Sunday, January 31, 2021

The wrong way

What do the destruction during the summer protests, the storming of the Capitol and the Reddit/Gamestop  stock attack have in common?

The current mindset that 2 wrongs make a right.  

Now there have been many clichés for this:

What is good for the goose is good for the gander.

Payback is a bitch

If it is legal, what can't I do it?

They did it why can't I?

Turnabout is fair play.

But one that comes to MY mind - "The definition of Insanity is doing the same thing and expecting different results."

If we are to progress as a person, a country, a species; we need to stop repeating the same mistakes.

And how far has it gone?  This is what did it for me:

Justin Speak, 27, an evangelical pastor in California, and his wife, who recently left her job to raise their children, have made $1,700 off GameStop in the past week. Mr. Speak said that so far they had mainly put the money toward a new bed. He described a sense of frustration at how well those in the financial sector have done since the financial crisis of 2008.

“There’s a catharsis to actually making money off their pain a little bit,” he said of his modest earnings from GameStop. His wife put it more bluntly: “Eat the rich.”

‘Dumb Money’ Is on GameStop, and It’s Beating Wall Street at Its Own Game

I cannot find any scripture reading, that could even remotely justify that attitude.

And for those who think they are only hurting the rich, for every hedge fund losing money, I would bet there is a couple about to retire and cash out their 401k.  They might not have the option to wait out a correction.  People have been told for years that forget pensions and IRA's.  Put you money in the stock market.  It will be safe there.  The ironic thing is that you don't fix the problem by blowing up the storage room.

If you are looking for a short history of day trading and the problems it was supposed to solve and what it also caused - try looking at this.



 






No comments: