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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White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis
The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.
“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”
Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”
“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”
“What’s inaccurate?” Doocy asked.
“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.
“I didn’t say ‘wanting.’ I said, is it being studied right now? Is the administration studying the impact of shutting down the Line 5?”
“Yeah. Yes, we are. We are,” Jean-Pierre admitted.
DOOCY: "Is the administration studying the impact of shutting down the Line 5?"
JEAN-PIERRE: "Yes we are." pic.twitter.com/V5XKhgcmAJ
— Townhall.com (@townhallcom) November 8, 2021
The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.
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