are<00:00:00.240> you<00:00:00.399> confused<00:00:01.680> don't<00:00:01.920> worry<00:00:02.159> if<00:00:02.320> you<00:00:02.480> are

are you confused don't worry if you are

are you confused don't worry if you are because<00:00:02.800> i<00:00:02.879> have<00:00:03.040> gary<00:00:03.360> stevenson

because i have gary stevenson

because i have gary stevenson former<00:00:04.480> city<00:00:04.720> trader<00:00:05.120> now<00:00:05.279> inequality

former city trader now inequality

former city trader now inequality economist<00:00:06.560> on<00:00:06.640> the<00:00:06.799> show<00:00:07.040> to<00:00:07.279> explain<00:00:07.680> it<00:00:07.839> all

economist on the show to explain it all

economist on the show to explain it all gary<00:00:08.400> thank<00:00:08.559> you<00:00:08.639> so<00:00:08.800> much<00:00:08.880> for<00:00:09.040> joining<00:00:09.440> us

gary thank you so much for joining us

gary thank you so much for joining us hi<00:00:10.639> michael<00:00:10.960> thanks<00:00:11.120> for<00:00:11.280> having<00:00:11.519> me<00:00:12.559> um<00:00:12.880> so<00:00:13.120> uh

hi michael thanks for having me um so uh

hi michael thanks for having me um so uh to<00:00:13.920> start<00:00:14.320> now<00:00:15.519> you<00:00:15.599> know<00:00:15.679> you're<00:00:15.759> talking<00:00:16.000> to

to start now you know you're talking to

to start now you know you're talking to someone<00:00:16.400> with<00:00:16.560> not<00:00:16.720> a<00:00:16.800> great<00:00:16.960> deal<00:00:17.199> of

someone with not a great deal of

someone with not a great deal of knowledge<00:00:17.520> about<00:00:17.760> the<00:00:17.840> stock<00:00:18.000> market<00:00:18.320> and<00:00:18.480> so

knowledge about the stock market and so

knowledge about the stock market and so what<00:00:18.720> i<00:00:18.800> know<00:00:18.960> about<00:00:19.119> you<00:00:19.199> know<00:00:19.359> hedge<00:00:19.600> funds

what i know about you know hedge funds

what i know about you know hedge funds they<00:00:20.000> normally<00:00:20.320> gamble<00:00:20.640> on<00:00:20.720> the<00:00:20.800> stock<00:00:21.039> market

they normally gamble on the stock market

they normally gamble on the stock market sometimes<00:00:21.840> they<00:00:22.000> win<00:00:22.240> money<00:00:22.480> sometimes<00:00:23.039> they

sometimes they win money sometimes they

sometimes they win money sometimes they lose

lose

lose the<00:00:24.080> same<00:00:24.320> goes<00:00:24.560> for<00:00:24.720> retail<00:00:25.119> investors<00:00:25.599> they

the same goes for retail investors they

the same goes for retail investors they lots<00:00:26.240> of<00:00:26.400> ordinary<00:00:26.800> people

lots of ordinary people

lots of ordinary people bet<00:00:27.599> on<00:00:27.680> the<00:00:27.840> stock<00:00:28.000> market<00:00:28.400> sometimes<00:00:28.800> they

bet on the stock market sometimes they

bet on the stock market sometimes they win<00:00:29.279> sometimes<00:00:30.240> they<00:00:30.560> lose

win sometimes they lose

win sometimes they lose um<00:00:31.920> you<00:00:32.000> know<00:00:32.320> on<00:00:32.480> one<00:00:32.640> level<00:00:32.880> that's<00:00:33.120> just

um you know on one level that's just

um you know on one level that's just what's<00:00:33.840> happening

what's happening

what's happening here<00:00:35.040> so<00:00:35.200> what's<00:00:35.600> what's<00:00:36.000> special<00:00:36.640> about

here so what's what's special about

here so what's what's special about what's<00:00:37.200> being<00:00:37.440> going<00:00:37.760> on<00:00:38.000> with<00:00:38.239> with<00:00:38.480> gamestop

what's being going on with with gamestop

what's being going on with with gamestop this<00:00:39.120> week

this week

this week well<00:00:41.200> i<00:00:41.280> mean<00:00:41.600> the<00:00:41.760> reason<00:00:41.920> it's<00:00:42.079> all<00:00:42.160> over<00:00:42.320> the

well i mean the reason it's all over the

well i mean the reason it's all over the news<00:00:42.960> the<00:00:43.120> scale<00:00:43.520> of<00:00:43.600> what's<00:00:43.760> happened

news the scale of what's happened

news the scale of what's happened this<00:00:44.399> week<00:00:44.640> is<00:00:44.879> phenomenal<00:00:45.360> right<00:00:45.600> like<00:00:45.760> you

this week is phenomenal right like you

this week is phenomenal right like you said<00:00:46.000> it's<00:00:46.079> gone<00:00:46.320> one<00:00:46.559> thousand<00:00:46.879> seventeen

said it's gone one thousand seventeen

said it's gone one thousand seventeen hundred

hundred

hundred percent<00:00:48.320> in<00:00:48.559> in<00:00:48.719> about<00:00:48.879> two<00:00:49.039> weeks<00:00:49.680> um<00:00:49.840> that's

percent in in about two weeks um that's

percent in in about two weeks um that's you<00:00:50.160> know<00:00:50.320> it<00:00:50.399> increases<00:00:50.719> 17<00:00:51.120> times

you know it increases 17 times

you know it increases 17 times um<00:00:53.360> this<00:00:53.680> the<00:00:53.840> speed<00:00:54.079> in<00:00:54.239> the<00:00:54.320> scale<00:00:54.559> is

um this the speed in the scale is

um this the speed in the scale is enormous<00:00:55.039> and

enormous and

enormous and we<00:00:55.520> don't<00:00:55.680> normally<00:00:55.920> see<00:00:56.160> things<00:00:56.320> like<00:00:56.399> this

we don't normally see things like this

we don't normally see things like this it's<00:00:57.360> basically<00:00:57.760> taking<00:00:58.000> down<00:00:58.239> a<00:00:58.320> massive

it's basically taking down a massive

it's basically taking down a massive wall<00:00:58.800> street<00:00:58.960> hedge<00:00:59.280> fund

wall street hedge fund

wall street hedge fund um<00:01:00.800> i<00:01:00.960> think<00:01:02.000> we<00:01:02.160> need<00:01:02.239> to<00:01:02.320> put<00:01:02.399> this<00:01:02.559> in<00:01:02.640> a

um i think we need to put this in a

um i think we need to put this in a little<00:01:02.879> bit<00:01:02.960> of<00:01:03.039> context<00:01:03.359> of<00:01:03.440> what's<00:01:03.600> been

little bit of context of what's been

little bit of context of what's been happening<00:01:03.920> over<00:01:04.080> the<00:01:04.159> last<00:01:04.400> year<00:01:04.559> right

happening over the last year right

happening over the last year right obviously<00:01:05.360> the<00:01:05.439> us<00:01:05.840> is<00:01:05.920> in<00:01:06.000> the<00:01:06.080> middle<00:01:06.240> of

obviously the us is in the middle of

obviously the us is in the middle of corona<00:01:06.880> it's<00:01:06.960> like<00:01:07.200> us<00:01:07.600> there's<00:01:07.840> millions<00:01:08.159> of

corona it's like us there's millions of

corona it's like us there's millions of people<00:01:08.479> sitting<00:01:08.720> at<00:01:08.799> home<00:01:08.960> they<00:01:09.119> can't<00:01:09.360> work

people sitting at home they can't work

people sitting at home they can't work they're<00:01:10.159> not<00:01:10.320> able<00:01:10.479> to<00:01:10.560> get<00:01:10.720> an<00:01:10.840> income<00:01:11.840> and<00:01:12.080> in

they're not able to get an income and in

they're not able to get an income and in that<00:01:12.400> period<00:01:12.880> the<00:01:13.040> stock<00:01:13.280> market<00:01:13.600> has<00:01:13.760> been

that period the stock market has been

that period the stock market has been flying<00:01:14.400> through<00:01:14.640> the<00:01:14.720> roof

flying through the roof

flying through the roof amazon<00:01:16.000> stock<00:01:16.240> price<00:01:16.479> has<00:01:16.560> doubled<00:01:16.880> that's

amazon stock price has doubled that's

amazon stock price has doubled that's jeff<00:01:17.280> bezos's<00:01:17.680> net<00:01:17.840> worth

jeff bezos's net worth

jeff bezos's net worth tesla's<00:01:19.439> up<00:01:19.520> about<00:01:19.759> five<00:01:20.080> times<00:01:20.720> bitcoin's

tesla's up about five times bitcoin's

tesla's up about five times bitcoin's doing<00:01:21.280> whatever<00:01:21.520> bitcoin<00:01:21.920> is<00:01:22.000> doing

doing whatever bitcoin is doing

doing whatever bitcoin is doing ordinary<00:01:23.280> people<00:01:23.439> are<00:01:23.520> sitting<00:01:23.759> home<00:01:23.920> trying

ordinary people are sitting home trying

ordinary people are sitting home trying to<00:01:24.159> work<00:01:24.479> but<00:01:24.720> works<00:01:25.040> not<00:01:25.119> working<00:01:25.439> for<00:01:25.520> them

to work but works not working for them

to work but works not working for them right<00:01:25.840> they<00:01:26.000> can't<00:01:26.159> make<00:01:26.320> any<00:01:26.560> money

right they can't make any money

right they can't make any money and<00:01:27.119> they're<00:01:27.439> just<00:01:27.680> seeing<00:01:28.640> the<00:01:28.720> wealthiest

and they're just seeing the wealthiest

and they're just seeing the wealthiest people<00:01:29.680> their<00:01:29.920> money<00:01:30.079> in<00:01:30.159> the<00:01:30.240> stock<00:01:30.479> market

people their money in the stock market

people their money in the stock market just

just

just absolutely<00:01:31.600> making<00:01:31.920> tons<00:01:32.240> and<00:01:32.400> this<00:01:32.560> is<00:01:32.640> on

absolutely making tons and this is on

absolutely making tons and this is on top<00:01:33.040> of<00:01:33.840> 12<00:01:34.159> years<00:01:34.400> since<00:01:34.560> 2008<00:01:35.119> when<00:01:35.280> the

top of 12 years since 2008 when the

top of 12 years since 2008 when the stock<00:01:35.520> market<00:01:35.759> has<00:01:35.840> gone<00:01:36.000> up<00:01:36.079> i<00:01:36.159> think<00:01:36.400> five<00:01:36.640> or

stock market has gone up i think five or

stock market has gone up i think five or six<00:01:36.960> times

six times

six times so<00:01:38.640> i<00:01:38.720> think<00:01:38.880> what<00:01:39.040> you're<00:01:39.200> seeing<00:01:39.520> is

so i think what you're seeing is

so i think what you're seeing is ordinary<00:01:40.240> people<00:01:40.479> starting<00:01:40.799> to<00:01:40.880> realize<00:01:41.360> that

ordinary people starting to realize that

ordinary people starting to realize that you<00:01:42.079> know<00:01:42.240> we<00:01:42.320> have<00:01:42.399> a<00:01:42.560> stock<00:01:42.720> market<00:01:43.119> that<00:01:44.079> it

you know we have a stock market that it

you know we have a stock market that it goes<00:01:44.479> up<00:01:44.640> in<00:01:44.720> good<00:01:44.880> times<00:01:45.280> and<00:01:45.439> it<00:01:45.680> goes<00:01:45.840> up<00:01:46.000> in

goes up in good times and it goes up in

goes up in good times and it goes up in bad<00:01:46.320> times

bad times

bad times whatever<00:01:47.119> happens<00:01:47.680> the<00:01:47.840> rich<00:01:48.000> seems<00:01:48.159> to<00:01:48.240> be

whatever happens the rich seems to be

whatever happens the rich seems to be protected<00:01:48.880> and<00:01:49.040> ordinary<00:01:49.439> workers<00:01:49.680> are<00:01:49.759> not

protected and ordinary workers are not

protected and ordinary workers are not so<00:01:50.079> they<00:01:50.159> want<00:01:50.240> to<00:01:50.320> get<00:01:50.479> involved

so they want to get involved

so they want to get involved i<00:01:51.280> think<00:01:51.520> really<00:01:51.759> this<00:01:51.840> is<00:01:52.000> the<00:01:52.079> culmination

i think really this is the culmination

i think really this is the culmination of<00:01:53.280> many<00:01:53.600> years<00:01:53.920> of<00:01:54.079> ordinary<00:01:54.479> people<00:01:54.640> getting

of many years of ordinary people getting

of many years of ordinary people getting left<00:01:55.040> behind

left behind

left behind of<00:01:56.000> the<00:01:56.159> stock<00:01:56.320> market<00:01:56.640> is<00:01:56.719> getting<00:01:56.880> bailed

of the stock market is getting bailed

of the stock market is getting bailed out<00:01:57.600> when<00:01:57.759> those<00:01:57.920> only<00:01:58.159> people<00:01:58.399> aren't

out when those only people aren't

out when those only people aren't and<00:01:59.360> um<00:02:00.159> yeah<00:02:00.320> obviously<00:02:00.799> this<00:02:01.040> is<00:02:02.000> this<00:02:02.240> is

and um yeah obviously this is this is

and um yeah obviously this is this is the<00:02:02.399> culmination<00:02:02.880> of<00:02:03.040> it<00:02:03.119> people<00:02:03.280> getting

the culmination of it people getting

the culmination of it people getting together<00:02:03.680> on<00:02:03.840> reddit<00:02:04.159> and<00:02:04.320> starting<00:02:04.560> to

together on reddit and starting to

together on reddit and starting to it's<00:02:05.600> not<00:02:05.840> really<00:02:06.240> it's<00:02:06.320> not<00:02:06.479> even<00:02:06.640> just

it's not really it's not even just

it's not really it's not even just gamestop<00:02:07.280> they're<00:02:07.439> going<00:02:07.600> into<00:02:07.759> other<00:02:07.920> things

gamestop they're going into other things

gamestop they're going into other things now

now

now um<00:02:10.239> i<00:02:10.319> think<00:02:10.479> this<00:02:10.640> is<00:02:10.720> ordinary<00:02:11.120> people<00:02:11.360> they

um i think this is ordinary people they

um i think this is ordinary people they don't<00:02:11.599> want<00:02:11.760> to

don't want to

don't want to well<00:02:12.720> they<00:02:12.800> want<00:02:12.959> their<00:02:13.120> share<00:02:13.280> of<00:02:13.360> the<00:02:13.440> pie

well they want their share of the pie

well they want their share of the pie basically<00:02:14.080> they<00:02:14.160> see<00:02:14.319> it<00:02:14.400> keep<00:02:14.560> going<00:02:14.959> just

basically they see it keep going just

basically they see it keep going just the<00:02:15.280> stock<00:02:15.520> markets<00:02:15.840> and<00:02:16.080> they<00:02:16.239> want<00:02:16.319> to<00:02:16.400> get

the stock markets and they want to get

the stock markets and they want to get involved

involved

involved yes<00:02:18.640> you<00:02:18.800> you<00:02:18.959> brought<00:02:19.200> up<00:02:19.280> this<00:02:19.360> is<00:02:19.520> you<00:02:19.599> know

yes you you brought up this is you know

yes you you brought up this is you know ordinary<00:02:20.160> people<00:02:20.400> against<00:02:20.720> wall<00:02:20.879> street

ordinary people against wall street

ordinary people against wall street that's<00:02:21.280> what<00:02:21.360> we're<00:02:21.440> going<00:02:21.520> to<00:02:21.599> discuss

that's what we're going to discuss

that's what we're going to discuss next<00:02:22.319> you<00:02:22.400> know<00:02:22.560> the<00:02:22.720> extent<00:02:22.959> to<00:02:23.120> which<00:02:23.360> this

next you know the extent to which this

next you know the extent to which this is<00:02:24.239> a<00:02:24.319> popular<00:02:24.800> uprising<00:02:25.280> or<00:02:25.360> just<00:02:25.599> a

