Current Events > Jon Stewart SHOOTS HARD on Wall Street

(+) Yeah! (+)

https://twitter.com/jon_actual/status/1354901018564321287

mmmmm stewed beef

Did he actually make a twitter account just to post that?

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Who?

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I don't mean to be cynical, but an unverified account created quite possibly today and with literally just one tweet on it is probably not the famous former Daily Show host Jon Stewart.

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Does he really not have a check mark?
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s0nicfan posted...

I don't mean to be cynical, but an unverified account created quite possibly today and with literally just one tweet on it is probably not the famous former Daily Show host Jon Stewart.

https://mobile.twitter.com/StephenAtHome/status/1354911389379391489

Wall Street is evil, but they won't change because the establishment doesn't care.

Regulation of the market is necessary in general. One big difference between what reddit is doing now and what Bernie Madoff did is that what reddit did was public information from the very beginning. Hedge funds and other questionable traders could stand to be more more regulated in general, but that doesn't mean what reddit did shouldn't be regulated.

Hate on Wall Street all you want, it is objectively the best way to become rich, even if it does take a long time to do so.

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Damn_Underscore posted...

Regulation of the market is necessary in general. One big difference between what reddit is doing now and what Bernie Madoff did is that what reddit did was public information from the very beginning. Hedge funds and other questionable traders could stand to be more more regulated in general, but that doesn't mean what reddit did shouldn't be regulated.

Hate on Wall Street all you want, it is objectively the best way to become rich, even if it does take a long time to do so.

madoff ran an ponzi, this isnt a ponzi.

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It's not explicitly a ponzi scheme but it shares many of the same aspects as a ponzi scheme. Reddit got this worthless stock to be worth hundreds of dollars, and while they were doing it for laughs in general a bunch of people on there probably did get rich from it. In any case something like that can't be allowed because it hurts the integrity of the stock market.

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Thatguyonthebus posted...

https://mobile.twitter.com/StephenAtHome/status/1354911389379391489

I stand corrected.

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Damn_Underscore posted...

It's not explicitly a ponzi scheme but it shares many of the same aspects as a ponzi scheme. Reddit got this worthless stock to be worth hundreds of dollars, and while they were doing it for laughs in general a bunch of people on there probably did get rich from it. In any case something like that can't be allowed because it hurts the integrity of the stock market.

No.

Reddit stopped a hedge fund from driving a retailers stock into the ground and saved thousands of American Jobs.
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Damn_Underscore posted...

In any case something like that can't be allowed because it hurts the integrity of the stock market.

Wrong, it hurts the egos of the wealthy.

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Damn_Underscore posted...

It's not explicitly a ponzi scheme but it shares many of the same aspects as a ponzi scheme. Reddit got this worthless stock to be worth hundreds of dollars, and while they were doing it for laughs in general a bunch of people on there probably did get rich from it. In any case something like that can't be allowed because it hurts the integrity of the stock market.

And hedge funds selling stock they dont actually own doesnt?


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I wish more people understood that short selling is actually a necessary function of a stable stock market in order to increase liquidity and prevent wild investment rollercoasters (like we're currently seeing).

Hedge funs can eat a ****, of course, but this weird backlash against short selling is idiotic.


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ghettoraider81 posted...

And hedge funds selling stock they dont actually own doesnt?

Look, I get it, short selling seems sketchy as hell. It always has.

But it's also vital to how the modern stock market works. It's usually not anywhere near as risky as it currently seems - GameStop is basically on life support as a company, with the board of directors already discussing asset division. Ironically, the entire point of shorting GameStop's stock up until a few days ago was to DECREASE the risk in your portfolio.

Because normally people don't invest like Redditors are currently doing.


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the 1% are losing money lets protect there pockets guys avg people do what the 1% have always done my god thats cheating

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bluezero posted...

Wrong, it hurts the egos of the wealthy.

For the average person who has a job and X amount of dollars in savings, the stock market + ETFs and mutual funds (i.e. Wall Street) is by far the most reliable way to become rich by the time you retire. Whereas if you put all that money in a savings account or Treasury Bonds you would guaranteed be reliant on Social Security checks when you retire.

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DarkRoast posted...

Look, I get it, short selling seems sketchy as hell. It always has.

But it's also vital to how the modern stock market works. It's usually not anywhere near as risky as it currently seems - GameStop is basically on life support as a company, with the board of directors already discussing asset division. Ironically, the entire point of shorting GameStop's stock up until a few days ago was to DECREASE the risk in your portfolio.

Because normally people don't invest like Redditors are currently doing.

the issue here is a lot of people dont like the way the modern stock market works. So a complicated topic gets more complicated.

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Zeeak4444 posted...

the issue here is a lot of people dont like the way the modern stock market works. So a complicated topic gets more complicated.

What do you mean modern, that everyone now has access to it?

It's better now than it was in the dot com era.

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DarkRoast posted...

Look, I get it, short selling seems sketchy as hell. It always has.

