -aparch

                "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                -INCH

                Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                -ScoobyDoo 12/17/2007

                Comment


                • Tax Question:

                  Do I need a 1099 or similar form for my two stimulus checks or are those payments already baked into the 1040 Form?

                  With no other income outside of my one normal job last year, it seems that I just need that W-2 and my Student Loan interest form. It seems too simple so I don't trust it, ha ha...
                  It's never too early to start the Pre-game festivities

                  Go Cats!!! GO BLACKHAWKS!

                  Cuck the Fubs... Let's Go WHITE SOX!!!

                  Wildcat Born, Wildcat Bred....

                  Comment


                  • You talking about the $600? Or the upcoming $1400?

                    Saw today that if you haven't got the $600 yet, there's a line on the 1040 form(and another form that I guess some people have to use, 1040CR, or something like that)that has a line for you to fill in how much of that you're supposed to get. It'll be added to your refund, or offset any taxes you may owe.

                    The $1400 I assume will be sent directly.
                    What kind of cheese are you planning to put on top?

                    Comment


                    • I did my taxes today (turbo tax). All I had was a portion where they asked if I got both rounds and if so how much. I did not have a 1099 for it. I got both rounds so I put that in. I did play with it some and saw if I took the $600 2nd payment off, my refund went up by 600 but there was a thing on there that said it would only be applied after they checked to confirm you had not yet received and were qualified to get.

                      The upcoming $1400 (or whatever was not mentioned) it was just the original $1200 and 2nd $600

                      Comment


                      • Originally posted by SJHovey View Post
                        The GME story seems to be getting a tad more interesting.

                        Apparently the guy who started it all, and who was the big promoter of the buying of the stock to squeeze the hedge funds, Roaring Kitty(?) is actually a securities broker for MassMutual. Regulators are looking into matters. Roaring Kitty has apparently told the "followers" that he's "taking a break" from posting updates on the stock for now.

                        Curious.

                        https://wtop.com/consumer-news/2021/...as-shares-sag/
                        Deep****ingValue as he is known on Reddit wasn’t really pushing the “screw the hedge funds” angle of GME.

                        he bought into GME in 2019 and has been ridiculed over it

                        hes also lost about 30M in value since last week. He cashed in some options before the crazy spike, and didn’t cash in anything at the peak.

                        Comment


                        • Originally posted by Proud2baLaker View Post
                          I did my taxes today (turbo tax). All I had was a portion where they asked if I got both rounds and if so how much. I did not have a 1099 for it. I got both rounds so I put that in. I did play with it some and saw if I took the $600 2nd payment off, my refund went up by 600 but there was a thing on there that said it would only be applied after they checked to confirm you had not yet received and were qualified to get.

                          The upcoming $1400 (or whatever was not mentioned) it was just the original $1200 and 2nd $600
                          As far as I know there is no need for a 1099 for the Stimulus.
                          "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                          -aparch

                          "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                          -INCH

                          Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                          -ScoobyDoo 12/17/2007

                          Comment


                          • Originally posted by Handyman View Post

                            As far as I know there is no need for a 1099 for the Stimulus.
                            There is not.

                            Comment


                            • Well it is just a tax credit. I know they ask the question I just never thought about a 1099 until you mentioned it.
                              "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                              -aparch

                              "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                              -INCH

                              Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                              -ScoobyDoo 12/17/2007

                              Comment


                              • Originally posted by Handyman View Post
                                Well it is just a tax credit. I know they ask the question I just never thought about a 1099 until you mentioned it.
                                I believe it was Raceboarder or someone else who first asked if there was a 1099 associated with it.

                                Comment

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