GrimTuesday Posted January 28, 2021 Share Posted January 28, 2021 36 minutes ago, Fragile Bird said: I watched that entire interview live and the name of Bernie Sanders went by in such a microsecond I didn't even catch it. It's a very interesting interview from someone with decades of experience. His point is the same one I made yesterday, that GameStop (which he doesn't own and has never owned) isn't worth $300 or $200 or $100 or even $50. He voted for Biden, even though he's worried that a sharp rise in taxes is going to hurt innovation and investment. His point is he doesn't mind paying 50% to the government, but there are a lot of states where residents now pay 50% or more in taxes, and adding to that is going to cause problems. That's the same thing many of my American friends say on Facebook. A lot of Americans point at Canada and say "do you want to pay the kind of taxes they pay?" and they answer back "we already do and we don't have health care". The Bernie bit isn't relevant here, that's an old quote that is mentioned in the tweet. As for the issue at hand here, this is a extremely wealthy individual who is crying because poor people managed to get a crumb doing exactly what these rich assholes do. This is about who hold the levers of power and access to wealth, and the wealthy maintaining absolute control. This is like when millionaires and billionaires cry about getting called mean names when they should feel lucky that they aren't being hacked to death by a machete wielding mob. ETA Oh, and here is an article on him getting off light after getting caught doing a little bit of the ol' insider trading. https://www.forbes.com/sites/antoinegara/2017/05/18/hedge-fund-billionaire-leon-cooperman-settles-with-sec-on-insider-trading-charges/?sh=6dc676ca2a76 Link to comment Share on other sites More sharing options...
Fragile Bird Posted January 28, 2021 Share Posted January 28, 2021 10 minutes ago, GrimTuesday said: The Bernie bit isn't relevant here, that's an old quote that is mentioned in the tweet. As for the issue at hand here, this is a extremely wealthy individual who is crying because poor people managed to get a crumb doing exactly what these rich assholes do. This is about who hold the levers of power and access to wealth, and the wealthy maintaining absolute control. This is like when millionaires and billionaires cry about getting called mean names when they should feel lucky that they aren't being hacked to death by a machete wielding mob. See, you need to watch the whole interview. He kept saying the proof is in the track record. If you can jump in to an incredibly high risk situation and consistently make money, good for you and keep on doing it. Don't kid yourself, even though people are treating this short squeeze like some kind of game or mission, it is wildly specualative. He himself is an investor, not a gamer or a bettor or a speculator. I watched a lot of the trading that went on in 98, 99 and 2000. It looked easy, you could do the chimp thing, throw a dart at the list of stocks traded in NY and just buy the one the dart landed on and make money. This time period smells like 1999. A shit ton of people got burned, very badly burned. He hasn't done any crying about poor people making money. Link to comment Share on other sites More sharing options...
Fez Posted January 28, 2021 Share Posted January 28, 2021 Also, holy hell is Robinhood exposing themselves to enormous enforcement penalties and class action lawsuits. They are now selling off Gamestop and other stocks without investor consent. Link to comment Share on other sites More sharing options...
GrimTuesday Posted January 28, 2021 Share Posted January 28, 2021 20 minutes ago, Fragile Bird said: See, you need to watch the whole interview. He kept saying the proof is in the track record. If you can jump in to an incredibly high risk situation and consistently make money, good for you and keep on doing it. Don't kid yourself, even though people are treating this short squeeze like some kind of game or mission, it is wildly specualative. He himself is an investor, not a gamer or a bettor or a speculator. I watched a lot of the trading that went on in 98, 99 and 2000. It looked easy, you could do the chimp thing, throw a dart at the list of stocks traded in NY and just buy the one the dart landed on and make money. This time period smells like 1999. A shit ton of people got burned, very badly burned. He hasn't done any crying about poor people making money. He literally says that this is just another way to attack rich people. Beyond that, he is concern trolling about stimulus checks and acting like this is somehow the result of the government giving people money when the reality is that most of those checks went to bills and other necessities within a week of hitting people's bank accounts. He doesn't actually care about the little guy, this is class warfare plain and simple. There is a video from 2019 making the rounds that appears to be Cooperman crying, literally crying, about the prospect of a wealth tax. Link to comment Share on other sites More sharing options...
