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When Wall Street is making billions off of selling balloon interest mortgages with no income verification the position is "The consumer is an adult and can make
by mgolawala 6y ago
When Wall Street is making billions off of selling balloon interest mortgages with no income verification the position is "The consumer is an adult and can make decisions for themselves and read the fine print.... blah blah blah .. personal responsibility."
When the people are causing Wall Street to lose billions on their absurdly large short position, suddenly they are concerned for the "amateur" investors. The "unsophisticated" investors. "We need to save them from themselves, we have to do something, they don't know what they are doing! How could they possibly be responsible adults taking this position that is hurting us financially? I know! Let's strap on these training wheels for their own good so they cannot hurt themselves cough or us cough. "
- munificent 6y agoSocialism for the rich, capitalism for the poor.
- omgwtfbyobbq 6y agoThat's pretty much it. I remember seeing something similar during Tesla's run up, where firms would force individual investors to sell their call options because the investor would have tax liability once their call options were profitable. Course, it also had the effect of reducing the amount they would have made by forcing them to sell early. Tails we win, heads you lose.
- munk-a 6y agoJust as a note - Elizabeth Warren is pretty much on the same page: > “For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price.” I find it interesting that folks feel empowered to call out the BS even when they've got a pretty big spotlight on them - instead of being shushed to quiet by monied interests.