Somebody Should Sue For The Misuse of Robin Hood’s Name…

…and give the money to the poor. Here we go again with the free stuff; free money at casinos, sports betting sites, and brokerage commissions. Low and free brokerage commissions are not anything new. They are part of a pay to play system. They have been coming down since the 1980s when there was a paradigm shift from pensions to 401ks. I know I sound like a broken record blaming Reagan for all our economic ills whether micro or macro. I happen to think I am correct and the timing fits. My guess is that we all know people who are still waiting for their trickle.

I once again will leave you to research specific names as I would rather not name those who are in the business at the moment when there are others before them and others behind them looking to steal from the poor (of money or of understanding) for the benefit of the rich. I would tell you what little I know if I thought you should be in the arena. I do not.

I was in the options industry for too long. I was a dinosaur who did not use electronics to do business. Remember I was in an industry that I had no business being in as a person with a gambling disorder. I watched, and to my small credit, argued against some of the free stuff model we have seen in the news lately. Why would I argue against the public getting their orders filled in milliseconds a whole lot cheaper than in the past and without the vagaries of the older “dinosaur” system that I believed was fairer (a relative term)?

I am against people and their orders being used to benefit those who now play in a black box scenario without transparency. What is the benefit of the black box “market-makers” to pay to play? If there is one, and there is, it is not for the benefit of the person who is trading for “free”. This might be the last play of the unintended consequences of the Reagan years. I doubt it. I can not imagine what comes next. My guess is that this last round has created losses and pain for many more people than the ones you have read about that made money recently.

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