is a popular uprising or just a

is a popular uprising or just a get-rich-quick<00:02:26.400> plan<00:02:26.720> by<00:02:26.959> some

get-rich-quick plan by some

get-rich-quick plan by some people<00:02:27.680> on<00:02:27.840> reddit<00:02:28.480> um<00:02:29.200> to<00:02:29.520> before<00:02:29.840> we<00:02:30.000> do<00:02:30.160> that

people on reddit um to before we do that

people on reddit um to before we do that to<00:02:30.400> sort<00:02:30.560> of<00:02:30.640> frame<00:02:30.800> this<00:02:30.959> discussion<00:02:31.360> i<00:02:31.360> want

to sort of frame this discussion i want

to sort of frame this discussion i want to<00:02:31.519> go<00:02:31.680> to<00:02:31.760> a<00:02:31.840> couple<00:02:32.000> of<00:02:32.160> clips

to go to a couple of clips

to go to a couple of clips um<00:02:33.040> from<00:02:33.280> cnbc<00:02:33.920> so<00:02:34.080> that's<00:02:34.239> the<00:02:34.319> financial

um from cnbc so that's the financial

um from cnbc so that's the financial news<00:02:35.200> channel<00:02:35.519> in<00:02:35.599> the<00:02:35.680> united

news channel in the united

news channel in the united states<00:02:36.400> so<00:02:36.480> the<00:02:36.560> first<00:02:36.800> clip<00:02:37.040> i'm<00:02:37.120> going<00:02:37.280> to

states so the first clip i'm going to

states so the first clip i'm going to show<00:02:37.519> you<00:02:37.680> is<00:02:37.840> from<00:02:38.000> william<00:02:38.400> legate<00:02:38.879> he<00:02:39.040> is

show you is from william legate he is

show you is from william legate he is founder

founder

founder and<00:02:40.160> ceo<00:02:40.720> of<00:02:40.879> a<00:02:40.959> cryptocurrency<00:02:41.760> platform<00:02:42.400> and

and ceo of a cryptocurrency platform and

and ceo of a cryptocurrency platform and a<00:02:42.640> follower<00:02:42.959> of<00:02:43.040> the<00:02:43.120> wall<00:02:43.360> street<00:02:43.680> bets

a follower of the wall street bets

a follower of the wall street bets subreddit<00:02:44.720> he<00:02:44.879> explained<00:02:45.280> how<00:02:45.519> he

subreddit he explained how he

subreddit he explained how he characterizes<00:02:46.720> the<00:02:46.879> gamestop<00:02:47.360> phenomenon

characterizes the gamestop phenomenon

characterizes the gamestop phenomenon on<00:02:48.840> cnbc<00:02:50.160> these<00:02:50.480> people<00:02:50.800> are<00:02:50.959> just

on cnbc these people are just

on cnbc these people are just in<00:02:51.440> general<00:02:52.319> wanting<00:02:52.640> to<00:02:52.800> give<00:02:52.959> wall<00:02:53.120> street

in general wanting to give wall street

in general wanting to give wall street the<00:02:53.599> finger<00:02:53.920> quite<00:02:54.160> frankly

the finger quite frankly

the finger quite frankly um<00:02:55.040> they<00:02:55.200> view<00:02:55.519> the<00:02:56.000> the<00:02:56.160> system<00:02:56.560> as<00:02:56.720> being

um they view the the system as being

um they view the the system as being rigged<00:02:57.120> against<00:02:57.440> them<00:02:57.680> i<00:02:57.760> think<00:02:58.080> that<00:02:58.239> this

rigged against them i think that this

rigged against them i think that this entire<00:02:58.800> movement<00:02:59.200> has

entire movement has

entire movement has really<00:03:00.080> validated<00:03:00.640> that<00:03:00.959> and<00:03:01.200> made<00:03:01.440> it<00:03:01.680> very

really validated that and made it very

really validated that and made it very clear<00:03:02.400> to<00:03:02.720> most<00:03:02.959> americans<00:03:03.440> that<00:03:03.519> that<00:03:03.760> is<00:03:03.920> the

clear to most americans that that is the

clear to most americans that that is the case

case

case um<00:03:04.800> you<00:03:04.959> have<00:03:05.680> if<00:03:05.920> i<00:03:06.319> personally<00:03:06.959> invested<00:03:07.360> my

um you have if i personally invested my

um you have if i personally invested my own<00:03:07.599> money<00:03:07.840> and<00:03:07.920> lost<00:03:08.159> half<00:03:08.319> of<00:03:08.400> my<00:03:08.560> portfolio

own money and lost half of my portfolio

own money and lost half of my portfolio overnight

overnight

overnight no<00:03:09.840> one<00:03:09.920> on<00:03:10.000> wall<00:03:10.239> street<00:03:10.480> would<00:03:10.720> you<00:03:10.800> know

no one on wall street would you know

no one on wall street would you know would<00:03:11.120> care<00:03:11.360> at<00:03:11.519> all<00:03:11.680> if<00:03:11.920> a<00:03:12.000> hedge<00:03:12.239> fund<00:03:12.400> loses

would care at all if a hedge fund loses

would care at all if a hedge fund loses half<00:03:12.800> their<00:03:12.959> money<00:03:13.120> overnight<00:03:13.599> all<00:03:13.680> of<00:03:13.760> a

half their money overnight all of a

half their money overnight all of a sudden

sudden

sudden you<00:03:14.480> can't<00:03:14.800> trade<00:03:15.040> anymore<00:03:15.680> and<00:03:16.239> you<00:03:16.319> know

you can't trade anymore and you know

you can't trade anymore and you know they<00:03:16.879> stop

they stop

they stop the<00:03:17.519> free<00:03:17.760> market<00:03:18.159> in<00:03:18.239> order<00:03:18.560> to<00:03:18.800> allow<00:03:19.200> these

the free market in order to allow these

the free market in order to allow these funds<00:03:19.760> to<00:03:19.920> rebalance<00:03:20.560> their<00:03:20.800> positions<00:03:21.440> i

funds to rebalance their positions i

funds to rebalance their positions i think<00:03:21.920> that<00:03:22.000> that's<00:03:22.400> extremely<00:03:22.959> wrong<00:03:23.440> and

think that that's extremely wrong and

think that that's extremely wrong and against<00:03:24.400> you<00:03:24.480> know<00:03:24.640> everything<00:03:24.959> that<00:03:25.040> the

against you know everything that the

against you know everything that the market's<00:03:25.440> supposed<00:03:25.680> to<00:03:25.760> be<00:03:26.000> standing<00:03:26.319> for

market's supposed to be standing for

market's supposed to be standing for from<00:03:27.280> your<00:03:28.000> following<00:03:28.480> of<00:03:28.640> them<00:03:29.040> do<00:03:29.200> the

from your following of them do the

from your following of them do the people<00:03:29.920> in<00:03:30.080> this<00:03:30.319> subreddit

people in this subreddit

people in this subreddit who<00:03:31.680> are<00:03:31.840> calling<00:03:32.239> to<00:03:32.319> take<00:03:32.560> down<00:03:32.799> the<00:03:32.879> hedge

who are calling to take down the hedge

who are calling to take down the hedge funds<00:03:33.680> realize<00:03:34.239> that<00:03:34.400> there<00:03:34.560> could<00:03:34.720> be<00:03:34.879> some

funds realize that there could be some

funds realize that there could be some serious<00:03:35.519> unintended<00:03:36.080> consequences<00:03:36.799> that

serious unintended consequences that

serious unintended consequences that could<00:03:37.120> hurt<00:03:37.360> everyday<00:03:37.760> people

could hurt everyday people

could hurt everyday people for<00:03:38.799> the<00:03:38.879> most<00:03:39.120> part<00:03:39.360> i<00:03:39.519> think<00:03:39.760> absolutely<00:03:40.480> um

for the most part i think absolutely um

for the most part i think absolutely um this<00:03:41.519> subreddit<00:03:42.159> is<00:03:42.319> pretty

this subreddit is pretty

this subreddit is pretty uh<00:03:43.120> crude<00:03:43.519> i<00:03:43.599> guess<00:03:43.840> you<00:03:43.920> could<00:03:44.080> say<00:03:44.319> and<00:03:44.480> a<00:03:44.560> lot

uh crude i guess you could say and a lot

uh crude i guess you could say and a lot of<00:03:44.799> people<00:03:45.440> a<00:03:45.680> big<00:03:45.920> part<00:03:46.080> of<00:03:46.159> it<00:03:46.319> even<00:03:46.480> before

of people a big part of it even before

of people a big part of it even before this<00:03:46.879> wall<00:03:47.040> street<00:03:47.280> vets<00:03:47.440> movement<00:03:47.760> was

this wall street vets movement was

this wall street vets movement was posting<00:03:48.319> people's

posting people's

posting people's losses<00:03:49.360> and<00:03:49.440> that's<00:03:49.760> just<00:03:50.239> part<00:03:50.480> of<00:03:50.560> the

losses and that's just part of the

losses and that's just part of the culture<00:03:51.120> of<00:03:51.200> the<00:03:51.280> subreddit

culture of the subreddit

culture of the subreddit um<00:03:52.400> a<00:03:52.480> lot<00:03:52.640> of<00:03:52.720> these<00:03:52.879> people<00:03:53.200> are<00:03:53.439> not<00:03:53.680> and

um a lot of these people are not and

um a lot of these people are not and this<00:03:54.080> necessarily<00:03:54.560> for<00:03:54.720> the<00:03:54.799> money

this necessarily for the money

this necessarily for the money um<00:03:55.599> certainly<00:03:56.000> some<00:03:56.319> retail<00:03:56.720> traders<00:03:57.120> are<00:03:57.439> and

um certainly some retail traders are and

um certainly some retail traders are and i

i

i feel<00:03:58.480> like<00:03:58.720> some<00:03:58.879> people<00:03:59.200> will<00:03:59.439> end<00:03:59.599> up<00:03:59.840> you

feel like some people will end up you

feel like some people will end up you know<00:04:00.080> getting<00:04:00.640> lats<00:04:00.959> holding<00:04:01.200> the<00:04:01.280> bag

know getting lats holding the bag

know getting lats holding the bag but<00:04:02.400> uh<00:04:02.720> for<00:04:02.879> the<00:04:02.959> most<00:04:03.200> part<00:04:03.760> these<00:04:04.000> people

but uh for the most part these people

but uh for the most part these people are<00:04:04.480> just<00:04:04.640> wanting<00:04:04.879> to<00:04:04.959> make<00:04:05.040> a<00:04:05.200> statement<00:04:05.599> and

are just wanting to make a statement and

are just wanting to make a statement and they<00:04:06.159> kind<00:04:06.319> of<00:04:06.400> view<00:04:06.560> this<00:04:06.720> as<00:04:06.799> class<00:04:07.040> warfare

they kind of view this as class warfare

they kind of view this as class warfare quite<00:04:07.840> quite<00:04:08.080> frankly<00:04:08.560> um<00:04:08.799> kind<00:04:08.959> of

quite quite frankly um kind of

quite quite frankly um kind of occupy<00:04:09.920> wall<00:04:10.159> street<00:04:10.799> uh<00:04:10.959> 2.0<00:04:11.840> but<00:04:12.080> on<00:04:12.159> their

occupy wall street uh 2.0 but on their

occupy wall street uh 2.0 but on their own<00:04:12.400> terp<00:04:12.720> and<00:04:12.799> with<00:04:12.959> real<00:04:13.200> financial

own terp and with real financial

own terp and with real financial consequences

consequences

consequences saying<00:04:16.160> this<00:04:16.320> is<00:04:16.479> class<00:04:16.799> warfare<00:04:17.600> but<00:04:17.840> with

saying this is class warfare but with

saying this is class warfare but with real<00:04:18.239> financial

real financial

real financial consequences<00:04:19.680> now<00:04:20.239> someone<00:04:20.639> from<00:04:20.799> the<00:04:20.880> ruling

consequences now someone from the ruling

consequences now someone from the ruling class<00:04:21.440> who<00:04:21.519> was<00:04:21.680> getting<00:04:21.840> pretty<00:04:22.079> upset<00:04:22.400> about

class who was getting pretty upset about

class who was getting pretty upset about it<00:04:22.960> is<00:04:23.120> a<00:04:23.280> wall<00:04:23.520> street<00:04:23.919> trader<00:04:24.320> leon

it is a wall street trader leon

it is a wall street trader leon cooperman<00:04:25.120> now<00:04:25.280> he<00:04:25.440> is<00:04:25.520> a<00:04:25.600> hedge<00:04:25.919> fund<00:04:26.240> manager

cooperman now he is a hedge fund manager

cooperman now he is a hedge fund manager he's<00:04:26.800> worth<00:04:27.120> 3.2

he's worth 3.2

he's worth 3.2 billion<00:04:28.400> dollars<00:04:29.040> here<00:04:29.280> again<00:04:29.600> he<00:04:29.759> is

billion dollars here again he is

billion dollars here again he is speaking<00:04:30.720> um<00:04:30.880> this<00:04:31.120> again<00:04:31.440> is<00:04:31.600> on<00:04:31.840> cnbc

speaking um this again is on cnbc

speaking um this again is on cnbc the<00:04:33.840> reason<00:04:34.160> the<00:04:34.320> market<00:04:34.639> is<00:04:34.720> doing<00:04:34.880> what<00:04:35.040> he's

the reason the market is doing what he's

the reason the market is doing what he's doing<00:04:35.520> is<00:04:36.080> people<00:04:36.400> are<00:04:36.479> sitting<00:04:36.800> at<00:04:36.880> home

doing is people are sitting at home

doing is people are sitting at home getting<00:04:37.440> the<00:04:37.759> checks<00:04:38.000> from<00:04:38.160> the<00:04:38.240> government

getting the checks from the government

getting the checks from the government okay<00:04:39.520> and<00:04:39.759> this<00:04:40.080> fair<00:04:40.320> share<00:04:40.720> is<00:04:40.880> a

okay and this fair share is a

okay and this fair share is a concept

concept

concept it's<00:04:43.199> just<00:04:43.360> a<00:04:43.440> way<00:04:43.600> of<00:04:43.759> attacking<00:04:44.240> wealthy

it's just a way of attacking wealthy

it's just a way of attacking wealthy people<00:04:45.520> and

people and

people and you<00:04:46.320> know<00:04:46.479> i<00:04:46.639> think<00:04:46.880> it's<00:04:47.040> inappropriate<00:04:47.680> we

you know i think it's inappropriate we

you know i think it's inappropriate we all<00:04:47.919> got<00:04:48.080> to<00:04:48.160> work<00:04:48.400> together<00:04:48.800> and<00:04:48.880> pull

all got to work together and pull

all got to work together and pull together

so<00:04:53.199> he<00:04:53.840> the<00:04:54.000> the<00:04:54.320> first<00:04:54.720> as<00:04:54.880> being<00:04:55.040> a

so he the the first as being a

so he the the first as being a concept<00:04:55.840> that<00:04:56.000> was<00:04:56.080> about<00:04:56.400> tax

concept that was about tax

concept that was about tax um<00:04:57.360> i<00:04:57.440> think<00:04:57.600> but<00:04:57.759> he<00:04:58.000> basically<00:04:58.400> has<00:04:58.560> the

um i think but he basically has the

um i think but he basically has the analysis<00:04:59.120> that<00:04:59.280> the<00:04:59.600> problem<00:04:59.919> here<00:05:00.160> is<00:05:00.240> that

analysis that the problem here is that

analysis that the problem here is that too<00:05:00.479> many<00:05:00.639> people<00:05:00.800> are<00:05:00.880> getting<00:05:01.120> government

too many people are getting government

too many people are getting government checks

checks

checks um<00:05:02.720> and<00:05:02.800> then<00:05:02.960> the<00:05:03.120> plebs<00:05:03.520> are<00:05:03.600> investing<00:05:04.000> on

um and then the plebs are investing on

um and then the plebs are investing on the<00:05:04.160> stock<00:05:04.400> market<00:05:04.720> and<00:05:04.800> this<00:05:04.960> is<00:05:05.039> messing<00:05:05.360> the

the stock market and this is messing the

the stock market and this is messing the whole<00:05:05.680> thing<00:05:05.919> up

