- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Great Matt Taibbi Piece On Today's Wall Street Fiasco..
Posted on 1/28/21 at 9:45 pm
Posted on 1/28/21 at 9:45 pm
quote:
The press conveyed panic and moral disgust. “I didn’t realize it was this cultlike,” said short-seller Andrew Left of Citron Research, without irony denouncing the campaign against firms like his as “just a get rich quick scheme.” Massachusetts Secretary of State Bill Galvin said the Redditor campaign had “no basis in reality,” while Dr. Michael Burry, the hedge funder whose bets against subprime mortgages were lionized in “The Big Short,” called the amateur squeeze “unnatural, insane, and dangerous.”
The episode prompted calls to regulate Reddit and, finally, halt action on the disputed stocks. As I write this, word has come out that platforms like Robinhood and TD Ameritrade are curbing trading in GameStop and several other companies, including Nokia and AMC Entertainment holdings.
Meaning: just like 2008, trading was shut down to save the hides of erstwhile high priests of “creative destruction.” Also just like 2008, there are calls for the government to investigate the people deemed responsible for unapproved market losses.
Suck It, Wall St
5
Posted on 1/28/21 at 9:59 pm to millerf43
quote:
Meaning: just like 2008, trading was shut down to save the hides of erstwhile high priests
I remember something else that was shut down in the wee hours of the night November 5th to protect the powerful.
This post was edited on 1/28/21 at 10:03 pm
Posted on 1/28/21 at 10:00 pm to millerf43
Didn’t Michael Burry buy a ton of GME stock?
Posted on 1/28/21 at 10:03 pm to millerf43
Matt Taibbi and Glenn Greenwald are two of the last real journalists in the game
Posted on 1/28/21 at 10:28 pm to millerf43
quote:
Massachusetts Secretary of State Bill Galvin said the Redditor campaign had “no basis in reality,” while Dr. Michael Burry, the hedge funder whose bets against subprime mortgages were lionized in “The Big Short,” called the amateur squeeze “unnatural, insane, and dangerous.”
You gotta wonder if these people are actually fricking serious. How does a human being compartmentalize this?
Posted on 1/28/21 at 10:37 pm to WaWaWeeWa
quote:
Didn’t Michael Burry buy a ton of GME stock?
Yes and he’s up big but he came to the defense of Reddit on Twitter and has been more critical of being able to short 140% of the outstanding stock. Burry is not the enemy in this fight, he also has to make sure he isn’t targeted by the SEC in any way.
Posted on 1/28/21 at 10:40 pm to Pecker
Agreed, those two are killing on substack.
Posted on 1/28/21 at 11:39 pm to millerf43
quote:
Furthermore, everybody “understands” what happened with GameStop. Unlike some other Wall Street stories, this one isn’t complicated. The entire tale, in a nutshell, goes like this. One group of gamblers announced, “frick you!” Another group announced back: “No, frick YOU!”
That’s it. Or, as one market analyst put it to me this morning, “A bunch of guys made a bet, got killed, then doubled and tripled down and got killed even more.”
Great article by Taibbi - frick the hedge funds.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News