By now almost everyone has heard about the manipulation of GameStop’s stock by some savvy young techies. Although GameStop is not the only stock they were manipulating, the fact that they were able to do it, should give us pause. Manipulative market behavior creates investor loss and often, non-investors lose their jobs! However, we all should know, by now, the stock market is a gamblers paradise.
When our economic system is tied to a gamblers dream, there are always too many willing to gamble the rest of our lives on the outcome. Meaning our economy is way too tied to the stock market. The Great Recession was the result of Big Finance companies and their drive to manipulate their profit resulting in the loss of our financial well-being . . . some of us money, some of us jobs, or both.
There are much better ways that We the People can have at least the same knowledge, and preferably more, and much more control over our financial destiny. There is nothing that says our funding mechanism for our businesses must be the stock market, especially, our publicly held companies. We need the process of funding publicly held companies to be much closer to an understanding that all public companies work for all of us and each of us, not just stockholders and executives. If we move to that understanding, the funding mechanism for Big Business becomes much more stable and benefits all of us and each of us.