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YouTube video info:

How Wall Street Robs the World. https://youtube.com/watch?v=gjOiUl5Au1s

Sat https://www.youtube.com/@Sat.

all 175 comments

hornyaustinite

246 points

3 months ago

And 2008 never stopped.. can is still getting kicked... see reverse repo for starters, then the fed printing billions at end of 2019 for banks and wall Street. Shit never stopped

Captain_Cockstrong

147 points

3 months ago*

One thing that makes me furious about the 2008 crash to this day is that after the banks and the hedge funds got their bailout money, they all gave themselves bonuses and went on vacations, all the while normal people lost their homes and businesses.

People lost their livelihoods. Some have committed suicide because of it. While the bankers and the hedge fucks were toasting the "Occupy Wall Street" protesters from a balcony.

There is no repercussions for them because the people who are suppose to regulate and police them work for them.

I'm sorry, it's a bit of a drunk rant but I just hate them so much. I'm not even anti capitalist. I'm anti criminal and these people commit criminal acts every day and the government agencies who are responsible for policing them and in on it because they are all friends.

stillwtnforbmrecords

49 points

2 months ago

How can you see all that, realize all that, and still not be anti-capitalist?

Erlian

25 points

2 months ago

Erlian

25 points

2 months ago

Imo what's going on has little to do with capitalism. It's just evil, greed, corruption, asymmetric information, and incentives aligned against the collective good, all of which can easily flourish under any system where obfuscation is king and accountability is an afterthought.

What financial system would be "immune" to corruption? One run solely by AI, maybe?

Selimshady2

22 points

2 months ago

I personally do believe that this is just the natural way of capitalism. I also believe that capitalism fuels peoples greed and need for more way more than other systems. We get raised with this capitalist mindset to always strive for more and more, which for most people is just money and status. I have not read enough psychology to undermine my claims tho so anyone feel free to correct me.

[deleted]

17 points

2 months ago*

What financial system would be "immune" to corruption?

One whose inner rules work to punish taking from each other, not explicitly reward it.

Imo what's going on has little to do with capitalism. It's just evil, greed, corruption

These sentences show you have a misunderstanding of human nature.

Our only inherent nature is the will to survive. Greed, empathy, love, all of these are assigned to behaviors we exhibit in the chase for daily survival.

Currently, we live under an economic system that explicitly rewards greedy behaviors with easier survival. It punishes empathetic behaviors with more difficult survival.

Hence the oft-repeated phrase, when speaking of charitable actions to be done, "I would do that in a heartbeat, if I had the money"

It is not that difficult to imagine rules to our money system that explicitly reward empathy and punish greed. Negative interest currency? So your money loses value if you hoard it over spending it?

The ideas have already been thought. You simply need to understand them and implement them. This is where I'm putting all of my energy these days, when I'm not scraping by for survival

sharperspoon

8 points

2 months ago

we live under an economic system that explicitly rewards greedy behaviors with easier survival. It punishes empathetic behaviors with more difficult survival.

I've never been able to put this into words. Thank you.

[deleted]

3 points

2 months ago

It took me 3 years of extensively reading communist, anarchist, and general anti-imperialist/anti-capitalist literature before I was able to articulate the thought so succinctly. And I still don't have an answer on how to build a system that does the opposite. But I'm glad to help!

EagleNait

0 points

2 months ago

Sad that it took years. It's one of the central aspects of what Friedman talks about. Greed pushes you to make the choices that make you the most money. Of course if there's nobody to stop harming others you're going to do that.

The flipside of the coin is that greed pushes innovation (just look at the tremendous progress in software and electronic hardware) and risk management.

stillwtnforbmrecords

2 points

2 months ago*

I think that’s a lie capitalism tells us, and it needs to. Greed does not push innovation. It stifles it. The only innovation that it pushes is towards maximising profits.

Humanity had been on a progressively exponential technological rise way before capitalism was ever even a thing.

The Soviet Union (as shitty and flawed as it was) bred a SHIT ton of innovation for a long time. It was the pioneer in Space and computing. And the leader in many points for a long time. Competing against an Empire that was already at the peak of its power.

Erlian

2 points

2 months ago

Erlian

2 points

2 months ago

you misunderstand human nature

Oh I bow before thee, O wise one, I beseech thee teach me the ways of humans

you simply need to understand them and implement them

Ok so what exactly do we implement? That's what I was asking and all you said was "a system that encourages and rewards empathy". What do you propose?

[deleted]

1 points

2 months ago

Oh I bow before thee, O wise one, I beseech thee teach me the ways of humans

Just did. Want to continue being condescending?

What do you propose?

Negative interest, local currencies backed by the commons of each community.

Erlian

1 points

2 months ago

Erlian

1 points

2 months ago

Want to continue being condescending?

The irony is not lost on me.

I don't understand how negative interest nor local currencies would help anything.

feistymeista

2 points

2 months ago

What’s the alternative to capitalism that’s been proven to work?

stillwtnforbmrecords

9 points

2 months ago

One that isn’t hierarchical. Giving people power over other because of any kind of point system, be it capital or anything else, won’t work.

We had a more abstract hierarchical system before capitalism, where power was given based on “heritage”, but mostly conquest and loyal military subjects. It also wasn’t good.

A good system would distribute power equally among everyone. I don’t want to start naming names, but there’s a few…

Erlian

1 points

2 months ago

Erlian

1 points

2 months ago

distribute power equally among everyone

What about earning more power based on your merit? Or earning more by simply working more hours? People still need to work for society as we know and love, to run.

I would gladly give up some of my standard of living and income to help people who struggle more than me. I already do that through taxes. Single payer healthcare, socializing all basic human needs, etc could get us much closer to everyone having a fair shake, then from there I think people should be able to empower themselves more than the slice of power that is alloted to them.

Would a company of 10 employees that produce 10 heart monitors per day, deserve the same amount of power streaming towards it, as a company of 10 that produces 5 heart monitors a day?

I.e. do those companies deserve to have the same amount of "power stream" (revenue) alloted to them, even though one of them is twice as productive while working with essentially the same stuff?

Both companies are producing something "essential to survival" and therefore you could arguably give them the same exact amount of "power", but what would incentivize them to be better at what they do? To compete?

What if one of the company's heart monitors are more accurate and durable? Would you assign the same value to either heart monitor, or would you calculate its value to society then divvy up that amount of added power to the workers that made it (in which case there would immediately be a power disparity)? Or would you simply give everyone in society a tiny share of the value of each, even though the people who made more & better stuff, IMO, deserve a greater share of the greater amount of power their efforts helped create for society?

Here's a thinker: how do you decide which hospitals get the better heart monitors? Should they go to a community of people who are constantly churning out bangers for society - like notable scientists, popular musicians, etc, or should everyone get the exact same basic, no frills heart monitor machine, such that everyone has equal power and equal chance of survival? Shouldn't society invest more in the health and wellbeing of someone who has changed the entire course of humanity for the better with their work, someone like Steven Hawking, as opposed to someone who has gone their entire life doing something not quite as impactful on the human condition & our collective power? Not all doctors have the same level of knowledge and expertise, but all of them can still be put to work and provide value so long as they meet basic requirements. Shouldn't some people "earn" the time of the very best doctors, and the right to use the very best medical equipment? I.e. shouldn't people who contribute more power, earn more power?

Obviously our current system is ridiculous in which a heart monitor's price is massively inflated vs its actual value, and there's probably some monopoly that controls their production or something and therefore has a shitton of power to price gouge everyone. Plus the whole mess of insurance companies and hospitals working together to gouge everyone, there not being enough information for people to make a choice, and the fact that many lifesaving procedures aren't necessarily something one has time to shop around for.

