Capitalist Vigilantes

[Dolph]

I think it's great, shows that people can make a difference if enough of them agree and actually take simple, legal action that doesn't go around disrupting the lives of others not involved in the process. Genuine free and liberal democracy in action.

It also further highlights that the reason many demand government restriction, or commit disruptive protest designed to harass, inconvenience or blackmail for change do so because they either not enough people share their views or they are unwilling to actually act. (See the capitol hill protests, occupy, the HS2 tunnelers or extinction rebellion) and are hence not examples of democracy, but of authoritarian tendancies within those groups to lash out when they can't win an argument on merit.

 

[Narj]

Louis Rossman is bang on the money again.

I remember watching a video of Mark Blyth's some time ago and was struck by one comment in particular. This seems almost prophetic now:

 

[randomshenans]

I am becoming more anti-establishment as the days pass. I was going to write I can't believe they get away with this stuff, but I can. These are the people who make the riskiest bets with other peoples' money, when it goes well they take millions in bonuses and line their own pockets, but when it doesn't they screw the market with their power, or get the government to give them money! What a great system, can I get in on that? I hope they get totally screwed over and the whole markets come crashing down.

 

[Narj]

? I hope they get totally screwed over and the whole markets come crashing down.

I'd rather the markets didn't come crashing down as that's all of our pensions potentially stuffed.

The markets just need to work for everyone. At the moment it's alright when me or you lose our shirts, but some of these firms whose clients have millions/billions to invest are obviously playing by different rules and get bailed out and a slap on the wrist when it goes wrong.

I really hope this triggers a reset and some people actually go to jail. I don't know if the political will is there in the US at least, I'm off to research many hedge fund donors there were for both campaigns...

 

[silvagti]

I'd rather the markets didn't come crashing down as that's all of our pensions potentially stuffed.

The markets just need to work for everyone. At the moment it's alright when me or you lose our shirts, but some of these firms whose clients have millions/billions to invest are obviously playing by different rules and get bailed out and a slap on the wrist when it goes wrong.

I really hope this triggers a reset and some people actually go to jail. I don't know if the political will is there in the US at least, I'm off to research many hedge fund donors there were for both campaigns...

That's my view in the subject. It annoys me that nobody went to jail as a result of the 2008 financial crisis and seemingly nobody was held liable. There's clear indication that financial companies are still behaving in utterly reckless ways with their clients money. It looks to many like they're basically running the system on a heads they win: tails someone else losses basis. Privatise the gains and socialise the losses. There very clearly needs to be more regulation and liability for the actions they're taking.

It worries me because I know so many young younger people who have zero confidence if the concept of capitalism and free markets because of recent events like the 2008 crash. I see a lot of movements and groups manipulating this mistrust for their own self interest.

I know many view this as money owned by billionaire fat cats in their yachts but the reality is, as you've said, that this people's retirement savings and pensions.

 

[cheesyboy]

It worries me because I know so many young younger people who have zero confidence if the concept of capitalism and free markets because of recent events like the 2008 crash. I see a lot of movements and groups manipulating this mistrust for their own self interest.

The 2008 crash birthed Occupy and the subsequent youth protests, which here in the UK gave rise to Momentum and Corbyn as Labour leader. Millennials were making their voices heard. Without Brexit, I'd expect us to now be lead by a left wing Labour government championing young people. Unfortunately, Brexit has been quite the sliding doors moment for the UK, and it battered down the Corbyn possibility, and current Labour leadership are taking their opportunity to flush out the left of the party. There's nothing for the young now, we're almost certain of a Tory Government throughout the 20s: the youth movement has been quashed.

Maybe, just maybe, this Gamestop thing can bloom into another Occupy-style spark which lights the tinderbox. But I'm not hopeful, tbh.

 

[Dolph]

It worries me because I know so many young younger people who have zero confidence if the concept of capitalism and free markets because of recent events like the 2008 crash. I see a lot of movements and groups manipulating this mistrust for their own self interest.

Given that every capitalist alternative attempted was pretty much universally disastrous for the people forced to live under it, I would hope that people would bother to educate themselves before advocating repeating the mistakes.

Sadly, there are enough people spreading enough lies that the problem was always implementation rather than ideas, and too many people never having seen or experienced the alternatives falling for it.

 

[R.P.L]

Fair play to these guys, and I hope that the brokers who were blocking trades get their comeuppance (unlikely). I believe in the free market, but that's not what we have these days. The thing is, people are stupid, lazy and greedy enough that no system will ever work flawlessly.

 

[dlockers]

Fair play to these guys, and I hope that the brokers who were blocking trades get their comeuppance (unlikely). I believe in the free market, but that's not what we have these days. The thing is, people are stupid, lazy and greedy enough that no system will ever work flawlessly.

