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

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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.
 
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..."
 
Jimjamesak said:
Yeah I kept seeing the stuff about RH’s IPO. Like, really? Now? After all this?
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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.
 
jerphisch said:
Not one single soul on either side is actually investing in anything, they are gambling. Zero sympathy for anyone screwed by this.
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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.
 
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Handyman said:
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.
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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.
 
jerphisch said:
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.
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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".
 
Kepler said:
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..."
Click to expand...

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!
 
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BassAle said:
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.
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Which makes sense. (TD it has been 24 hours usually but I am low level stuff)
 
Handyman said:
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?
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Well, I'm guessing that in almost any other instance the WSB ghouls would be defending the rights of private business to do what they like. So...
 
Kepler said:
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.
Click to expand...

there may some alt-right that are WSBers, but WSB is comprised of the entire political spectrum. These guys don’t care who is president as long as they can make money gambling in the market. They hated Trump when his trade war tanked Chinese meme stocks.
 
jerphisch said:
Well, I'm guessing that in almost any other instance the WSB ghouls would be defending the rights of private business to do what they like. So...
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Maybe. No one is defending the Dude Bros except to say if they want to risk their bank accounts that is their choice not RHs. No one stops the hedge funds and brokerages from doing all of this so if I can afford to make the move why should I be stopped? If RH wants to warn me about it great I appreciate that but that isnt what happened.

A bunch of crooks found a way to rip off a bunch of other crooks. That is the fun part. RH slit their own throat and deserve to crash and burn over it.
 
BassAle said:
there may some alt-right that are WSBers, but WSB is comprised of the entire political spectrum. These guys don’t care who is president as long as they can make money gambling in the market. They hated Trump when his trade war tanked Chinese meme stocks.
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Yeah they seem to like anyone who makes the money from what I see on Twitter...this is greed not politics.
 
Interesting. Robinhood May have had no choice but to limit trading. Has something to do about the fact that they were running out of reserves they’re required to have. Either by law or by contract.

there’s some other shady sounding shot going on, but I have no idea if it’s real or not.
 
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