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Six held over plot to disrupt London Stock Exchange
(www.bbc.com)
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this post was submitted on 14 Jan 2024
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Fuck the market. These people are heroes.
What do you think about collective punishment?
You’ll need to be more specific, I’m not sure what you’re asking.
Do you think it's fine for these people to try to punish every major company in the entire UK for something only a handful of companies are doing? This is an example of collective punishment.
Well, I think the stock market should be abolished entirely.
Interesting. In that case, well, two things:
No company had to go public. It’s just legalized gambling, but with dire impact on global economies.
I don’t have the answers to all of your questions, but that doesn’t mean I’m wrong.
It doesn't mean you're wrong, but it does change the way you fight it, Tson Feir. Innocent companies are trapped in the system you are trying to free them from, and you are opting for the financial equivalent of an Israeli air strike. For somebody who doesn't want a dire impact on global economies, you sure seem to condone actions that will have a dire impact on global economies.
The stock market is not totally random. The value of stock is tied to the value of companies decently well, Gamestop-style fucketry notwithstanding.
My main problem with the stock market isn't that it doesn't work, or it's too random. It is working as intended. The problem with it is that it allows control over a company to be bought and sold without the consent of the company's employees. It is not slavery, because the employees can look for a job at another company if they don't like the new owners. But, like, it's also not not slavery. Disreputable people with, in their opinion, not enough money (cough cough Twitter), can sell their workers to other disreputable people with too much money (cough cough Musk). This is capitalism—its very definition. And it's becoming a real problem.
Sensible countries have already begun putting the brakes on this madness. I believe Germany requires all companies above a certain size to be 40% owned by its employees, and other European countries have similar rules. I think that is a very good compromise. And nobody has to cyanoacrylate themselves to a stock market in order for this to happen.
It’s all GameStop fuckery. It’s all about profit. I’m not talking about these silly day traders on YouTube but the hundreds of billions of dollars that can shift the economy. It’s disgusting. People get hurt either way.
Well, it's all fuckery, but not all of it is of the GameStop variety. You should really read more about what happened with GameStop. Specifically, look for the words "short squeeze".
I know about GameStop.
It’s all fuckery. Every bit.
Well, I brought up GameStop because it's an example of the stock market not working as intended. I'm saying the stock market usually works as intended. And it is intended as a means of buying and selling companies, their assets, liabilities, and crucially, their employees.
I’m sure you did. The stock market is nothing more than legal gambling.
You're saying it usually does not function properly as a means of buying and selling control over companies? Because Musk bought his first big piece of Twitter on the stock market. That's an example of the stock market working as intended. I would argue that this is how the stock market usually works. This is not gambling. This is the purchase of a tangible asset.
It does not function to improve the economy.
What do you mean by "improve the economy"?
One where the benefits of economic growth are distributed broadly across society, allowing everyone to contribute to and benefit from economic prosperity.
You are describing what should be done with a powerful economy. Not how to create a powerful economy. Abolishing the stock market will not encourage wealth distribution. It will make the economy weaker, and could easily make wealth concentration worse.
The right move is to reform the stock market, imposing rules on company ownership. That's why I brought up Germany. All companies in Germany above a certain size must be 40% owned by their employees.
Agree to disagree. But I do like the part about Germany.
And I'm sure plenty of companies have regretted going public, and now, they're stuck with it.