Brodigan - January 29, 2021 at 09:06AM
There has been a rise in day trading since the start of the pandemic. People were stuck at home in front of computers anyway. Why not buy stocks? Leading the charge was Barstool President Dave Portnoy. There's an argument to be made that his Davey Day Trader schtick helped encourage average people to trade and invest themselves. Portnoy viewed it as gambling. Bet responsibly only using money you can afford to lose. If you win, great. If not, better luck next time.
What he discovered this week, with GameStop and Reddit and WallStreetBets, is just how "gamed" the system allegedly is. Betting on sports, you either win or lose. Even betting with Joey Numbers and the jukebox boys, you know what the rules are. Going against hedge funds, or the "suits"? They'll change the rules on you. By the time you realize it, you lost your money while they made theirs back. Well, El Pres is pissed. And "the suits" now have a mortal enemy.
When I saw what Robinhood was doing -- ironically Robin Hood took from the rich and gave to the poor even though they do the exact opposite -- I was stunned. I think it's criminal. I think there has to be an investigation. I think people have to go to jail.
Whether this is bluster or he can actually change things, that remains to be seen. I know I've said this mostly sarcastically in the past. But when you see who is advising the White House on the matter, in this instance, Portnoy may actually be the only president who matters.
from Steven Crowder Says
