MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
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Robinhood CEO: Becoming an investor is the new American dream,
By artappraiser on Wed, 01/27/2021 - 10:47pm |just like home ownership was before
URL:
https://www.cnbc.com/2021/01/27/robinhood-ceo-becoming-an-investor-is-the-new-american-dream-just-like-home-ownership-was-before.html
- 19205 reads
Comments
Perfect timing. Colossal on gamestop hysteria:
https://www.cnn.com/2021/01/27/investing/gamestop-reddit-stock/index.html
And cruel reality check:
But sure, let's play the individual sucker, like those "let people invest their social security money" pleas
by PeraclesPlease on Thu, 01/28/2021 - 12:48am
yes, it's actually intentional timing I think cause finance/trading people had been talking for a weeks about the phenom of "reddit" trading that built and burst today in all sorts of ways. Robinhood is part of the whole "revolution" that includes this and he knew it, that it was building, and he could talk about it and was ready willing and able when business reporters called. All part of the mix that happened, he's part of it.
I think the more cynical ones are getting off on the power or being able to move markets and have people win and lose great sums, it's a high like no video game could ever furnish. Meantime, traditional investors are getting slapped upside the face, their theories all ruined...
by artappraiser on Thu, 01/28/2021 - 1:20am
the play by play reporting for those really into it:
(Edit to correct wrong paste)
by artappraiser on Thu, 01/28/2021 - 3:18am
Thread reader version (joined)
https://threadreaderapp.com/thread/1354517067240771584.html
by PeraclesPlease on Thu, 01/28/2021 - 4:45am
by PeraclesPlease on Thu, 01/28/2021 - 1:09am
1) RobinHood halts GameStop buys
2) Robin Hood's family sues to stop the smear of Robin's reputation, or at least give him/them royalties.
3) 2nd revolution this month. Are they gonna keep this up?
by PeraclesPlease on Thu, 01/28/2021 - 10:27am
my take: DO WHAT YOU GOTTA DO AS LONG AS IT'S NOT PROTESTING ON THE FUCKING STREETS. You have the internet now, you don't need to go around chanting fuck joe biden or hang Mike Pence, burning police cars, or invading the Capitol or breaking curfew and police lines. You don't have to attack government buildings, have street warfare of rocks and bottles vs. nightsticks, nor obstruct traffic or erect barricades on public streets,, no need for breaking windows and looting, nor erecting guillotines in front of mayor's or CEO'S houses. None of that's necessary here. You have the internet here (others ain't as lucky,) and there's a worldwide pandemic going on besides.
by artappraiser on Thu, 01/28/2021 - 3:15pm
Easy stuff - did Illuminati predict Patrick Byrne and Martina Butina?
Overstock CEO Patrick Byrne resigns after his 'deep state' comments sparked stock selloff - CNN
by PeraclesPlease on Thu, 01/28/2021 - 3:17pm
another reply on the card game tweet:
did anyone think that it might be because street protesting and "occupying" is not just useless, but also has become COUNTERPRODUCTIVE! How in an open society, one eventually turns an increasing number of people off doing that over time?
by artappraiser on Thu, 01/28/2021 - 3:19pm
aha, ironically to my point that street protesting is often pitiful and problematic and better yet, there's even a punchline from a cop
by artappraiser on Thu, 01/28/2021 - 3:41pm
Beautiful, tomorrow the Grayzone article. Who needs a crowd in pandemic times?
by PeraclesPlease on Thu, 01/28/2021 - 4:19pm
Robinhood users file a class action lawsuit against the company after it restricted transactions for various securities
26 miinutes ago summary at top of Twitter news section
by artappraiser on Thu, 01/28/2021 - 4:33pm
^ all's fair in love and war comes to mind for some reason. This is gonna get interesting...
I am reminded of a tweet of a story about the Davos meet I saw yesterday, something about how really each year. not just this year, they end up making the main topic about how they got to do something about growing inequality. And all they do is talk about it and then they just go home and continue the same setup...
by artappraiser on Thu, 01/28/2021 - 4:40pm
yeah it's surely shaping up to be an "all's fair" situation
let's see the most creative lawyering competition now folks...
by artappraiser on Thu, 01/28/2021 - 5:09pm
by artappraiser on Thu, 01/28/2021 - 4:58pm
But what about Harriet Tubman? And was it an inclusive goat, or an old white goat?
