Robinhood Sued in Wrongful Death

Doog_de_Jour said:

RaceBannon said:

creepycoug said:

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.

This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?

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?

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!

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 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).

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.

In the meantime, it sounds like we need some babysitting.

GreenRiverGatorz said:

Doog_de_Jour said:

RaceBannon said:

creepycoug said:

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.

This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?

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?

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!

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 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).

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.

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.

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.