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What bridges divides the best is unfortunately a common enemy that has agency, which unites previously warring factions against a common outgroup. This is the u

What bridges divides the best is unfortunately a common enemy that has agency, which unites previously warring factions against a common outgroup. This is the unfortunate reality of our tribal brains. Just look at how this whole GME episode (common villain - hedge funds) has brought the US left and right closer together (even though the gulf remains large) than they've been in years. COVID was a missed opportunity, we had an opportunity to cleverly frame as an outgroup threat (which lacked agency, so it's not an ideal driver of group cohesion), which we didn't do.

tootie 6y ago
On that note, the stonks crowd have already sentenced Robinhood to death even though the facts of the case have been wildly misrepresented. The belief that Citadel et al was out to get them and pulled strings to make it happen took hold with religious fervor even when the evidence says that's not what happened at all.
- hntrader 6y ago
  I mostly agree, but the only evidence we have is Robinhood's word which industry people seem to have taken as gospel. It's not implausible that they're lying, given that Citadel is their biggest customer, and they could've done what they did without breaking any laws, e.g. by purposely failing to arrange the appropriate credit lines in time, thereby guaranteeing that they'll be able to go "oops, we don't have the capital, we have no choice but to shut her down now".
tchatyo 6y ago
Having a “common enemy” may be effective in bridging old divides, but it also creates a new divide. Having the common enemy of Japan in WWII was effective in uniting the US nation, but it also resulted in the persecution Japanese Americans. Someone close to me runs a hedge fund - I guess that makes him the bad guy somehow, the “common enemy.” He’s a one man operation working from home. He made a bad judgement call and shorted too much GME. Now his personal financial stability has been rocked. WSB really showed him. They really defeated those evil hedge fund managers.
- faeyanpiraat 6y ago
  Isnt this a scenario that a hedge fund manager should know about? He took the risk of a short, and the market went the wrong way, there is nothing more to it.

tootie 6y ago

On that note, the stonks crowd have already sentenced Robinhood to death even though the facts of the case have been wildly misrepresented. The belief that Citadel et al was out to get them and pulled strings to make it happen took hold with religious fervor even when the evidence says that's not what happened at all.

hntrader 6y ago
I mostly agree, but the only evidence we have is Robinhood's word which industry people seem to have taken as gospel. It's not implausible that they're lying, given that Citadel is their biggest customer, and they could've done what they did without breaking any laws, e.g. by purposely failing to arrange the appropriate credit lines in time, thereby guaranteeing that they'll be able to go "oops, we don't have the capital, we have no choice but to shut her down now".

tchatyo 6y ago

Having a “common enemy” may be effective in bridging old divides, but it also creates a new divide. Having the common enemy of Japan in WWII was effective in uniting the US nation, but it also resulted in the persecution Japanese Americans. Someone close to me runs a hedge fund - I guess that makes him the bad guy somehow, the “common enemy.” He’s a one man operation working from home. He made a bad judgement call and shorted too much GME. Now his personal financial stability has been rocked. WSB really showed him. They really defeated those evil hedge fund managers.

faeyanpiraat 6y ago
Isnt this a scenario that a hedge fund manager should know about? He took the risk of a short, and the market went the wrong way, there is nothing more to it.