by PeraclesPlease on Thu, 01/28/2021 - 5:08pm
FWIW, found "Portnoy" trending, clicked on it, found this:
beyond that I know nothing, except his self-description: El Presidente/3 time Bee Sting survivor. I own a ton of Penn Stock. I’m not a financial advisor. Don’t trust anything I say about stocks. Owner of DDTG Global
by artappraiser on Thu, 01/28/2021 - 6:39pm
more Portnoy:
by artappraiser on Tue, 02/02/2021 - 3:01am
by artappraiser on Thu, 01/28/2021 - 6:51pm
by artappraiser on Thu, 01/28/2021 - 6:54pm
by artappraiser on Thu, 01/28/2021 - 7:00pm
I've been following Ryan from Smyrna, GA, since I saw him tweet some interesting and sensible things about the GA Senate race; here's his self-description: Business Owner, Financial Planner, Former Mayoral Candidate, Part Time Liberal. Full Time Practical
this is reply to his tweet
by artappraiser on Thu, 01/28/2021 - 7:16pm
Oh
by artappraiser on Thu, 01/28/2021 - 8:00pm
and more oh-china:
by artappraiser on Thu, 01/28/2021 - 8:02pm
by artappraiser on Thu, 01/28/2021 - 10:53pm
by artappraiser on Fri, 01/29/2021 - 1:37am
Elizabeth Warren clearly doesn't like these kind of revolutions:
This is exactly why the libertarian-minded don't like her, taking all the risk out of life, no fun, no excitement, i.e., regulate everything, eventually such "socialist" state planning creeps into everything and before you know it, you're the Soviet Union...
by artappraiser on Fri, 01/29/2021 - 12:56pm
Interesting that liberal Congressman Ted Lieu tweeted the opposite opinion but then deleted that tweet!
by artappraiser on Fri, 01/29/2021 - 12:59pm
That's a helluva adrenaline sports jump QED in your "before you know it".
Re: the GameStop issue, it was a kind of ransom/hugely extortionate arbitrage that unexpectedly was discovered among some longstanding rules. This is not stomping on someone's successful run - it's closing an immoral if not legal loophole. Now, there may be other shorting loopholes that should've been closed. But we don't allow loansharks to charge 5000% interest with no way to pay off the principal, but that's basically the position the shorts found themselves in. Theoretically you could utter the safe word and walk out, but the safe word isn't available, and as long as the anarchist investors hold the line/don't sell, they have the shorters in a never-ending squeeze. Maybe it's great Schadenfreude, but it shouldn't be legal.
Note, the Dow/NYSE regularly cuts off trading under specific adverse conditions - there is no promise that they'll let you do permanent damage, even though most of the time they will - if it's not too drastic.
Now, the way Robinhood etc al cut off trading might not have been the most equitable and we'll thought out, but they were blindsided, used a one-off. I'm sure they're going over their rules today.
I take Ted's comment as appreciating a good "hoisted by your own petard" while also recognizing the sane limits. Kind of like me accepting & understanding the initial destruction in the May riots after 3 horrifying incidents, but also recognizing that couldn't/shouldn't go on past night 2.
by PeraclesPlease on Fri, 01/29/2021 - 1:37pm
I understand there is a legitimate purpose for a futures market in commodities and that should probably be mentioned as steam builds up for legislation. I don't know but would be surprised if that market is not corrupted also, but it would seem harder to so as obviously and to such an extent and so unethically super profitably when there comes a point that the physical product must be delivered to someone obligated to pay for it. Is there any legitimate reason to allow futures trading in stocks or other securities?
by A Guy Called LULU on Fri, 01/29/2021 - 3:22pm
So don't bet on the future? Then what?
by PeraclesPlease on Fri, 01/29/2021 - 4:05pm
Invest in it? And, only get to bet on it with your own money and do not get to stack the odds.
by A Guy Called LULU on Fri, 01/29/2021 - 4:10pm
So funds can't combine different people's money for greater influence and buying power? Not sure where you're trying to go. There are hundred of types of investment strategies and vehicles. Different people like different options.
by PeraclesPlease on Fri, 01/29/2021 - 4:40pm
I was hoping to get an answer to the question: " Is there any legitimate reason to allow futures trading in stocks or other securities? " I thought you might have an answer to share about the possible beneficial utility of those future markets beyond their existence being just a catering, by government, to the desires of some group of investors to have that particular option.
edited to change 'there' to 'their'.
by A Guy Called LULU on Fri, 01/29/2021 - 7:00pm
We've been investing in futures for well over 100 years - I'm just not sure why because some Elon-inspired Bitcoin lovers got their revolution halted we have to remove a basic investment type. I mean, most stock investments are some kind of "Futures", just a question of what conditions on that future delivery, no?
Anyway, I'm no master on the topic - anything I say is what I pull out of my butt at the moment.
by PeraclesPlease on Fri, 01/29/2021 - 10:50pm
Agree with the point you make, futures for commodities provide funding via short term annual loans to producers of corn/soybeans etc.,
Stock futures, and shorting stocks, of companies would seem to be just gaming the system to make money, charge fees, and likely little or no benefit to actual economic output.
by NCD on Fri, 01/29/2021 - 6:19pm
Also, the end user of the commodity can use the FM like insurance to hedge against big market fluctuations.
by A Guy Called LULU on Fri, 01/29/2021 - 6:43pm
Yes. Stock futures and shorts "casino-ize" Wall Street. They are "bets", not buys, leveraged with less cash than buying stock shares.
