Robinhood Sued in Wrongful Death
https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/
Comments
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Supposedly the stories of stock brokers jumping out of windows in 1929 were urban legends. Didn't happen
This story is a sad tale of loss but the parents suing is part of the problem little Timmy had accepting that he fucked up only not as bad as he thought
It isn't always someone else's fault
In the financial markets everyone doesn't get post game orange slices
@PGOS -
Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
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Not sure. Not my area, but wrongful death really does require some fault, and "I didn't know what I was doing" coupled with letting him do it ... eh. Maybe.Doog_de_Jour said:Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
It's not like letting a 10 year old drive on the highway. Is the hazard you created so reckless as to make a death reasonable foreseeable?
One of the other attorneys who actually try cases should answer. -
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier. -
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while? -
Jesus, if you can’t critically think by age 20 that something is wrong then maybe life was not for him.
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I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us. -
I'm not sure that's middle of the road, it's just common sense.RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
Too late to undo now, but having SS recipients actually receiving their own mandated savings from years prior makes a lot more sense than the convaluted ponzi scheme we have now where the impending doom of insolvency is always around the corner of the next generational demographic shift. I'd imagine it'd be a hell of a lot simpler to administer as well. -
It would require a lock boxGreenRiverGatorz said:
I'm not sure that's middle of the road, it's just common sense.RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
Too late to undo now, but having SS recipients actually receiving their own mandated savings from years prior makes a lot more sense than the convaluted ponzi scheme we have now where the impending doom of insolvency is always around the corner of the next generational demographic shift. I'd imagine it'd be a hell of a lot simpler to administer as well.
And that was the main reason I voted for Gore in 2000 - the lock box
Alas there is no lock box -
I don't know too many 20 year olds who should be fucking around in derivatives. Of the people who I personally know who do, I'd guess 1/2 actually really know what they're doing.FireCohen said:Jesus, if you can’t critically think by age 20 that something is wrong then maybe life was not for him.
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I'm in for that, but we're agreed that is still some form of babysitting.RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
The reason I believe in some babysitting is that we're all going to help these people in the end if they don't have enough on which to live. Talk about your bloated welfare state. -
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money. -
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting. -
Lol I am too lazy to cash out. Got like 3 retirement accounts with different places. Don’t remember the log into the first one lolzDoog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money. -
Yep. Even people who are smart about money let life happen to them and then they are not smart about money.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money. -
Then again, I'm a commie centrist, who loves to lie, and loves to be lied to, so don't rely on what I say.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting. -
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug. -
I've never been a fan of options trading, especially if you're a young and inexperienced trader. Position trading is the farthest I'll go. You don't earn as much if you hit, but your losses are capped at what's funded. Shorting is a terrible idea unless you're a hedge fund and using other people's money.
The fact that Robinhood mistakenly sent a demand email, might give the family a case. -
Never talked about money when I was a kid. It wasn't an issue. Never heard of a mortgage or why we were living in a house. Food appeared on the tableDoog_de_Jour said:
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug.
We weren't rich but comfortable as it was called. New clothes for school and a summer vacation.
The only advice was to save half of what you earn. Ooops.
Anyway that's how I've lived. If we need it, it will be there.
As for babysitting I'm 81 percent sure if we were smart and efficient we could take care of those who failed far cheaper than we do now. I don't think that's too controversial
As a country we simply aren't going to put folks on an ice flow
Sad -
And the abyss podcast was one of our most popular
People enjoyed my failure and rebound -
I wondered about the letter. I was thinking if I were counsel I’d like to have that letter back.greenblood said:I've never been a fan of options trading, especially if you're a young and inexperienced trader. Position trading is the farthest I'll go. You don't earn as much if you hit, but your losses are capped at what's funded. Shorting is a terrible idea unless you're a hedge fund and using other people's money.
The fact that Robinhood mistakenly sent a demand email, might give the family a case. -
I don’t get it. Is it that you don’t see a clear legal case you can stick RH with in court? or, you philosophically don’t think RH “should” be sued?creepycoug said:
Not sure. Not my area, but wrongful death really does require some fault, and "I didn't know what I was doing" coupled with letting him do it ... eh. Maybe.Doog_de_Jour said:Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
It's not like letting a 10 year old drive on the highway. Is the hazard you created so reckless as to make a death reasonable foreseeable?
One of the other attorneys who actually try cases should answer.
My .02 from afar without reading the article yet.
I’m sorry you took your life. I wish I could have been there for you as your leveraged dream was melting. I think I could have helped you and you’d be alive today, a little wiser and better prepared to make another run... when you’re ready... Next time.