whole thing up

whole thing up um<00:05:06.880> gary<00:05:07.120> i<00:05:07.199> want<00:05:07.360> to<00:05:07.440> bring<00:05:07.520> you<00:05:07.759> in<00:05:08.000> i<00:05:08.080> mean

um gary i want to bring you in i mean

um gary i want to bring you in i mean we've<00:05:08.880> they've<00:05:09.039> brought<00:05:09.280> up<00:05:09.440> class<00:05:09.840> war<00:05:10.080> there

we've they've brought up class war there

we've they've brought up class war there is<00:05:11.120> this<00:05:12.000> a<00:05:12.160> genuine<00:05:12.720> sort<00:05:12.880> of<00:05:13.039> redistribution

is this a genuine sort of redistribution

is this a genuine sort of redistribution of<00:05:14.160> wealth<00:05:14.560> and<00:05:14.720> power<00:05:15.120> from<00:05:15.440> corporate

of wealth and power from corporate

of wealth and power from corporate elites<00:05:16.320> to<00:05:16.479> the<00:05:16.639> ordinary<00:05:17.199> man

elites to the ordinary man

elites to the ordinary man is<00:05:17.840> is<00:05:18.000> that<00:05:18.160> a<00:05:18.479> legitimate<00:05:19.039> analysis<00:05:19.680> of

is is that a legitimate analysis of

is is that a legitimate analysis of what's

what's

what's what's<00:05:20.880> been<00:05:21.039> going<00:05:21.280> on<00:05:21.360> over<00:05:21.520> the<00:05:21.600> past<00:05:21.840> week

what's been going on over the past week

what's been going on over the past week uh<00:05:23.199> i<00:05:23.360> wish<00:05:23.680> i<00:05:23.360> wish

uh i wish i wish

uh i wish i wish there<00:05:24.160> was<00:05:24.479> michael<00:05:24.880> um<00:05:25.600> it's<00:05:25.759> so<00:05:26.160> it's<00:05:26.320> so

there was michael um it's so it's so

there was michael um it's so it's so fascinating<00:05:27.039> isn't<00:05:27.199> it<00:05:27.280> that<00:05:27.440> sort<00:05:27.680> of

fascinating isn't it that sort of

fascinating isn't it that sort of this<00:05:28.639> is<00:05:28.720> the<00:05:28.880> space<00:05:29.120> we've<00:05:29.360> reached<00:05:29.680> now

this is the space we've reached now

this is the space we've reached now where<00:05:30.160> it's<00:05:30.639> it's<00:05:30.800> such<00:05:31.039> an<00:05:31.280> interesting

where it's it's such an interesting

where it's it's such an interesting combination<00:05:32.240> of

combination of

combination of people<00:05:33.520> out<00:05:33.680> there<00:05:34.000> trying<00:05:34.160> to<00:05:34.240> make<00:05:34.400> money<00:05:34.560> in

people out there trying to make money in

people out there trying to make money in the<00:05:34.720> markets<00:05:35.120> which<00:05:35.280> is<00:05:35.360> such<00:05:35.520> a<00:05:35.600> sort<00:05:35.759> of

the markets which is such a sort of

the markets which is such a sort of individual<00:05:36.479> individualistic<00:05:37.360> i<00:05:37.440> want<00:05:37.520> to

individual individualistic i want to

individual individualistic i want to make<00:05:37.759> money

make money

make money for<00:05:38.160> me<00:05:38.320> idea<00:05:39.600> but<00:05:39.759> they're<00:05:39.919> coming<00:05:40.240> together

for me idea but they're coming together

for me idea but they're coming together on<00:05:40.639> this<00:05:40.800> message<00:05:41.039> board<00:05:41.199> to<00:05:41.280> try<00:05:41.440> and<00:05:41.520> do<00:05:41.680> it

on this message board to try and do it

on this message board to try and do it together<00:05:42.160> it's<00:05:42.320> this<00:05:42.560> so<00:05:42.800> it's<00:05:42.960> this<00:05:43.120> super

together it's this so it's this super

together it's this so it's this super combination<00:05:44.080> of

combination of

combination of i<00:05:45.120> want<00:05:45.199> to<00:05:45.280> make<00:05:45.440> money<00:05:45.680> for<00:05:45.759> me<00:05:46.080> and<00:05:46.240> we<00:05:46.320> need

i want to make money for me and we need

i want to make money for me and we need to<00:05:46.560> do<00:05:46.720> it<00:05:46.800> together<00:05:47.680> i<00:05:47.759> think<00:05:48.000> this<00:05:48.240> is

to do it together i think this is

to do it together i think this is in<00:05:49.120> a<00:05:49.280> sense<00:05:49.600> it<00:05:49.680> was<00:05:49.840> kind<00:05:50.000> of<00:05:50.160> inevitable

in a sense it was kind of inevitable

in a sense it was kind of inevitable that<00:05:50.960> we<00:05:51.039> were<00:05:51.199> gonna<00:05:51.759> reach<00:05:52.080> this<00:05:52.240> space

that we were gonna reach this space

that we were gonna reach this space right<00:05:52.880> because

right because

right because you<00:05:54.880> know<00:05:55.440> people<00:05:55.759> are<00:05:55.840> told<00:05:56.080> that<00:05:56.240> you<00:05:56.319> live

you know people are told that you live

you know people are told that you live in<00:05:56.560> a<00:05:56.639> meritocracy<00:05:57.280> you<00:05:57.360> have<00:05:57.440> to<00:05:57.600> do<00:05:57.680> what<00:05:57.840> you

in a meritocracy you have to do what you

in a meritocracy you have to do what you can<00:05:58.240> get<00:05:58.400> a<00:05:58.560> job<00:05:58.880> save<00:05:59.199> up<00:05:59.280> your<00:05:59.360> money<00:05:59.600> buy<00:05:59.759> a

can get a job save up your money buy a

can get a job save up your money buy a house

house

house but<00:06:01.280> increasingly<00:06:01.680> that<00:06:01.840> doesn't<00:06:02.080> work<00:06:02.479> and

but increasingly that doesn't work and

but increasingly that doesn't work and then<00:06:02.720> at<00:06:02.880> the<00:06:02.960> same<00:06:03.199> time<00:06:03.520> you<00:06:03.759> see<00:06:04.000> people

then at the same time you see people

then at the same time you see people you<00:06:04.800> know<00:06:05.039> i<00:06:05.280> i<00:06:05.440> come<00:06:05.600> from<00:06:05.680> a<00:06:05.759> poor<00:06:05.919> background

you know i i come from a poor background

you know i i come from a poor background i<00:06:06.479> made<00:06:06.720> my<00:06:07.120> money<00:06:07.360> in<00:06:07.440> the<00:06:07.520> sea<00:06:07.840> basically

i made my money in the sea basically

i made my money in the sea basically gambling<00:06:09.120> and<00:06:10.319> i<00:06:10.479> don't<00:06:10.639> know<00:06:11.039> many<00:06:11.280> people

gambling and i don't know many people

gambling and i don't know many people who<00:06:11.680> come<00:06:11.840> from<00:06:12.000> ordinary<00:06:12.400> backgrounds

who come from ordinary backgrounds

who come from ordinary backgrounds who've<00:06:12.880> been<00:06:13.039> able<00:06:13.280> to<00:06:13.520> for<00:06:13.600> example<00:06:13.919> buy<00:06:14.080> a

who've been able to for example buy a

who've been able to for example buy a house

house

house just<00:06:15.440> by<00:06:15.600> working<00:06:15.840> an<00:06:15.919> ordinary<00:06:16.319> job<00:06:16.880> but

just by working an ordinary job but

just by working an ordinary job but people<00:06:17.360> see<00:06:17.520> oh<00:06:17.680> this<00:06:17.840> guy's<00:06:18.080> made<00:06:18.240> money<00:06:18.479> on

people see oh this guy's made money on

people see oh this guy's made money on bitcoin

bitcoin

bitcoin that<00:06:19.360> guy's<00:06:19.520> made<00:06:19.680> money<00:06:19.840> in<00:06:19.919> the<00:06:20.000> stock

that guy's made money in the stock

that guy's made money in the stock markets<00:06:21.120> so<00:06:21.360> i<00:06:21.440> think<00:06:21.600> it's<00:06:21.759> kind<00:06:21.919> of<00:06:22.080> reached

markets so i think it's kind of reached

markets so i think it's kind of reached this<00:06:22.400> inevitable<00:06:22.960> conclusion<00:06:23.360> where

this inevitable conclusion where

this inevitable conclusion where people<00:06:24.319> have<00:06:24.479> realized<00:06:24.800> that<00:06:25.039> even<00:06:25.280> just<00:06:25.440> to

people have realized that even just to

people have realized that even just to achieve<00:06:25.840> your<00:06:26.000> basic<00:06:26.479> goals

achieve your basic goals

achieve your basic goals it's<00:06:27.440> not<00:06:27.600> working<00:06:27.919> work<00:06:28.160> isn't<00:06:28.400> working<00:06:29.120> so

it's not working work isn't working so

it's not working work isn't working so they've<00:06:30.960> tried<00:06:31.199> to<00:06:31.280> get<00:06:31.440> together<00:06:31.759> and

they've tried to get together and

they've tried to get together and they've<00:06:32.800> tried<00:06:33.039> to<00:06:33.120> rebalance<00:06:33.600> it<00:06:33.919> you<00:06:34.000> know

they've tried to rebalance it you know

they've tried to rebalance it you know on<00:06:34.319> an<00:06:34.400> internet<00:06:34.720> messaging<00:06:35.039> board<00:06:35.280> but<00:06:35.520> um

on an internet messaging board but um

on an internet messaging board but um to<00:06:35.919> be<00:06:36.000> honest<00:06:36.160> i<00:06:36.240> don't<00:06:36.400> think<00:06:36.560> this<00:06:36.720> is<00:06:36.800> gonna

to be honest i don't think this is gonna

to be honest i don't think this is gonna look<00:06:38.000> fantastic<00:06:38.400> for<00:06:38.560> the<00:06:38.639> people<00:06:38.720> who<00:06:38.880> made

look fantastic for the people who made

look fantastic for the people who made money<00:06:39.280> on<00:06:39.360> this<00:06:39.520> but<00:06:39.680> my<00:06:39.840> concern<00:06:40.319> really<00:06:40.720> is

money on this but my concern really is

money on this but my concern really is people<00:06:41.520> are<00:06:41.600> gonna<00:06:41.759> maybe<00:06:42.000> watch<00:06:42.240> this<00:06:42.479> or

people are gonna maybe watch this or

people are gonna maybe watch this or it's<00:06:42.720> been<00:06:42.880> all<00:06:43.039> over<00:06:43.199> the<00:06:43.280> news<00:06:43.440> the<00:06:43.520> last

it's been all over the news the last

it's been all over the news the last couple<00:06:43.840> of<00:06:43.919> days<00:06:44.240> they're<00:06:44.400> gonna<00:06:44.639> see<00:06:44.800> it<00:06:44.960> now

couple of days they're gonna see it now

couple of days they're gonna see it now they're<00:06:45.759> gonna<00:06:45.919> think<00:06:46.080> well<00:06:46.240> this<00:06:46.400> is<00:06:46.479> my

they're gonna think well this is my

they're gonna think well this is my chance<00:06:46.960> they're<00:06:47.120> going<00:06:47.280> to<00:06:47.360> jump<00:06:47.600> in<00:06:47.840> and<00:06:48.080> um

chance they're going to jump in and um

chance they're going to jump in and um you<00:06:48.720> know<00:06:48.880> at<00:06:48.960> some<00:06:49.120> point<00:06:49.280> this<00:06:49.440> stock<00:06:49.599> is

you know at some point this stock is

you know at some point this stock is going<00:06:49.840> to<00:06:49.919> fall<00:06:50.080> and<00:06:50.160> i'm<00:06:50.319> a<00:06:50.400> bit<00:06:50.960> i<00:06:51.039> just<00:06:51.199> want

going to fall and i'm a bit i just want

going to fall and i'm a bit i just want to<00:06:51.520> tell<00:06:51.759> the<00:06:51.840> people<00:06:52.000> that<00:06:52.160> are<00:06:52.240> listening

to tell the people that are listening

to tell the people that are listening don't<00:06:54.000> take<00:06:54.240> any<00:06:54.400> mad<00:06:54.639> risks<00:06:54.880> and<00:06:54.960> run<00:06:55.120> into

don't take any mad risks and run into

don't take any mad risks and run into this<00:06:55.440> now<00:06:55.599> because<00:06:56.160> it's<00:06:56.400> not<00:06:56.639> it's<00:06:56.800> not<00:06:57.039> easy

this now because it's not it's not easy

this now because it's not it's not easy money<00:06:57.520> to<00:06:57.599> be<00:06:57.680> made<00:06:57.919> basically<00:06:58.400> and

money to be made basically and

money to be made basically and this<00:06:58.880> is<00:06:59.440> you<00:06:59.599> know<00:06:59.759> i<00:06:59.840> wish<00:07:00.080> the<00:07:00.160> revolution

this is you know i wish the revolution

this is you know i wish the revolution could<00:07:01.360> happen

could happen

could happen from<00:07:02.000> people<00:07:02.400> at<00:07:02.479> home<00:07:02.960> trading<00:07:03.360> the<00:07:03.440> stock

from people at home trading the stock

from people at home trading the stock markets<00:07:03.919> in<00:07:04.000> their<00:07:04.160> underpants<00:07:04.720> but<00:07:04.880> i<00:07:04.960> think

markets in their underpants but i think

markets in their underpants but i think it's<00:07:06.240> not<00:07:06.400> going<00:07:06.479> to<00:07:06.560> go<00:07:06.800> like<00:07:06.960> that

it's not going to go like that

it's not going to go like that i'm<00:07:09.280> not<00:07:09.440> sure<00:07:09.680> anyone<00:07:09.919> watches<00:07:10.240> tiscue<00:07:10.560> south

i'm not sure anyone watches tiscue south

i'm not sure anyone watches tiscue south for<00:07:10.880> financial<00:07:11.280> advice<00:07:11.520> so<00:07:11.680> you<00:07:11.840> probably<00:07:12.240> you

for financial advice so you probably you

for financial advice so you probably you probably<00:07:12.560> don't<00:07:12.800> need<00:07:12.880> to<00:07:13.039> worry<00:07:13.360> too<00:07:13.520> much

probably don't need to worry too much

probably don't need to worry too much about<00:07:14.000> that<00:07:14.160> but

about that but

about that but but<00:07:14.880> i<00:07:14.960> do<00:07:15.120> want<00:07:15.199> to<00:07:15.280> focus<00:07:15.599> on<00:07:15.680> that<00:07:15.840> question

but i do want to focus on that question

but i do want to focus on that question actually<00:07:16.400> in<00:07:16.479> terms<00:07:16.720> of<00:07:16.880> what<00:07:17.039> is<00:07:17.199> going<00:07:17.280> to

actually in terms of what is going to

actually in terms of what is going to happen

happen

happen next<00:07:18.960> for<00:07:19.120> the<00:07:19.199> people<00:07:19.360> who've<00:07:19.599> invested<00:07:19.919> in

next for the people who've invested in

next for the people who've invested in this<00:07:20.160> company<00:07:20.479> especially<00:07:20.880> because

this company especially because

this company especially because presumably<00:07:22.240> at<00:07:22.400> this<00:07:22.639> point<00:07:22.960> gamestop<00:07:23.919> is

presumably at this point gamestop is

presumably at this point gamestop is overvalued<00:07:25.039> so<00:07:25.280> it's<00:07:25.520> worth<00:07:25.840> a<00:07:25.919> hell<00:07:26.080> of<00:07:26.160> a<00:07:26.240> lot

overvalued so it's worth a hell of a lot

overvalued so it's worth a hell of a lot on<00:07:26.560> the<00:07:26.720> stock<00:07:26.960> market<00:07:27.280> at<00:07:27.360> the<00:07:27.440> moment<00:07:27.759> even

on the stock market at the moment even

on the stock market at the moment even though<00:07:28.080> the<00:07:28.160> underlying<00:07:28.639> business

