Precisely. Rules for poor/ordinary citizens, but not for the wealthy, well connected, & heavily lawyered.
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What else is new? 
The “alt right” (a fictitious hobgoblin by which the left projects its own misbehavior) is responsible for all the evils in the world. Much like the Jews were to Hitler.
Yup, this nails it. It is a double standard. Hedge funds conduct the exact behavior they’re saying should be illegal for ordinary Main St peons.
This is why I always argue for fewer rules, fewer laws, less regulation. No matter how much of these things gets passed, the rich & well connected always find a way to use it to their benefit.
Same with the war on drugs. Rich & well connected people snort cocaine to their hearts’ content. Residents of poor black neighborhoods, on the other hand, go to prison for decades for doing the same.
We would be much better off if the pampered elites did not have the illusion of a functioning system of rules to hide behind while they steal.
I find it funny they’re claiming the alt right is a bunch of disorganized idiots then claiming they planned one of the largest attacks on the financial system. This is some wicked stuff. It’s not rocket science but it is fairly complicated what people are doing. It’s risky.
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Curiously none of the left wingers I know seem to find that to be a contradiction.
All they need to think about is that conservatives are evil. Nazis in fact. The rest doesn’t have to make sense.
Jordan Belfort speaking on the event. For those who don’t know. Wolf of Wall Street
Jordan Belfort: Robinhood shutting down GameStop activity because massive liability (msn.com)
Right after that video was Dave Portnoy from Barstool Sports. He had a really good take.
That was the point I was trying to make to @smartpolitics
Robin Hood and others have a legal duty to manage risk but I also think they’re playing the players a bit.
Is this illegal? Technically I would say yes but I am not a lawyer and this is complicated law. The average lawyer could only guess.
How do I know? I worked in the industry briefly and we had many lawyers dealing with this working with government lawyers and they often couldn’t agree on basic things.
Should it be illegal? If it’s OK for a hedge fund then I don’t see any issue with reddit.
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This is one of those things that is simple, but incredibly complicated.
I won’t pretend to know how it will shake out in the end, but it is fun to see the masses revolt.
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I know raising the margin is fine.
My understanding is they stopped trading for average person but allowed the hedge funds to continue.
That doesn’t sound legal
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Sure, there is a rational explanation for everything, including the keen corporate interests that heavily lobby the government with rent seeking behavior. Doesn’t make it right.
I’m sure many, if not most, of the people that own the money in these funds and that run these funds are decent human beings. I’ll bet the Wolf of Wall St stereotypes are actually an overall minority.
But they’re still raking in shitloads of money by taking advantage of underprivileged & uninformed people, and they are happy to use the government to do so. I have zero sympathy for them.
I fear they will prevail in the long run, but I can dream.
Like a typical pump and dump stock. Except pump and dump is illegal while this is legal.
Though this trading is completely legal.
Agreed
Stopping trading is market manipulation.
Raising margin is reasonable.
Talking about this to my daughter last night and thought we needed to watch this movie so she understood what “short selling” is.
I showed my son Coming to America a while back. I was most excited to have him see the closing credits. The Trading Places cameo was lost on him entirely.
I’ve read that there is a sequel, Coming 2 America, in the works.
Yes, coming soon I think.
This article really gets into the weeds of the legal ramifications, and basically says, nobody really knows the legality of it.
One thing it mentions that would be in defense of the Reddit traders is that nothing they did was secret, it was all public knowledge.