Quote:
Originally Posted by Slava
I felt like that interview was basically Chamath and Wapner talking past each other. Chamath basically says “this is legal and there’s nothing wrong with people doing this”. He’s right. Wapner says “someone is going to get hurt”. He’s also right.
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Wapner is being disingenuous. People lose money in the stock market on a constant basis, he knows this. The reason it matters this time is because it isn’t the people that are
supposed to be losing it, it’s the hedge funds that have been using the stock market as their personal ATMs. The financial crash of 2008 showed that there are no consequences to Wall Street and they will simply get bailed out by the taxpayers. The regulation put in later about the ‘pattern day trader’ rule to “protect” retail traders only made it harder for smaller retail traders to participate in an open market.