though the underlying business

though the underlying business isn't<00:07:29.599> particularly<00:07:30.080> valuable<00:07:30.479> and<00:07:30.639> if

isn't particularly valuable and if

isn't particularly valuable and if you've<00:07:30.880> got<00:07:31.039> a<00:07:31.120> bubble<00:07:31.440> you<00:07:31.599> normally<00:07:31.919> expect

you've got a bubble you normally expect

you've got a bubble you normally expect it<00:07:32.400> to<00:07:32.560> burst<00:07:32.880> at<00:07:32.960> some<00:07:33.199> point<00:07:33.440> so

it to burst at some point so

it to burst at some point so that<00:07:34.080> share<00:07:34.319> price<00:07:34.639> is<00:07:34.720> going<00:07:34.880> to<00:07:34.960> collapse

that share price is going to collapse

that share price is going to collapse and<00:07:35.919> if<00:07:36.080> you're<00:07:36.319> still<00:07:36.639> holding<00:07:37.039> shares<00:07:37.280> at

and if you're still holding shares at

and if you're still holding shares at that<00:07:37.599> point<00:07:37.840> in<00:07:38.000> time

that point in time

that point in time then<00:07:40.000> you<00:07:40.240> lose<00:07:40.479> a<00:07:40.560> lot<00:07:40.880> is<00:07:41.120> is<00:07:41.759> is<00:07:41.919> that

then you lose a lot is is is that

then you lose a lot is is is that inevitable<00:07:42.479> now<00:07:42.720> we're<00:07:42.800> just<00:07:42.960> going<00:07:43.120> to

inevitable now we're just going to

inevitable now we're just going to inevitably<00:07:44.720> see<00:07:45.360> lots<00:07:45.680> of<00:07:46.160> reddit<00:07:46.479> users<00:07:46.800> or

inevitably see lots of reddit users or

inevitably see lots of reddit users or people<00:07:47.039> who've<00:07:47.280> piled<00:07:47.680> in<00:07:47.840> because<00:07:48.080> of<00:07:48.240> this

people who've piled in because of this

people who've piled in because of this you<00:07:48.639> know<00:07:48.800> because<00:07:48.960> of<00:07:49.039> the<00:07:49.120> publicity

you know because of the publicity

you know because of the publicity publicity<00:07:50.319> around<00:07:50.560> this<00:07:51.120> lose<00:07:51.360> a<00:07:51.440> bunch<00:07:51.599> of

publicity around this lose a bunch of

publicity around this lose a bunch of money<00:07:51.919> or<00:07:52.000> is<00:07:52.160> there<00:07:52.319> a<00:07:52.400> different<00:07:52.800> possible

money or is there a different possible

money or is there a different possible route<00:07:54.479> you<00:07:54.560> know<00:07:54.960> out<00:07:55.280> of<00:07:55.840> this<00:07:56.080> current

route you know out of this current

route you know out of this current moment<00:07:56.800> than<00:07:57.039> that

moment than that

moment than that i<00:07:57.919> mean<00:07:58.400> this<00:07:58.639> is<00:07:58.800> such<00:07:59.919> an<00:08:00.160> interesting

i mean this is such an interesting

i mean this is such an interesting bubble<00:08:00.879> right<00:08:01.039> because<00:08:01.280> normally<00:08:01.599> when<00:08:01.759> you

bubble right because normally when you

bubble right because normally when you have<00:08:01.919> a<00:08:02.000> bubble<00:08:02.319> there's<00:08:02.479> some<00:08:02.639> people<00:08:02.879> out

have a bubble there's some people out

have a bubble there's some people out there<00:08:03.039> saying<00:08:03.199> no<00:08:03.360> it's<00:08:03.520> not<00:08:03.599> a<00:08:03.680> bubble

there saying no it's not a bubble

there saying no it's not a bubble it's<00:08:04.479> different<00:08:04.800> this<00:08:04.879> is<00:08:04.960> real<00:08:05.199> fundamental

it's different this is real fundamental

it's different this is real fundamental value<00:08:05.919> here<00:08:06.080> is<00:08:06.240> a<00:08:06.319> bubble<00:08:06.960> here<00:08:07.199> is<00:08:07.280> a

value here is a bubble here is a

value here is a bubble here is a massively<00:08:07.759> overvalued<00:08:08.160> stock<00:08:08.400> where

massively overvalued stock where

massively overvalued stock where literally<00:08:09.280> everyone<00:08:09.680> who's<00:08:09.840> driving<00:08:10.080> the

literally everyone who's driving the

literally everyone who's driving the bubble

bubble

bubble thinks<00:08:11.440> it's<00:08:11.599> overvalued<00:08:12.400> it's<00:08:12.639> just

thinks it's overvalued it's just

thinks it's overvalued it's just everybody<00:08:13.280> knows<00:08:13.520> it's<00:08:13.599> a<00:08:13.680> bad<00:08:13.840> investment

everybody knows it's a bad investment

everybody knows it's a bad investment they're<00:08:14.400> still<00:08:14.639> doing<00:08:14.879> it<00:08:14.960> and

they're still doing it and

they're still doing it and you<00:08:15.360> know<00:08:15.520> i<00:08:15.599> use<00:08:15.840> this<00:08:16.000> message<00:08:16.319> board<00:08:16.479> wall

you know i use this message board wall

you know i use this message board wall street<00:08:16.879> bets<00:08:17.120> like<00:08:17.280> i've<00:08:17.360> been<00:08:17.680> going<00:08:17.919> on<00:08:18.080> it

street bets like i've been going on it

street bets like i've been going on it for

for

for for<00:08:18.639> a<00:08:18.720> year<00:08:19.120> if<00:08:19.199> you<00:08:19.280> get<00:08:19.440> some<00:08:19.599> free<00:08:19.759> time

for a year if you get some free time

for a year if you get some free time have<00:08:20.080> a<00:08:20.160> look<00:08:20.319> it's<00:08:20.479> a<00:08:21.199> fascinating<00:08:21.840> place

have a look it's a fascinating place

have a look it's a fascinating place um<00:08:22.720> i<00:08:22.800> was<00:08:22.960> on<00:08:23.039> it<00:08:23.199> this<00:08:23.280> morning<00:08:24.080> people<00:08:24.319> are

um i was on it this morning people are

um i was on it this morning people are going<00:08:24.879> it's<00:08:24.960> like<00:08:25.120> a<00:08:25.199> religion<00:08:25.840> people<00:08:26.160> are

going it's like a religion people are

going it's like a religion people are screaming<00:08:26.560> at<00:08:26.639> each<00:08:26.800> other<00:08:26.960> don't<00:08:27.280> sell

screaming at each other don't sell

screaming at each other don't sell they<00:08:28.080> think<00:08:28.240> they're<00:08:28.400> starting<00:08:28.639> a<00:08:28.720> revolution

they think they're starting a revolution

they think they're starting a revolution basically<00:08:29.680> so<00:08:29.840> um

basically so um

basically so um it's<00:08:32.159> driven<00:08:32.479> by<00:08:32.640> this<00:08:32.800> sort<00:08:32.959> of<00:08:33.039> collective

it's driven by this sort of collective

it's driven by this sort of collective madness<00:08:34.000> and<00:08:34.080> i<00:08:34.159> totally<00:08:34.560> understand<00:08:35.039> i

madness and i totally understand i

madness and i totally understand i totally<00:08:35.440> understand<00:08:35.839> this<00:08:36.000> feeling<00:08:36.320> that

totally understand this feeling that

totally understand this feeling that these<00:08:37.200> guys<00:08:37.360> are<00:08:37.440> more<00:08:37.599> streets<00:08:37.839> of<00:08:38.000> making

these guys are more streets of making

these guys are more streets of making millions<00:08:38.800> you<00:08:38.880> know<00:08:39.039> jeff<00:08:39.279> bezos<00:08:39.519> is<00:08:39.599> making

millions you know jeff bezos is making

millions you know jeff bezos is making billions<00:08:40.159> elon<00:08:40.399> musk<00:08:40.560> is<00:08:40.719> making<00:08:40.880> billions

billions elon musk is making billions

billions elon musk is making billions we're<00:08:41.440> sitting<00:08:41.680> at<00:08:41.760> home<00:08:41.839> we<00:08:41.919> can't<00:08:42.080> even<00:08:42.240> work

we're sitting at home we can't even work

we're sitting at home we can't even work i<00:08:42.560> totally<00:08:42.880> i<00:08:43.039> totally<00:08:43.360> understand<00:08:43.680> that

i totally i totally understand that

i totally i totally understand that sentiment

sentiment

sentiment um<00:08:44.800> but<00:08:45.040> to<00:08:45.200> be<00:08:45.279> honest<00:08:45.760> i<00:08:45.920> cannot<00:08:46.160> see<00:08:46.320> this

um but to be honest i cannot see this

um but to be honest i cannot see this playing<00:08:46.720> out<00:08:46.880> any<00:08:47.040> other<00:08:47.200> way<00:08:47.440> then<00:08:47.760> it's

playing out any other way then it's

playing out any other way then it's eventually

eventually

eventually collapsing<00:08:49.839> and<00:08:50.000> there<00:08:50.160> will<00:08:50.320> be<00:08:50.480> people<00:08:50.720> left

collapsing and there will be people left

collapsing and there will be people left holding<00:08:51.120> it<00:08:51.200> that<00:08:51.360> will<00:08:51.519> lose

holding it that will lose

holding it that will lose money<00:08:52.320> when<00:08:52.560> it<00:08:52.640> happens<00:08:53.120> i<00:08:53.200> would<00:08:53.360> be<00:08:53.600> very

money when it happens i would be very

money when it happens i would be very very<00:08:54.240> very<00:08:54.480> surprised<00:08:54.880> and<00:08:55.040> to<00:08:55.200> be<00:08:55.279> honest

very very surprised and to be honest

very very surprised and to be honest i<00:08:55.920> think<00:08:56.080> even<00:08:56.320> the<00:08:56.480> people<00:08:57.360> driving<00:08:57.839> would

i think even the people driving would

i think even the people driving would surely<00:08:58.240> be<00:08:58.399> surprised<00:08:58.800> it's<00:08:59.200> the<00:08:59.279> most

surely be surprised it's the most

surely be surprised it's the most phenomenal

phenomenal

phenomenal bubble<00:09:00.560> where<00:09:00.720> everybody<00:09:01.120> knows<00:09:01.360> it's<00:09:01.519> a

bubble where everybody knows it's a

bubble where everybody knows it's a bubble<00:09:02.080> and<00:09:02.320> um<00:09:03.200> but

bubble and um but

bubble and um but i<00:09:04.240> think<00:09:05.120> it's<00:09:05.279> important<00:09:05.519> to<00:09:05.600> understand

i think it's important to understand

i think it's important to understand this<00:09:06.000> is<00:09:06.080> not<00:09:06.240> coming<00:09:06.399> out<00:09:06.480> of<00:09:06.560> nowhere<00:09:06.880> right

this is not coming out of nowhere right

this is not coming out of nowhere right last<00:09:07.600> year<00:09:07.920> in<00:09:08.080> the<00:09:08.320> kobe<00:09:08.720> crisis<00:09:09.040> the

last year in the kobe crisis the

last year in the kobe crisis the government<00:09:09.360> spent<00:09:09.600> 450<00:09:10.160> billion<00:09:10.480> pounds

government spent 450 billion pounds

government spent 450 billion pounds right<00:09:10.880> that's<00:09:11.120> 10<00:09:11.440> 000

right that's 10 000

right that's 10 000 pounds<00:09:12.240> for<00:09:12.320> every<00:09:12.560> adult<00:09:12.800> in<00:09:12.880> the<00:09:12.959> country

pounds for every adult in the country

pounds for every adult in the country they<00:09:14.160> didn't<00:09:14.560> raise<00:09:14.800> any<00:09:15.040> taxes

they didn't raise any taxes

they didn't raise any taxes they<00:09:15.920> didn't<00:09:16.480> borrow<00:09:16.720> money<00:09:16.959> from<00:09:17.120> external

they didn't borrow money from external

they didn't borrow money from external investors<00:09:18.000> they<00:09:18.160> printed<00:09:18.560> all<00:09:18.640> of<00:09:18.720> that<00:09:18.880> money

investors they printed all of that money

investors they printed all of that money and<00:09:19.360> they<00:09:19.440> pulled<00:09:19.680> it<00:09:19.760> into<00:09:19.920> the<00:09:20.000> system

and they pulled it into the system

and they pulled it into the system so<00:09:20.720> what<00:09:20.880> you<00:09:20.959> have<00:09:21.200> here<00:09:21.440> is<00:09:21.519> a<00:09:21.600> government

so what you have here is a government

so what you have here is a government that<00:09:22.160> thinks<00:09:22.640> we<00:09:22.800> can<00:09:22.959> deal<00:09:23.120> with<00:09:23.279> the<00:09:23.360> crisis

that thinks we can deal with the crisis

that thinks we can deal with the crisis by<00:09:24.480> printing<00:09:24.880> money<00:09:25.440> and<00:09:25.600> giving<00:09:25.920> it<00:09:26.000> to<00:09:26.080> the

by printing money and giving it to the

by printing money and giving it to the rich<00:09:26.399> because<00:09:26.560> the<00:09:26.640> data<00:09:26.880> shows<00:09:27.120> all<00:09:27.200> that

rich because the data shows all that

rich because the data shows all that money<00:09:27.600> ended<00:09:27.760> up<00:09:27.839> with<00:09:28.000> the<00:09:28.080> rich

money ended up with the rich

money ended up with the rich look<00:09:28.720> if<00:09:28.880> you<00:09:28.959> try<00:09:29.120> and<00:09:29.279> fix<00:09:30.240> a<00:09:30.320> crisis<00:09:30.720> that

look if you try and fix a crisis that

look if you try and fix a crisis that has<00:09:30.959> inequality<00:09:31.519> at<00:09:31.600> its<00:09:31.760> core

has inequality at its core

has inequality at its core by<00:09:32.560> giving<00:09:32.800> money<00:09:33.040> to<00:09:33.120> the<00:09:33.279> rich<00:09:33.920> you<00:09:34.080> can't<00:09:34.240> be

by giving money to the rich you can't be

by giving money to the rich you can't be surprised<00:09:34.800> when<00:09:34.959> suddenly<00:09:35.279> you<00:09:35.360> see<00:09:35.519> massive

surprised when suddenly you see massive

surprised when suddenly you see massive stock<00:09:36.000> market<00:09:36.240> bubbles

stock market bubbles

stock market bubbles and<00:09:36.959> my<00:09:37.200> big<00:09:37.360> concern<00:09:37.680> is<00:09:37.839> that<00:09:37.920> contagious

and my big concern is that contagious

and my big concern is that contagious into<00:09:38.560> uk<00:09:38.880> property<00:09:39.200> and<00:09:39.279> we<00:09:39.440> see<00:09:39.600> a<00:09:39.680> massive

into uk property and we see a massive

into uk property and we see a massive rise<00:09:40.240> in<00:09:40.320> uk<00:09:40.640> property<00:09:40.880> now

rise in uk property now

rise in uk property now and<00:09:41.440> what<00:09:41.600> that<00:09:41.760> will<00:09:41.920> mean<00:09:42.320> for<00:09:42.880> young<00:09:43.120> people

and what that will mean for young people

and what that will mean for young people in<00:09:43.440> this<00:09:43.600> country

in this country

in this country if<00:09:44.560> we<00:09:44.640> start<00:09:44.880> seeing<00:09:45.040> this<00:09:45.120> bubble<00:09:45.360> move<00:09:45.519> into

if we start seeing this bubble move into

if we start seeing this bubble move into uk<00:09:46.000> property<00:09:46.240> which<00:09:46.560> i<00:09:46.640> think<00:09:46.880> quite<00:09:47.040> possibly

uk property which i think quite possibly

uk property which i think quite possibly it<00:09:47.519> will

it will

it will i<00:09:49.360> think<00:09:49.519> we<00:09:49.600> should<00:09:49.760> definitely<00:09:50.560> let's<00:09:50.880> park

i think we should definitely let's park

i think we should definitely let's park the<00:09:51.279> uk<00:09:51.600> property<00:09:52.080> question<00:09:52.320> for<00:09:52.399> a<00:09:52.480> moment

