lmao 500 point drop in 30 minutes lmao
say what you want about wallstreetbets there are some funny mother fuckers on that sub
Chapo and wsb always seem to have some kind of an inexplicable respect for eachother.
Practically everybody on that sub realizes the value of a stock doesn’t mean shit and the whole market is a big hoodwink. They’re not going to critique capital but they’re not going to lie to themselves when there’s money on the line.
like in the end they are just gambling they are in no way powerful or the reason why things are the way they are
also wait if line goes down on stimulus bad news does this mean line could rocket straight up if covid takes him out
https://reddit.com/r/wallstreetbets/comments/j6a8t7/my_asshole_cant_take_it_anymore/
I have 22 dollars from a 30 dollar gig I had to spend days trying to get my client to pay me on.
wait are you serious? Is that just for your company or across the board?
I mean, tbh I feel the connection between reality and the Line is tenuous, at best. We've been getting economically rekt for the past eight months and the Line has been slowly climbing back up, completely detached from the economic realities of people dying, losing jobs, businesses closing, lack of profitability, etc. The basic premise of the market has pretty much been abandoned, leaving us with the nonsensical mess we have now.
That or something's flying over my head like it's always been mindless speculation and gambling that, regardless of outcome, benefits the rich by consolidating wealth and ownership around them, idk.
I know that, I would've just expected, you know, the complete disenfranchisement of a majority of the population and our inability to recover to be at least someone apparent in the stock market, but so long as these half-dead sick proles keep working, it's all good.
Capitalism is sooooo efficient lol
Two big reasons are stimulus, and the consolidation of a lot of commerce to large corporations as tons of small businesses fail to weather the storm (and remember that the dow and s&p measure big businesses, not small ones)
Part of the reason that the line broke is because of stimulus. The govt keeps pumping more and more money into big companies so they can keep buying back stock so the line goes up. If they suddenly announce that's going to stop ... this kills the line
We could've done so much the trillions that we dropped when the stock market was in free-fall, but nah line needs to go up again. I hate that I keep thinking common sense things like "keeping workers safe might not be profitable rn but it will be long term" and "slowing down business is worth it when all alive and spending again" but then coming to my senses that we'll never do something like that.
1.5ish percent, truly a spectacular showing
Fuck this, zombie economy, zombie line. Fuck it all
bad choice politically. they are thinking "make people vote GOP to get the stimulus" I guess, but that's dumb as shit instead of coasting off the goodwill of handing out Trump checks. this is the first time I've really thought he might lose
its called populism lib, they don't call him donny deals for nothing
Why would that make the line go down? The more desperate workers are the easier they are to exploit.
Because you have to sell your commodities to someone.
This simply isn't true. The only tendency for the rate of profit is to go up up up!
Because they want us to spend money on stuff. Less stimulus, less people buying flatscreen TVs or whatever. I know the vast majority of it went to big corporations, but everyone I know spent the $1200 they got immediately. Line go up.
