Good point. I suppose this might be the extract phase of the bubble. Businesses have been known to do this as they start with market destroying cheap prices, then once the market is wrecked and eveyone else wont come in, they jack up the prices until consumers jump, then they jack up business prices until businesses jump and then they die (pretty much cory doctorrows main narrative). It sounds like the stock market is doing the same (which makes sense if you think back to the penny stock era when workers could invest in cheap stoch, which turned out to be a scam).
From my perspective stocks are a huge scam. But as an aspiring dialectical materialist I’m happy to be shown a better idea.
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
In capitalism, a scam is when a poor person does it. If a rich person does it, thats called innovative strategy. (Not joking)
In my opinion as a clerk, banks are always scams. Why the fuck would someone want to store their money somewhere in the first place except for electronic transfer (which also is a scam in its implementation).
There was the concept of cheques. If you hand someone a cheque you better make sure the money is there when the person liquidates the cheque. Honestly, cash would have been better and more honest.
Anyway, I think it will all get better when we implement council governance and decapitate the capitalist systems.
That’s the weird thing about the Madoff example. He wasn’t poor, and was very well respected on Wall Street.
It’s always the same mechanic. If a rich person gets persecuted, it is because the system needs to appear legit. Or they are trying to suppress something else. Today I learned the term “boomer truth regime” which I will be trying to further research since it sounds pretty much like the issue a lot of us are facing atm.
I hadn’t heard the phrase “boomer truth regime” before you mentioned it and I was curious as well. Turns out it’s when cryptofacists try to explain the US cultural shifts from WWII to today while using fancy terms they don’t understand (and obviously no dialectics nor theory of class or political economy). It’s definitely a laugh to read about though, there’s a bit of possibly every classic far-right conspiracy theory in there.
Yeah, I was very sad when I read about it and it turned out to be fascist shit. The term is pretty cool though. I thought they meant the revisionism but it turns out they were wildly off. Because I havent yet gotten my hands on good literature on the topic of western history revisionism and the sheer tons of lies they spread. Its a problem because it is true but the fascists again are more visible.
Good point. I suppose this might be the extract phase of the bubble. Businesses have been known to do this as they start with market destroying cheap prices, then once the market is wrecked and eveyone else wont come in, they jack up the prices until consumers jump, then they jack up business prices until businesses jump and then they die (pretty much cory doctorrows main narrative). It sounds like the stock market is doing the same (which makes sense if you think back to the penny stock era when workers could invest in cheap stoch, which turned out to be a scam).
From my perspective stocks are a huge scam. But as an aspiring dialectical materialist I’m happy to be shown a better idea.
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
Do you mean actually or for the westoids?
In capitalism, a scam is when a poor person does it. If a rich person does it, thats called innovative strategy. (Not joking)
In my opinion as a clerk, banks are always scams. Why the fuck would someone want to store their money somewhere in the first place except for electronic transfer (which also is a scam in its implementation).
There was the concept of cheques. If you hand someone a cheque you better make sure the money is there when the person liquidates the cheque. Honestly, cash would have been better and more honest.
Anyway, I think it will all get better when we implement council governance and decapitate the capitalist systems.
I mean actually. But sometimes hearing westoid cope is also fun, cause they’d come to the same questions if they just thought for a minute.
That’s the weird thing about the Madoff example. He wasn’t poor, and was very well respected on Wall Street.
It’s always the same mechanic. If a rich person gets persecuted, it is because the system needs to appear legit. Or they are trying to suppress something else. Today I learned the term “boomer truth regime” which I will be trying to further research since it sounds pretty much like the issue a lot of us are facing atm.
I hadn’t heard the phrase “boomer truth regime” before you mentioned it and I was curious as well. Turns out it’s when cryptofacists try to explain the US cultural shifts from WWII to today while using fancy terms they don’t understand (and obviously no dialectics nor theory of class or political economy). It’s definitely a laugh to read about though, there’s a bit of possibly every classic far-right conspiracy theory in there.
Yeah, I was very sad when I read about it and it turned out to be fascist shit. The term is pretty cool though. I thought they meant the revisionism but it turns out they were wildly off. Because I havent yet gotten my hands on good literature on the topic of western history revisionism and the sheer tons of lies they spread. Its a problem because it is true but the fascists again are more visible.
slightly related, but the big flag that the stock market is just a casino is that using the best strategy to “win” (insider trading) is illegal
Illegal but only sparingly enforced.