As long as there’s no taxpayer bailout, I don’t care. The worst capitalist is better than the best communist.
No such thing as “Crony Capitalism”. That is a Leftist made-up concept that tries to take the spotlight off the REAL culprit - the mostly unconstitutional and corrupt Federal Government.
There’s no “crony capitalism”, only Government Scandal awash in unconstitutional and criminal bribery.
If we only had one regulation, not only should it not be that Congress is exempt from insider trading, but that they are held to an even more restrictive inside trading standard than the general population (along with anyone who might receive information from them)
The lesson learned from this event is that rules are made to be broken.
The GameStop Rebellion had no beef with shorting stocks; it had EVERYTHING to do with the fact that the rules are different for different participants in the markets.
Melvin Capital is a big enough fish that they are permitted to “naked short” stock: take a short position WITHOUT ACTUALLY BORROWING THE STOCK. The average investor is not allowed to execute that sort of trade, and therein lies the impetus for the buy-up these internet groups orchestrated.
The entire episode was a Richter scale protest against the existence of the naked short, a painful demand that it not be legal. That the short position rules be THE SAME for all participants in the markets.
Put simply: *** END THE NAKED SHORT ***
[I should note that this is NOT the same sort of animal as a minimum asset requirement for prospective participants in certain ventures, because such requirements APPLY TO EVERYONE, and are safety barricades preventing too-small investors getting in over their heads in risky moves.]