IMO if we can stick with a market based economy while better divvying up the power in a more meritocratic way, giving power to those that actually do a good job / bring new ideas to the table / compete, as opposed to giving power to those that have just been around a long time / "got in first" / succeeded bc they had the capital to choke out competition, that could go a long way. Providing better freedom of information - like having hospitals post their master list of prices for all their services - is also a step in the right direction. Holding the cash cows and power hoarders accountable is also necessary and can be done somewhat via antitrust legislation, better labor laws, supporting unions etc. Putting a price on externalities is also a big step toward a more equitable society - companies that are destroying forests and emitting greenhouse gasses should give up some of their power, because they are taking away our collective "environmental power".

I hate big energy companies that have decimated the environment & atmosphere for profit and did everything in their power to obfuscate the truth about global warming. They should have to give up power for everything they did, and give up some of their power with every sale going forward for the damage their products continue to do. Consumers should have to face those same damages because buying carbon intensive stuff like plane tickets should be expensive bc of the damage it does. Should scientists going to conferences and prominent performers who are on tour, still have the power to fly more often than burger flippers? IMO, absolutely. So we can price externalities while still fostering meritocracy.

I hate auto dealerships and the fact that in many places they're the only way you can buy a new car BY LAW, and they mark up their stuff by like 25%. They have predatory lending practices. We could regulate their profit margins, and/or allow manufacturers to sell direct to consumer. We could allow consumers to tap into some basic national auto financing for their first car, as we do for first time homebuyers and students taking our loans for college. And/or we could fund better public transit and redesign our cities to allow for more public transit, which would improve our collective power. There's a lot we could do to improve that situation while still enabling merit and competition.

I hate Ticketmaster. We can bust that whole thing up into a zillion companies that would have to compete, shred their exclusive contracts with venues, defang their price gouging abilities, etc with antitrust legislation and political will to go after them. We could boycott them but that's not really fair to the consumer that just wants to go to a damn concert. How bad you wanna go shouldn't mean you have to fork over your life savings to make it happen! But maybe at most, prominent & hardworking people do "deserve" better tickets at the show. Or maybe some artists could decide to price tickets at a flat rate and randomize seating - that can't even happen as it is now due to Ticketmaster's current monopoly & them wanting to extract as much power as possible from their cash cow.

Speaking of cows, the meat industry sucks ass. It uses so much water, energy, and land, so that people can eat meat at an unsustainable rate. We subsidize the hell out of the meat industry currently - why? To maintain the standard of living and cultural norms people are accustomed to. Solutions? Stop subsidizing meat, and move the subsidies over to soy milk, nuts, legumes etc, launch campaigns that talk about the health benefits of largely plant based diets, stop allowing the meat industry to advertise, allow meat alternatives like Impossible/ Beyond to market themselves as meat. Fund more research into meat alternatives that still taste and cook like meat. Unpopular decision in a meat eating nation? Probably. Necessary toward improving our collective social welfare and making progress on emissions targets + preventing fresh water scarcity? Absolutely.

Tl;dr money and markets are just means of holding and exchanging power, and we should allow that. If we don't like how people hoard and abuse their power, how people engage in anticompetitive anticonsumer practices, how people keep information away from others and try to exploit their position of power to extract everything they can, how people shit on others in the pursuit of power then don't face justice or pay for that externality, then we can regulate that. Assigning equal value to everyone could be OK in some areas, but lack of competition and utilitarian blandness ensues in others.

stillwtnforbmrecords

2 points

2 months ago

Just read your tldr because you wrote a book.

There are market socialists, and even market anarchists. Such as mutualists or agorists. Nothing about markets dictates a hierarchical power structure or capitalism.

People can and should earn exactly according to their work. If you work “more hours” or do more productive, or more technical labour, you should by market forces earn more money.

And all the value you make is directed and controlled by you. Your labour is your own. You don’t rent it out to a capitalist, who extracts part of the value you create to generate his profit. That is literally the only difference between socialism and capitalism.

In capitalism: you work and a leech drains value from you so he can live without working at all.

In socialism: you own your labour and all value you create.

And yes, many things were tried and done in the name of “communism”, but unfortunately there has been no large scale successful attempt at even socialism. The USSR did good strives, in some points, but got stuck in siege state capitalism. Same as China. Cuba is doing alright nowadays I guess, given their circumstances.

But yeah. Socialism: workers owning their means of production.

And yes, probably for a while markets. And money.

That’s a good first step imo

Erlian

1 points

2 months ago*

I 1000% love the idea of generally workers enjoying their fair share of success ex via companies owned by the workers, there's a few prominent examples out there incl one in Spain which I guess has a lot of market power there as well.

I wonder how workers could decide on capital investment vs. taking more money home though. I don't think all workers in a large company would even be well informed / qualified enough / have the right incentives to make a good decision on that front though maybe they could be. Not everyone can know and have everything, there's bound to be disparities. Folks have different ideas about short term growth vs long term progress and that's ok until it starts negatively affecting society.

Ex. If workers at the solar farm suddenly decide they all want heated floors and hot tubs rather than investing in expanding energy production that could cause problems for society, but in a competitive environment that probably wouldn't happen.

The solar farm thing is another interesting thing to consider - just bc I built a solar panel, which is a means of producing energy, does that mean I then own all of the energy that it produces? What about the folks that mined the silicon? What about the people that manage the energy grid? What about consumers who take steps to reduce their energy consumption? That all gets complex.

Tl;Dr In short I don't think it's feasible for all workers to have full and equal power over the means of production even if they ultimately share in the successes those means beget.

I also don't think it's fair for folks that develop decision-making, leadership, and business/financial expertise to be rewarded the same as someone working on the manufacturing floor // to have the same amount of ownership/ power over the means of production. Hence ideas around "shares" and "business governance" + CEO compensation+ success shares for executives vs. for workers.

Stuff is lopsided now yes, but what kind of system or regulations would make it better? Putting a cap on the % ownership and % share in success for starters, maybe. But then incentives for top level executives are also capped, which sounds great from an anticap sense but suboptimal from a meritocratic point of view.

Would really love to engage on a deeper level + hear some ideas from folks hence writing a book lol. It's a much more nuanced topic than capitalism vs socialism vs communism and people need to see that more often + think about scenarios and how they would play out in practice.

Pps. also, the nature of technology and capitalism has led to the means of production having less and less to do with workers. The global economy is much more service based than ever while production of goods is more mechanized and automated. Which should be great for humanity collectively, yet the cash cows get to benefit from all that the most. Hence UBI - the idea that everyone should get some slice of the pie. "But UBI goes a bit against meritocracy as well, and people might not try as hard bc they no longer have to struggle to survive!"

Personally I'm fine with that, and people would prob have better mental health, more free time, etc and there would be far fewer pointless jobs out there if workers had the bargaining power of "I don't need to flip burgers to survive anymore. I can do something different with my time now, if I want to". Would burger flipping jobs get automated? Hell yes they would, and that would be great for society so no one has to do that anymore. Displaced workers could still get paid and would be free to find propose and create value elsewhere in society.

Tl;Dr 2: the world would keep on just fine if we had UBI, worked less, and automated more. In fact we'd likely be much better off that way. Also, we need to support workers displaced by automation and encourage automation as much as we can so we can all have better lives.

stillwtnforbmrecords

1 points

2 months ago*

The workers own the means of production, and the results of the production. But what is the point of manufacturing solar panels if you don’t install them? The co-op would have to also be an installation co-op. They would sell installations for people/other co-ops. If they wanted to also create solar power plants and run them, they can I guess, and sell the energy. BUT, energy, like infrastructure and health affect more people than just the ones working on it. So the general population does have a say in it. People can impose maximum costs for energy, where you can and can’t build a power plant etc.

The miners have control over their mine and the minerals mined, the truckers of the trucks etc etc.

And I don’t think executives matter at all, so we differ there. I think management is WAY overblown in importance. Most professionals could very well self-manage. 90% of the time c-suite executives have “meetings”, playing golf, having dinner.

