Robinhood

The Fundamentalists

Elliott Morgan and Peter Rollins

Society & Culture:philosophy, Philosophy, Society & Culture

4.8 • 743 Ratings

🗓️ 29 January 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week we offer a friendly, philosophic-ish take on the battle that recently erupted between r/WallStreetBets and Wall Street. In the chat, Peter refers to a speech that you can hear by clicking this link https://youtu.be/-OP5OLBauCg

Transcript

Click on a timestamp to play from that location

0:00.0	Hello everybody and welcome to a brand new episode of the Fundamentalists podcast.
0:09.3	My name is Elliot Morgan and I'm here with Peter Rollins and this is a podcast where we discuss the possibility of life before death.
0:15.8	Ever heard of it? We sure have.
0:17.6	This particular episode is brought to you by the lovely folks at R slash Wall Street
0:23.5	Betts over at Reddit.com. We are filming this currently on, or recording this on Thursday,
0:33.1	January 20, May 7th.
0:38.3	Why not?
0:39.6	Doesn't, yeah.
0:40.5	Yeah.
0:42.2	And so I woke up this morning.
0:44.5	I've been seeing things on the internet about the kerfuffle going on over at Wall Street
0:50.8	as a result of a bunch of hooligans on the internet who decided to,
0:57.1	I understand very little about this, but I do think I can say a summary that sounds as broad strokes as possible.
1:05.5	People bought a lot of a stock, particularly GameStop, because it was being shorted by people on Wall Street
1:13.4	who believed that the company was going to fail. And so they shorted it for a lot. These people
1:20.1	got together, bought all the stock, and then therefore the people who shorted it now owe a lot
1:25.0	of money because of the amount that the stock price has increased by.
1:29.9	Is that true?
1:30.5	Yep, that's pretty much it.
1:31.8	As a result, a lot of people, normal people, have made a fair amount of money.
1:38.0	The app Robin Hood, which was once a sponsor of another podcast I'm on called The ValleyCast.
1:45.0	Oh, is that right?
	...

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