Amid controversy surrounding the financial app Robinhood, progressive Rep. Alexandria Ocasio-Cortez (D-N.Y.) and conservative Sen. Ted Cruz (R-TX) have agreed that Congress needs to look into the app’s decision to prevent retail investors from freely buying stocks while hedge funds still can.
“This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” Ocasio-Cortez tweeted shortly before noon Thursday. “As a member of the Financial Services Cmte, I’d support a hearing if necessary.”
The self-described democratic socialist was retweeting a report and thread from the outlet Motherboard that Robinhood has stopped users from purchasing stock in GameStop, AMC, Blackberry, and Nokia, saying that “more than half of all Robinhood users own at least some GameStop stock.” These users are now “unable to freely trade it” and “the app is only allowing users to close out their positions.”
MORE ON GAMESTOP & THE STOCK MARKET: WH press secretary replies to question about stock market concerns: ‘We have the first female treasury secretary’
Cruz retweeted Bronx and Queens congresswoman, simply saying: “Fully agree.”
While saying to Cruz she is “happy to work with Republicans on this issue where there’s common ground,” Ocasio-Cortez also told the Texas Republican: “but you almost had me murdered 3 weeks ago so you can sit this one out.”
“Happy to work w/ almost any other GOP that aren’t trying to get me killed,” she added. “In the meantime if you want to help, you can resign.”
Ocasio-Cortez is referring to Cruz being one of the Republicans who was spearheading the effort to challenge the states’ Electoral College votes on January 6, when Congress tallied them and certified President Joe Biden’s 2020 election victory, believing allegations of election fraud. That day, a mob of Trump supporters violently stormed the U.S. Capitol to prevent certification and to “stop the steal.” Other Democrats in Congress have called for the resignation of Cruz as well as Sen. Josh Hawley (R-Mo.), who also helped lead the effort.
Midday on Thursday, while Ocasio-Cortez and Cruz were exchanging tweets, a class action complaint was filed against Robinhood in the U.S. District Court of the Southern District of New York.
Also on the same day of this back-and-forth between the two, former President Donald Trump’s eldest son, Donald Trump Jr., and fellow “Squad” member Rep. Rashida Tlaib (D-Mich.) are also agreeing with the two about Robinhood.
“It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street,” Trump Jr. tweeted Thursday morning. “This is what a rigged system looks like, folks!”
Trump Jr. was retweeting an article from the founder of pop-culture site Barstool Sports, Dave Portnoy, criticizing Robinhood.
Tlaib retweeted the same Motherboard thread as Ocasio-Cortez—though prior to the New York congresswoman—saying: “This is beyond absurd. @FSCDems need to have a hearing on Robinhood’s market manipulation. They’re blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who’ve used the stock market as a casino for decades.”
Replying to the popular finance-centric social media account “litquidity” pointing out that this odd assortment of political figures agrees with each other, Trump Jr. said: “Seriously…. I’m going long on Flying Pigs…”
You can follow Douglas Braff on Twitter @Douglas_P_Braff.
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No help at our border, but Biden announces $5 billion going to bike paths, wider sidewalks
In the world of Democrat delusion, they think $5 billion is necessary, at this point in time, to make bike paths and widen side walks. You cannot make this up. They have approved $40 billion in aide to Ukraine in a heartbeat under President Biden, while having rejected former President Trump’s request for a mere $5 billion to secure our border.
The news also comes as fentanyl and the drug overdoses are the number one cause of death in the U.S. There’s also an increase in human smuggling and extortion to pay to cross the border. But no; let’s make some bike paths and widen sidewalks. That is an immediate emergency.
Transportation Secretary Pete Buttigieg announced Monday that money will be used over five years under his department’s new “Safe Streets & Roads for All” program. The $5 billion ini federals funds will be used “to slow down cars chia more speed cameras, carve out bike paths and wider sidewalks and urging commuters to public transit” reports Daily Mail.
“The aim will be to provide a direct infusion of federal cash to communities that pledge to promote safety for the multiple users of a roadway, particularly pedestrians and bicyclists.” The announcement also coincides with the six-month anniversary of President Biden’s infrastructure legislation, and the beginning of the 2022 “infrastructure week.”
The desire to fix roads is a noble one, as “road traffic injuries also are the leading cause of death among young people aged 5-29. Young adults aged 15-4 account for more than half of all road deaths” reports Daily Mail, which adds:
Still, much of the federal roadmap relies on cooperation from cities and states, and it could take months if not years to fully implement with discernible results – too late to soothe 2022 midterm voters unsettled by this and other pandemic-related ills, such as rising crime.
The latest U.S. guidance Monday invites cities and localities to sketch out safety plans in their applications for the federal grants, which are to be awarded late this year.
It cites examples of good projects as those that promise to transform a high-crash roadway, such as by adding rumble strips to slow cars or installing speed cameras, which the department says could provide more equitable enforcement than police traffic stops; flashing beacons for pedestrian crosswalks; new ‘safe routes’ via sidewalks or other protected pathways to school or public transit in underserved communities; and other ‘quick build’ roadway changes designed with community input.
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