Futures and shorts just multiply profits (or losses, which the Fed will cover with taxpayer money) for big investment banks, funds.
If you think a stock will go up in the future you can buy it, down, sell it.
by NCD on Fri, 01/29/2021 - 7:04pm
In general my broker likes options as a secondary approach to investments, somehow can add say another 20-50% with not too much effort. Without thinking about this too much, I'd guess this type of investing fills gaps in funding, maybe counterbalances other types of investments. Maybe is a natural response to too much straight investment in positive growth. Stocks can grow, stocks can talk, just like you house may appreciate or depreciate.maybe says not be too cat free, maybe just another shot.
by PeraclesPlease on Fri, 01/29/2021 - 6:55pm
the baby steps on the way to a Soviet Union thing is real, though-I just discovered this guy's account, he obviously is a fellow that is sensitive to these tendencies, some great Kafka style tweets:
by artappraiser on Fri, 01/29/2021 - 4:52pm
Modalities.
by PeraclesPlease on Fri, 01/29/2021 - 6:46pm
I suspected you were very skilled at this lingo
by artappraiser on Fri, 01/29/2021 - 6:51pm
That's supposed to be a compliment, right?
by PeraclesPlease on Fri, 01/29/2021 - 6:57pm
yeah you should think about putting excels at code-switching survival skills on one version of your C.V.
by artappraiser on Fri, 01/29/2021 - 7:09pm
Can I use performative and strategizing in the same sentence? I don't want them to think I'm *too* smart.
by PeraclesPlease on Fri, 01/29/2021 - 10:14pm
um guys, I interact on twitter young history PHD student who is a major activist in NYC urban planning. He never tweets on economics or investing (though he does seem to know a lot about the major real estate developers in NYC.) He just changed his screen name from "Todd Fine" to "Todd Fine #SilverSqueeze" and is tweeting stuff like this all of a sudden:
Is this gonna be a Hunt Brothers kinda thing dejas vus allover again?
(It's personal! I've got mom's sterling flatware sitting in a closet, It's pretty boring and is basically worth melt, I am not keeping it, I need money, but I'll sell something else first if waiting would increase the price.)
by artappraiser on Fri, 01/29/2021 - 11:28pm
here it is: The Next GameStop: Silver Bullion?
Some investors spoke of a possible short squeeze in the precious metal even as stock markets were sharply lower.
Dan Caplinger @ Motley Fool Jan 29, 2021 at 5:44PM
Silver prices rally for a second day on Reddit frenzy
MINING.COM Staff Writer | January 29, 2021 | 9:01 am Markets News Europe USA Gold Silver
Edit to add:and I see Todd tweeted this 14 hrs. ago:
by artappraiser on Sat, 01/30/2021 - 12:03am
by artappraiser on Sat, 01/30/2021 - 12:21am
Pearce is National correspondent for@latimes President of @MediaGuildWest
by artappraiser on Sat, 01/30/2021 - 12:16am
Congrats to citizen investors rescuing dodgy or washed up deadend bricks 'n mortars businesses (which marginally keeps the lights on and no more for *some* employees)
by PeraclesPlease on Sat, 01/30/2021 - 3:14am
Just ran across Bernie tweeting on it came here to post, But yeah hah on the taxes, I've seen some kids on tv, they made like $6,000 and then the reporter asks what are you going to do with it, and they've got this long Christmas list all figured out, nobody told em er it's not really $6,000.
Sounds like Bernie really really really doesn't like people profiting off day-type trading at all:
so what about flipping houses or cars, Bernie? My Dominican next door neighbors, they do both. Cars come in the driveway straight from the car auction, and are gone in like a week...once there was even a little fork lift...actually come to think of it, that's what a lot of NYC immigrants are here to do! flip stuff until they can open a bodega and flip more stuff like expired boxes of cereal and nail clippers they bought from the chinese wholesaler in Queens...
by artappraiser on Sat, 01/30/2021 - 3:39am
hah here's a guy trying to explain to the morning Brit crew just logging on what an actual Game Stop store looks like
by artappraiser on Sat, 01/30/2021 - 3:42am
Ha, here's a 'splainer on Reddit vs Wall Street
by PeraclesPlease on Sat, 01/30/2021 - 4:26am
ah yes, what's old is new again. Just more masters of the universe and surely if Tom Wolfe were alive he would have already started his novel on this crew.