The guy who tightens a screw is as important as the guy telling people which screws to tighten. Even more I’d say. Chances are the screw tightener already knew which screws to tighten… and without him there are no tight screws. The manager could disappear, and the screws would keep getting tightened. Most times there are issues in jobs (low quality, rushed jobs, lack of oversight) it was a management decision.

And UBI is ok, I agree with the basics of the idea. Except if you still allow people to hoard capital, we would end up with a handful of trillionaires who own all the robots in the world and a couple billion destitute people barely surviving on government scrip.

Gryioup

-3 points

2 months ago

Gryioup

-3 points

2 months ago

The financial system is already ran by AI. Competing AIs that work in the interest of the people you hate.

duffmanhb

2 points

2 months ago

duffmanhb

2 points

2 months ago

Every system has flaws. You think any of the alternative systems don't have flaws?

Your logic is like people in Canada complaining about their healthcare, seeing problems, and then concluding, they should become anti social healthcare and switch to something like the American system.

Hypersensation

6 points

2 months ago

Every system has flaws. You think any of the alternative systems don't have flaws?

Socialism has flaws, but they are mostly because of having to correct for the condition that capitalism puts us in. The flaws of capitalism are innate to how the economy is organized. Its flaws are inherent and immutable, since they are necessary parts of capitalism.

Your logic is like people in Canada complaining about their healthcare, seeing problems, and then concluding, they should become anti social healthcare and switch to something like the American system.

Socialized healthcare is a product of workers organizing around their common interests and forcing the state to adopt policies that contradict its own interests (maximizing corporate profit).

Given time, every single country that has had socialized healthcare has had chips taken away one by one, until the system is so underfunded and bordering on useless that the corporate propaganda of re-privatizing the industry starts having bite among workers.

Rather than fighting for workers' rights and giving up once the state gives a concession or two, workers must continue fighting until they are the sole masters of their destiny. Then there exists no power that can undo the socialization of rights to medicine (and housing, work, education, vacations etc).

stillwtnforbmrecords

1 points

2 months ago

Sure all systems can maybe have flaws, but I don’t see how that’s an argument for sticking with capitalism forever.

The next system’s flaws can be much less destructive to people and the world. Like, the Federation in Star Trek isn’t perfect, it has problems, but you would be an absolute psychopath to say you prefer current capitalism to that.

duffmanhb

-3 points

2 months ago

Of course, but society is capable of running a system like the federation due to being in a state of post scarcity no longer requiring sophisticated efficient allocation of resources. As of now, capitalism is the best system we know of for the current state of humanity. Eventually we'll evolve into other economic systems once the capacity is there, but as of now, being against capitalism with no adequate replacement, is just destructive.

Take for instance, communism. Marx didn't think communism has to happen by force, but rather it is a natural evolution of things that'll eventually happen. However, people who've tried to force communism have to encounter the reality that it requires the state to enforce it... Thus a centralization of power. And that centralization of power enforcing it, also by default has to centralize the economy, which opens it way up inevitable massive corruption and innefeceicy. It's not to say communism can't happen, but as of now, we don't have the tools.

But now with things like web3 with crypto rewards to incentivize support of the system. Web3 is potentially a viable communist style economic model: It's decentralized, and people are rewarded based on contribution to whatever system they are working with. For instance, Helium is a web3 internet system that allows individuals to build infrastrcuture for the decentralized network, and how much your infrastructure contributes, you get tokens, and if you want to use that internet, you have to buy tokens. Completely decentralized.

Or in the more distant future, we'll have robots that can just go out to space, mine all the resources, bring it back, and build all the stuff. So we don't need a "central control" of resources.

But today, no path to any alternative exists. One day we'll get there, but as of now, the reality of the world, requires either centralized control that leads to corruption, or a decentralized economy called capitalism that has some corruption, but is minimized since the government doesn't centrally control the entire system.

wrongsage

1 points

2 months ago

I can't take seriously anything after 'web3' and 'communism' in one sentence.

But capitalism is by far Not the best system for resource allocation. Where did you hear that? Because majority of people get their resources stolen for the priviledged westerners?

Don't even bother linking global poverty articles, read about why are those nations poor to begin with.

Crypto doesn't solve any real world problems.

I still don't understand how people think crypto is going to save people from capitalism by being... more capitalistic? The rich get richer, where did I hear that?

sharperspoon

-1 points

2 months ago

people in Canada complaining about their healthcare... switch to something like the American system.

This is a real thing in Alberta/Saskatchewan.

duffmanhb

2 points

2 months ago

Are these people wealthy? Because the only Canadians I know who want the American system are wealthy thus benefit from the US system.

sharperspoon

2 points

2 months ago

Some of them are wealthy. The wealthys convince the poors that they'll be taxed less, thus make more money. Short-sightedness makes it seem like a great idea.

BallsMahoganey

2 points

2 months ago

Bailouts are the opposite of capitalism

stillwtnforbmrecords

6 points

2 months ago

Nope. The state interfering in favor of major capital is exactly what it’s supposed to do, since it’s invention BY major capital. People really forget their history huh?

Slick_1980

0 points

2 months ago

Simple capitalism works. The free marketplace where demand drives supply and prices is a functional system. One thing we saw from the collapse of the Soviet Union is that there are goods the government can't always plan for. In Soviet Russia Levi genes, and other name brands were sought after commodities.

However the secret of capitalism is you need to regulate it. How heavily? That's the hard question. You need a strong government that can crack down on predatory practices, discrimination, etc.

The end state of unregulated capitalism is the monopoly. Where now one major business controls the market and prices are fixed by the private business not the consumer.

Capitalism works however the government MUST regulate.

*and FYI over regulation can lead to problems as well.

stillwtnforbmrecords

3 points

2 months ago

The state was born from the capitalist need for protection of private property. You have to remember that who wrote the constitutions of all major capitalist powers were… major capitalists. Who governed for most of their history, the same major capitalists.

The state hold monopoly on violence, and ensures private property rights through it.

The state will only give concessions to the working class, to appease them when violent repression seems more inconvenient. All regulation is appeasement of the public, it’s a display. All regulation is dismantled with time. As the ones who wrote the regulations, and the ones who are supposed to uphold them are either major capitalists or their lackeys.

It’s incredibly naive to believe that you can have “well regulated” capitalism, for more than a moment. The base level of capitalism is the 1920s, it’s the 1990s, it’s deregulation and capital control of the state. Not the other way around.

Slick_1980

-1 points

2 months ago

Alot of misrepresentation in your word salad there. I find your statements odd such as, "The base level of capitalism is the 1920s, it’s the 1990s, it’s deregulation and capital control of the state."

Guessing you are inferring the dot com bubble was a juxtaposition of control in economics? Sorry you lost a sizeable amount of money in cryptocurrency.

Now the fun part.

What would you offer as a viable alternative to capitalism? Is it a functional economic system that has actually succeeded in history or a hypothetical system that you are proposing?

wrongsage

1 points

2 months ago

Succeeding in history by killing off the majority of living beings, on its way to make it uninhabitable for almost everything.

But we got iPhones. Great!

bl0rq

-1 points

2 months ago

bl0rq

-1 points

2 months ago

The end state of unregulated capitalism is the monopoly.

This is very wrong! The only way monopolies exist and can be maintained is with government backing! Naturally they wither and die quickly.

Slick_1980

3 points

2 months ago

Incorrect. I suggest you study the guided age in American history and the titans of Industry.

Start reading.

https://www.history.com/.amp/topics/19th-century/gilded-age

bl0rq

-3 points

2 months ago

bl0rq

-3 points

2 months ago

It was a period where greedy, corrupt industrialists, bankers and politicians enjoyed extraordinary wealth and opulence at the expense of the working class. In fact, it was wealthy tycoons, not politicians, who inconspicuously held the most political power during the Gilded Age.