Guy Kilmore Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, Fez said: I agree that he cares about very few aspects of the federal government, but I don't think you're giving him enough credit either. He is extremely good, as both Majority and Minority Leader, at finding the sweet spot of inflicting the most pain possible on Democrats before they would seriously retaliate. He's also been skilled at keeping his caucus mostly unified, and at understanding which aspects of our political system don't really matter and which ones do. That is fair. I was thinking something along those lines too. He doesn't really want a working legislative and executive branch, and with his focus on the judicial branch any disputes that come up with the former, he has his thumb on the scale for the outcomes he can get through the latter. Link to comment Share on other sites More sharing options...
Kalbear Posted January 28, 2021 Share Posted January 28, 2021 19 minutes ago, Fragile Bird said: See, you need to watch the whole interview. He kept saying the proof is in the track record. If you can jump in to an incredibly high risk situation and consistently make money, good for you and keep on doing it. Don't kid yourself, even though people are treating this short squeeze like some kind of game or mission, it is wildly specualative. He himself is an investor, not a gamer or a bettor or a speculator. I watched a lot of the trading that went on in 98, 99 and 2000. It looked easy, you could do the chimp thing, throw a dart at the list of stocks traded in NY and just buy the one the dart landed on and make money. This time period smells like 1999. A shit ton of people got burned, very badly burned. He hasn't done any crying about poor people making money. Oh, fuck that. That's literally the argument for THE WHOLE OF THE STOCK MARKET. No one has been treating these companies correctly based on their earnings or value - it's all bullshit speculation. Hell, the stock market went up during a financial crisis and continues to go up now. It's all bullshit, it continues to be bullshit, and complaining that Gamestop is overvalued when something like Tesla is insane and Musk is the richest person in the world for having a shitty car company is totally fucking rich. He's complaining now because he and his friends might lose some money and can't fuck people over with shorting gamestop and other companies using media manipulation. Link to comment Share on other sites More sharing options...
Fragile Bird Posted January 28, 2021 Share Posted January 28, 2021 @GrimTuesday and @Kalbear Total Landscaping Lol, mea culpa, mea culpa, I was totally wrong. Wrong interview. I just saw Cooperman on the tweet, and since I just watched him for half an hour and the date on the tweet is Jan. 28, I assumed it was from what I watched. I have no idea where that clip is from. I thought the discussion GrimTuesday and I were having was about a billionaire begrudging poor people making money, which he didn't. This guy is no saint, I look at all billionaires suspiciously. As for Elon Musk, Kal, the people who have bid the Tesla stock up to such levels belong to a cult of faith, exactly like Trump believers. Tesla is worth more than all the major car companies combined and he makes 500,000 cars a year, not 12 M or 14 M or whatever the number was last year. The stock price is lunatic. I have no idea where you got the idea Cooperman was whining about GameStop shares or at the idea people he knows will lose money. He doesn't even know the hedge fund manager involved at all, but he's been around for decades and has seen billions made and lost dozens of times in 50 years. I don't think he cries over any of them. From the interview I watched: Quote Leon Cooperman told CNBC on Thursday he believes the Reddit-fueled trading frenzy involving GameStop shares will end poorly. However, the billionaire investor said he wasn’t faulting the people who kicked off the epic short squeeze, which sent the stock to dizzying heights in recent days. “I’m not damning them. I’m just saying from my experience, this will end in tears,” Cooperman said on “Fast Money: Halftime Report,” as shares of the beleaguered video game retailer tumbled about 25%. Earlier in the session, GameStop’s stock touched an all-time high of $483 but came under pressure as numerous retail brokerages placed limits on trades. Cooperman said he has no position in GameStop. However, on a quick glance at the financials, he said the company’s declining sales do not support such lofty levels in the current stock price or anything even close. Link to comment Share on other sites More sharing options...