But does go to MY OWN POINT. Videos above are symbolic. Boys will be boys gotta do something with testosterone.Here they play disruptive innovation games which only hurt other people monetarily. Anarchists on the streets in like Portland or DC want the real thing that looks just like the videos (and it's counterproductive because most other people think their vision is pretty damn ugly and frightening and not exciting at all.)
by artappraiser on Sat, 01/30/2021 - 5:13pm
by artappraiser on Sat, 01/30/2021 - 6:47pm
Ryan Campbell retweeted--major mania in numbers
by artappraiser on Sat, 01/30/2021 - 8:26pm
by artappraiser on Sat, 01/30/2021 - 8:36pm
^ PICTURE SAYS IT ALL! New convert to capitalism! Headline at top of this thread may still be correct.
by artappraiser on Sat, 01/30/2021 - 8:53pm
by artappraiser on Sat, 01/30/2021 - 9:00pm
More. Trevor the silver pumper here looks awful young
and I noticed he has a new friend that just joined Twitter:
and then "Walter", who also just joined Twitter, is being responded to by "New Low Observer" who has been on Twitter since 2010, like this:
by artappraiser on Sat, 01/30/2021 - 9:11pm
olly olly oxen free! who wants to come out and play?
by artappraiser on Sat, 01/30/2021 - 9:26pm
More like a "Here's Johnny!" Mashup
by PeraclesPlease on Sun, 01/31/2021 - 2:12am
by artappraiser on Sun, 01/31/2021 - 12:08am
by artappraiser on Sun, 01/31/2021 - 1:04am
by artappraiser on Sun, 01/31/2021 - 3:26am
by artappraiser on Sun, 01/31/2021 - 4:37am
by artappraiser on Sun, 01/31/2021 - 5:58pm
has a well-written clarifying intro, mho:
by artappraiser on Sun, 01/31/2021 - 6:06pm
by artappraiser on Sun, 01/31/2021 - 6:40pm
new game is on:
by artappraiser on Sun, 01/31/2021 - 6:42pm
sounds like he gets some stuff about this new game:
by artappraiser on Sun, 01/31/2021 - 7:51pm
"Capitalism" in general is quickly becoming the new black among GenZ. Don't know how hot it will get or how long it will last but there it is:
by artappraiser on Mon, 02/01/2021 - 1:32am
by artappraiser on Mon, 02/01/2021 - 1:47am
a few minutes ago, some examples:
by artappraiser on Mon, 02/01/2021 - 1:50am
Bloomberg Updated on February 1, 2021, 2:15 AM EST Silver Spikes as Retail Investors Swarm Their Biggest Target Yet
Rally follows jump in demand over weekend for bars and coins
The momentum rests with smaller investors right now, OCBC says
by artappraiser on Mon, 02/01/2021 - 2:26am
Nate Silver supportive:
by artappraiser on Mon, 02/01/2021 - 3:26am
Noah Smith substack piece, no paywall that I can see:
by artappraiser on Mon, 02/01/2021 - 3:34am
More on this:
https://perceptions.substack.com/p/the-real-gamestop-are-the-thoughts
But I'm not sure if this isn't just another platform with fewer fees. Uber took the piss out of taxis; AirBnB's done more with hotels. Cheap airline insurgents have long made the whole flight industry feel like bucket seat bargains.
At the beginning all these f el like some bonanza. But check out AirBnB prices - the surplus starts to defer to others. Taking it to The Man eventually splits between multiple mini shareholders. Arbitrage eventually gets resolved and eaten.
Remember the guys in the 90s who discovered internet trading. Well, that's grown up a bit. But not that much.
by PeraclesPlease on Mon, 02/01/2021 - 8:15am
Just noticed on Robinhood's twitter account, they have the marketing tagline Democratizing finance for all. Strikes me as quite a bit bolder promise than Uber or even Airbnb and enough bought in to really become free salespeople.And again, look at his marketing at the top of the page. And then throw in those swing voting immigrant types from the last election who don't much cotton to the socialism word, what they came here for was capitalism...and he's one of them, Isn't he?
by artappraiser on Mon, 02/01/2021 - 6:22pm
Well AirBnB did pretty good under the radar, but if it's a Clash of Civilizations pump-and-dump, may work well for them. But it's still pretty much the same game - take off protections in some form of market liberalization/deregulation, and spread a few of the bennies around to keep the rubes just happy enough while the leaders cash in. Always looks more equitable at the beginning of the pyramid scheme when not so many levels. But someone's gotta pay for the grift.
by PeraclesPlease on Mon, 02/01/2021 - 7:51pm
by artappraiser on Mon, 02/01/2021 - 3:18pm
taking us back to the headline on this thread:
by artappraiser on Mon, 02/01/2021 - 4:22pm
keep forgetting to mention what I think is an important point, that much of the "Yang Gang" demographic would probably be on board with the revolution:
though it should also be pointed out that as he's running for mayor of NYC, he's also got to worry now about keeping the old school finance people from getting too angry...
by artappraiser on Mon, 02/01/2021 - 7:21pm