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'I Am Not a Cat': The GameStop Hearing Shows How Desperately a New Financial System Is Needed

What we learned from the congressional hearing featuring representatives from Reddit, Melvin Capital, Citadel Securities and Robinhood.

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What we learned from the congressional hearing featuring representatives from Reddit, Melvin Capital, Citadel Securities and Robinhood.

This episode is sponsored by Nexo.io.

This week, instead of our normal Weekly Recap, NLW digs into Thursday’s congressional hearings around GameStop, Robinhood and WallStreetBets.

He explores:

  • Why there was a significant focus on T+2 settlement
  • Bipartisan agreement on retail investors getting screwed, but different diagnoses on how to address
  • Why Keith Gill, aka Roaring Kitty, aka DeepF***ingValue is a new American folk hero

Ultimately, NLW argues that any congressional action needs to make it easier for retail investors to be full participants in the market, rather than further limiting their options.

This week on The Breakdown:

Image credit: lucushoule/r/WallStreetBets