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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Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix
While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.
The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.
“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”
Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.
“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.
House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”
For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.
National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”
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