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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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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.