SCOTT GALLOWAY: How to become truly rich (hint: it’s not by trading on Robinhood)

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

The news of the (second) impeachment seems strangely pedestrian after the blowtorch intensity of Reddit versus The Hedge Funds. The good news is that the hedge funds didn't conspire with market makers and trading apps to suppress a (warranted) generational revolution. The inevitable Netflix/Hulu/Starz versions will not be so romantic; Reddit mainly inspired a transfer of wealth from one hedge fund to others. It was a pump and dump masquerading as a movement … with many retail investors left holding the bag. There was a conspiracy behind it, though: Society has conspired for decades, through low interest rates, tax policy, and most recently the stimulus, to transfer wealth from the young to the old — the opposite of a healthy society, in which the ballast is a thriving middle class and optimistic youth.    Since 1989, people under the age of 40 have seen their share of the nation's wealth plummet from 19 percent to nine percent.

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