this post was submitted on 19 Apr 2024
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[–] [email protected] 12 points 6 months ago* (last edited 6 months ago) (2 children)

Never underestimate the ability of banking and finance to invent new financial products and then tell you how it's beneficial for everyone. (See financial crisis and derivatives for good example of this money making house of cards)

Thank goodness for polits like Warren, a regular target of repubs and wealthy individuals, greedy corps and crypto bros.

*As others pointed, like many other polits, Warren too should be called out for insider-trading. We need less cheerleading and greater accountability. Thank you folks for educating me on this.

[–] [email protected] 1 points 6 months ago

I mean, futures have an effective place in capitalist societies; the onion market is rather volatile because onion futures are banned (for hilarious reasons, I might add). The volatility makes is more difficult to run a sustainable onion farming operation.

As for these water futures, while the concept does seem repulsive to me, I don’t really understand how they are responsible for anything here. If water futures were illegal, water suppliers would still be charging a huge markup today. Water companies sold undervalued futures years(?) ago, and they’re the only ones really losing out here. No skin off my back.

(I think that everything I just said is stupid btw. Don’t take this as a defense of the “system”.)

[–] [email protected] 0 points 6 months ago (1 children)

Talking about a politician who insider-trades her way to tens of millions in gains each year.

The real fix here is to ban speculative trading on anything with either industrial or everyday use (like metals and real estate).

[–] [email protected] 1 points 6 months ago

You are right, thank you for the education. Congressional stock trading should be banned. And Warren like any other polit should be called out on it as well.