But it's also vital to how the modern stock market works. It's usually not anywhere near as risky as it currently seems - GameStop is basically on life support as a company, with the board of directors already discussing asset division. Ironically, the entire point of shorting GameStop's stock up until a few days ago was to DECREASE the risk in your portfolio.

Because normally people don't invest like Redditors are currently doing.

Point is nothing wrong is being done. The short sellers saw an opportunity to make money based on GameStop being unstable. Other people saw that, and saw an opportunity to to make money based on the short sellers taking that risk.

To say it hurts the integrity of the market is disingenuous when the rules allow sales of something the seller doesnt own.

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DarkRoast posted...

Look, I get it, short selling seems sketchy as hell. It always has.

But it's also vital to how the modern stock market works. It's usually not anywhere near as risky as it currently seems - GameStop is basically on life support as a company, with the board of directors already discussing asset division. Ironically, the entire point of shorting GameStop's stock up until a few days ago was to DECREASE the risk in your portfolio.

Because normally people don't invest like Redditors are currently doing.

Nothing sketchy about it, but it is risky. If I buy a stock worst case scenario is they go bankrupt and I lose all my money. There is no worst case scenario for a short sell, it can get infinitely worse and you'll lose multiples of the initial capital you put up.

There's nothing wrong with short selling but it comes with significant risks, even for a company like gamestop if it's as heavily shorted as it was.

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JustMyOpinion posted...

I wish he never left the Daily Show. Trevor Noah sucks.

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Zeeak4444 posted...

the issue here is a lot of people dont like the way the modern stock market works. So a complicated topic gets more complicated.

They don't like how it works but there's no serious alternative that makes it more "fair."

And the reason why is because ultimately what makes stocks "unfair" are the humans that trade them. And the esoteric knowledge of market dynamics that isn't just imparted to you by the ether.


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Damn_Underscore posted...

In any case something like that can't be allowed because it hurts the integrity of the stock market.

What the hedge funds were doing hurts the integrity of the stock market. Stop blaming Reddit for what Wall Street did.
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DarkRoast posted...

but this weird backlash against short selling is idiotic.

The backlash is against people that overshort the amount of stock. Short sellers arent scum, people that do what happened with the shorting of GME are scum.

Stop going to bat for the big guy. They dont need your help, the government will bail them out anyway.
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sktgamer_13dude posted...

What the hedge funds were doing hurts the integrity of the stock market. Stop blaming Reddit for what Wall Street did.

Hedge funs that engage in naked short selling are inevitably going to bankrupt themselves. But that's basically the extent of the damage they do.

Short squeezing, on the other hand, results in other hedge funds having to dump good stock, lowering the value of those companies and hurting everyday investors and retirement funds.

You could easily argue that what Reddit did was more damaging to the market as a whole than what the hedge fund did by being colossal morons and having a 150% short sell volume in a naked manner.


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JustMyOpinion posted...

I wish he never left the Daily Show. Trevor Noah sucks.

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sktgamer_13dude posted...

The backlash is against people that overshort the amount of stock. Short sellers arent scum, people that do what happened with the shorting of GME are scum.

Stop going to bat for the big guy. They dont need your help, the government will bail them out anyway.

Oh don't get me wrong, this hedge fund in particular absolutely deserved it.

Short selling 150% of the stock volume nakedly was irresponsible and dumb as hell.


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DarkRoast posted...

You could easily argue that what Reddit did was more damaging to the market as a whole than what the hedge fund did by being colossal morons and having a 150% short sell volume in a naked manner.

Anyone that actually tries to argue this is a fucking moron considering Redditors don't have even 1% of the power that wall street investors do.

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NinjaWarrior455 posted...

Anyone that actually tries to argue this is a fucking moron considering Redditors don't have even 1% of the power that wall street investors do.

The 1% must be soiling themselves now.

DarkRoast posted...

You could easily argue that what Reddit did was more damaging to the market as a whole than what the hedge fund did by being colossal morons and having a 150% short sell volume in a naked manner.

lmao no.

What Wall Street and Melvin Capital did was waaaay worse. They wouldnt be in this situation if they didnt overshort the stock. Or if they would have cashed out earlier instead of trying to squeeze it down to the most maximum profit.

Again, stop batting for the big guy. They dont need your help and will eventually make it out ok in the end, minus maybe Melvin. But again, thats due to their own stupidity/fault and not Reddits.

Dont get your hand caught in the cookie jar.
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JustMyOpinion posted...

I wish he never left the Daily Show. Trevor Noah sucks.

Yeah he does, At irst I would fight this but eh, he bites, I'm glad it didn't go to Jon Oliver, he's done great with his HBO show and I look forward to when it returns, meanwhile I barely watch Noah, I view him the same way I view the two jimmys and that one other guy whose name I can't remember all I can tell you is he's a big dude who talks more with his band and his staff more than he does the actual subject matter and I can't tell if he's british or scottish, oh and Seth Mayers, there's just something about the way he talks and how it seems like he's trying to fit as many words into one breath as possible.

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