the uk property question for a moment

the uk property question for a moment because<00:09:52.880> i<00:09:52.959> think<00:09:53.120> we<00:09:53.200> should<00:09:53.360> definitely<00:09:53.680> get

because i think we should definitely get

because i think we should definitely get you<00:09:53.920> back<00:09:54.160> on

you back on

you back on you<00:09:54.720> know<00:09:55.120> especially<00:09:55.680> particularly<00:09:56.160> on<00:09:56.320> that

you know especially particularly on that

you know especially particularly on that question<00:09:56.800> which<00:09:56.959> might<00:09:57.120> have<00:09:57.200> more<00:09:57.360> practical

question which might have more practical

question which might have more practical significance<00:09:58.240> for<00:09:58.399> a<00:09:58.399> lot<00:09:58.480> of<00:09:58.560> people

significance for a lot of people

significance for a lot of people watching<00:09:59.040> this<00:09:59.120> but<00:09:59.279> i<00:09:59.360> want<00:09:59.440> to<00:09:59.600> stick<00:09:59.760> to

watching this but i want to stick to

watching this but i want to stick to this<00:10:00.080> phenomenon

this phenomenon

this phenomenon of<00:10:01.120> gamestop<00:10:01.680> and<00:10:01.839> specifically<00:10:02.480> now<00:10:02.640> move<00:10:02.880> on

of gamestop and specifically now move on

of gamestop and specifically now move on to<00:10:03.040> the<00:10:03.120> role<00:10:03.360> of<00:10:03.440> robin

to the role of robin

to the role of robin hood<00:10:04.800> and<00:10:04.959> because<00:10:05.200> robin<00:10:05.440> hood<00:10:05.760> is<00:10:05.839> the<00:10:06.079> the

hood and because robin hood is the the

hood and because robin hood is the the app<00:10:06.880> where<00:10:07.200> people<00:10:07.519> can<00:10:07.839> trade<00:10:08.160> stocks<00:10:08.560> and

app where people can trade stocks and

app where people can trade stocks and shares<00:10:08.880> without<00:10:09.200> any<00:10:09.360> commissions<00:10:09.760> so<00:10:09.920> this

shares without any commissions so this

shares without any commissions so this is<00:10:10.160> the<00:10:10.240> kind<00:10:10.399> of<00:10:10.560> app<00:10:10.720> which<00:10:10.880> has

is the kind of app which has

is the kind of app which has allowed<00:10:11.680> ordinary<00:10:12.160> people<00:10:12.399> to<00:10:12.640> to<00:10:12.800> trade<00:10:13.040> on

allowed ordinary people to to trade on

allowed ordinary people to to trade on on<00:10:13.360> the<00:10:13.440> stock<00:10:13.680> market<00:10:13.920> without<00:10:14.240> having

on the stock market without having

on the stock market without having you<00:10:14.800> know<00:10:14.959> a<00:10:15.040> broker<00:10:15.440> or<00:10:15.680> an<00:10:16.000> agent<00:10:16.800> and

you know a broker or an agent and

you know a broker or an agent and yesterday

yesterday

yesterday when<00:10:18.560> this<00:10:19.040> you<00:10:19.120> know<00:10:19.279> the<00:10:19.360> prices<00:10:19.680> of

when this you know the prices of

when this you know the prices of gamestop<00:10:20.160> were<00:10:20.560> really<00:10:20.800> surging

gamestop were really surging

gamestop were really surging they<00:10:21.680> suspended<00:10:22.560> trading<00:10:23.040> and<00:10:23.120> this<00:10:23.360> was

they suspended trading and this was

they suspended trading and this was incredibly<00:10:24.079> controversial<00:10:24.720> people<00:10:24.959> thought

incredibly controversial people thought

incredibly controversial people thought this<00:10:25.279> was<00:10:25.440> sort<00:10:25.600> of<00:10:25.760> market<00:10:26.079> manipulation

this was sort of market manipulation

this was sort of market manipulation the<00:10:27.200> big<00:10:27.360> guys<00:10:27.680> coming<00:10:28.079> in<00:10:28.480> to<00:10:28.640> stop<00:10:29.120> the

the big guys coming in to stop the

the big guys coming in to stop the little<00:10:29.519> guy

little guy

little guy having<00:10:30.480> some<00:10:31.040> influence<00:10:32.079> and<00:10:32.480> opposition<00:10:32.959> to

having some influence and opposition to

having some influence and opposition to the<00:10:33.200> suspension<00:10:33.680> came<00:10:33.920> from

the suspension came from

the suspension came from all<00:10:35.040> sides<00:10:35.279> of<00:10:35.360> the<00:10:35.440> political<00:10:35.760> spectrum<00:10:36.640> um

all sides of the political spectrum um

all sides of the political spectrum um so<00:10:37.279> to

so to

so to prove<00:10:38.720> that<00:10:38.880> to<00:10:38.959> you<00:10:39.200> the<00:10:39.279> evidence<00:10:39.760> this<00:10:40.000> is

prove that to you the evidence this is

prove that to you the evidence this is alexandria<00:10:41.000> ocasio-cortez

alexandria ocasio-cortez

alexandria ocasio-cortez she<00:10:42.959> tweeted<00:10:43.600> this<00:10:44.000> is<00:10:44.240> unacceptable<00:10:44.959> we<00:10:45.120> now

she tweeted this is unacceptable we now

she tweeted this is unacceptable we now need<00:10:45.440> to<00:10:45.600> know<00:10:45.839> more<00:10:46.079> about<00:10:46.399> robin<00:10:46.640> hood<00:10:46.880> apps

need to know more about robin hood apps

need to know more about robin hood apps decision<00:10:47.519> to<00:10:47.680> block<00:10:47.920> retail<00:10:48.240> investors<00:10:48.640> from

decision to block retail investors from

decision to block retail investors from purchasing<00:10:49.279> stock

purchasing stock

purchasing stock while<00:10:50.079> hedge<00:10:50.320> funds<00:10:50.560> are<00:10:50.720> freely<00:10:51.120> able<00:10:51.360> to

while hedge funds are freely able to

while hedge funds are freely able to trade<00:10:51.680> the<00:10:51.760> stock<00:10:52.160> as<00:10:52.320> they<00:10:52.560> see<00:10:52.800> fit

trade the stock as they see fit

trade the stock as they see fit as<00:10:53.600> a<00:10:53.600> member<00:10:53.839> of<00:10:53.920> the<00:10:54.000> financial<00:10:54.480> services

as a member of the financial services

as a member of the financial services committee<00:10:55.519> i'd<00:10:55.760> support<00:10:56.160> a<00:10:56.240> hearing

committee i'd support a hearing

committee i'd support a hearing if<00:10:57.600> necessary<00:10:58.880> you<00:10:59.120> also<00:10:59.440> got<00:10:59.920> someone<00:11:00.240> from

if necessary you also got someone from

if necessary you also got someone from the<00:11:00.560> right<00:11:00.800> wing<00:11:00.959> of<00:11:01.040> the<00:11:01.120> republican<00:11:01.600> party

the right wing of the republican party

the right wing of the republican party ted<00:11:02.399> cruz

ted cruz

ted cruz tweeting<00:11:03.839> in<00:11:04.240> agreement<00:11:04.720> so<00:11:04.880> he<00:11:05.120> quote

tweeting in agreement so he quote

tweeting in agreement so he quote tweeted<00:11:05.680> that<00:11:05.839> tweet<00:11:06.160> i've<00:11:06.240> just<00:11:06.399> read<00:11:06.560> to<00:11:06.640> you

tweeted that tweet i've just read to you

tweeted that tweet i've just read to you saying

saying

saying fully<00:11:08.240> agree<00:11:09.200> now<00:11:09.600> robin<00:11:10.000> hood

fully agree now robin hood

fully agree now robin hood themselves<00:11:10.880> so<00:11:11.040> the<00:11:11.120> firm<00:11:11.440> the<00:11:11.600> ceo<00:11:12.079> has<00:11:12.160> gone

themselves so the firm the ceo has gone

themselves so the firm the ceo has gone on<00:11:12.480> television<00:11:12.959> saying<00:11:13.200> this<00:11:13.360> is<00:11:13.440> just

on television saying this is just

on television saying this is just because<00:11:13.920> of<00:11:14.160> volatile<00:11:14.640> trading<00:11:15.040> meaning<00:11:15.279> that

because of volatile trading meaning that

because of volatile trading meaning that they<00:11:15.519> had<00:11:15.600> a<00:11:15.680> bit<00:11:15.760> of<00:11:15.839> a<00:11:15.920> cash<00:11:16.240> flow<00:11:16.560> problem

they had a bit of a cash flow problem

they had a bit of a cash flow problem not<00:11:17.360> them<00:11:17.600> intervening<00:11:18.160> on<00:11:18.240> behalf<00:11:18.560> of<00:11:18.720> any

not them intervening on behalf of any

not them intervening on behalf of any hedge<00:11:19.200> funds<00:11:19.440> who<00:11:19.600> were<00:11:19.760> losing<00:11:20.079> money

hedge funds who were losing money

hedge funds who were losing money although<00:11:21.120> i<00:11:21.279> can<00:11:21.519> see<00:11:22.079> in<00:11:22.240> the<00:11:22.399> comments<00:11:23.600> um

although i can see in the comments um

although i can see in the comments um someone<00:11:24.160> has<00:11:24.399> tweeted

someone has tweeted

someone has tweeted with<00:11:25.600> a<00:11:26.000> 10<00:11:26.399> pound<00:11:26.800> superchat<00:11:27.279> that's<00:11:27.440> kishor

with a 10 pound superchat that's kishor

with a 10 pound superchat that's kishor kukandraja<00:11:29.600> i<00:11:29.680> hope<00:11:29.920> i<00:11:30.000> pronounce<00:11:30.320> your<00:11:30.720> your

kukandraja i hope i pronounce your your

kukandraja i hope i pronounce your your name<00:11:31.120> correctly

name correctly

name correctly um<00:11:32.399> they<00:11:32.640> say<00:11:32.800> gary<00:11:33.120> what<00:11:33.200> do<00:11:33.279> you<00:11:33.360> think<00:11:33.519> of

um they say gary what do you think of

um they say gary what do you think of citadel's<00:11:34.079> role<00:11:34.320> in<00:11:34.399> robin<00:11:34.640> hood<00:11:34.880> in<00:11:34.959> all<00:11:35.120> of

citadel's role in robin hood in all of

citadel's role in robin hood in all of this<00:11:35.440> and<00:11:35.519> that's<00:11:35.760> a<00:11:35.839> reference<00:11:36.240> to<00:11:36.399> some

this and that's a reference to some

this and that's a reference to some people<00:11:36.880> are<00:11:36.959> suggesting

people are suggesting

people are suggesting that<00:11:38.000> there<00:11:38.240> could<00:11:38.399> be<00:11:38.640> connections<00:11:39.200> between

that there could be connections between

that there could be connections between robin<00:11:39.920> hood<00:11:40.320> and<00:11:40.480> citadel<00:11:40.880> who<00:11:41.040> are<00:11:41.120> a<00:11:41.200> hedge

robin hood and citadel who are a hedge

robin hood and citadel who are a hedge fund<00:11:41.680> who<00:11:41.920> are<00:11:42.000> losing<00:11:42.480> money

fund who are losing money

fund who are losing money on<00:11:44.160> gamestop<00:11:44.560> shares<00:11:44.800> because<00:11:45.040> they'd<00:11:45.279> short

on gamestop shares because they'd short

on gamestop shares because they'd short sold<00:11:45.839> it<00:11:46.160> and<00:11:46.320> they<00:11:46.480> think<00:11:46.640> that<00:11:46.800> maybe<00:11:47.040> there

sold it and they think that maybe there

sold it and they think that maybe there was<00:11:47.279> some<00:11:47.440> collusion<00:11:47.920> going<00:11:48.160> on<00:11:48.320> here<00:11:48.560> i<00:11:48.640> don't

was some collusion going on here i don't

was some collusion going on here i don't know<00:11:48.959> gary<00:11:49.200> what

know gary what

know gary what what<00:11:49.760> do<00:11:49.920> you<00:11:50.079> make<00:11:50.240> of<00:11:50.399> this<00:11:50.560> decision<00:11:50.880> by<00:11:51.120> the

what do you make of this decision by the

what do you make of this decision by the robin<00:11:51.519> hood<00:11:51.760> app<00:11:52.320> to<00:11:52.560> suspend

robin hood app to suspend

robin hood app to suspend trading<00:11:54.800> i<00:11:54.880> mean<00:11:55.120> it's<00:11:55.279> such<00:11:55.519> a<00:11:55.680> story<00:11:55.920> isn't

trading i mean it's such a story isn't

trading i mean it's such a story isn't it<00:11:56.079> who<00:11:56.240> would<00:11:56.480> have<00:11:56.560> thought<00:11:56.800> finally<00:11:57.200> the

it who would have thought finally the

it who would have thought finally the thing<00:11:57.600> to<00:11:57.839> unite<00:11:58.320> the<00:11:58.480> factual<00:11:58.880> divide<00:11:59.200> in<00:11:59.279> the

thing to unite the factual divide in the

thing to unite the factual divide in the u.s<00:11:59.680> would<00:11:59.920> be

u.s would be

u.s would be the<00:12:00.560> right<00:12:00.800> of<00:12:00.880> people<00:12:01.200> to<00:12:01.279> do<00:12:01.519> wild

the right of people to do wild

the right of people to do wild speculative<00:12:02.480> gambling<00:12:02.880> on<00:12:02.959> the<00:12:03.040> stock<00:12:03.200> market

speculative gambling on the stock market

speculative gambling on the stock market finally

finally

finally finally<00:12:04.720> something<00:12:05.120> that<00:12:05.279> everybody<00:12:05.680> can

finally something that everybody can

finally something that everybody can agree<00:12:06.079> on<00:12:06.720> um<00:12:07.040> listen

agree on um listen

agree on um listen i<00:12:07.920> would<00:12:08.160> have<00:12:08.320> loved<00:12:08.560> to<00:12:08.639> have<00:12:08.800> been<00:12:08.880> a<00:12:08.959> fly<00:12:09.200> on

i would have loved to have been a fly on

i would have loved to have been a fly on the<00:12:09.360> wall<00:12:09.760> in<00:12:09.839> that<00:12:10.079> robin<00:12:10.320> hood<00:12:10.560> head<00:12:10.720> office

the wall in that robin hood head office

the wall in that robin hood head office when<00:12:11.040> they<00:12:11.200> decided<00:12:11.600> to<00:12:11.760> suspend

when they decided to suspend

when they decided to suspend trading<00:12:12.800> and<00:12:12.959> um<00:12:14.240> there's<00:12:14.639> lots<00:12:14.880> of<00:12:14.959> people

trading and um there's lots of people

trading and um there's lots of people with<00:12:15.279> lots<00:12:15.519> of<00:12:15.600> ideas<00:12:15.839> about<00:12:16.000> what's

with lots of ideas about what's

with lots of ideas about what's happening<00:12:16.560> people<00:12:16.800> are<00:12:16.880> saying<00:12:17.120> that

happening people are saying that

happening people are saying that yeah<00:12:17.680> it's<00:12:17.839> owned<00:12:18.079> by<00:12:18.240> a<00:12:18.320> citadel<00:12:18.800> and<00:12:18.880> sicily

yeah it's owned by a citadel and sicily

yeah it's owned by a citadel and sicily got<00:12:19.519> powerful<00:12:20.079> political<00:12:20.480> connections<00:12:21.200> and

got powerful political connections and

got powerful political connections and uh

uh

uh they<00:12:22.079> don't<00:12:22.240> want<00:12:22.639> wall<00:12:22.800> street<00:12:23.040> to<00:12:23.200> get<00:12:23.360> hurt

they don't want wall street to get hurt

they don't want wall street to get hurt listen<00:12:24.720> i<00:12:24.800> can't<00:12:25.040> tell<00:12:25.200> you<00:12:25.279> whether<00:12:25.519> that's