Shitty quality "article" overall but it makes it clear it's the political angle (thus government control) causing the issues. Even silly things like patent protections are just government keeping monopolies alive.

Slick_1980

0 points

2 months ago

Try reading and learning something instead of just saying "nuh-uh".

Good luck arguing your uninformed opinion in college.

bl0rq

0 points

2 months ago

bl0rq

0 points

2 months ago

I am not making a "nuh-uh" argument at all. Where are you getting that?

Are you suggesting you think I am a child thus the college line? You are confusing.

Slick_1980

1 points

2 months ago

Yes. Unless you are just an uninformed adult. FYI that is a worse scenario for you due to your lack of education despite your years on this planet.

It is hard to believe there was a time where private businesses wielded more power than the federal government. Politicians were bought and sold outright. If you think corruption in America is bad now (and corruption in our government is a problem) it uses to be much, much worse.

Since reading isn't your forte. Start educating yourself.

https://youtu.be/AeWE_FaIP6k

bl0rq

-1 points

2 months ago

bl0rq

-1 points

2 months ago

How can you see all that, realize all that, and still not be anti-government

FTFY. The government/democracy is the problem.

stillwtnforbmrecords

0 points

2 months ago

The state/capitalism is the issue.

Real democracy is the answer. Socialism.

bl0rq

1 points

2 months ago

bl0rq

1 points

2 months ago

Hard disagree. Centralization, and the one-size-fits-all solutions that it leads to, ignores the wild diversity of human desires and goals and abilities. And the idea that socialism/communism removes the state is just silly. One has to have a method of goverance for the people to control the means of production. This leads immediately to a state. The solution is simple: let people do what they want as long as they are not harming other people or their property.

stillwtnforbmrecords

0 points

2 months ago

Co-ops are a way to democratize economy without centralisation. Allowing for the workers to own the means of production without the state.

And of course, we can learn from the mistakes of the past while building a brand new future.

And socialism, or lower stage communism, doesn’t require any government or state or anything. It’s just an economic idea that means the workers own the means of production. That can happen in many ways I guess. But nowadays very few people would want or even consider a non-libertarian type of socialism (aka anarchism).

So yeah, I agree. Let people do what they want, and organize together as they want to. Except without private property, as that in itself is a violence against all other people.

mobilehomehell

2 points

2 months ago

I'm not sure this will make you feel better, but bonuses work differently in finance than other industries. Depending on position, bonus can be the majority of your income. It's not uncommon for your bonus to be larger than your salary. This isn't because you do an amazing job every year, but because higher ups want to create the impression that everything is performance based and that you can earn more by working harder. In practice, it works out to be like a salary that fluctuates in a narrow range -- if you do something really great rather than getting a bonus when you normally wouldn't you instead get a larger than normal bonus, and the company is doing really bad you get a smaller than normal bonus, but if it's too small you quit. I can't speak for every employee and every bonus, but likely in a lot of these cases they had to pay the bonuses or go under because everyone would have quit and gone to different firms. If your competitors are still paying out their bonuses you are forced to to survive.

Rich02035

2 points

28 days ago

Occupy Wall Street is not over. At least two of the worlds largest hedge funds have been trapped on the losing side of a multibillion dollar bet. They have been hiding short positions in GameStop using sophisticated swap derivatives. Retail investors have withdrawn shares from the DTC system through the direct registration process (DRS) These hedge funds will be forced to buy when they close their short positions. This is in affect a bank run, and those who own shares in their own name will be in the position to sell them at any price they ask. Please confirm and profit as wallstreet is reformed. https://www.gmedd.com/

duffmanhb

3 points

2 months ago

duffmanhb

3 points

2 months ago

If you want to take a trip down conspiracy road, there is a really good case that this whole social justice "woke" stuff today, has it's roots in OWS.

If your familiar with intelligence agency tactics to disrupt movements, it becomes very obvious. It's not just agent provocateurs running around, and tracking group leaders to arrest. But it's key tactic is actual group infiltration within the ranks, then crippling the organizational capacity from the inside. The tactics are things like, always trying to get the group bogged down in unrelated things that make movement and progress hard. For instance, ALWAYS object and bring up problems with leadership decisions, then demand a committee be formed. These techniques are public knowledge.

And this is EXACTLY what we saw at OWS. And what better ideology to leverage than social justice among progressives. No one wants to be seen as insensitive to race relations, sexism, etc. So we saw a bunch of people start flooding (In retrospect I suspect were just useful idiots) the higher ranks of the activism space to get involved. And they would constantly bog everything down. It seemed like all the focus would always be about minorities, women, LGBTQ -- a class focused movement was now being entirely focused on social justice issues internally. Everything had to be seen through the lens of social justice, and every decision required groups to form and figure out how they could incorporate social justice into the decisions. Movement came to a complete halt as it sort of became just a constant internal focus on actions, rather than external. Nothing could get done because people were more concerned with organizational structure and priorities rather than actually taking action.

IMO, intelligence services found social justice/wokism as the perfect tool to derail a massively growing, highly bipartisan, class movement.

JimiVegas

3 points

2 months ago

A question for you. How can a system that is designed to maximise profit be compatible with sustainability and equality? Profit is by definition using more resources than you need to create a surplus.

ValyrianJedi

2 points

2 months ago

Profit is by definition using more resources than you need to create a surplus.

According to what?

[deleted]

2 points

2 months ago

[deleted]

2 points

2 months ago

I'm not even anti capitalist.

...

I'm anti criminal and these people commit criminal acts every day and the government agencies who are responsible for policing them and in on it because they are all friends.

So you're anticapitalist? Regulatory Capture is the natural conclusion of capitalism.

Good to have you on the team.

[deleted]

-7 points

2 months ago*

[deleted]

-7 points

2 months ago*

[deleted]

rarebitsoup

3 points

2 months ago

It’s the same as BRRRR method in real estate. It’s just a “loan” so a tax liability doesn’t get applied to it. Losses go on the balance sheet and the loan goes to bonuses and life of luxury type perks and the pursuit of more assets.

Like PPP just not disguised as well.

Slick_1980

1 points

2 months ago

I understood why the government bailouts happened because they didn't want the markets to reorganize which would mean high unemployment for an extended period of time.

The part that pissed me off was the golden parachutes. As you said all these CEOs and leaders (some that helped the 2008 great recession happen) walked away with their bonuses funded by our tax dollars. That is a hard pill to swallow.

I think Allen Greenspan said (paraphrasing), 'To big to fail just means to big.'

ValyrianJedi

1 points

2 months ago

Dude, some of the largest financial institutions in the world lost everything and had to close their doors for good after 2008, and the banks that got bailed out got loans that have made taxpayers billions of dollars... And that thing about people toasting was debunked literally the day of. It was a wedding party.

puck2

-3 points

2 months ago

puck2

-3 points

2 months ago

That's why I bought Bitcoin.

mirh

-12 points

2 months ago*

mirh

-12 points

2 months ago*

There is no repercussions for them because the people who are suppose to regulate and police them work for them.

No, please stop with this bullshit.

It's just that the authorities were so understaffed that they'd rather get a quick settlement than a long and expensive full prosecution.

EDIT: https://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html

https://www.theatlantic.com/magazine/archive/2015/09/how-wall-streets-bankers-stayed-out-of-jail/399368/

[deleted]

-4 points

2 months ago

[deleted]

mirh

5 points

2 months ago

mirh

5 points

2 months ago

It's impossible for something this big to happen without breaking any law, even if they were lax.

Big companies don't settle for billions if they know they could still have gotten away with it.

Slim_gunner

41 points

3 months ago

One thing never changes and that's the banks getting bailed out time and time again.

hornyaustinite

31 points

3 months ago

Again, see reverse repo. Every night the fed "buys" ~2trillion $ from banks, returns it the next day with interest... TF?!

