Commentary: Pitchfork Populists v. Wall Street?

As a long-time financial services executive, every so often I am called upon by friends and family from other walks of life to comment on a story related to the stock market. Such is the case with the GameStop saga.

Given that few of them are well-versed in the ways of Wall Street, that I hail from an investment banking pedigree and not a securities trading — particularly stock trading — background seems to them a distinction without a difference, and I offer my insights as best as I am able. As such, I’ve given more thought to GameStop than I may have otherwise.

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GameStop Revolt Redditors File Class Action Lawsuit Against Robinhood for Cutting off Access to the Market as Hedge Fund Losses Mount

by Andrew Kerr   A class-action lawsuit filed against the investing app Robinhood on Thursday just hours after it prohibited its users from purchasing GameStop stock is unlikely to be successful in court, legal experts told the Daily Caller News Foundation. And federal regulators with the Securities and Exchange Commission…

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Commentary: Robinhood, Reddit, and the Cram Down of Economic Populism

Short sellers claim there is a moral and economic worth to their trade. They supposedly keep the market honest by exposing overvalued stocks, thereby preventing “irrational exuberance” from creating stock bubbles.

If that was all there was to it, they’d be right. Stock bubbles tend to pop eventually, and when they do, the worst case scenario is that the collateral they represent implodes, the loans that the collateral enabled go into default, and trillions in debt-fueled liquidity is erased in a cascading downward spiral. And just like that, the economy collapses into a deflationary depression that makes the 1930s look like a cake walk. There are good reasons we don’t want to demonize short sellers indiscriminately, or drive them out of the market.

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Commentary: The Social Media Purge Exposes Net Neutrality’s True Goal

For nearly two decades, Silicon Valley made net neutrality its highest policy priority. Under the banner of a “free and open” internet, Google, Facebook, and Twitter sought regulations to ensure the uninterrupted flow of information by treating every bit equally. Or so they said.

Beginning last Friday night, these firms and others executed an unprecedented digital purge of the social media and video accounts of their political rivals. After several years of accelerating suspensions and suppressions, this time YouTube, Facebook, and Twitter permanently banned a number of high-profile conservatives and deplatformed thousands of others, at least temporarily. Many of these accounts had nothing to do with last Wednesday’s heinous events at the Capitol. Yet their histories are erased.

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Reddit Bans Pro-Trump Group in Latest Attack on Conservative Speech

Reddit, one of the top internet sites in the world, on Monday banned a major pro-President Donald Trump group that had about 800,000 members, citing “hate speech.”

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Commentary: Reddit Bans Largest Trump Subreddit as Trump Announces Social media Summit to Address Censorship

by Robert Romano   In the latest round of social media censorship, Reddit has quarantined the largest subreddit in favor of President Donald Trump, r/The_Donald, with over 750,000 followers, restricting access. The move comes amid a crackdown of conservative content on social media platforms, with users on Facebook, Twitter and…

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