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Never understood bailouts of hedge funds, whether by government dole, or by corporate collusion as Robinhood is now doing. On a fine day, these buffoons are al
by sn41 6y ago
Never understood bailouts of hedge funds, whether by government dole, or by corporate collusion as Robinhood is now doing.
On a fine day, these buffoons are all Ayn Randish free marketeers. They should be willing to live by their principles even in downturns.
- lordnacho 6y agoI haven't read the books. Do any of the free market characters ever end up failing?
- sn41 6y agoNo, compassionate society is weak and prevents John Galt from achieving his true potential. Wasted 2 of my crucial formative years reading those books when I should have been studying for university entrance exams. There are some interesting ideas. But my personal guide is Thoreau, who says "that government is best that governs the least". I've never heard anyone call Thoreau a libertarian, but I'd rather be a Thoreau libertarian than Rand-ian.
- tartoran 6y agoNever ceases to amaze me Ayn Rand resorted to receive social security benefits when she was old and broke, fact which makes her philosophy all the weaker. People need a safety net because unpredictible things happen that are beyond control.
- sn41 6y agoI sympathise with her as a person. She went through a lot of trials and difficulties during her life. But to deny that other people matter in our lives is a strange stance. I decided that I don't want to go there. My work is to benefit humanity, little though it might be.
- endtime 6y agoYes, at least for a time. In general it's quite rare for a book to end with the protagonist failing, but in The Fountainhead, IIRC, the protagonist spends an extended period of time doing manual labor rather than architecture because he cannot practice it freely.
- alisonkisk 6y agoI see no evidence of collusion so far, but if there is any, it would be for Randian self interest, so I don't see your point.
- sn41 6y agoI was just saying that a short squeeze is a known risk for short positions. As a small-scale investor, I also knew that Covid and stay-at-home means that a lot more small time investors will be involved in 2020-21, skewing market valuations in crazy ways. GME was only one manic instance. Why was such an issue raised over this particular incident? Why call for regulation, and squeezing Robinhood to freeze buys? I am not advocating the buying spree, since a lot of small-time investors will get hurt if and when the price comes down. The SEC should issue advisories. But Hedge Funds shedding tears is hardly justifiable.
- gruez 6y ago>On a fine day, these buffoons are all Ayn Randish free marketeers. They should be willing to live by their principles even in downturns. Is wall st some sort of hive mind? How do you know whether they supported the deposit requirements in the first place? What if there weren't deposit requirements, and that led to different calamity a few years down the line, would everyone just be getting upset about the lack of regulation?