listen i can't tell you whether that's

listen i can't tell you whether that's what<00:12:26.079> happened<00:12:26.399> i'm<00:12:26.560> sure<00:12:26.800> that<00:12:27.040> robin<00:12:27.360> hood

what happened i'm sure that robin hood

what happened i'm sure that robin hood themselves<00:12:27.920> would<00:12:28.000> say<00:12:28.160> we're<00:12:28.320> trying<00:12:28.480> to

themselves would say we're trying to

themselves would say we're trying to protect<00:12:28.959> investors<00:12:29.600> or<00:12:29.760> we<00:12:29.920> have<00:12:30.160> legitimate

protect investors or we have legitimate

protect investors or we have legitimate financial<00:12:30.959> reasons<00:12:31.200> why<00:12:31.279> we<00:12:31.360> can't<00:12:31.600> do<00:12:31.760> it

financial reasons why we can't do it

financial reasons why we can't do it um<00:12:33.440> listen<00:12:33.920> i<00:12:34.160> guarantee<00:12:34.560> you<00:12:34.639> there'll<00:12:34.800> be

um listen i guarantee you there'll be

um listen i guarantee you there'll be people<00:12:35.120> in<00:12:35.200> wall<00:12:35.360> street<00:12:35.519> that<00:12:35.680> are<00:12:35.760> not<00:12:35.920> happy

people in wall street that are not happy

people in wall street that are not happy about

about

about suddenly<00:12:37.600> a<00:12:37.760> huge<00:12:38.000> amount<00:12:38.320> of<00:12:39.040> financial

suddenly a huge amount of financial

suddenly a huge amount of financial market<00:12:39.760> power<00:12:40.000> being<00:12:40.160> held<00:12:40.480> by

market power being held by

market power being held by uh<00:12:41.519> random<00:12:41.920> guys<00:12:42.240> trading<00:12:42.639> on<00:12:42.880> um<00:12:43.279> reddit

uh random guys trading on um reddit

uh random guys trading on um reddit but<00:12:44.480> i<00:12:44.639> wouldn't<00:12:44.880> be<00:12:44.959> able<00:12:45.120> to<00:12:45.200> tell<00:12:45.440> you<00:12:46.399> with

but i wouldn't be able to tell you with

but i wouldn't be able to tell you with any<00:12:46.959> certainty<00:12:47.600> uh

any certainty uh

any certainty uh whether<00:12:48.160> there<00:12:48.320> was<00:12:48.480> actually<00:12:48.720> a<00:12:49.040> shady

whether there was actually a shady

whether there was actually a shady meeting<00:12:50.240> behind<00:12:50.639> closed<00:12:50.880> doors<00:12:51.279> between<00:12:51.600> um

meeting behind closed doors between um

meeting behind closed doors between um wall<00:12:52.720> street<00:12:52.959> bankers<00:12:53.360> and<00:12:53.680> politicians<00:12:54.240> and

wall street bankers and politicians and

wall street bankers and politicians and the<00:12:54.560> guys<00:12:54.800> who<00:12:54.880> own<00:12:55.120> robin<00:12:55.360> hood<00:12:55.680> um

the guys who own robin hood um

the guys who own robin hood um i<00:12:56.560> would<00:12:56.720> love<00:12:56.880> to<00:12:56.959> know<00:12:57.120> more<00:12:57.279> and<00:12:57.360> hopefully

i would love to know more and hopefully

i would love to know more and hopefully um<00:12:58.320> alexandra<00:12:58.880> casey<00:12:59.120> cortez<00:12:59.519> will

um alexandra casey cortez will

um alexandra casey cortez will get<00:13:00.160> her<00:13:00.399> request<00:13:00.800> for<00:13:00.880> more<00:13:01.040> information

get her request for more information

get her request for more information because<00:13:01.920> um<00:13:02.399> the<00:13:02.560> people<00:13:02.800> on<00:13:02.880> reddit<00:13:03.120> are

because um the people on reddit are

because um the people on reddit are furious<00:13:03.600> about<00:13:03.760> it<00:13:03.839> and<00:13:03.920> i<00:13:04.000> can<00:13:04.160> totally

furious about it and i can totally

furious about it and i can totally understand<00:13:04.800> i<00:13:04.880> mean

understand i mean

understand i mean they've<00:13:05.519> got<00:13:05.600> a<00:13:05.600> massive<00:13:05.920> position<00:13:06.240> and

they've got a massive position and

they've got a massive position and suddenly<00:13:06.560> they<00:13:06.639> can't<00:13:06.800> trade<00:13:07.040> if<00:13:07.120> it<00:13:07.200> was<00:13:07.279> me

suddenly they can't trade if it was me

suddenly they can't trade if it was me i'd<00:13:07.600> be<00:13:07.760> furious<00:13:08.079> too<00:13:08.240> but<00:13:08.480> um

i'd be furious too but um

i'd be furious too but um i<00:13:09.360> wish<00:13:09.600> i<00:13:09.680> could<00:13:09.839> tell<00:13:10.000> you<00:13:10.399> the<00:13:10.639> exact

i wish i could tell you the exact

i wish i could tell you the exact reasons<00:13:11.760> that<00:13:11.920> there<00:13:12.079> were<00:13:12.160> some<00:13:12.399> shady

reasons that there were some shady

reasons that there were some shady dealings<00:13:13.200> behind<00:13:13.440> closed<00:13:13.600> doors<00:13:13.839> i'm<00:13:13.920> afraid

dealings behind closed doors i'm afraid

dealings behind closed doors i'm afraid i<00:13:14.480> don't<00:13:14.560> know<00:13:14.720> the<00:13:14.800> truth

i don't know the truth

i don't know the truth i<00:13:16.560> want<00:13:16.720> to<00:13:16.800> talk<00:13:17.040> now<00:13:17.279> a<00:13:17.279> bit<00:13:17.440> more<00:13:17.600> about

i want to talk now a bit more about

i want to talk now a bit more about whether<00:13:18.320> this<00:13:18.880> phenomenon<00:13:19.519> which<00:13:19.680> is<00:13:19.839> sort<00:13:20.000> of

whether this phenomenon which is sort of

whether this phenomenon which is sort of like

like

like individual<00:13:21.120> retail<00:13:21.519> traders<00:13:21.920> individual

individual retail traders individual

individual retail traders individual individuals<00:13:22.880> individual<00:13:23.360> individuals

individuals individual individuals

individuals individual individuals individual<00:13:24.320> people<00:13:24.560> in<00:13:24.639> their<00:13:24.800> bedrooms

individual people in their bedrooms

individual people in their bedrooms um<00:13:26.160> trading<00:13:26.480> on<00:13:26.560> the<00:13:26.639> stock<00:13:26.880> market<00:13:27.120> but

um trading on the stock market but

um trading on the stock market but talking<00:13:27.600> to<00:13:27.760> each<00:13:27.920> other<00:13:28.079> about<00:13:28.320> it<00:13:28.480> could

talking to each other about it could

talking to each other about it could transform<00:13:29.920> capitalism<00:13:30.560> in<00:13:30.720> some<00:13:30.959> way<00:13:31.519> now

transform capitalism in some way now

transform capitalism in some way now there<00:13:32.160> are<00:13:32.320> lots<00:13:32.480> of<00:13:32.560> people<00:13:32.880> saying

there are lots of people saying

there are lots of people saying discussing<00:13:34.079> quite<00:13:34.240> rightly<00:13:34.560> that<00:13:35.200> this<00:13:35.360> sort

discussing quite rightly that this sort

discussing quite rightly that this sort of<00:13:35.839> adds<00:13:36.160> an<00:13:36.399> element<00:13:36.800> of<00:13:36.959> unpredictability

of adds an element of unpredictability

of adds an element of unpredictability into<00:13:38.160> the<00:13:38.240> stock<00:13:38.480> market<00:13:38.800> because<00:13:39.199> it's<00:13:39.440> not

into the stock market because it's not

into the stock market because it's not just

just

just gamestop<00:13:40.800> who<00:13:41.040> have<00:13:41.279> gone<00:13:41.519> up<00:13:41.680> in<00:13:41.839> value<00:13:42.399> it's

gamestop who have gone up in value it's

gamestop who have gone up in value it's lots<00:13:43.040> of

lots of

lots of other<00:13:43.680> brands<00:13:44.000> which<00:13:44.240> were<00:13:44.480> seen<00:13:44.720> as<00:13:45.440> not

other brands which were seen as not

other brands which were seen as not having<00:13:45.760> much<00:13:46.000> of<00:13:46.079> a<00:13:46.160> future<00:13:46.480> by

having much of a future by

having much of a future by wall<00:13:47.120> street<00:13:47.440> and<00:13:47.519> they're<00:13:47.680> often<00:13:48.000> brands

wall street and they're often brands

wall street and they're often brands which<00:13:48.880> you<00:13:48.959> know<00:13:49.120> people<00:13:49.279> have<00:13:49.440> some

which you know people have some

which you know people have some emotional<00:13:50.000> connection<00:13:50.399> to<00:13:50.560> so<00:13:50.720> gamestop<00:13:51.120> was

emotional connection to so gamestop was

emotional connection to so gamestop was a<00:13:51.440> shot<00:13:51.600> people

a shot people

a shot people shopped<00:13:52.880> out<00:13:52.959> in<00:13:53.040> their<00:13:53.600> in<00:13:53.760> their<00:13:53.839> childhood

shopped out in their in their childhood

shopped out in their in their childhood a<00:13:54.240> bit<00:13:54.399> like<00:13:54.639> you<00:13:54.720> know<00:13:54.880> you<00:13:55.040> think<00:13:55.199> of

a bit like you know you think of

a bit like you know you think of blockbusters

blockbusters

blockbusters um<00:13:56.639> here<00:13:56.880> i<00:13:56.959> know<00:13:57.120> you<00:13:57.199> have<00:13:57.360> game<00:13:57.760> it<00:13:57.839> wasn't

um here i know you have game it wasn't

um here i know you have game it wasn't particularly<00:13:58.480> meaningful<00:13:58.880> to<00:13:59.040> me

particularly meaningful to me

particularly meaningful to me um<00:13:59.839> also<00:14:00.079> i<00:14:00.160> think<00:14:00.399> nokia's<00:14:00.880> doing<00:14:01.120> quite<00:14:01.279> well

um also i think nokia's doing quite well

um also i think nokia's doing quite well blackberry's<00:14:02.079> doing<00:14:02.320> quite<00:14:02.560> well<00:14:02.720> there's<00:14:02.959> a

blackberry's doing quite well there's a

blackberry's doing quite well there's a cinema<00:14:03.519> chain

cinema chain

cinema chain um<00:14:04.399> in<00:14:04.560> the<00:14:04.639> united<00:14:04.959> states<00:14:05.279> that's<00:14:05.519> doing

um in the united states that's doing

um in the united states that's doing quite<00:14:05.920> well<00:14:06.079> because<00:14:06.320> people<00:14:06.560> are<00:14:06.639> piling<00:14:06.959> in

quite well because people are piling in

quite well because people are piling in money

money

money and<00:14:07.760> one<00:14:07.920> analysis<00:14:08.480> is<00:14:08.639> that<00:14:08.720> this<00:14:08.880> is<00:14:09.040> sort<00:14:09.199> of

and one analysis is that this is sort of

and one analysis is that this is sort of basically<00:14:10.480> you<00:14:10.639> know<00:14:10.720> it's<00:14:11.360> kind<00:14:11.519> of<00:14:11.680> like

basically you know it's kind of like

basically you know it's kind of like financial<00:14:12.720> posting<00:14:13.199> in<00:14:13.279> a<00:14:13.360> way

financial posting in a way

financial posting in a way other<00:14:14.399> people<00:14:14.639> though<00:14:14.880> are<00:14:15.040> arguing<00:14:15.360> that

other people though are arguing that

other people though are arguing that this<00:14:16.320> distributed<00:14:17.199> manner<00:14:17.519> of<00:14:17.680> investing

this distributed manner of investing

this distributed manner of investing could<00:14:18.480> itself<00:14:19.040> be

could itself be

could itself be a<00:14:19.839> more<00:14:20.160> efficient<00:14:20.800> form<00:14:21.040> of<00:14:21.120> capitalism<00:14:21.839> than

a more efficient form of capitalism than

a more efficient form of capitalism than that<00:14:22.160> which<00:14:22.399> is<00:14:22.560> managed<00:14:23.040> on

that which is managed on

that which is managed on wall<00:14:23.680> street<00:14:24.399> and<00:14:24.959> to<00:14:25.120> introduce<00:14:25.600> this<00:14:25.760> point

wall street and to introduce this point

wall street and to introduce this point i<00:14:26.000> want<00:14:26.240> to<00:14:26.399> show<00:14:26.639> you

i want to show you

i want to show you a<00:14:27.279> video<00:14:27.519> which<00:14:27.680> is<00:14:27.839> of<00:14:27.920> the<00:14:28.000> ceo<00:14:28.560> of<00:14:28.720> social

a video which is of the ceo of social

a video which is of the ceo of social capital<00:14:29.600> explaining<00:14:30.079> again<00:14:30.320> to<00:14:30.480> cnbc

capital explaining again to cnbc

capital explaining again to cnbc why<00:14:31.920> he<00:14:32.160> thinks<00:14:32.399> that<00:14:32.480> wall<00:14:32.720> street's<00:14:33.120> bet<00:14:33.600> is

why he thinks that wall street's bet is

why he thinks that wall street's bet is not<00:14:34.000> just<00:14:34.399> an<00:14:34.639> fu<00:14:34.880> to<00:14:35.040> the<00:14:35.040> wall<00:14:35.279> street

not just an fu to the wall street

not just an fu to the wall street establishment<00:14:36.079> it<00:14:36.240> is<00:14:36.399> also<00:14:36.720> that

establishment it is also that

establishment it is also that but<00:14:37.279> that<00:14:37.519> it's<00:14:37.760> also<00:14:38.320> the<00:14:38.480> site<00:14:38.720> of<00:14:38.880> better

but that it's also the site of better

but that it's also the site of better investments<00:14:39.600> than<00:14:39.760> what<00:14:40.000> hedge<00:14:40.240> funds

investments than what hedge funds

investments than what hedge funds are<00:14:40.880> capable<00:14:41.360> of<00:14:42.480> and<00:14:42.639> i<00:14:42.720> would<00:14:42.880> encourage

are capable of and i would encourage

are capable of and i would encourage anybody<00:14:43.839> who

anybody who

anybody who is<00:14:44.480> dismissive<00:14:45.120> of<00:14:45.279> this<00:14:45.519> thing<00:14:46.320> to<00:14:46.480> go<00:14:46.800> into

is dismissive of this thing to go into

is dismissive of this thing to go into wall<00:14:47.199> street<00:14:47.519> bets<00:14:47.760> and<00:14:47.920> actually<00:14:48.240> just<00:14:48.560> read

wall street bets and actually just read

wall street bets and actually just read the<00:14:48.959> forums

the forums

the forums and<00:14:50.160> i<00:14:50.320> think<00:14:50.480> that<00:14:50.639> you're<00:14:50.880> going<00:14:50.959> to<00:14:51.120> see

and i think that you're going to see

and i think that you're going to see three<00:14:52.560> kinds<00:14:52.959> of<00:14:53.120> posts

three kinds of posts

three kinds of posts the<00:14:54.720> first<00:14:54.959> kind<00:14:55.120> of<00:14:55.279> content<00:14:56.000> are<00:14:56.240> a<00:14:56.399> lot<00:14:56.560> of

the first kind of content are a lot of

the first kind of content are a lot of people<00:14:57.040> doing<00:14:57.440> some

people doing some

people doing some incredible<00:14:58.320> fundamental<00:14:59.120> diligence<00:14:59.680> on

incredible fundamental diligence on

incredible fundamental diligence on companies

companies

companies trying<00:15:01.360> to<00:15:01.519> think<00:15:01.760> about<00:15:02.000> long-term<00:15:02.560> value

trying to think about long-term value

trying to think about long-term value and<00:15:03.199> in<00:15:03.360> my<00:15:03.519> opinion<00:15:04.000> many<00:15:04.240> of<00:15:04.320> them<00:15:04.560> are<00:15:04.639> doing

