Robinhood: Steal From Everyone And Keep Everything!
Robinhood's name seems a little ironic today don't you think. I remember back sometime in 2013 thinking that pretty soon startups are gonna run out of dumb names. (Startup names make me nuts)
But when Robinhood came around, I sorta of got it. After all the Robinhood character was all about Robbing from the Rich and Giving to the poor. A folk hero in every sense of the word.
But boy oh boy did Robinhood step in it today when cutting off the ability for users to buy certain stocks. It's the end for Robinhood in my opinion because they showed their core userbase that they were never in it for them.
40% of Robinhood's revenue last year came from selling user data
While not illegal, it was certainly not transparent while their marketing touts they are clearly for the little guy. It's shady stuff all around and the cat got out of the bag today as the little guys, now "woke", will change their behavior.
There are a lot of layers going on in the GameStop story. When I first heard what was going on I was like "Hurray for the little guy". I think that's where it ended for a lot of people. A bit of a revolt and that's it.
But it is revealing exactly how stacked the deck and is bringing a lot of attention to hedge funds. People probably never knew what they were before, just something they had heard of. But now they are questioning what purpose they serve and do they bring any value to anything other than a completely broken financial system.
The answer is no. Hedging bets on the behavior of corporate criminals is not a thing the general public will get behind now that they know it exists. There are NO crumbs for us to fight over at the bottom. Our system isn't set up for that.
Perhaps the strangest of proof of the big lie that is our Financial System is the fact that AOC and Ted Cruz are calling for the same thing today
If people don't really understand all the nuances of what has transpired over the last day or so they should just focus on the tweet above and that's all they need to know. These two political enemies are on the same side of an argument. That's really not allowed in the modern Republican party no matter the issue.
The result of this whole thing is that big finance will double down on it's greed and build bigger walls around itself and the unruly mob that battled it back today will turn to crypto.
I suppose this could have all been a teaching moment for the establishment but they never learn. FDR had said in no uncertain terms that his proudest accomplishment was saving capitalism, not winning the War. His lesson was that the rich need only give a tiny tiny morsel to the poor to keep it all going but apparently even that is too much.
Posted Using LeoFinance Beta