"It's a free country. You can, you can burn up your money if you want," he says. "But people were buying options who clicked all kinds of boxes ... and then they immediately did things that showed that they had no idea what they were doing." The financial system could collapse without the proper plumbing in place to protect investors from bad decisions made by their brokers.
#361: Wall Street Journal columnist Spencer Jakab marks the one-year anniversary of that weird time when the subReddit Wall St Bets pumped shares of meme stocks like GameStop and AMC Theaters, triggering a short squeeze that forced several hedge funds to lose billions.
What did we learn from that experience? And how do we actually take down Wall Street? How do we launch a truly effective financial revolution?
We share those insights in today’s episode.
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