[ExI] robin hood steals from the poor protects the rich?

[spike at rainier66.com]

From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On Behalf Of Adrian Tymes via extropy-chat
Sent: Thursday, January 28, 2021 7:24 PM
To: ExI chat list <extropy-chat at lists.extropy.org>
Cc: Adrian Tymes <atymes at gmail.com>
Subject: Re: [ExI] robin hood steals from the poor protects the rich?

 

>…Robinhood forcibly sold many individual investors' stocks in GameStop without their consent.

 

…

 

>…Also: it can encourage sabotage, and not just industrial.  The hedge funds were short selling in a way designed to force GameStop into bankruptcy (when it was merely marginal beforehand).  That is, their financial practices themselves were designed to sabotage the company they were short selling.  Realizing this was part of what motivated so many people to rally to GameStop's defense and buy their stock.

 

 

 

 

 

 

Cool thanks for that concise understandable explanation Adrian.  For all my breezy talk about making a buttload of money, I have never taken much interest in the games of the stock market.  I don’t understand it well enough.  

 

I never really thought about it until today when the news was all about short sellers.  If a stock market non-hipster could easily imagine someone short selling a product known to have a scary aspect, such as Tesla with all those lithium batteries, then arrange for the scary thing to happen, then cash in, surely the bad guy will think of it too, dreaming up and perpetrating even greater evil than I can imagine on my evilest day.

 

spike

 

 

 

 

 

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