Mudguard Posted January 28, 2021 Share Posted January 28, 2021 50 minutes ago, Fez said: Also, holy hell is Robinhood exposing themselves to enormous enforcement penalties and class action lawsuits. They are now selling off Gamestop and other stocks without investor consent. The customer probably bought the shares on margin, which means you are borrowing the broker's money to buy the stock. In this situation, the broker can initiate a margin call under certain circumstances, which may result in the selling of the customer's shares. That's the most likely explanation. Hard to imagine that they would just start selling people's shares when they are under such scrutiny right now. Link to comment Share on other sites More sharing options...
Morpheus Posted January 28, 2021 Share Posted January 28, 2021 Link to comment Share on other sites More sharing options...
Fragile Bird Posted January 28, 2021 Share Posted January 28, 2021 5 minutes ago, Mudguard said: The customer probably bought the shares on margin, which means you are borrowing the broker's money to buy the stock. In this situation, the broker can initiate a margin call under certain circumstances, which may result in the selling of the customer's shares. That's the most likely explanation. Hard to imagine that they would just start selling people's shares when they are under such scrutiny right now. While brokerage firms are allowed to do that, that note posted on the account says nothing about a margin call. I would expect the note to say "you have not responded to our margin call by the 3:00 pm deadline and therefore pursuant to the terms and conditions of your margin account the shares have been sold", or words to that effect. Weirder and weirder. Link to comment Share on other sites More sharing options...
Kalbear Posted January 28, 2021 Share Posted January 28, 2021 Sketchy shitty companies are choosing to do sketchy shitty things to serve the people that give them the most money. Welcome to late-stage capitalism; the only surprise is that it's so very obvious Link to comment Share on other sites More sharing options...
GrimTuesday Posted January 28, 2021 Share Posted January 28, 2021 11 minutes ago, Fragile Bird said: @GrimTuesday and @Kalbear Total Landscaping Lol, mea culpa, mea culpa, I was totally wrong. Wrong interview. I just saw Cooperman on the tweet, and since I just watched him for half an hour and the date on the tweet is Jan. 28, I assumed it was from what I watched. I have no idea where that clip is from. I thought the discussion GrimTuesday and I were having was about a billionaire begrudging poor people making money, which he didn't. This guy is no saint, I look at all billionaires suspiciously. As for Elon Musk, Kal, the people who have bid the Tesla stock up to such levels belong to a cult of faith, exactly like Trump believers. Tesla is worth more than all the major car companies combined and he makes 500,000 cars a year, not 12 M or 14 M or whatever the number was last year. The stock price is lunatic. I have no idea where you got the idea Cooperman was whining about GameStop shares or at the idea people he knows will lose money. He doesn't even know the hedge fund manager involved at all, but he's been around for decades and has seen billions made and lost dozens of times in 50 years. I don't think he cries over any of them. From the interview I watched: I mean, I think these people do begrudge poor people making money. This is their sandbox, and suddenly the unwashed masses are coming in and blowing things up, and that pisses these people off. the wealthy, the truly wealthy hate the average person. These are the people who believe that the meritocracy is real, because it justifies their position of power and privilege. They don't like any disruption to the social hierarchy and that is what this represent, this is serf rising against their landlords, this is the colonized rising up against their colonial oppressors, this is workers unionizing the factory owner, and these people want to do everything they can to head it off at the pass. Link to comment Share on other sites More sharing options...
