Robinhood Hearing

Low IQ Maxine was bringing the hard hitting questions!

 

She was most interested in refuting the point that it was just political theatre.

 

Robinhood, as is the case with many brokers, directs trading flow to market makers in exchange for a fee. It makes it possible for Robinhood to execute commission-less trades for its customers.

That wasn’t good enough for AOC, who momentarily lost sight of why the hearing was taking place. She argued that Robinhood ought to direct all the proceeds from these transactions to its customers, thus proverbially taking from the rich and — yep — giving to the poor.

Just one hitch. Robinhood customers are the ones getting rich by colluding against the big shorts. But let’s not get bogged down by silly details when there’s a story to sell her constituents.

 

Political Theatre (or BS) aka DOG and PONY SHOW.

I would be willing to guess that less than 5% of the members on the Financial Services Cmte. know anything about how the financial markets work. All you need to know is Maxine Waters (much dumber than a box of rocks) is the Chair person

 

Hell, even the regulators don’t understand the industry they oversee. It borders on embarrassing.

 

Any time there is one of these hearings, the thing that impresses me the most is the composure the witnesses maintain given the setting. I wouldn’t do well with dumb people talking down to me, especially on subjects on which they’re clueless. It would get ugly, fast, and my regulatory problems would only grow.

 

the robinhooder's caused melvyn captial to capsize

 

I’ve said before I think it’s dangerous watching average people walking around trading on margin. But I’d bet that average person is still more qualified to discuss many of these issues than someone like Waters. Most of these “public servants” are just a hair above mental retardation from my experience. It’s insane that they have the power they do.

Wasn’t it Stacy Abrams who had her credit disclosed a few years back and was like a mid-5’s score with 200k in unsecured debt? And yet she’s likely to be sitting in one of those chairs at some point before too long telling us all the things we’re doing wrong.