January 28, 2021
Winklevoss means Hero
Today, fireworks on CNBC as the Winklevoss twins lay it on the line and tell John Fortt straight out that they suspect the government was responsible for shutting down Robinhood and other popular trading sites. They also suggested that the government was responsible for coercing and convincing the tech stock app companies to close registration and buy order capability for so-called “Casino stocks.” Meaning that the government engaged in this practice created an emotionally angry response from John Fortt. The journalist soon became the story of the day.
Treating Winklevoss as a deplorable was apparent as Winklevoss asked, “if the government can force you to shut down your business and force reliance on the government, and the government can stall the stimulus package, and the government can stop trading. Then what else can the government do? ” John Fortt seemed to have skin the game based on his over the top reaction. Later in the day, John Fortt made it a point to come back on and claim the Winklevoss was wrong to make the claims he did, once again because it seemed Fortt knew more than the general public. He was optimistic that the Biden administration was not responsible.
Later in the day, the CEO of Interactive Brokers was interviewed and explained his position for eliminating the ability of the free-market service he supposedly provides. As he sat in his posh and elegant over the decorated office, he laughed at the trading public. The Reddit group organized almost 2.5 million users and put all equity markets on tilt.
Politicians chimed in with mixed messages back peddling and reaching back to tell people that they will lose their house, they are out of work, and they have no right to be playing the stock market to make money.
Elizabeth Warren claims that making money in the stock market is too risky.
Elizabeth Warren stepped up and said that we would be better off if the government made investments in free services as provided by a wealth tax. Elizabeth Warren said that she would prefer that you do not make any money in the stock market and keep the nation improving by paying taxes. The fact that the wealthy has been strangling out of so much money through the Reddit stonk actions from very wealthy hedge funds makes Elizabeth Warrens’s argument very wet.
An interesting tidbit of information that has happened over the past two days is the types of companies targeted by the Reddit group of traders in industries under pressure to disappear. Retail- (GameStop), Airlines (American Airlines), Bed Bath and Beyond, Entertainment (AMC), and a few cell phone companies that could compete in the smartphone and app space. Do these Reddit gangs have a method to their madness? Can it be that these industries do have the potential to affect socialization and how we communicate? Do we want the world to go in the direction it’s heading with fewer choices and more and more decisions made for us by a few? Noted by Winklevoss are the restrictions placed on America today and the strangulation of news and other information.
Wow-what a couple of days. Can we expect a more significant move to bitcoin, or will Winklevoss and more like them save us for the expected poverty?