Short sellers are often the only sheriff on Wall Street, a crucial role in a rigged stock market – easy to forget after the furor over the “most shorted stocks.”
The historic short squeeze, engineered by a bunch of deeply cynical small traders, exposed just how rigged the market has been (transcript of my podcast).
The historic short squeeze, engineered by millions of deeply cynical small traders, exposed just how rigged the market has been.
“It’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino”: AOC
What a show! Smallish traders, by ganging together on Reddit, succeeded fabulously in what famed big short-sellers have done for years in the opposite direction. And it’s pump & dump for both.
Another sign the zoo has gone nuts. “If you don’t have your own SPAC, you’re nobody.”
Funded with debt: Share buybacks totaled $5 trillion since 2012. Over same period, corporate debt soared by $4.5 trillion.
Top 4 airlines burned $45 billion on share buybacks since 2012. If airlines run out of money, Chapter 11 bankruptcy works. Airlines proved it.
Well, not markets. Fed-managed paper exchange.
Plaid asks for your bank credentials, logs into your account, and obtains your banking data, such as balances, assets, transaction history, and debt. Visa wants to buy it all.