“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.
Why do bondholders and leveraged speculators have to be enriched, instead of providing fiscal relief to the unemployed and small businesses? That’s the question.
As after the last crisis, fueled by ultra-cheap money, they’re taking financialization of the housing market to the next level (transcript of my podcast).
Coddled investors, not taxpayers, should step up to the plate and fund the “daily cash burn.”