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by captainarab 1965 days ago
100% agree.

Pretty sad to see most of HN willfully ignoring this fact and jumping to the defense of Hedge Funds and the billionaire class.

3 comments

FWIW, I think there are no conspiracies here on the side of Robinhood, and the attacks by the revolutionary mob are misguided.

Having said that, there is no question that banks ruined the economy during the GFC, and didn't pay enough of a price, and hedge fund managers often make a killing, while paying very little in taxes, and HFT make a killing without providing any social value.

But the answer to that is not, I'm afraid, hyping some gaming stock and trying to squeeze a few shorts.

The answer is political action - voting, pushing for proper regulation. There are lots of proposals out there: stringent capital requirements for banks; closing the "carried interest" loophole; changing the structure of markets (eg auctions every minute instead of continuous markets).

Reading HN this whole month has been disheartening after reading so many comments defending the insurrection and Parler.
Although you have to see a bit of the irony in the similarity between Trump populists getting deplatformed and Redditors getting blocked from trading.
That's an inaccurate characterization, as anyone reading these threads can easily see.