The last thing these people are is stupid.

 

[R.P.L]

The last thing these people are is stupid.

I wasn't calling anyone in particular stupid.

 

[dlockers]

I wasn't calling anyone in particular stupid.

Who did you mean then, when you said "the people" are stupid and lazy?

 

[R.P.L]

Who did you mean then, when you said "the people" are stupid and lazy?

I didn't say "the people". I was making a general statement that society will always find a way to **** any system to an extent, because there are enough stupid, lazy and greedy people to make that happen.

 

[wolfie138]

Shorting is long overdue needing to be banned.

 

[BowdonUK]

It's good to see the regular people upsetting the big boys.

There is now a class action by the people against the Robinhood app for suspending buying on selected stocks. Elected officials are now calling for an investigation over market manipulation.

From my understanding people have moved on to buying other stocks that the robinhood app allows. So unless these apps are going to block all buying of stocks then this could be like whack-a-mole.

 

[bazzabear]

In terms of the people actually buying this stock - it's going to turn into an equivalent to MLM, isn't it?

The guys who got in early are going to make a bundle. The people who are joining the trend now are going to buy it high and lose all their money when it tanks again.

 

[Teknobry]

In terms of the people actually buying this stock - it's going to turn into an equivalent to MLM, isn't it?

The guys who got in early are going to make a bundle. The people who are joining the trend now are going to buy it high and lose all their money when it tanks again.

If they can force the short squeeze then the hedge funds are forced to buy the stock, this will rocket the price and people can sell into the buy walls being created.

 

[silvagti]

In terms of the people actually buying this stock - it's going to turn into an equivalent to MLM, isn't it?

The guys who got in early are going to make a bundle. The people who are joining the trend now are going to buy it high and lose all their money when it tanks again.

Yeah, presumably at some point in the near future the price is going to crash even quicker than it rose.

 

[DEL 707]

 

[Pestilence]

In terms of the people actually buying this stock - it's going to turn into an equivalent to MLM, isn't it?

The guys who got in early are going to make a bundle. The people who are joining the trend now are going to buy it high and lose all their money when it tanks again.

Yeah. Wish I'd been more aware and hopped on this before it hit the media and the explosion happened. Could have nicely dropped 10k in there and exited when the hedges noticed the bear trap for a nice 5x return.

But when you're too late, you're too late. Those jumping in to "ride the wave" and hold are going to get very, very burned if they don't pay attention and are only doing it "for the cause".

Still... now I'll be keeping an eye out for decided new targets. Need a keen eye to figure out what's just failing, and what's most likely to be being heavily shorted. How Robinhood acted -- especially if the reports of forcibly selling shares are true -- is reprehensible. This might be the democratic correction Crony Capitalism has needed for a long, long time.

If they don't get rinsed over this, say hello to Occupy 2.0.

 

[Angilion]

Given that every capitalist alternative attempted was pretty much universally disastrous for the people forced to live under it, I would hope that people would bother to educate themselves before advocating repeating the mistakes.

Sadly, there are enough people spreading enough lies that the problem was always implementation rather than ideas, and too many people never having seen or experienced the alternatives falling for it.

The same lies are told about capitalism as well. Capitalism has also been pretty much universally disastrous for the people forced to live under it. That's why communism (and, albeit less directly, facism) was created. Had it not been for the appalling mass suffering caused by capitalism, communism would never have been anything more than a bizarre fringe idea from a few weirdoes.

I can't stress that enough - the rise of communism is a direct result of the immense suffering inflicted by capitalism. That's a simple matter of recent (late 19th century) historical record, well documented.

Capitalism is a very ugly idea with very ugly results. Communism is a pretty idea with extremely ugly results. In practice, the least bad system anyone has come up with is heavily regulated capitalism. Capitalism is like nuclear fission in that respect - extremely useful if carefully controlled, devastatingly destructive if not.

In terms of the people actually buying this stock - it's going to turn into an equivalent to MLM, isn't it?

The guys who got in early are going to make a bundle. The people who are joining the trend now are going to buy it high and lose all their money when it tanks again.

That's true if the purpose is to make loads of free money at other people's expense by manipulating the market and the fact that the market is not an accurate representation of reality. Exploiting a bug, in a sense. But that's supposedly what they're trying to oppose, so making money shouldn't be their intention. The idea is that they're alerting people to a bug in order to improve security, not people exploiting a bug to do harm to others. The money spent buying the stocks should be seen as a donation to a charitable cause, not as a way to acquire money at other people's expense. Of course, there will be people who will exploit it that way. For example:

Yeah. Wish I'd been more aware and hopped on this before it hit the media and the explosion happened. Could have nicely dropped 10k in there and exited when the hedges noticed the bear trap for a nice 5x return. [..]