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> I understand that it feels like the odds are stacked against you. But I’m asking you to please reconsider... [ followed by table of great S&P outcomes ] I t

> I understand that it feels like the odds are stacked against you. But I’m asking you to please reconsider... [ followed by table of great S&P outcomes ] I think the author misunderstands the threat here, and it's much graver than they think. Remember the U2 album Apple pushed to everybody's iphones? Same thing here. What happened last week is the cracks showing, people being forcibly reminded that they are not in control. In Apple's case it was iphone owners being jolted out of the pleasant fantasy that their phone is a little piece of territory they alone control. In GME's case, it's people thinking of the stock market as something that exists for them to use, like a supermarket. And the jolting reality is that the stock market has become a vast and incomprehensible playground for billionaires to gamble with derivatives, in which the retail investor is incidentally allowed to participate only insofar as their money is helping to push up prices. So the threat to the market is not what the author seems to be speaking to (a hypothetical investor who will buy in late, lose money, and get sore about it). The threat is people getting the general feeling that the stock market is shady, and deciding to buy a rental property, start a small business, etc.

salawat 6y ago
Ding ding ding. That this isn't the top comment probably has J.P. Morgan spinning in his grave. >A man I do not trust could not get money from me on all the bonds in Christendom. http://memory.loc.gov/service/gdc/scd0001/2006/20060517001te/20060517001te.pdf http://memory.loc.gov/service/gdc/scd0001/2006/20060517001te... The fact is, it all runs on public trust. Just like governance, just like civil liberties, just like policing, just like everything else that provides a giant's shoulder to start from. It is why honor, integrity, honesty, and transparency are considered virtues in good business. It is also why deception, secrecy, obfuscation, and equivocation are such powerful tools fpr shaping the business landscape. In a world of honest people, the liar unchecked is King (or at least one hell of a catalyst). If you start getting widespread loss of faith in the system, or merely the operators thereof, there will be a destruucturing and re-evolution of a system people can feel more implicit trust in. What that process looks like I don't know, but I'm certain it will be slow and stymied in it's coming, but sweeping in it's non-resemblance to what we have now. At least one can only hope.

salawat 6y ago

Ding ding ding. That this isn't the top comment probably has J.P. Morgan spinning in his grave. >A man I do not trust could not get money from me on all the bonds in Christendom. http://memory.loc.gov/service/gdc/scd0001/2006/20060517001te/20060517001te.pdf http://memory.loc.gov/service/gdc/scd0001/2006/20060517001te... The fact is, it all runs on public trust. Just like governance, just like civil liberties, just like policing, just like everything else that provides a giant's shoulder to start from. It is why honor, integrity, honesty, and transparency are considered virtues in good business. It is also why deception, secrecy, obfuscation, and equivocation are such powerful tools fpr shaping the business landscape. In a world of honest people, the liar unchecked is King (or at least one hell of a catalyst). If you start getting widespread loss of faith in the system, or merely the operators thereof, there will be a destruucturing and re-evolution of a system people can feel more implicit trust in. What that process looks like I don't know, but I'm certain it will be slow and stymied in it's coming, but sweeping in it's non-resemblance to what we have now. At least one can only hope.