Dalio On Reddit Stock Rebellion: Anger And Hate Are Pervasive
One of the most disturbing aspects of what, on some measures anyway, was the most spectacular short squeeze in a quarter century, was the accompanying rage. Anger directed at Wall Street is nothing new. Just ask 2009. Short squeezes aren't new either. And anyone who's spent any time at all reading online market commentary knows short sellers aren't exactly the most popular people in the world, even if the investing public's fascination with calamity means they get a lot of press. What was perh
6 thoughts on “Dalio On Reddit Stock Rebellion: Anger And Hate Are Pervasive”
The “hateful” rhetoric reminds me of the messages among Enron traders, or the general derisive language you hear in trading pits.
What may be truly worrying Dalio is that the ultra rich are the recipients of the verbal aggression this time and that the participants are middle, middle-upper class: the bulk of voters.
I don’t agree. Dalio is rightly worried that the rising level of hate aimed in whatever direction the hater feels like aiming just to hurt a particular target for fun or because they deserve it or just because we can, etc is becoming more and more common. The example, of course, was our self-serving Grand Pooh-Bah who disliked everyyone but himself, including his “base,” and nearly everything he did every day for four years was directed to harm some targeted individual or group. He got away with it so others think why not me? Let’s go get Pelosi, or my stupid neighbor’s dog or Wall Street or that bastard who just cut me off in traffic… Acting out at a high level is becoming more and more common. Homicides up 50% in my city last year, including in two malls, more than once. Like Ray D, I’m worried.
Bang-on H. This resonates in total harmony with my senses too.
I read (and commented on) your “Revenge of the Excluded” article prior to reading this one and, having read earlier in the day a brief blurb elsewhere on Ray speaking out, immediately connected most of the same dots that you just laid out in this article.
I also support the notion that there are other whales in the sea squeezing the other shorted whales, and thus enhancing the market disruption all whilst hiding behind the public rage being generated solely against the Reddit forum members more visibly stoking the fires. That needs to be recognized IMO, and put on the table of any public reckoning to be taking place here. I think Ray should be present as all this gets “committeed”. I, for one, would feel a whole lot better if he was. He seems to be cut from a different cloth than most Billionaires in America.
This is about a group of traders collaborating on message boards, rather than at fancy restaurants. And it is smaller players. The market will adjust- any anger, is just a way of diverting from the goal of making money and hurting others. Its the same aggression as any trading floor- I spent years there it is really not much different. Just somewhat different players. Talking about this as a social movement is very likely a giant reach. Many of these day traders are going to get burned. Just a matter of time.
Yes, I can go on Reddit and there are ample examples of what you describe. And I am with you it will not end well for the greater fools amongst them that are there at the collapse stage of these targeted “stonks” with few bona fides.
But I do disagree it is entirely due to the “smaller players”. RobinHooders have moved it a good measure, yes, but what about the bots that took over like Ray describes, trading it in a frenzied state last week ? Bots belong to the elite. The shorts belong largely to the elite. Can it be that his battle royale is largely hidden, while the “hordes of deplorables” get the blame and get stoked to the brim for the carnage (and glory/martyrdom) that they seem so determined to bring upon themselves ?
Financialization of the economy is a fairly new paradigm.