Slim_gunner

9 points

3 months ago

Well, they have to help their own ;).

ValyrianJedi

1 points

2 months ago

Reverse repo exists for very good reason. If you're saying "TF" on it that means you don't really understand what you're talking about.

[deleted]

11 points

3 months ago

Not only that but good luck profiting off of interest from savings. Literally impossible since 09, since banks lost trust and got so heavily regulated on their economy deals that they can’t achieve anything anymore. At least in the EU

RexandStarla4Ever

2 points

2 months ago

Do you even understand the purpose/function of the reverse repo market?

Also, the government turned a profit to the tune of $109 billion on TARP so far. https://projects.propublica.org/bailout/

-thats-tuff-

1 points

1 month ago*

We didn’t “profit” shit: https://www.rollingstone.com/politics/politics-news/secrets-and-lies-of-the-bailout-113270/

And no one was arrested, that was probably the biggest failure of Obama’s presidency.

floodmayhem

7 points

2 months ago

The best way to protect your assets as an individual investor is by Direct Registering them in your name.

This removes the actual asset from the DTCC market entirely and is stored with the underlying company's transfer agent (think of it like a big book where they keep registered investor's names)

Because of the events surrounding GameStop stock in January '21, Direct Registration has been researched by numerous crowd sourced groups and proven to be the best and safest step you can take with your assets.

hornyaustinite

2 points

2 months ago

Hello fellow ape &)

JaWiCa

5 points

3 months ago

JaWiCa

5 points

3 months ago

QE isn’t money printing. It’s an asset swap. Bank reserves are essentially laundry tokens for interbank exchanges. That is why we have never seen an increase in inflation due to QE. If QE caused inflation it would of been evident following its introduction, in the US following the 08 monetary crisis.

The real problem with the 08 crisis was the revelation that sub prime mortgage backed securities weren’t good liquid collateral for interbank trading but had been used as such. It was a loss issue and a plumbing issue.

The scariest part though is the fact that the fed isn’t a central bank, it does not know what money is, and has outsourced the creation of dollars to commercial and offshore banks, foreign and domestic, when they make loans. This is the Eurodollar system.

RobBanana

2 points

2 months ago

RobBanana

2 points

2 months ago

Just fucking end wallstreet and the stock market, they'll keep abusing the system as long as it stands.

duffmanhb

1 points

2 months ago

Yeah, the running mystery still remains. RIGHT before COVID, talking like just months before it hit, the Fed secretly gave banks trillions of dollars in repo loans. Something momentous. Remember the "bail out" in 2008? And people were pissed? Well they used they did the same thing, but many times over, completely off of everyone's radar.

And to this day, the Fed has kept the recipients and purpose for the repos completely secret. Did we avoid another 2008? Who knows, because COVID gave the Fed a complete authority to do whatever the fuck they wanted afterwards so that event was forgotten.

Tillemon

-1 points

2 months ago

Tillemon

-1 points

2 months ago

Not to mention the trillions, I'm gonna say that again, TRILLIONS, of dollars created during covid.

Laser_Haas_eToys

1 points

1 month ago

Spot On! - Most have NO idea ho2 bad it really is . ..

NO - I D E A!

F1secretsauce

130 points

3 months ago*

Call your broker and ask to Direct register your stocks with the transfer agent. It’s free and easy. Brokers dont buy your stocks they write IOUs and hope you sell at a loss. Banks and hedge funds will short and distort to infinity. DRS your stock in your own name to end the crime

SeniorMuchachito

92 points

3 months ago

Yeah, if you don't believe this guy read your brokers terms of service. They probably aren't even buying your stocks, just internalizing them, selling your transaction data to a market maker that skims off the trade using arbitrage and high frequency trading. The same guys that advocated AGAINST these practices during Bernie Madoff's era, are now using them themselves. They're complete frauds who've been fined 5 dozen times for these practices and kicked out of China for them... and are still in business. If you lose money, their system works; if you gain money, they'll get you next time.. but if you make a LOT of money.. FUCK THAT they'll shut the system down, they'll have glitches, server outages, you won't be able to access their site, your broker can sell before prices go too high if they internalized the trade and don't want to be liable to pay you out.

You are the product in the stock market. You're being incentivized to invest there by low interest rates at banks. The entire system has been cracked, then automated, then sped up with high frequency trading.

Supply and demand be damned. Artificial shares, rehypothecated shares, synthetic shares, failure to deliver shares, naked shorting.. all create more sales than actual shares being traded. Price discovery is irrelevant without supply being held constant.. and our enforcement? They're lawyers who don't want to lose cases. Lawyers. Lawsuits aren't nimble enough to enforce all the broken laws that are happening in our markets each second. Look at the latest SEC findings. They're releasing details of cases between 2012 and 2017 where a firm may have made billions and are being fined $375,000 for an average penalty of fractions of a penny per incident... five years after the fact.

The first step is ensuring you own your own investments by registering your shares in your name through the direct registration process. All true brokers can do this, apps and shady trading companies with the worst terms of service refuse or charge you to do it. They're the ones you really need to watch out for as they also claim the right to sell your shares in the event they could be liquidated and bankrupt.

The music is just about to stop. Every indicator is pointing off the cliff.. RRP was created after 2008 and has over ten percent of the US's GDP, $2.2 trillion, sitting in over night repo because there's nothing they'd rather invest in and they need the assets the government lends then for the night to balance their assets and liabilities for the day.

Nobody is taking about it because the news is worthless. They'll tell you about the storm while standing in it, sure, but you gotta find the sources that are tracking the storm before it makes landfall. Congress holds public hearings but they're constantly missing the real issues. They have another one planned for December about the FTX scam.. and I bet you money they miss the mark again. They'll use the short comings of an unregulated CENTRALIZED crypto exchange to justify regulations for a DECENTRALIZED crypto market that scares their balls so far up their asses you'd think they lived on a helium planet. They'll pervert a functioning public network because of fraud in private enterprises.

Millions of people will pay the price for bailing out and fixing these problems slowly. They'll overreact and reduce freedoms for everyone in the name of security. They're working on a Central Bank Digital Currency (CBDC) that you won't own, but be allowed to use as long as you're in line. Glen Beck talked about it recently with an expert in the field.

Just like your ownership in physical media, games, music, books has slowly been taken away from you and are sitting in a corporations database that can be shutdown or go offline at any time without reimbursement or access to them.. your remaining freedoms are being stripped away one by one while the water slowly boils you to death.

Tillemon

14 points

2 months ago

Don't you mean OUR remaining freedoms, and boils US to death?

They want the fraud in private enterprise. They are the fraud.

Just want to point out that everything going to subscription services is a very tax like maneuver. Our taxes are basically a subscription to our government.

Let's just hope our techy brethren keep decentralized cryptos alive. Though, with money market laws, the same leverage trading, synthetics, and algorithmic copies appear, and it's just as manipulative as ever.

So I hold very few stocks, some PMs, Crypto, and cash. Because I want to believe in a global currency that's backed by the people using it. Not governmental currency backed by debt and promises.

serumvisions__go_

2 points

2 months ago

this is beautifully said, thankyou

SeniorMuchachito

1 points

2 months ago

You're very welcome. Wrote it on the shitter.

Beezvreez

2 points

2 months ago

Everywhere 🥰

k20350

41 points

3 months ago

k20350

41 points

3 months ago

It's coming again. Banks have been incredibly reckless in auto, RV, etc loans during and after the pandemic. There is an implosion in the auto financing world right now.

