Oy vey goyim – it’s a private company!
They have the freedom to destroy your life if they want! It’s a free market principle that companies that control the free market can totally close the market to protect a tiny elite minority!
The market insanity that began with short-selling drama at GameStop has escalated beyond day-traders’ wildest nightmares, as the once-popular brokerage app Robinhood is now effectively preventing users from buying some 50 stocks.
Robinhood users angrily took to Twitter to display screenshots indicating the app was blocking them from buying more than a single stock of some companies. The trading lockdown on Friday wasn’t limited to GameStop ($GME) – users were posting similar shots of failed efforts to trade other stocks of companies that seemed to have a richer future than a brick-and-mortar video game store.
Several screenshotted their frustrations at trying to buy Churchill Capital Investment (CCIV), which is reportedly poised to merge with luxury electric vehicle company Lucid Motors. If the merger goes through, its value could hit $15 billion – but that doesn’t matter for traders using an app that won’t let them buy the stock.
It turned out Robinhood is restricting a whopping 50 stocks, with the number of shares retail traders can buy on that list ranging from 1 to 5.
The app even restricted trading in cryptocurrencies, citing “extraordinary market conditions” on Friday – and presumably chasing away its last few customers to competitors like WeBull and more established trading accounts like Schwab and Fidelity.
Robinhood quickly became the most hated app on the internet this week, after it shut down trading in $GME, one-time smartphone pioneer BlackBerry ($BB), and theater operator AMC ($AMC). Day-traders on Reddit’s WallStreetBets subreddit drove up the prices of those stocks, locking insanely wealthy hedge funds into untenable short positions even though the companies themselves were worth a mere fraction of their spiked market valuation.
Amid the laments of billionaires and well-heeled financial gurus claiming they’d been unfairly targeted by the unwashed masses, Robinhood – partially owned by hedge fund Citadel, which lost heaps of money amid the GME drama – has been accused of coming to the rescue of its ruling-class backers by preventing further trades in stocks beloved by WallStreetBets.
It’s strange to watch how there is such a different response to this than there was to the shutdown of free speech. Sure, most of the media is siding with Big Boss, but there is a good portion, even on the leftist media, that are saying this is not good.
You don’t have to have really been paying much attention to see that this is an extension of the bannings that happened in 2017, then again earlier this year after the Capitol Storm. The thinking behind it is the same: that tech companies have the right to operate as your mommy.
Maybe it’s more transparent for people this time? Maybe because of Holocaust propaganda, when the Jəws were demanding a shutdown as Jəws (SPLC, ADL, etc.) and “hate experts,” it’s different than when the Jəws are demanding a shutdown as Hedge Fund managers and financial “experts”?
Surely, the redditors are not more or less sympathetic than the Trump supporters? We all praise the same Adolf Hitler, we all masturbate to the same anime.
I guess the fact that both the Charlottesville folks and the Trump folks appeared publicly, involved in (unfortunately) large, violent spectacles is a big factor. Both the Alt-Right and MAGA had more apparent public support before their respective apocalyptic events.
Or maybe, it’s entirely based on media response. Maybe, the media is pushing a different line here for a reason?
Either way: the veil is coming off, and this illusion of freedom is finally falling away. People are going to press the edges of our supposed freedoms and find out that they are in fact, not real. Now, everyone is doing it. I like that this is happening in the economic sphere, because in people’s minds, that is a totally different context than speech.
That having been said, I don’t have any confidence at all that in the shorter term, this is going anywhere good. This is going to be spun into some kind of movement; maybe they’ll collapse the stock market and blame it on the internet then bring in AOC as the solution – you know, whatever. Some kind of thing.