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> but there's nothing illegal about this. Is there a reason why it isn't, other than the obvious one that Wall St corrupted the US govt a long time ago through
by markdown 6y ago
> but there's nothing illegal about this.
Is there a reason why it isn't, other than the obvious one that Wall St corrupted the US govt a long time ago through bribery (lobbying)? Eg. Biden's treasury secretary has already been bribed (colloquially called "speaking fees") to the tune of $7.2M.
- smabie 6y agoIs there a reason why it should be illegal?
- klodolph 6y agoGo far enough back in the past and everything was legal. The history of the stock market is the history of new rules being added, new laws being passed, all to restrict how you can buy and sell stocks. Back in the 1920s I could make a company, issue a bunch of stock, and then go around telling people how amazing and profitable my company is, selling stock door to door.
- roenxi 6y agoThe basic principle is that when something is made illegal, the law has to be enforced. This is done by taxpayers and/or participants in the economy spending money to hire police officers and various other agents. Therefore, laws should be deployed sparingly and only when positively justified, to keep the burden of enforcement as low as practical. There is no reason to make this illegal and put effort towards banning it. Eg, I'm not losing any money and it is entertaining. If I think the price after the shorts get involved is too low I can buy the asset in question. Why should I, in my capacity as a taxpayer, be getting involved and spending money through my government?