Several retail stockbrokers, including Robinhood, said they would allow trades GameStop and other volatile companies after restricting customers’ ability to purchase securities earlier in the day.
“Starting tomorrow, we plan to allow limited buys of these securities,” Robinhood, a popular trading app, said. “We’ll continue to monitor the situation and may make adjustments as needed.”
Robinhood, which has attracted millions of millennials to trade on its platform by eliminating trading fees and making stock trading easy, had said Thursday morning that it would limit buying of the kinds of securities that have sparked an enormous rally in shares of GameStop, the video game retailer at the heart of the frenzy, and AMC Entertainment Holdings, the movie theater chain, and a number of other companies. The decision quickly drew fire. -snip
Representative Alexandria Ocasio-Cortez, the progressive icon who represents parts of New York, called Robinhood’s move “unacceptable.”
“We now need to know more about Robinhood’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she wrote on Twitter. “As a member of the Financial Services Committee, I’d support a hearing if necessary.” -snip
This is interesting, it started with GameStop after a hedge fund short-sold the stock in order to reap the rewards and Reddit users banded together and started buying GameStop stock, boosting it to a height of +1,700.00%, which caused the hedge fund to panic and start buying, costing them their fortunes, while the Reddit buyers profited.
The super-rich didn't like that, didn't like it one bit, so they used their powers to suspend trading in certain stocks as best they could, not for themselves of course, but among rabble buyers.
Sometimes, a thing happens that gives you a little hope.
Good for them! People working together can do anything, if they set their minds to it.
__________________ What CDTM believes;
Never let anyone else define you. Don't be a jerk just to be a jerk, but if you are expressing your true inner feelings and beliefs, or at least trying to express that inner child, and everyone gets pissed off about it, never NEVER apologize for it. Let them think what they want, let them define you in their narrow little minds while they suppress every last piece of them just to keep a friend that never liked them for themselves in the first place.
I have a feeling this is the start of something big.
__________________ What CDTM believes;
Never let anyone else define you. Don't be a jerk just to be a jerk, but if you are expressing your true inner feelings and beliefs, or at least trying to express that inner child, and everyone gets pissed off about it, never NEVER apologize for it. Let them think what they want, let them define you in their narrow little minds while they suppress every last piece of them just to keep a friend that never liked them for themselves in the first place.
Never let anyone else define you. Don't be a jerk just to be a jerk, but if you are expressing your true inner feelings and beliefs, or at least trying to express that inner child, and everyone gets pissed off about it, never NEVER apologize for it. Let them think what they want, let them define you in their narrow little minds while they suppress every last piece of them just to keep a friend that never liked them for themselves in the first place.
Did anyone actually think that the system wasn’t rigged in their favor after taxpayers bailed them out in 08 and under Trump????
__________________ "Happiness is a lie. Life is horror. The light is always dying all across the universe. The last star will flicker out someday, when it does, all that remains is shadow. And I will be its king!"'-Amahl Farouk
But while I'm not an expert on any of this stuff.... but I think the idea that they are ****ing over Wall Street is misleading. They might be ****ing over a fair number of hedge funds and stuff but there has to be other groups on Wall Street who are making a ****ing killing out of this.
I read an interesting story about how HFT's are most likely getting filthy ****ing rich from this...
But overall, I hope this brings light to the absurdity of it all and how it needs to be ****ing regulated better.
No shit? Most venture capitalists involved probably don't have the money to pay back 17 times more than they've invested, and those who do probably don't have it liquidized.
But what I want to know is what Hebrew magic of Biblical proportions made it possible for there more borrowed shares than actual shares.
AOC should be all over that. This is the kind of thing she signed on for.
__________________ What CDTM believes;
Never let anyone else define you. Don't be a jerk just to be a jerk, but if you are expressing your true inner feelings and beliefs, or at least trying to express that inner child, and everyone gets pissed off about it, never NEVER apologize for it. Let them think what they want, let them define you in their narrow little minds while they suppress every last piece of them just to keep a friend that never liked them for themselves in the first place.
"Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino" -A. Ocasio-Cortez via Twitter Jan 27, 2021
The fact we don't have national conversations about this kind of thing is what sets me off, to be honest.
All our best and brightest are set in their ways criticising Trump, or Republicans, or weighing in on birth control or immigration policy.
All fine topics, but I also want these intelligent people to argue about hedge funds controlling stocks, while the general public gets frozen out.
I want them to debate about how to end corruption at the top of power.
Or how to prevent tyranny of the majority at the bottom.
I mean, where's all that anger against the failures kf human nature, or the systemic problems of government?
Democrats and Republicans are part a bigger problem. Just like this Gamestop fiasco is part of a much bigger problem.
Talk about that, and how to fix it.
__________________ What CDTM believes;
Never let anyone else define you. Don't be a jerk just to be a jerk, but if you are expressing your true inner feelings and beliefs, or at least trying to express that inner child, and everyone gets pissed off about it, never NEVER apologize for it. Let them think what they want, let them define you in their narrow little minds while they suppress every last piece of them just to keep a friend that never liked them for themselves in the first place.
KMC Community Forums
Jan 28th, 2021 11:36 PM
