Masters of the Universe category archive
I was banking at Wells Fargo because Wells gobbled up the bank that gobbled up the bank that I was banking at.
Moving a bank account is a hassle, especially if you have set up automatic payments, but I left Wells when the “creating fake accounts” scandal broke five years ago and am glad I did.
There’s nothing really new in this clip about the Game Stop kerfuffle, but Pap’s guest gives on of the most understandable non-technical explanations of “selling short” that I’ve heard.
Maya Cohen explains how only a few are permitted to wield the free hand of the market.
Drew Magary took a flyer on the Robinhood app and ended up with very little john, which led him to form a theory about how the stock market
works is worked. (Warning: Language.)
Individual stocks may go way up or way down, but the market itself only knows one trajectory. They’ll never let the whole market sink even if certain stocks eat curb. When the pandemic hit, what was the first thing legislators worried about? It wasn’t you. It wasn’t your favorite mom-and-pop pad Thai joint. It was the market. Who’d the legislators bail out in 2008 when the banks collapsed? Not you. The banks. Why? To keep the market up. They’ll never let it fail. All of their interests, regardless of party, coalesce within it. Hence, the average American’s best way to survive the vagaries of the market is to invest in ALL the corruption, not in bits and pieces of it.
That means index funds.
The Bangor Daily News reports on a Maine Redditor who invested in Game Stop:
Frankly, a strong case can be made that short-selling, basically betting against a company’s success, should be banned.
No one can say that this was unpresidented (details at the link).
Hours after President Donald Trump confidante Roger Stone was sentenced in a Washington, D.C., courtroom to 40 months, a Sacramento defense lawyer seized upon the controversy to argue that federal sentencing guidelines have been tainted by the case and that his client should serve no prison time.
The surprising result? A 13-month sentence of home detention for Andrey Kim, who pleaded guilty in a massive mortgage fraud case that began in 2006 and is estimated to have cost banks more than $16 million.
According to the Minneapolis Star-Tribune’s Lee Schafer, pretty damn far.
The Philadelphia Inquirer reports on a controversy in a school district that led to an ouster of a majority of the school board.
Follow the link for details.
Thom reads from Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream.
In related news, Bobby Azarian points out that one of the things that machine learning enables said machines to learn is bigotry and prejudice. A snippet:
For example, past studies have shown that the same exact resume is twice as likely to result in an interview opportunity if the applicant’s name is European-American rather than African-American. In a similar way, the AI system was more likely to associate European American names with positive stimuli compared to African-American names. There were similar findings in terms of gender, such that female words, like “woman” or “girl” were more closely related to the arts compared to mathematics.
Fast /= intelligent.