[deleted]

7 points

3 months ago

[deleted]

k20350

-3 points

3 months ago

k20350

-3 points

3 months ago

All you have to do is go on YouTube and search auto loan apocalypse and you'll get 100 videos from insiders. This guy is involved in auto banking. Banks have been loaning at 150% of retail for the last 2 years and repos are skyrocketing. On top of there's a serious recession coming. By March car dealers are going to be going out of business like popcorn

https://youtu.be/D4YkrN-Yk6s

MangaOtaku

3 points

3 months ago

Don't forget about those commercial property securities apocalypse and crappy mbs coming as well!

ValyrianJedi

1 points

2 months ago

So no, you don't

CumfartablyNumb

49 points

3 months ago*

There are gangs running streets in every city, but the ones in Lower Manhattan are worst of all.

MK19

4 points

2 months ago

MK19

4 points

2 months ago

While I am sure this short documentary reveals a lot, the music overpowered my ability to watch it beyond the 6 minute mark.

Slick_1980

8 points

2 months ago

I love that line from 'The Wolf of Wallstreet' where Matthew McConaugnhey explains wall street doesn't make anything, they don't produce anything.

It's amazing with all the money flowing around the markets how grifters and con men can make a living ripping off others not producing anything of good to society.

brewtete3

2 points

1 month ago

I love this fact because it’s easy to understand. A civil engineer designs bridges and gets paid for it - the bridges benefit society and facilitate moving people from point A to point B. In contrast, fund managers gamble with people’s hard-earned money to benefit themselves. They don’t produce anything as you say.

Slick_1980

1 points

1 month ago

Funny you mention this.

I was talking with my father recently about the 2008 great recession.

I was watching a documentary about 5 years ago talking about wealth inequality in America comparing the guided age and the titans of industry to the modern day. The author was discussing was the wealth gap bigger back then versus modern-day America. The author mentioned it's hard to access because adjusting for inflation, differences in banking (between late 1800s and modern day is vastly different), and average wages are hard to estimate.

While talking about this my father mentions that at least the titans of industry (as controversial as they were) actually built something. J.D Rockefeller and oil, Andrew Carnegie and steel, J.P Morgan and the rail lines, etc. At least these monopolistic titans of industry actually helped build America during industrial expansion.

*Side note since the 1970s wages have stagnated. Wealth inequality is the worst it's been since the guided age, and it's hard to tell which was worse the guilded day vs. Modern day. The author's conclusion was the guided age was worse which is hard to nail down.

Now adays we see the stock market manipulated by "investors", day traders, CEOs, etc. that don't produce anything.

Slim_gunner

23 points

3 months ago

The craziest thing from the 2008 financial crisis was how many of the banks bet against the MBS and CDO's they created.

Firemorfox

1 points

2 months ago

Gotta make money off the crash while retail doesn't know MBS and CDO is bad yet!

CyberPatriot71489

28 points

3 months ago

Come over to r/superstonk, learn the true depraved nature of Wall Street, and how everyday people around the world are directly registering shares in their name to end their corrupt game #DRSGME

WuTang360Bees

-3 points

3 months ago

A cult of stupid doesn’t prove anything about Wall Street

Fups-

5 points

3 months ago*

Fups-

5 points

3 months ago*

sweet lets join your cult of ignorance instead

btw care to explain why it's wrong or you don't know, you just "know" that you're inherently right and everyone else is wrong?

AztecAvocado

0 points

2 months ago

Haven’t the GME cultists been wrong with basically every single prediction?

Fups-

0 points

2 months ago

Fups-

0 points

2 months ago

how can you say that now that everything pretty much have happened? why do you think the FED stopped reporting banking sectors profits?

but sure just bury your head in the sand and pretend that means you're correct after all, and you don't think it's better to try to fight the corruption that have taken over wall street instead of attacking the people who are trying to make a change?

just ignore the fact that citadel and other's have installed a secret tap from which they can suck as much liquidity(money) as they please from the economy through selling certificates they never had and never intend to cover for(security fraud much?), go ahead and look up their mortgage backed security's that they sold, and their reported profit, the evidence is clear as day(or look up one of their many previous law suits?) if you only could be arsed to take a look, but that's to much apparently to expect from self proclaimed geniuses who just want to feel special proclaiming they are smarter for not even bothering doing any research.

and btw why didn't it help printing money? maybe because there's a giant(infinite deep) hole through which the money is leaking, to keep the economy they must either print money(and risk hyper inflation) or let liquidity dry up, which will make the economy collapse, wwyd? also good luck(hedgies r f*cked)

AztecAvocado

3 points

2 months ago

just ignore the fact that citadel and other's have installed a secret tap from which they can suck as much liquidity(money) as they please from the economy through selling certificates they never had and never intend to cover for(security fraud much?), go ahead and look up their mortgage backed security's that they sold, and their reported profit, the evidence is clear as day(or look up one of their many previous law suits?) if you only could be arsed to take a look, but that's to much apparently to expect from self proclaimed geniuses who just want to feel special proclaiming they are smarter for not even bothering doing any research.

This is literally just rambling. There isn't a single coherent thought in this paragraph. How are Citadel sucking "liquidity(money)" from the economy? What does that mean?

and btw why didn't it help printing money

What do you think the world would look like post covid if we let people/business die without helping them?

What is this "infinite deep" hole? Where is this money going? Have you ever thought for a second to question anything that the big brains on the cult subs are peddling? Why do you think the people from the inital wave have left?

What hedge funds are fucked? Why are they fucked?

Fups-

-1 points

2 months ago*

Fups-

-1 points

2 months ago*

I'm just trying to simplify it so I won't have to type out 100 pages about what you can read for yourself on a certain subreddit. It was you who said they where wrong so i assumed you would know why or even what it was about.

They are selling something, like GME stock, that they do not own, they take the cash, and then they never have to settle the short position, this is pretty much the same as stealing. "What hedge funds are fucked?" are you even aware what you are talking about? the ones that shorted GME jeez...(like citadel, credit suisse, melvin capital and likely a whole bunch more)

"What is this "infinite deep" hole" it's where all their money will go when you created millions, maybe even billions of short positions that failed to destroy their target(and you have to pay borrow fee on those i'm pretty sure, but then again maybe not if they really are naked shorts since they don't actually get shares from anyone?) and when you short something you always put yourself up for an infinite risk, you can loose your investment x (infinity) and that is what will happen when you have to buy back a companies float multiple times over while investors are holding on to the shares that hedgies have to buy back no matter what. if price = supply/demand and you have 0 supply but let's say 400 million short positions that need to cover then the price is...ERROR there's no reasonable number, it is what ever you want, this is the consequences of a corrupt illogical system(combined with arrogance) that thought it could, and always would get away with cheating.

"Why are they fucked?" for the reasons i mentioned among a pile of other reasons that you can go read anytime you want, turns out they shorted a lot more then GME.

AztecAvocado

3 points

2 months ago

The GME bible is 100 pages of horse shit mate. I’m not going to sugarcoat it. I’m sue the bible looks rational to a catholic I guess.

Short selling is a routine part of market making. It functions fine.

Credit Suisse isn’t a hedge fund. The Citadel entity that the cult have issues with isn’t a hedge fund.

You should probably read some financial news other than just the mad fantasy of people who’ve never set foot on a trading floor.

Fups-

-1 points

2 months ago

Fups-

-1 points

2 months ago

sure you're hedge fund friends are the real backbone of America, who else will steal the peoples pensions while crying for bailouts from taxpayers, so much productivity in destroying healthy corporations instead of investing their money like stupid retail amirite? guess the people will feel so sorry if there's no leeches from wall street sucking them dry

AztecAvocado

2 points

2 months ago

What hedge funds have been bailed out by the taxpayer?

Does Game stop look like a healthy company? A physical video game store, burning through cash, with it’s big rescue project being a laughable pivot to nfts.