Mudguard Posted January 28, 2021 Share Posted January 28, 2021 2 minutes ago, Fragile Bird said: While brokerage firms are allowed to do that, that note posted on the account says nothing about a margin call. I would expect the note to say "you have not responded to our margin call by the 3:00 pm deadline and therefore pursuant to the terms and conditions of your margin account the shares have been sold", or words to that effect. Weirder and weirder. Yeah, it's a bit strange, but I don't have a Robinhood account and I don't trade on margin, so I'm not sure whether this is normal on that app. Normally, a margin call occurs when your cash balance falls below a threshold, but there is no mention of this in the notice either. My guess is that Robinhood has the right to do what it did since the terms are probably written in their favor, but that normally as a courtesy, you would be given some time to cover your margin before they sold your position. If tons of users of the app have bought Gamestop on margin, Robinhood is potentially under great financial exposure when the stock bubble inevitably pops and people are unable to cover. Link to comment Share on other sites More sharing options...
DMC Posted January 28, 2021 Share Posted January 28, 2021 Some good news - All-World Asshole Jim Jordan says he's not running for Portman's Senate seat. While it's early, I think this will hold. He's the top ranked Republican on Judiciary, so I'm sure he's foaming at the mouth for the subpoena powers to "investigate" the Biden administration he'd get if the GOP retakes the House in 2022. Link to comment Share on other sites More sharing options...
GrimTuesday Posted January 28, 2021 Share Posted January 28, 2021 I was a bit harsh on Warren in the primary (not as harsh as a lot of other Sanders supporters, but at times I did have some cross words), but I do really like her. 12 minutes ago, DMC said: Some good news - All-World Asshole Jim Jordan says he's not running for Portman's Senate seat. While it's early, I think this will hold. He's the top ranked Republican on Judiciary, so I'm sure he's foaming at the mouth for the subpoena powers to "investigate" the Biden administration he'd get if the GOP retakes the House in 2022. You might know better than me, does an incumbent's advantage translate across positions? As in does someone who is a current member of the house of Representatives get a significant boost in terms of a state wide senate race? I think outside of his district Jim Jordan would get rolled due to his role in hiding the Ohio State wrestling team scandal. Link to comment Share on other sites More sharing options...
Raja Posted January 28, 2021 Share Posted January 28, 2021 I really don't like Jim Jordan and ofc he received the presidential medal of freedom. what a dope. Link to comment Share on other sites More sharing options...
DMC Posted January 28, 2021 Share Posted January 28, 2021 1 minute ago, GrimTuesday said: As in does someone who is a current member of the house of Representatives get a significant boost in terms of a state wide senate race? Not in the general, no. But, while I've never seen research on this, I expect it would help in the primaries. At least in terms of name ID, and in that regard - plus Jordan being in lockstep with the fascistic trend of the GOP - Jordan probably would have been the favorite to win the primary. Which would subsequently make him the favorite to get that seat considering the cycle and statewide trends. So, that's why I drink to him not running this evening. Link to comment Share on other sites More sharing options...
The Anti-Targ Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, Kalbear Total Landscaping said: Oh, fuck that. That's literally the argument for THE WHOLE OF THE STOCK MARKET. No one has been treating these companies correctly based on their earnings or value - it's all bullshit speculation. Hell, the stock market went up during a financial crisis and continues to go up now. It's all bullshit, it continues to be bullshit, and complaining that Gamestop is overvalued when something like Tesla is insane and Musk is the richest person in the world for having a shitty car company is totally fucking rich. He's complaining now because he and his friends might lose some money and can't fuck people over with shorting gamestop and other companies using media manipulation. I quite like this video related to this topic and this one Link to comment Share on other sites More sharing options...
DanteGabriel Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, Morpheus said: Yeah, I enjoyed the tweet suggesting that hedge funds bros who get caught in this should drive Uber for extra cash, and give up Starbucks and avocado toast. Link to comment Share on other sites More sharing options...
Fragile Bird Posted January 28, 2021 Share Posted January 28, 2021 7 minutes ago, DanteGabriel said: Yeah, I enjoyed the tweet suggesting that hedge funds bros who get caught in this should drive Uber for extra cash, and give up Starbucks and avocado toast. Let’s see if he puts up his share of the Charlotte Hornets for sale before thinking he’ll be driving an Uber. Link to comment Share on other sites More sharing options...
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