by Ace
Weirdest thing: they’re all in favor of radical libertarian individualism and red-in-tooth-and-claw absolute capitalism when they’re fleecing you of your money, but when they’re losing money — as they did in 2007-2008– suddenly they’re in favor of socialized risk, government bailouts, and “working together and pulling together.”
When they win their bets, they’re archcapitalists, but when they lose, well, now we have to work together and distribute the losses fairly.
Is there anyone who doubts we’re going to have another TARP bailout within three months?
It’s estimated that the hedge funds have lost $70 billion in the short selling this year so far. (Note this includes many more stocks than the GameStop, AME, and Nokkia stocks we’re talking about lately.)
Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses — defined as a short-squeeze — while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.
Do not doubt that the bailout is coming. You gotz to know it’s coming.
Their profits are private, their losses are socialized.
And you know exactly the politicians, in the Democrat Party and in the corrupt GOP as well, who will championing the bailout.
Will Mitt Rombley take a lead role in explaining to you that you’re really saving your own money by transferring trillions of taxpayer dollars into private hands? Or will he just write the script for Mr. Sanctimony-and-Snark Ben Sasse to read?
Below, this asshole whining, and then after that, a lesson I learned in the crisis of 2007-2008.
Listen to this incredible crybaby pic.twitter.com/KmJvZpBQ59
— Timothy Burke (@bubbaprog) January 28, 2021
Wait, so now we’re all in on this together?
Say, the Capital Class probably got richer by a half trillion dollars or more during this lockdown, while most people lost money.
Will we be dividing that up between us?
Or are you guys keeping that for yourselves?
When Bush proposed the TARP bailout, I supported it, because, back then, I was an idiot neocon authoritarian who believed all the bullshit those higher in the hierarchy told me.
I expected that all the commenters would likewise support it, and was surprised to find most didn’t.
So, to get some insight into this problem, I turned to my friend, who was in risk management at a major, major institutional investor.
I expected him to support TARP, because he was part of that world.
I was shocked that when I asked him if he supported TARP, he said flatly: “No.”
I’m going to write up my conversation with quotations, but of course, this was 13 years ago and so the actual quotes are reconstructions. But this is very much the gist of what he said.
Because when someone you know has some knowledge in an area says the exact opposite of what you expected, you pay close attention.
At least Bush’s TARP was paid back. Any bets if Biden proposes a bailout to his corporate supporters there is no payback clause?
Let them fail, they break businesses they did not build, for fun and profit. They are not children make them hock a few of their mansions, Manhattan apartments, pretty boats, jewelry and private jets.
@kitt: Before, they suffered from terrible government policies. This time they simply got fairly beaten at their own game. No, no bailout. They’ll just have to buy one less yacht or vacation home this year.
@Deplorable Me: Democrats love tese types just like Al Sharpton.
ETF structures allow investors to short markets, to gain leverage, and to avoid short-term capital gains taxes. I guess donating to Democrats is the tax.
The Democrats want Globalism and World Government why else did they found the UN for in the first place