adiggs
Well-Known Member
Fetching this quote over from the mega-thread.
What we can ALL do is to make sure that our representatives know that we feel this way. At minimum, anybody in the US or a US territory.
For those of you that call a different country home - you can let your government / state department know how you feel about this, so that your government can use it to beat the US government over the head with. For you and your country, the fundamental point is that the US market regulation is so badly out of control, that now the US is also busy taking advantage of you and the people of your country (by shifting your hard earned and saved money, over to their own pockets).
For me, I plan to not only contact my representatives (Senator and Congressperson), but also the other parties in the state. For my reps - I'll tell them this is important to me, as these unregulated bad actors are risking the entire stock market with their shenanigans, and that means they are risking every retirement account, every pension, every slightly meaningful form of saving and investment. I will tell my reps that this is so bad, it's converted me overnight into that which I despise deeply - a single issue voter. This is approximately what I will measure them on in their next election, and this topic is pass/fail for them.
I will also tell them that I am going to figure out how to say something similar to the other political parties. To them, I will tell them the same stuff, and suggest to them that if the US and its elected officials hasn't handled this quickly and well, then this is a plank that they can run on and make political hay with.
To be clear - this isn't about politics. This is about our own investment in Tesla, as well as having a functioning stock market in which our partial ownership of Tesla has any meaning at all.
This is fundamental to our society.
AND best of all - I see this as a completely positive topic for all parties to back. In the US that means 2 parties, so bipartisan support should be easy to drum up.
I'm pretty sure we can tweet this general idea at Elon and Chamath and get them on board and spreading the larger message to their much larger following.
I'm pretty sure that we can get Trump and Obama on board, along with all of the rest of the ex-presidents.
I'm pretty sure that either through direct feedback to national offices, or indirect feedback to our direct representatives, we can get both parties on board.
Because this time, the cockroaches are out in the open in a clear and present danger to society kind of way.
If nothing else (and I don't really know if this is fully adequate - I assume not), we even have a sound bit version of this to agitate for -- reinstate the uptick rule for all short sales, for all securities, all of the time.
I would add a big reduction in the time that market makers have to settle their naked shorts - maybe give them 3 days where the rest of us get 2 (and keep lowering it with the rest of the market, as settlement gets closer and closer to instantaneous).
And nobody, not even market makers, get to naked short, outside of the uptick rule. A market maker that runs out of shares to sell to people, then they are done taking orders until they acquire some new shares that they can sell outside of the uptick rule.
I trust brokers and market makers to manage their businesses to keep themselves safe from the leeches / predators. I don't trust them to try and do it on their own, or practically against the wishes of the regulators.
Oh and the other thing my reps (and the other parties) are going to hear from me is that I consider both parties to be presently complicit in the current situation that has arisen. The regulator has earned the name Shortseller Enrichment Commission through their oversight of the industry. And both party's administrations, and both party's control of the branches of the legislature, has yielded no meaningful oversight for the regulators. Nobody gets a pass - I'm only watching to see who is out of the blocks fastest to reestablish effective oversight.
Then leave further policing to the market.
The GME conundrum that the union of all of the market enables enabled to happen, was and is well on its way to being corrected. Though admittedly, there are several hedge funds that we won't have with us on the other side.
And I have read many of the posts talking about how the market works, and how there wasn't enough capital in many companies to handle any order flow. That's a combination of poorer planning some parts than others, and is mostly a problem with how the Shortseller Enrichment Commission has abandoned their oversight role around short selling, and the manipulation of markets by short sellers. (There is also pump and dump manipulation; we don't seem to have rampant abuse of that sort being routinely carried out by billionaire hedge fund operators, maybe because average voters can understand that mechanism for cheating elderly retired people and millennials out of their stimulus checks).
