BC POLITICS
Saved by @ThomassRichards

THREAD on Robinhood/Reddit/GME: CONGRESS is calling for action, but no one has clearly articulated what they actually want.

We could look back on this as the biggest “Pump & Dump” in history... with the little guys carrying all the water & then getting it dumped on their heads.

 It started with a SMART discovery, Melvin Capital (hedge fund) broke the cardinal rule of short selling. They took on way too big of a short position given the size of their fund, how heavily shorted the stock already was and the amount of shares outstanding.
Technically, they were RIPE to get squeezed, but there was virtually no case for anyone following fundamentals (earnings, growth etc...) to want to buy this sleepy, brick and mortar video game retailer.
Short selling is absolutely legal and adds to efficiency of the market.
More often than not, the short seller gets hurt & not the company. But there are many who believe it’s harmful to American businesses and short sellers to use media and unsavory practices to put struggling companies in further distress.
This week will definitely bring back the debate on banning short selling. This is a huge win for Elon Musk who has been battling & defeating short sellers for years and wants the practice irradicated.
He’s been unsuccessfully trying to get lawmakers to focus on this for a while.
A few VERY savvy and somewhat anonymous investors spotted this Melvin situation and masterminded a way to enlist this never-before seen “Wall St Betts-Reddit Army” and en masse went on a buying frenzy.
BUT HERE’S WHERE DAVID ABSOLUTELY DID NOT BEAT GOLIATH:
Melvin DID get crushed, but they’ve been completely out of the trade for 2 days, which means the Reddit Army’s
“STICKING IT TO THE MAN” crusade is currently sticking it to your fellow man & possibly getting yourself stuck.
At this point, GameStop is worth $23b and a lot of retail investors own stock in a company worth a tiny fraction of where its stock is currently trading. They could lose 90% because they didn’t understand how the market actually functions.
And other companies in this bonanza, American Airlines & AMC- they’ve already sold shares to raise money, which dilutes everyone and will continue to do so.
And AMC is held by Silver Lake Partners (a massive private equity firm). They already sold out of a massive chunk making hundreds of millions of dollars. That was gifted to them by the Reddit Army marching the stock higher.
There are still SOME shorts, but there are lots of players BIG and very small who own these stocks.
When the music stops and the stocks drop, there will be a lot of pain.
CEO’s of publicly traded companies are worried. Watching how a group can mobilize & go after a target in such force w/ such little underlying logic is very worrisome. Many are huddled up in virtual boardrooms today wondering “what happens when the mob decides they don’t like me?”
As for ROBINHOOD- NO GOOD NEWS to report:
ROBINHOOD proved this week that they are NOT what they promised.
The CEO was happy to announce they have the most popular app, but it’s worthless if it cannot execute trades.
Robinhood users learned The PRICE of “free trades” meant your broker was undercapitalized and couldn’t support the business when you needed it most.
How did that happen?
Robinhood’s model was offering  “free trades”
They drew in scores of individual investors & then sold that order flow to Citadel (which is both a broker/dealer AND a hedge fund - confusing).
But when volume was massive and volatile in a few names, they didn’t have the $$ to meet capital requirements needed when you can’t borrow shares (which is why it only impacted one side of the trade).
They raised $1bn from existing investors Thursday night, so they could fully operate on Friday- but their problems are far from over.

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1) FL absentees, early voting:

*Dems as expected ("souls to the polls Sunday") had a good day and FINALLY take the early walk-in vote lead by 6,100 votes.

Rs total: 1,151,593
Ds total: 1,092,547

Rs +59,046 combined lead. This is very good for this point in the campaign.

2) At this point in 2016, Rs only led by 40,000. I could be mistaken but I think yesterday was the last day polls were open on Sunday, so the final "souls to the polls" Sunday.

3) As of yesterday, four red counties were yet to report. That would likely boost the lead back to 70k

4) I don't think the FL Rs in their wildest dreams expected to lead this late in the campaign.

5) Likewise in NV:
Clark (with its union "encouragement" for members turned out big yesterday and added net 6,000 voters.

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(5) contd. . . were open yesterday. My guesstimate is that would slice that number in half.

While this helped, the NV Ds are still looking at a significant--to potentially massive--shortfall from their 2016 numbers coming out of early voting.

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It's an assault on facts and reason. It's an assault on good governance. It's an assault on the bureaucracies that are being discounted. It's an assault on science and history. But it is also an assault on one of the underpinnings of democracy.

We live in a system that is grounded on the idea of collaborative government. Leaders may have a final word but even then, there are typically checks and balances. Hopefully, in this case, such checks and balances may work. But they also are being tested.

The president's position that he is smarter than all the world's scientists, than the entire intelligence community, than experts who have studied any issue all their lives, is, of course, asinine. But his belief that government turns solely on his opinion, is monarchic.

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[THREAD]


1/ Two nights ago, Rupert Murdoch called on Mitch McConnell, after hours. Since then, two Fox News-related Twitter accounts have not tweeted.

2/ Trump fired Sessions on Wednesday, replacing him with human dildo/Putin collaborator Matt Whitaker. Sessions had asked to stay until Friday and was told to leave immediately. So there was clearly some urgency to install the dildo...er, puppet.

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THREAD

My country is dying

Drowning in the blood of poor

My country is dying

Under the pretenses of a cure

The children of my people are starving in a corner

With their mother dressed in black, playing the role of a mourner

My country is dying, and yet no one cares

1/5


Because the tragedy that happened was yet to be theirs

My country is dying because of its people

Those who turn the other cheek when they witness evil

Acts of defiance resulted in death

Do not defy the king called Macbeth

For he knows no rules, no law to abide

2/5


And his wish remains to conquer and divide

His puppets, they dance to the rhythm of the gun

For they do not care who they shoot, a daughter or a son

It is not in their interest to care for the people

Not the old, nor the young, the fit or the cripple

3/5


This is not a stranger who lays dead on your feet

It is your brother, a comrade, a statistic on repeat

My country is dying and it's begging for help

From its children, the people, to look out for themselves

My country is dying and it's only a matter of time

4/5


Before your life will worth nothing, not even a dime.

And now your country is dying, so why don't you care?

When your home remains here, and not elsewhere.

5/5
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HUF / H!ndu Undivided Family - A thread

HUF or H!ndu undivided family is a special provision under the income tax act which allows H!ndu families to enjoy lesser payable income tax as compared to any other individual.

1/n


It also encompasses Buddhist, Ja!n & Sikh families.

HUF Essentially allows a Joint or any family 4 that matter 2 be treated as an individual & the family’s income 4m inherited property, wills and gifts 2 be taxed separately rather than being clubbed with individual’s income.
+

Essentially they can divide their income in two parts.

What does that mean? In essence, It means that it allows the individuals to reduce the payable income tax, as they do not have to consider income from HUF when calculating “their own” taxable income.

3/n

The income from inherited property,wills, gifts is accounted under HUF (with a separate PAN card) and since it is not summed with individual’s income, it warrants a lower payable tax.

4/n

What’s interesting is that, HUF is based on H!ndu law, which does not govern other families allowed to avail benefits of HUF, i.e Sikhs, Buddhists and Jains.

5/n
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