and in my opinion many of them are doing

and in my opinion many of them are doing as<00:15:05.199> good<00:15:05.440> and<00:15:05.600> frankly

as good and frankly

as good and frankly a<00:15:06.240> better<00:15:06.560> job<00:15:07.440> than<00:15:07.680> a<00:15:07.760> lot<00:15:07.920> of<00:15:08.000> hedge<00:15:08.240> fund

a better job than a lot of hedge fund

a better job than a lot of hedge fund analysts<00:15:08.880> that<00:15:09.040> i<00:15:09.279> work<00:15:09.519> with

analysts that i work with

analysts that i work with that's<00:15:10.399> number<00:15:10.720> one<00:15:11.760> the<00:15:11.920> second<00:15:12.320> are<00:15:12.560> a<00:15:12.639> lot

that's number one the second are a lot

that's number one the second are a lot of<00:15:12.959> people<00:15:13.360> who<00:15:13.519> believe

of people who believe

of people who believe that<00:15:14.320> you<00:15:14.399> know<00:15:14.560> coming<00:15:14.880> out<00:15:14.959> of<00:15:15.120> 2008<00:15:16.480> what

that you know coming out of 2008 what

that you know coming out of 2008 what happened<00:15:16.959> was<00:15:17.199> wall<00:15:17.440> street<00:15:17.760> took<00:15:18.000> an

happened was wall street took an

happened was wall street took an enormous<00:15:18.560> amount<00:15:18.880> of<00:15:18.959> risk

enormous amount of risk

enormous amount of risk and<00:15:20.160> they<00:15:20.480> left<00:15:20.720> retail<00:15:21.199> as<00:15:21.360> the<00:15:21.440> bag<00:15:21.680> holder

and they left retail as the bag holder

and they left retail as the bag holder and<00:15:22.800> a<00:15:22.880> lot<00:15:23.040> of<00:15:23.120> these<00:15:23.440> kids

and a lot of these kids

and a lot of these kids were<00:15:24.320> in<00:15:24.560> grade<00:15:24.800> school<00:15:25.120> and<00:15:25.199> high<00:15:25.440> school

were in grade school and high school

were in grade school and high school when<00:15:25.760> that<00:15:26.000> happened<00:15:26.399> they<00:15:26.639> lost<00:15:26.880> their<00:15:27.040> homes

when that happened they lost their homes

when that happened they lost their homes their<00:15:27.920> parents<00:15:28.240> lost<00:15:28.560> their<00:15:28.720> jobs<00:15:29.519> and

their parents lost their jobs and

their parents lost their jobs and they've<00:15:30.160> always<00:15:30.480> wondered<00:15:30.959> like<00:15:31.199> why

they've always wondered like why

they've always wondered like why did<00:15:31.920> those<00:15:32.320> folks<00:15:32.639> get<00:15:32.880> bailed<00:15:33.279> out<00:15:33.680> for

did those folks get bailed out for

did those folks get bailed out for taking<00:15:34.160> enormous<00:15:34.639> amounts<00:15:34.959> of<00:15:35.120> risk

taking enormous amounts of risk

taking enormous amounts of risk and<00:15:35.920> nobody<00:15:36.320> helped<00:15:36.720> and<00:15:36.880> showed<00:15:37.199> up<00:15:37.279> to<00:15:37.360> help

and nobody helped and showed up to help

and nobody helped and showed up to help my<00:15:37.839> family

my family

my family and<00:15:39.360> then<00:15:39.519> the<00:15:39.680> third<00:15:40.000> thing<00:15:40.320> is<00:15:40.480> a

and then the third thing is a

and then the third thing is a realization<00:15:41.279> that<00:15:42.160> instead<00:15:42.639> of<00:15:42.800> having

realization that instead of having

realization that instead of having idea<00:15:43.839> dinners<00:15:44.399> or<00:15:45.120> you<00:15:45.199> know<00:15:45.680> quiet<00:15:46.160> whispered

idea dinners or you know quiet whispered

idea dinners or you know quiet whispered conversations<00:15:47.600> amongst<00:15:48.000> hedge<00:15:48.240> funds<00:15:48.560> in<00:15:48.639> the

conversations amongst hedge funds in the

conversations amongst hedge funds in the hamptons

hamptons

hamptons these<00:15:49.839> kids<00:15:50.079> have<00:15:50.320> the<00:15:50.399> courage<00:15:51.360> to<00:15:51.519> do<00:15:51.759> it

these kids have the courage to do it

these kids have the courage to do it transparently<00:15:52.639> in<00:15:52.720> a<00:15:52.880> forum<00:15:53.279> and<00:15:53.440> i'm<00:15:53.600> not

transparently in a forum and i'm not

transparently in a forum and i'm not saying<00:15:54.160> all<00:15:54.399> of<00:15:54.560> it<00:15:54.720> is<00:15:54.880> perfect

saying all of it is perfect

saying all of it is perfect by<00:15:55.839> any<00:15:56.079> means<00:15:57.279> but<00:15:57.440> i<00:15:57.519> think<00:15:57.759> it<00:15:57.839> takes

by any means but i think it takes

by any means but i think it takes an<00:15:59.040> enormous<00:15:59.600> amount<00:15:59.920> of<00:16:00.560> faith<00:16:00.880> in<00:16:00.959> the

an enormous amount of faith in the

an enormous amount of faith in the system<00:16:01.519> to<00:16:01.680> be<00:16:01.839> that<00:16:02.160> transparent

system to be that transparent

system to be that transparent to<00:16:03.279> talk<00:16:03.519> about<00:16:03.839> things<00:16:04.160> and<00:16:04.240> then<00:16:04.399> for<00:16:04.639> each

to talk about things and then for each

to talk about things and then for each individual<00:16:05.360> to<00:16:05.519> make<00:16:05.680> their<00:16:05.920> own<00:16:06.079> mind<00:16:06.480> up

individual to make their own mind up

individual to make their own mind up and<00:16:07.680> to<00:16:07.920> do<00:16:08.079> things<00:16:08.320> whether<00:16:08.560> it's<00:16:08.720> to<00:16:08.800> buy

and to do things whether it's to buy

and to do things whether it's to buy into

into

into so<00:16:11.680> what<00:16:11.839> i<00:16:12.000> found<00:16:12.240> quite<00:16:12.399> interesting<00:16:12.720> there

so what i found quite interesting there

so what i found quite interesting there was<00:16:12.959> this<00:16:13.120> phrase<00:16:13.440> the<00:16:13.680> faith<00:16:13.920> in<00:16:14.000> the<00:16:14.160> system

was this phrase the faith in the system

was this phrase the faith in the system you<00:16:14.720> know<00:16:14.800> because<00:16:14.959> most<00:16:15.199> people<00:16:15.440> are<00:16:15.519> talking

you know because most people are talking

you know because most people are talking about<00:16:16.000> this<00:16:16.160> as<00:16:16.320> a<00:16:16.480> deeply<00:16:17.199> you<00:16:17.279> know

about this as a deeply you know

about this as a deeply you know anti-establishment<00:16:18.480> movement<00:16:18.880> potentially

anti-establishment movement potentially

anti-establishment movement potentially anti-capitalist

anti-capitalist

anti-capitalist what<00:16:21.519> that<00:16:21.680> commentator<00:16:22.240> there<00:16:22.480> was

what that commentator there was

what that commentator there was suggesting<00:16:23.040> was<00:16:23.199> that<00:16:23.279> potentially

suggesting was that potentially

suggesting was that potentially this<00:16:24.320> could<00:16:24.480> reinvigorate<00:16:25.120> capitalism<00:16:25.759> if

this could reinvigorate capitalism if

this could reinvigorate capitalism if you've<00:16:26.000> got<00:16:26.160> all<00:16:26.240> of<00:16:26.399> these<00:16:26.560> people

you've got all of these people

you've got all of these people trading<00:16:27.600> stocks<00:16:28.000> in<00:16:28.079> their<00:16:28.320> bedrooms<00:16:28.800> who<00:16:29.279> can

trading stocks in their bedrooms who can

trading stocks in their bedrooms who can make<00:16:29.680> you<00:16:29.759> know<00:16:29.920> collectively<00:16:30.399> more

make you know collectively more

make you know collectively more efficient<00:16:31.040> and<00:16:31.120> more<00:16:31.279> transparent<00:16:31.839> decisions

efficient and more transparent decisions

efficient and more transparent decisions than

than

than hedge<00:16:33.040> fund<00:16:33.199> managers<00:16:33.600> having<00:16:33.839> quiet<00:16:34.160> dinners

hedge fund managers having quiet dinners

hedge fund managers having quiet dinners with<00:16:34.639> each<00:16:34.800> other<00:16:35.199> then<00:16:35.440> potentially<00:16:35.920> this

with each other then potentially this

with each other then potentially this could

could

could you<00:16:36.720> know<00:16:36.800> this<00:16:36.959> could<00:16:37.120> be<00:16:37.279> a<00:16:37.360> boost<00:16:37.920> to

you know this could be a boost to

you know this could be a boost to overall<00:16:38.959> economic<00:16:39.440> growth<00:16:39.759> potentially<00:16:40.160> i

overall economic growth potentially i

overall economic growth potentially i mean<00:16:40.320> you're<00:16:40.480> almost<00:16:40.800> looking<00:16:40.959> at<00:16:41.199> kind<00:16:41.279> of

mean you're almost looking at kind of

mean you're almost looking at kind of you<00:16:41.519> know

you know

you know democratic<00:16:43.040> capitalism<00:16:43.759> but<00:16:44.000> of<00:16:44.079> the<00:16:44.240> sort<00:16:44.399> of

democratic capitalism but of the sort of

democratic capitalism but of the sort of individualistic

individualistic

individualistic thatcher<00:16:46.079> kind<00:16:46.399> in<00:16:46.480> a<00:16:46.639> way<00:16:47.199> i<00:16:47.279> mean<00:16:48.000> what<00:16:48.160> do

thatcher kind in a way i mean what do

thatcher kind in a way i mean what do you<00:16:48.320> make<00:16:48.560> of<00:16:48.720> that<00:16:48.880> gary<00:16:49.199> this<00:16:49.519> this<00:16:49.759> idea

you make of that gary this this idea

you make of that gary this this idea that<00:16:50.560> actually<00:16:50.880> these<00:16:51.279> could<00:16:51.600> be<00:16:52.079> more

that actually these could be more

that actually these could be more efficient<00:16:52.959> investors

efficient investors

efficient investors than<00:16:54.480> the<00:16:54.639> wall<00:16:54.880> street<00:16:55.120> brokers<00:16:55.440> so<00:16:55.600> it's<00:16:55.759> not

than the wall street brokers so it's not

than the wall street brokers so it's not just<00:16:56.079> a<00:16:56.160> disruptive<00:16:56.720> force<00:16:56.959> it<00:16:57.040> could<00:16:57.279> also<00:16:57.519> be

just a disruptive force it could also be

just a disruptive force it could also be a<00:16:57.759> highly

a highly

a highly efficient<00:16:58.959> force<00:17:00.880> i<00:17:00.959> mean<00:17:01.199> i've<00:17:01.360> spoken<00:17:01.759> a<00:17:01.839> lot

efficient force i mean i've spoken a lot

efficient force i mean i've spoken a lot this<00:17:02.160> year

this year

this year about<00:17:03.440> what<00:17:03.600> we've<00:17:03.759> seen<00:17:03.920> in<00:17:04.000> the<00:17:04.079> last<00:17:04.319> 10

about what we've seen in the last 10

about what we've seen in the last 10 years<00:17:05.360> because<00:17:05.760> governments<00:17:06.240> and<00:17:06.319> central

years because governments and central

years because governments and central banks<00:17:06.880> have<00:17:06.959> been<00:17:07.120> trying<00:17:07.280> to<00:17:07.360> deal<00:17:07.520> with

banks have been trying to deal with

banks have been trying to deal with crises<00:17:08.160> like<00:17:08.400> i<00:17:08.480> say<00:17:08.640> by<00:17:08.799> printing<00:17:09.039> huge

crises like i say by printing huge

crises like i say by printing huge amounts<00:17:09.520> of<00:17:09.600> money

amounts of money

amounts of money we've<00:17:10.959> come<00:17:11.120> to<00:17:11.280> this<00:17:11.439> position<00:17:11.839> where<00:17:12.799> as<00:17:12.959> i

we've come to this position where as i

we've come to this position where as i say

say

say if<00:17:13.679> the<00:17:13.760> economy<00:17:14.079> does<00:17:14.240> well<00:17:14.400> stock<00:17:14.640> markets

if the economy does well stock markets

if the economy does well stock markets go<00:17:15.120> up<00:17:15.280> if<00:17:15.360> the<00:17:15.439> economy<00:17:15.760> does<00:17:16.000> badly

go up if the economy does badly

go up if the economy does badly the<00:17:16.959> central<00:17:17.199> bank<00:17:17.360> prints<00:17:17.600> loads<00:17:17.760> of<00:17:17.839> money

the central bank prints loads of money

the central bank prints loads of money and<00:17:18.160> stock<00:17:18.400> markets<00:17:18.880> still<00:17:19.120> go<00:17:19.280> up<00:17:19.520> and<00:17:19.679> we've

and stock markets still go up and we've

and stock markets still go up and we've really<00:17:20.240> had<00:17:20.400> this<00:17:20.559> divergence<00:17:21.120> here<00:17:21.360> whatever

really had this divergence here whatever

really had this divergence here whatever happens<00:17:22.000> stock<00:17:22.160> markets<00:17:22.480> do<00:17:22.640> well

happens stock markets do well

happens stock markets do well and<00:17:23.360> ordinary<00:17:23.679> people<00:17:23.919> do<00:17:24.079> badly<00:17:24.640> and<00:17:24.799> you

and ordinary people do badly and you

and ordinary people do badly and you know<00:17:25.039> i've<00:17:25.120> put<00:17:25.280> out<00:17:25.439> videos<00:17:25.919> on<00:17:26.079> my<00:17:26.400> instagram

know i've put out videos on my instagram

know i've put out videos on my instagram and<00:17:26.959> on<00:17:27.039> my<00:17:27.280> facebook<00:17:27.600> gary's<00:17:27.839> economics

and on my facebook gary's economics

and on my facebook gary's economics explaining

explaining

explaining how<00:17:29.520> people<00:17:29.679> can<00:17:29.840> deal<00:17:30.000> with<00:17:30.160> this<00:17:30.400> because

how people can deal with this because

how people can deal with this because when<00:17:31.039> house<00:17:31.280> prices<00:17:31.600> and<00:17:31.760> stock<00:17:31.919> prices<00:17:32.160> go

when house prices and stock prices go

when house prices and stock prices go through<00:17:32.480> the<00:17:32.559> roof<00:17:32.799> but<00:17:32.960> wages<00:17:33.440> don't

through the roof but wages don't

through the roof but wages don't it<00:17:34.240> really<00:17:34.480> really<00:17:34.640> hurts<00:17:34.880> especially<00:17:35.280> young

it really really hurts especially young

it really really hurts especially young people<00:17:36.080> because<00:17:36.400> they<00:17:36.559> can't<00:17:36.960> save<00:17:37.200> up<00:17:37.280> money

people because they can't save up money

people because they can't save up money they<00:17:37.600> can't<00:17:37.840> get<00:17:37.919> a<00:17:38.000> house<00:17:38.320> and<00:17:38.559> um

they can't get a house and um

they can't get a house and um for<00:17:40.400> this<00:17:40.640> reason<00:17:41.039> i<00:17:41.120> totally<00:17:41.440> understand<00:17:41.919> why

for this reason i totally understand why

for this reason i totally understand why people<00:17:42.320> have<00:17:42.640> surged<00:17:42.960> towards<00:17:43.360> online

people have surged towards online

people have surged towards online trading<00:17:44.080> platforms

trading platforms

trading platforms as<00:17:45.280> a<00:17:45.679> easier<00:17:46.000> way<00:17:46.160> to<00:17:46.320> access<00:17:46.640> stock<00:17:46.880> markets

as a easier way to access stock markets

as a easier way to access stock markets because<00:17:47.600> they<00:17:47.760> want<00:17:47.919> to<00:17:48.000> get<00:17:48.160> a<00:17:48.240> share<00:17:48.400> of<00:17:48.480> the

