advertisement advertisement advertisement The mind-numbing inanity of last week’s GameStop hearing on Capitol Hill was just as predictable as the worthless result. Of course members of both parties wanted in on the media frenzy surrounding Robinhood and WallStreetBets, the Reddit forum where thousands of amateur investors mounted a historic campaign to pump (and dump) the stock of a left-for-dead video game retailer. Talking heads on CNBC were alarmed, and so the House Financial Services Committee ordered hearings, subpoenaed witnesses, and played for the cameras at every turn. By the end of last Thursday’s spectacle, the consensus was clear: We learned absolutely nothing. advertisement advertisement Not surprisingly, Congress focused on the wrong culprit. Yes, Robinhood’s marketing as “the platform for the average investor” ended up conflicting with their treatment of the average investor once they had to stop taking GameStop trades, making them look like greedy hypocrites. (Fast Company has a brief explainer here .) And yes, the use of Reddit and Twitter to drive market forces and propel certain stocks is new and a little scary. But Robinhood, Reddit, and Twitter were all using their platforms in the exact ways they were intended: to spread and drive information and access…. Read full this story
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