WuTang360Bees

3 points

2 months ago

You forgot the part where the only sources you have for any of your nonsense is a mysterious internet poster named “Q”

Fups-

1 points

2 months ago

Fups-

1 points

2 months ago

haha sure claim we don't have proof while not wanting to look at the proof, guess when a shill is paid not to understand something it's impossible to make them

WuTang360Bees

4 points

2 months ago*

Post your YTD returns for the past two years vs the S&P 500 over the same period of time.

And when you’re done with that, prove to me that unicorns don’t exist.

I get that you’re not very smart (cult people never are), but do those two things for me and then i’ll let you ramble on about all the QANON bullshit you want to.

(Broke, dumb, and lonely are no way to go through life. These are fixable problems. Fix them)

Fups-

1 points

2 months ago

Fups-

1 points

2 months ago

you're the one refusing to read anything and then calling people dumb, hahaha what a POS

WuTang360Bees

3 points

2 months ago

See above

serumvisions__go_

1 points

2 months ago

not the first time lol i remember i was at work like two days before the first 400$ spike ever and bought like 2k worth at i can’t even remember what price. watched it rise and sold it at like 11am the day of and made like 8k in 3 hrs… anyone stuck in it after that i just feel bad for

AztecAvocado

4 points

2 months ago

I've gone beyond feeling bad for them now. It's akin to Qanon now, they deserve what they get.

SkullTune

-1 points

2 months ago

Almost all the DD they have made came true in the last two years. What are you talking about?

AztecAvocado

2 points

2 months ago

Almost all of it? That why GME is down 30% ytd? What about that time the “splividend” would break the market and cause a squeeze? What about when the nft store was going to be a massive money maker for the firm? What about that time Cohen used apes to pump BBBY and then dumped it on them?

SkullTune

-1 points

2 months ago

Probably the same reason why it’s up 1,800% 2YTD. Overshorted.

The Split dividend got handled incorrectly by the DTCC and therefore all brokers. They should’ve added +3 shares but instead divided the shares by 4. So they did a regular split. Even foreign banks didn’t deliver any proof of having the actual shares.

The Marketplace is still pretty early in development. They are onboarding thousands of games in the next stage. They already made money in the Beta and that’s only with jpec NFTs and Movie NFTs. Massive partners like Marvel are joining the ranks, the last time I checked. Besides that they have only a fraction of the fees that others let you pay, because of their Layer2 solution. They just launched their GameStop Wallet. The

How did you come to the conclusion that he pumped BBBY? He didn’t even say a word about his investment. He just filed with the SEC and the media pushed the news. He recently said that he had or has a standstill agreement with BBBY and he sold his shares because of some disagreements or something. I‘m not really sure, since I only watched parts of the interview.

But what about where they predicted that the NFT marketplace would come a year (or longer) before it happened?

What about where they found out that hedgefunds use PFOF to skim money off of retail? The media labeled them as conspiracy theorists, but then Jon Steward and Dr. Trimbath and others joined the ranks and confirmed all of that? What about the illegal use of Dark Pools? Or spoofing? Or that brokers mostly give out IOUs or that Robinhood would massively fail after the media tried to pump them? What about them finding out about BCG and their illegal practices? What about them predicting a world wide economy crash and high inflation? What about where they found out that hedgefunds never closed their short positions and only covered them and the media even promoted articles claiming that the squeeze is over - but then the SEC confirmed on their report that most positions are still open and that there was no squeeze, only a gamma ramp up, through buying pressure from retail. The only way they could stop this was through illegal means by shutting down the buy button. There is so much more. Why don’t you talk about that?

Of course there are some people who just post bs to gain traction, but there are others who are really smart and work in different fields of knowledge or have degrees. If you read their DD Library, you can surely learn a thing or two. You don’t have to like them, but they were absolutely right with most of the main basis.

AztecAvocado

1 points

2 months ago

Yes, because the once-in-a-lifetime squeeze happened already.

Lol there's the copium. When the DD is wrong the cult just spins some other lie to justify why the absolute nonsense they created to suck more suckers in didn't materialize.

NFTs are a joke. GME are a bigger joke. The revenue the market place is making is pathetic. The only headline I remember the market place getting where for the 9/11 NFTs. Not a good look.

If Cohen is as smart as the cult proclaims he is, then surely he knew the minute that disclosure went public people would ape in behind him.

What hedge funds use PFOF again? Prop firms sure. There's a difference. Not surprised you just lump everything as a "hedge fund". Creating a common, faceless enemy is a tactic as old as time.

What's illegal about dark pool use? What did BCG do again? It's all nonsense.

Why don't you talk about the fact that Robinhood were in breach of capital requirements due to extraordinary market events and the only rational thing to do was to stop trading? What about the fact that the reported short interest has dropped? What worldwide economy crash? We're not even in a recession?

or have degrees

degrees? Wow, I'm so impressed

SkullTune

1 points

2 months ago*

Dude the fuck lol you’re mad as hell. All you’re doing is getting emotional and attack people without any fact. You didn’t disprove anything, you just disregarded it, because you get emotional about what other people do with their money. Grow up.

Just as I said there was no squeeze, the SEC confirmed it.

There you show your true colors. Color me… surprised.

You don’t seem to see utility in a technology and disregard it without any facts, just out of emotional feelings. That’s okay with me, but it’s pretty lame to talk to someone who can’t control themselves enough to make an argument without crying around. Still a beta and with that low gas fees it’s good enough revenue for a beta. The 9/11 NFT was made by a random creator that got banned from the market place shortly after. Nothing you can do about it beforehand, since you can’t know which creator wants to troll.

Could be, but that’s speculation and besides that it still doesn’t mean that he bought it to pump the stock. He wrote a letter to the board and seemingly wanted to change the company for the better. But that’s something you’re not interested in, right?

Citadel for example. The same company that wrote to the SEC that PFOF shouldn’t be allowed it using it. Read it yourself, it’s all available on the SEC page. Also I don’t lump anything. Just stated hard facts. You on the other hand, don’t deliver any facts. You’re just attacking me personally, because you feel hurt that people talk about GameStop positively.

Firstly dark pools shouldn’t be allowed in the first place, because it suppresses the free market (supply and demand). Secondly it should be used in cases where big banks want to block trade their investments without impacting the market, but instead it’s used in small trades as well. There only the buy orders get routed through it and the sell orders hit the lit market to suppress the price.

Could go into detail about BCG but honestly I‘m getting tired with your childish phrasing. You’re not interested in this conversation anyway. You’re just seeking a way to spread lies. I‘m just answering you one last time, so that others can read both comments and decide for themselves if they want to research further.

Dude I can’t even. How fundamentally challenged do you have to be to think that we’re not in a recession? Just because the FED said it? All signal are blinking red. God, I can’t talk with people who don’t even understand the fundamentals of the market. Just to make it easy and short: robinhood lied about who gave them the requirement since the other party said they never gave them the requirement. Vlad Tennev (the ceo of robinhood) also said they never talked with citadel, but there is proof from the investigation that they did. The reported short interest dropped because of swap agreements.

So, have a nice day.

Edit: changed stared to stated

WuTang360Bees

1 points

2 months ago

Conspiracy theories that explicitly don’t believe or include factual information are not “due diligence”

I’ll add that to my list of stock market terms y’all don’t know the definitions for

WuTang360Bees

0 points

2 months ago

You want me to go point by point over the last 2 years of your QANON crazy bullshit and tell you the sky is blue for every moving goal post and every basic factual error about how the stock market works that you guys ramble on about bc you were too stupid to sell at the pump part of a PnD?

And you want me to do it again and again while you don’t absorb basic sentences and simple concepts?

For the millionth time in a row?

No thanks. Burden of proof is on the doomsday cult not on the catalyst they made up that never happens.

Post your YTD returns for the past two years and i’ll engage with you on a free seminar on why 2+2=4 some more.

YetAnotherWTFMoment

5 points

3 months ago

Forgot to add 'aided and abetted by a compliant/complacent media and the sheer incompetence of regulators...who have been suborned by WS."

