January 28, 2021

YOU CAN’T TRUST TECH: Robinhood blocks purchase of GameStop, AMC, and BlackBerry stock. “The company is citing ‘recent volatility’ in the market as the reasoning behind the change.”

In the words of George Carlin, it’s a big club and you ain’t in it. But this is especially awkward for Robinhood, which is acting like a Deputy Sheriff of Nottingham. I assume its status as a cool brand for millennials and Gen Z will take a major hit.

UPDATE: I’m seeing a lot of FB friends who I’m sure voted for Biden talking about how rigged and corrupt the system is as their trades on Robinhood and similar platforms are blocked. This is likely to make the “great reset” a lot more difficult. Also, if a lot of retail investors get the idea that the market is rigged against them — because, you know, they see it happening — that’s going to be a long-term drag on the markets, and on the many people who make their money, one way or another, off of retail investors. As always, of course, the people running the institutions put short-term selfishness ahead of long-term institional health.

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