I’m sorry. -
The case. Wrongful death is a tort and there has to be some foreseeability. I don't want to be the court that sets the precedent that providing a forum for people of age to gamble on (Yes, Wall Street is a casino) foreseeably leads to suicide such that the provision of that platform is reckless on the provider's part. Maybe you don't need recklessness, but mere negligence. Not sure.doogie said:
I don’t get it. Is it that you don’t see a clear legal case you can stick RH with in court? or, you philosophically don’t think RH “should” be sued?creepycoug said:
Not sure. Not my area, but wrongful death really does require some fault, and "I didn't know what I was doing" coupled with letting him do it ... eh. Maybe.Doog_de_Jour said:Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
It's not like letting a 10 year old drive on the highway. Is the hazard you created so reckless as to make a death reasonable foreseeable?
One of the other attorneys who actually try cases should answer.
My .02 from afar without reading the article yet.
I’m sorry you took your life. I wish I could have been there for you as your leveraged dream was melting. I think I could have helped you and you’d be alive today, a little wiser and better prepared to make another run... when you’re ready... Next time.
I’m sorry.
Like I said, it would be a helluva precedent. But maybe not. -
I missed this. Any chance we can get Stalin to replay?RaceBannon said:And the abyss podcast was one of our most popular
People enjoyed my failure and rebound -
Agreed. I tend to think that when you get right down to it, even the most hardened libertarian knows that in real practical life none of us are interested in stepping over starving corpses and seeing what we're seeing with the opioid epidemic x 10 or worse. We're all gonna pay some to be our brother's (and sister's! @Doog_de_Jour ) keepers to some extent.RaceBannon said:
Never talked about money when I was a kid. It wasn't an issue. Never heard of a mortgage or why we were living in a house. Food appeared on the tableDoog_de_Jour said:
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug.
We weren't rich but comfortable as it was called. New clothes for school and a summer vacation.
The only advice was to save half of what you earn. Ooops.
Anyway that's how I've lived. If we need it, it will be there.
As for babysitting I'm 81 percent sure if we were smart and efficient we could take care of those who failed far cheaper than we do now. I don't think that's too controversial
As a country we simply aren't going to put folks on an ice flow
Sad -
I could be Race Bannon.RaceBannon said:
Never talked about money when I was a kid. It wasn't an issue. Never heard of a mortgage or why we were living in a house. Food appeared on the tableDoog_de_Jour said:
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug.
We weren't rich but comfortable as it was called. New clothes for school and a summer vacation.
The only advice was to save half of what you earn. Ooops.
Anyway that's how I've lived. If we need it, it will be there.
As for babysitting I'm 81 percent sure if we were smart and efficient we could take care of those who failed far cheaper than we do now. I don't think that's too controversial
As a country we simply aren't going to put folks on an ice flow
Sad
Only I'm way younger and smarter.
But this is how my life went growing up, too, and I'm not really sure why. I guess we were just expected to figure it the fuck out. I didn't do a fantastic job of that, but then again, I have a nice house, a nice wife and kids, I don't miss meals, I go on vacation and I pay my bills without anyone's help. So I guess our folks weren't clueless - they just could have done a bit better job with giving financial advice.
The bad part is, I'm a lot like they were. My kids seem to have it pretty well figured out, and I'm not the kind of parent to tell them how to lead the life I wanted - they can figure that shit out themselves.
Hopefully they won't be moving back in with me because I didn't fill them in like I should have. -
“...then pushed them to engage in risky trading practices. And when those investors needed help — as Alex did the day he died — Robinhood provided no "meaningful customer support," the suit says.”
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him? -
I’m pretty much there with you myself.doogie said:“...then pushed them to engage in risky trading practices. And when those investors needed help — as Alex did the day he died — Robinhood provided no "meaningful customer support," the suit says.”
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him?
But Fuck, I also say this. Both parties are free to contract in Rand Paul’s America damn it. If Robin of the Hood lets, say, a 20 year old kid who has demonstrated no credit to trade on their platform and it turns out he’s not good for it, then fuck them if they can’t collect. Don’t ask the parents. They didn’t contract with you. -
I raise.GreenRiverGatorz said:
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.Doog_de_Jour said:
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).RaceBannon said:
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!creepycoug said:
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?GreenRiverGatorz said:I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
So yeah, people aren’t always wise when it comes to their money.
In the meantime, it sounds like we need some babysitting.
I think financial literacy should start in the 4th grade, when kids still care and are impressionable.
HS is too late, especially when credit companies target that demographic early and often.
Would you like a 80" teevee, a super special gaming chair? Would you like 400hp under the hood in a tricked out ride? Have you thought about going to college? Just pay later!