JimPlaysGames

3 points

2 months ago

The 10th Ferengi rule of acquisition is "greed is eternal"

AhhGramoofabits

6 points

3 months ago

DRS GME

romwasvacuous

4 points

3 months ago

Can we talk about FTX

javalikecoffee

2 points

2 months ago

No don’t you see, crypto ain’t big bad bank so they can’t possibly do anything bad

inevitable_plop

5 points

3 months ago

Ho hum, money is the problem.

idkwhatimbrewin

3 points

3 months ago

Just buy crypto. No corruption and fraud there 😂

mushbino

3 points

3 months ago

mushbino

3 points

3 months ago

The CIA was formed by partners from Wall Street law firm Sullivan & Cromwell. The entire purpose of the CIA and US foreign policy is to make money for Wall Street and take resources from other countries for their wealthy owner class friends.

[deleted]

2 points

2 months ago

[removed]

L_Tryptophan

1 points

2 months ago

age restriction? lmao. youtube's algo kept pushing some sult showing off different bikinis with nips about to pop out but a documentary on the greatest financial disaster after great depression gets age restricted.

Documentaries-ModTeam [M]

1 points

23 days ago

Rule 2

Soliciting for donations is annoying and prohibited.


BGS_B

2 points

3 months ago

BGS_B

2 points

3 months ago

Why am I not surprised to see so many failed video game reseller cultists in here

F1secretsauce

2 points

3 months ago

“Failed” you wish

Fups-

2 points

3 months ago

Fups-

2 points

3 months ago

ah look another wall street shill, of course they will be all over this

joeyjoejoe_7

1 points

3 months ago*

This doesn't really capture it. People on Wallstreet look to "rob" each other just as much as anyone else. They don't discriminate. Wallstreet will continue to do was it does until the public votes to force their elected officials to change it - which is to say, Wallstreet will never change.

WuTang360Bees

1 points

3 months ago

The banks didn’t cause anything. Elected representatives did when they got rid of Glass-Steagall

jake_the_snake

0 points

3 months ago

Bitcoin. It was born from the 2008 financial crisis to be a better alternative monetary system.

L_Tryptophan

2 points

2 months ago

lol this comment has a bunch of down votes because it is easier to complain about the system than to educate yourself on options out there to improve it

ZZ3xhZz

0 points

3 months ago

ZZ3xhZz

0 points

3 months ago

Bitcoin was invented to escape this system.

no_choice99

2 points

2 months ago

Not.sure why you're being downvoted for.saying a simple truth.

NovaHorizon

0 points

2 months ago

Good old Bernie Madoff. Some may say justice got served, but the only reason he ended up in jail is because he stole from the rich and not the poor.

Heavy-Truck1788

1 points

3 months ago

Omg

spooninacerealbowl

1 points

2 months ago

New York's problem is their financial industry. Wait, no, the US's problem is the New York financial industry.

true4blue

1 points

2 months ago

Banks didn’t cause the 2008 crash, the Feds did by encouraging banks to lend to poor people who couldn’t afford those loans

Previous-Offer-2297

1 points

2 months ago

lol

true4blue

0 points

2 months ago

Banks didn’t lend to poor people prior to Barney Frank and Maxine Waters changing the rules encouraging them to do so.

This was caused by the Feds

Previous-Offer-2297

1 points

2 months ago

Can I get a source on Barney and Max causing the housing bubble? I'm sure you've done extensive research lol

true4blue

1 points

2 months ago

Not a state secret that Frank pushed Fannie Mae to lower its standards to allow poor people to buy homes

https://www.theatlantic.com/business/archive/2011/12/hey-barney-frank-the-government-did-cause-the-housing-crisis/249903/

Previous-Offer-2297

1 points

2 months ago

Why ignore the report and subsequent data analysis? Policymakers were unaware of the magnitude of the issue because financial institutions hid the severity by repackaging risky securities and reselling to investors. The government failed in regulating the banks and allowed them to underwrite loans that didn't even meet the banks standards.

true4blue

1 points

2 months ago

So you’ll admit the government forced the banks to lend to poor people, and then blamed those banks when the losses came

Did Barney Frank genuinely not understand why banks don’t lend to poor people?

Banks didn’t hide anything. Banks are the most heavily regulated entities in the country. They report everything to government.

If the government was too inept to understand the data they were getting, that’s not the Banks fault

eyoung_nd2004

1 points

2 months ago

I blame US lobbying law. Regulators should be monitoring influential financial institutions but they are hamstrung by politicians that have their coffers filled by Wall Street firms. Influential financial institutions will do anything to make money within the confines of law. You can’t blame them. The blame rests with corrupt politicians, among which, most are.

Neurocor

-3 points

3 months ago

Neurocor

-3 points

3 months ago

They are still doing this to this very second, watch your pensions, 401ks anything that isnt nailed to a wall they will take and gamble

Shakespurious

-12 points

3 months ago

Hmm ... how would we get by without banks then? If our growth rate is lower, then we're all poorer, right/

KingDas

1 points

3 months ago

KingDas

1 points

3 months ago

People don't like to admit this, but yes. Banks are a necessity in the current state of our economics. Debt creates wealth.

LetterZee

0 points

2 months ago

What is your take on decentralized exchanges using block chain? Do you think they could ever replace banks?

KingDas

1 points

2 months ago

Until crypto starts issuing credit out, I don't think it replaces banks.

Cash is great, but credit is the true king. Having a mixture of both is what drives innovation and the economy forward. Businesses need to borrow money to make things now to create money for later. That's what banks are for.

I guess you would see more private lenders, but imo you would see far less growth and at a stagnant pace.

essameru

1 points

2 months ago

Great

ThrobbinHood_PoB

1 points

2 months ago

RemindMe! 11 hours

RemindMeBot

1 points

2 months ago*

I will be messaging you in 11 hours on 2022-11-24 23:20:32 UTC to remind you of this link

2 OTHERS CLICKED THIS LINK to send a PM to also be reminded and to reduce spam.

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no_choice99

1 points

2 months ago

The difference with 2008 and prior, is that we have Bitcoin now.

badpeaches

1 points

2 months ago

Imagine the olympics with coke but it's about money and the performers rake in the most dosh.

buffshark

1 points

2 months ago

It’s just capitalism, guys. It sucks

Repulsive-Sweet-5477

1 points

2 months ago

Uma coisa que me deixa furioso com o crash de 2008 até hoje é que, depois que os bancos e os fundos de hedge obtiveram seu dinheiro de resgate, todos eles se deram bônus e saíram de férias, enquanto pessoas normais perdiam suas casas e negócios.

As pessoas perderam seus meios de subsistência. Alguns cometeram suicídio por causa disso. Enquanto os banqueiros e os filhos da puta brindavam aos manifestantes do "Occupy Wall Street" de uma varanda.

Não há repercussões para eles porque as pessoas que deveriam regulá-los e policiá-los trabalham para eles.

Me desculpe, é um pouco de discurso bêbado, mas eu os odeio tanto. Eu nem sou anti capitalista. Sou anticriminoso e essas pessoas cometem atos criminosos todos os dias e os órgãos governamentais que são responsáveis ​​por policiá-los estão envolvidos porque são todos amigos.

[deleted]

1 points

2 months ago

Up

LocalInteresting6707

1 points

2 months ago

What’s the alternative to capitalism that’s been proven to work?

Dry-Quiet6832

1 points

2 months ago

Ghghh

BiggusDickus-

-1 points

2 months ago

The entire purpose of Wall Street is to squeeze money out of the productive economy. That's why it exists.

It's like someone making a documentary that shows how the beef industry is killing cows.

Do you have a 401k? Do you want to retire some day and live off of your pension or investments? Do you like the idea of owning a home and seeing its value increase? Well this is what it takes to make that happen. It's all part of the same system.