Loading ...Seriously thinking about leaving TDAmeritrade…
I’ve got 5 accounts with them and after today, I feel compelled to switch to a broker that didn’t participate in halting buys of GME today (and other “most shorted” stocks).
Today just re-emphasizes how fragile this over levered economy is. How is it even legal that more than 100% of a company’s float is shorted?
I know situations like this have occurred in the past (the Hunt brothers with silver, bank stocks in 2008) but it was the Federal govt that intervened in those cases to “change the rules” ex post facto–completely screwing buyers or sellers as the case may be.
But this is different. This is private brokers making an apparent judgment on their own that they don’t like the price of an asset and completely eliminating the ability to buy on the open market. What the hell is this? What the hell did they think this would do to the price of the asset? How is this even allowed under securities law, much less the terms of service agreement with customers? This is grossly un-American and anti-free market capitalism. It’s totally immoral.
The inflation of any “bad” asset (commodities, heavily shorted stocks), or the deflation of any “good” asset (big tech, TBTF banks etc), will simply not be tolerated it appears. We’ve known this since the Hunt brothers, but this takes it to a totally new realm.
And now you see how they want you to play their game. You win one day they change the rules the next. Rinse and repeat. I hope they come for Silver, we were off to a good start this morning and that wasn’t allowed. Not sure when end of month was but I hope for once they choked on those shorts.
The corollary is that the First Amendment prevents government from censoring free speech but in today’s insane far left-controlled media, tech, entertainment and academia, censorship is being imposed with impunity by private companies. The horrible result is the same. The enemy is within.
This is what happens under fascism. The biggest corporations control everything and power is consolidated into few and fewer hands. This is 100% on the FED for enabling this BS.
Question are TD Ameritrade accounts going to be converted into Schwab accounts? Didn’t they get bought out?
As a former Scottrade customer, I know TD bought them out. Don’t know about Schwab buying TD. I’m still with them but hating all of this. I try my best to not use any of the woke companies but it’s virtually impossible.
Schwab did buy TD. The point is they are going to almost all work together to implement controls on this type of speculation. You can go to another broker but eventually they will all restrict these types of outbreaks. Since the FED and regulators don’t want to do their job themselves they will push the industry to self regulate.