because they want to get a share of the

because they want to get a share of the returns<00:17:48.960> that<00:17:49.120> have<00:17:49.280> largely<00:17:49.760> been<00:17:49.919> going<00:17:50.160> to

returns that have largely been going to

returns that have largely been going to the<00:17:50.640> richest<00:17:51.039> people<00:17:51.280> because<00:17:51.520> most<00:17:51.760> stocks

the richest people because most stocks

the richest people because most stocks are<00:17:52.080> owned<00:17:52.240> by<00:17:52.400> the<00:17:52.480> richest<00:17:52.880> people

are owned by the richest people

are owned by the richest people for<00:17:53.760> that<00:17:53.919> reason<00:17:54.240> especially<00:17:54.720> in<00:17:54.799> this<00:17:54.960> last

for that reason especially in this last

for that reason especially in this last year<00:17:55.360> we've<00:17:55.440> seen<00:17:55.679> a<00:17:55.840> massive<00:17:56.240> massive<00:17:56.640> uptick

year we've seen a massive massive uptick

year we've seen a massive massive uptick in<00:17:57.039> the<00:17:57.120> number<00:17:57.360> of<00:17:57.440> people<00:17:57.679> using<00:17:57.919> online

in the number of people using online

in the number of people using online trading<00:17:58.559> accounts<00:17:58.880> like<00:17:59.120> ig<00:17:59.440> index<00:17:59.679> in<00:17:59.840> this

trading accounts like ig index in this

trading accounts like ig index in this country<00:18:00.240> trading<00:18:00.480> 212<00:18:00.960> this<00:18:01.039> kind<00:18:01.200> of<00:18:01.280> thing

country trading 212 this kind of thing

country trading 212 this kind of thing and<00:18:02.720> i<00:18:02.799> think<00:18:02.960> it's<00:18:03.120> really<00:18:03.280> important<00:18:03.520> to

and i think it's really important to

and i think it's really important to talk<00:18:03.760> about<00:18:03.919> this<00:18:04.000> because<00:18:04.160> on<00:18:04.320> the<00:18:04.400> one<00:18:04.640> hand

talk about this because on the one hand

talk about this because on the one hand it's<00:18:05.760> important<00:18:06.080> that<00:18:06.320> ordinary<00:18:06.799> people<00:18:07.200> are

it's important that ordinary people are

it's important that ordinary people are able<00:18:07.760> to<00:18:08.160> participate

able to participate

able to participate in<00:18:09.039> these<00:18:09.280> markets<00:18:09.679> and<00:18:09.760> take<00:18:10.000> some<00:18:10.160> of<00:18:10.240> the

in these markets and take some of the

in these markets and take some of the returns<00:18:10.720> that<00:18:10.960> super<00:18:11.200> rich<00:18:11.440> people<00:18:11.840> are

returns that super rich people are

returns that super rich people are getting

getting

getting but<00:18:12.640> the<00:18:12.799> truth<00:18:13.120> is<00:18:13.440> if<00:18:13.600> you're<00:18:13.760> super<00:18:14.000> rich

but the truth is if you're super rich

but the truth is if you're super rich and<00:18:14.320> you've<00:18:14.400> got<00:18:14.559> 1<00:18:14.720> million<00:18:15.039> 2<00:18:15.200> million<00:18:15.520> 10

and you've got 1 million 2 million 10

and you've got 1 million 2 million 10 million<00:18:16.000> pounds

million pounds

million pounds you<00:18:16.880> can<00:18:17.039> make<00:18:17.200> loads<00:18:17.360> of<00:18:17.440> money<00:18:17.600> on<00:18:17.679> the<00:18:17.760> stock

you can make loads of money on the stock

you can make loads of money on the stock markets<00:18:18.240> if<00:18:18.320> you're<00:18:18.400> an<00:18:18.559> ordinary<00:18:18.880> person

markets if you're an ordinary person

markets if you're an ordinary person saying<00:18:19.520> with<00:18:19.600> 10<00:18:19.840> 20<00:18:20.160> 000<00:18:20.400> pounds

saying with 10 20 000 pounds

saying with 10 20 000 pounds it's<00:18:21.440> going<00:18:21.600> to<00:18:21.679> be<00:18:21.760> very<00:18:21.919> difficult<00:18:22.240> for<00:18:22.320> you

it's going to be very difficult for you

it's going to be very difficult for you to<00:18:22.559> do<00:18:22.720> that<00:18:23.760> and<00:18:24.080> often<00:18:24.559> these<00:18:24.799> people<00:18:25.120> they

to do that and often these people they

to do that and often these people they go<00:18:25.600> onto<00:18:25.840> these<00:18:25.919> trading<00:18:26.240> platforms<00:18:27.120> they

go onto these trading platforms they

go onto these trading platforms they don't<00:18:27.760> really<00:18:28.080> have<00:18:28.240> a<00:18:28.320> full<00:18:28.480> idea<00:18:28.640> of<00:18:28.720> what

don't really have a full idea of what

don't really have a full idea of what they're<00:18:28.960> doing

they're doing

they're doing sometimes<00:18:30.000> these<00:18:30.240> trading<00:18:30.480> platforms<00:18:30.960> can

sometimes these trading platforms can

sometimes these trading platforms can allow<00:18:31.600> you<00:18:31.760> to<00:18:31.840> make<00:18:32.080> very<00:18:32.320> risky<00:18:32.640> bets<00:18:32.880> and

allow you to make very risky bets and

allow you to make very risky bets and people<00:18:33.200> don't<00:18:33.360> realize<00:18:33.679> just<00:18:33.840> how<00:18:33.919> much<00:18:34.080> risk

people don't realize just how much risk

people don't realize just how much risk they're<00:18:34.400> taking<00:18:34.720> and<00:18:34.880> people<00:18:35.039> can<00:18:35.200> lose

they're taking and people can lose

they're taking and people can lose all<00:18:35.760> of<00:18:35.840> the<00:18:36.000> money<00:18:36.160> they<00:18:36.240> put<00:18:36.400> in<00:18:36.559> potentially

all of the money they put in potentially

all of the money they put in potentially and<00:18:37.679> i<00:18:37.760> think<00:18:38.080> 75<00:18:38.640> percent<00:18:38.880> of<00:18:39.039> people<00:18:39.280> who<00:18:39.440> use

and i think 75 percent of people who use

and i think 75 percent of people who use this<00:18:40.080> ig<00:18:40.480> index<00:18:40.960> trading<00:18:41.520> website<00:18:42.080> lose<00:18:42.320> money

this ig index trading website lose money

this ig index trading website lose money so<00:18:44.240> i<00:18:44.400> don't<00:18:44.720> i<00:18:44.799> don't<00:18:44.960> want<00:18:45.039> to<00:18:45.120> give<00:18:45.280> the

so i don't i don't want to give the

so i don't i don't want to give the impression<00:18:45.760> this<00:18:45.919> is<00:18:46.000> some<00:18:46.320> mad

impression this is some mad

impression this is some mad democratizing<00:18:47.200> force<00:18:47.520> because<00:18:47.679> look<00:18:47.840> i'm<00:18:48.000> a

democratizing force because look i'm a

democratizing force because look i'm a market<00:18:48.400> professional<00:18:48.880> and<00:18:49.039> i've<00:18:49.200> made<00:18:49.440> quite

market professional and i've made quite

market professional and i've made quite a<00:18:49.679> bit<00:18:49.760> of<00:18:49.840> money<00:18:50.080> and<00:18:50.240> i<00:18:50.320> make<00:18:50.480> money<00:18:50.720> when<00:18:50.799> i'm

a bit of money and i make money when i'm

a bit of money and i make money when i'm trading<00:18:51.120> my<00:18:51.200> stock<00:18:51.440> markets<00:18:51.840> but<00:18:52.000> if<00:18:52.160> some<00:18:52.400> guy

trading my stock markets but if some guy

trading my stock markets but if some guy who<00:18:52.640> doesn't<00:18:52.880> know<00:18:52.960> what<00:18:53.120> he's<00:18:53.200> doing

who doesn't know what he's doing

who doesn't know what he's doing puts<00:18:54.160> his<00:18:54.320> life<00:18:54.480> savings<00:18:54.880> in<00:18:55.039> there<00:18:55.360> he's

puts his life savings in there he's

puts his life savings in there he's probably<00:18:55.840> going<00:18:56.000> to<00:18:56.080> be<00:18:56.160> in<00:18:56.240> that<00:18:56.320> 75<00:18:56.799> percent

probably going to be in that 75 percent

probably going to be in that 75 percent so<00:18:57.760> i<00:18:57.840> think<00:18:59.440> the<00:18:59.679> end<00:18:59.840> result<00:19:00.240> is

so i think the end result is

so i think the end result is i<00:19:00.720> don't<00:19:00.960> think<00:19:01.120> we're<00:19:01.280> gonna<00:19:01.840> transform

i don't think we're gonna transform

i don't think we're gonna transform capitalism<00:19:03.200> and<00:19:03.280> radically<00:19:03.679> redistribute

capitalism and radically redistribute

capitalism and radically redistribute wealth<00:19:04.400> just<00:19:04.559> by<00:19:04.720> everybody<00:19:05.039> becoming<00:19:05.360> a

wealth just by everybody becoming a

wealth just by everybody becoming a stock<00:19:05.600> market<00:19:05.840> trader<00:19:06.160> because<00:19:06.400> in<00:19:06.480> the<00:19:06.640> end

stock market trader because in the end

stock market trader because in the end the<00:19:08.480> best<00:19:08.640> stock<00:19:08.880> market<00:19:09.120> traders<00:19:09.520> are<00:19:09.679> going

the best stock market traders are going

the best stock market traders are going to<00:19:09.919> end<00:19:10.080> up<00:19:10.160> working<00:19:10.400> for<00:19:10.559> the<00:19:10.640> wealthiest

to end up working for the wealthiest

to end up working for the wealthiest people<00:19:11.440> and

people and

people and you<00:19:11.919> know<00:19:12.240> if<00:19:12.320> you're<00:19:12.640> just<00:19:13.200> you<00:19:13.360> know<00:19:13.840> an

you know if you're just you know an

you know if you're just you know an electrician<00:19:14.480> or<00:19:14.559> a<00:19:14.640> hairdresser<00:19:15.200> sitting<00:19:15.520> at

electrician or a hairdresser sitting at

electrician or a hairdresser sitting at home

home

home on<00:19:16.080> the<00:19:16.240> internet<00:19:16.799> you're<00:19:17.120> probably<00:19:17.280> not

on the internet you're probably not

on the internet you're probably not going<00:19:17.600> to<00:19:17.679> quadruple<00:19:18.080> your<00:19:18.160> money<00:19:18.400> in<00:19:18.480> fact

going to quadruple your money in fact

going to quadruple your money in fact you<00:19:18.880> are<00:19:18.960> likely<00:19:19.280> to<00:19:19.360> be<00:19:19.440> in<00:19:19.520> that<00:19:19.679> 75

you are likely to be in that 75

you are likely to be in that 75 so<00:19:21.280> you<00:19:21.440> know<00:19:21.760> it's<00:19:22.000> very<00:19:22.240> typical<00:19:22.720> that<00:19:23.039> the

so you know it's very typical that the

so you know it's very typical that the way<00:19:23.360> the<00:19:23.520> world<00:19:23.760> is

way the world is

way the world is right<00:19:24.160> now<00:19:24.400> you<00:19:24.480> know<00:19:24.960> all<00:19:25.200> this<00:19:25.360> wolf<00:19:25.600> of<00:19:25.679> wall

right now you know all this wolf of wall

right now you know all this wolf of wall street<00:19:26.000> the<00:19:26.080> idolization<00:19:26.720> of<00:19:26.799> money<00:19:27.039> and

street the idolization of money and

street the idolization of money and trading<00:19:27.440> people<00:19:27.760> think<00:19:27.919> well<00:19:28.160> we<00:19:28.320> can<00:19:28.480> reform

trading people think well we can reform

trading people think well we can reform capitalism<00:19:29.200> by<00:19:29.360> all<00:19:29.520> becoming<00:19:29.919> traders

capitalism by all becoming traders

capitalism by all becoming traders but<00:19:31.120> i<00:19:31.200> think<00:19:31.440> in<00:19:31.600> reality<00:19:33.120> the<00:19:33.280> most<00:19:33.520> likely

but i think in reality the most likely

but i think in reality the most likely situation<00:19:34.320> is<00:19:34.559> the<00:19:34.720> professionals<00:19:35.200> will<00:19:35.360> make

situation is the professionals will make

situation is the professionals will make money<00:19:35.919> the<00:19:36.080> people<00:19:36.320> with<00:19:36.400> the<00:19:36.480> most

money the people with the most

money the people with the most experience<00:19:37.039> make<00:19:37.200> money<00:19:37.520> and<00:19:37.679> the<00:19:37.840> ordinary

experience make money and the ordinary

experience make money and the ordinary people

people

people will<00:19:38.880> be<00:19:38.960> left<00:19:39.120> with<00:19:39.280> the<00:19:39.360> losses<00:19:41.440> um

will be left with the losses um

will be left with the losses um well<00:19:42.320> that's<00:19:42.559> a<00:19:43.280> well<00:19:43.440> it's<00:19:43.679> downbeat<00:19:44.160> note<00:19:44.400> to

well that's a well it's downbeat note to

well that's a well it's downbeat note to end<00:19:45.200> our<00:19:45.360> coverage<00:19:45.760> of<00:19:45.919> this<00:19:46.160> story

end our coverage of this story

end our coverage of this story jane<00:19:46.960> hayward<00:19:47.280> with<00:19:47.520> a<00:19:47.600> fiver<00:19:47.840> says<00:19:48.080> great

jane hayward with a fiver says great

jane hayward with a fiver says great story<00:19:48.720> great<00:19:48.960> coverage<00:19:49.600> great

story great coverage great

story great coverage great guest<00:19:50.799> um<00:19:51.039> i<00:19:51.120> couldn't<00:19:51.440> agree<00:19:51.840> more<00:19:52.000> you've

guest um i couldn't agree more you've

guest um i couldn't agree more you've been<00:19:52.320> a<00:19:52.400> great<00:19:52.559> guest<00:19:52.799> gary<00:19:53.039> stevenson

been a great guest gary stevenson

been a great guest gary stevenson um<00:19:54.160> thank<00:19:54.400> you<00:19:54.480> so<00:19:54.640> much<00:19:54.720> for<00:19:54.799> joining<00:19:55.039> us<00:19:55.120> this

um thank you so much for joining us this

um thank you so much for joining us this evening<00:19:55.520> we'll<00:19:55.600> definitely<00:19:55.840> get<00:19:55.919> you<00:19:56.000> back

evening we'll definitely get you back

evening we'll definitely get you back soon<00:19:56.799> um

soon um

soon um if<00:19:57.600> there's<00:19:57.760> a<00:19:57.840> housing<00:19:58.240> crisis<00:19:58.720> next<00:19:58.960> if<00:19:59.039> the

if there's a housing crisis next if the

if there's a housing crisis next if the housing<00:19:59.840> bubble<00:20:00.160> will<00:20:00.320> pop<00:20:00.559> which<00:20:00.720> actually

housing bubble will pop which actually

housing bubble will pop which actually maybe<00:20:01.120> wouldn't<00:20:01.360> be<00:20:01.440> a<00:20:01.520> crisis<00:20:01.840> but

maybe wouldn't be a crisis but

maybe wouldn't be a crisis but we'll<00:20:02.400> save<00:20:02.559> that<00:20:02.720> conversation<00:20:03.760> yes<00:20:04.080> yes<00:20:04.320> we

we'll save that conversation yes yes we

we'll save that conversation yes yes we will<00:20:04.640> until<00:20:04.880> next<00:20:04.960> time<00:20:05.120> thanks<00:20:05.280> so<00:20:05.440> much

will until next time thanks so much

will until next time thanks so much michael

michael

michael have<00:20:06.080> a<00:20:06.159> good<00:20:06.320> day<00:20:06.799> nice<00:20:07.039> one