over<00:00:00.240> the<00:00:00.399> past<00:00:00.719> week<00:00:01.040> or<00:00:01.280> so<00:00:01.680> investing<00:00:02.159> has

over the past week or so investing has

over the past week or so investing has not<00:00:02.560> been<00:00:02.800> a<00:00:02.960> mysterious<00:00:03.840> sport<00:00:04.240> taking<00:00:04.640> place

not been a mysterious sport taking place

not been a mysterious sport taking place in<00:00:05.040> the

in the

in the lofty<00:00:05.759> heights<00:00:06.080> of<00:00:06.240> wall<00:00:06.560> street<00:00:07.359> instead

lofty heights of wall street instead

lofty heights of wall street instead it's<00:00:07.839> been<00:00:08.000> like<00:00:08.240> a<00:00:08.320> gripping

it's been like a gripping

it's been like a gripping fast-paced<00:00:09.679> film<00:00:10.000> with<00:00:10.160> an<00:00:10.320> all-star<00:00:10.880> cast<00:00:11.920> in

fast-paced film with an all-star cast in

fast-paced film with an all-star cast in an<00:00:12.320> ordinary<00:00:12.799> trading<00:00:13.200> day<00:00:13.440> hedge<00:00:13.759> funds<00:00:14.080> can

an ordinary trading day hedge funds can

an ordinary trading day hedge funds can make<00:00:14.400> huge<00:00:14.799> profits<00:00:15.280> betting<00:00:15.599> against<00:00:15.920> firms

make huge profits betting against firms

make huge profits betting against firms short<00:00:18.240> selling<00:00:18.480> is<00:00:18.560> a<00:00:18.640> way<00:00:18.800> that<00:00:18.960> an<00:00:19.119> ordinary

short selling is a way that an ordinary

short selling is a way that an ordinary person<00:00:19.760> can<00:00:19.920> make<00:00:20.160> money<00:00:20.400> from<00:00:20.560> the<00:00:20.640> price<00:00:20.880> of

person can make money from the price of

person can make money from the price of a<00:00:21.119> stock

a stock

a stock falling<00:00:22.400> okay<00:00:22.720> if<00:00:22.800> you<00:00:22.880> think<00:00:23.039> a<00:00:23.119> stock<00:00:23.359> is

falling okay if you think a stock is

falling okay if you think a stock is going<00:00:23.519> to<00:00:23.600> go<00:00:23.760> up<00:00:23.920> it's<00:00:24.080> obvious<00:00:24.320> what<00:00:24.480> you<00:00:24.640> do

going to go up it's obvious what you do

going to go up it's obvious what you do you<00:00:25.039> buy<00:00:25.279> it

you buy it

you buy it the<00:00:25.760> price<00:00:26.000> goes<00:00:26.320> up<00:00:26.480> you<00:00:26.640> sell<00:00:26.800> it<00:00:26.960> you've

the price goes up you sell it you've

the price goes up you sell it you've made<00:00:27.279> money<00:00:27.680> but<00:00:27.840> what<00:00:28.000> do<00:00:28.080> you<00:00:28.160> do<00:00:28.240> if<00:00:28.320> you

made money but what do you do if you

made money but what do you do if you think<00:00:28.560> it's<00:00:28.640> going<00:00:28.800> to<00:00:28.880> fall

think it's going to fall

think it's going to fall well<00:00:29.679> you<00:00:29.760> want<00:00:29.920> to<00:00:30.080> sell<00:00:30.320> it<00:00:30.560> but<00:00:30.720> you<00:00:30.800> can't

well you want to sell it but you can't

well you want to sell it but you can't sell<00:00:31.199> it<00:00:31.359> unless<00:00:31.599> you<00:00:31.679> have<00:00:31.840> it<00:00:32.079> so<00:00:32.239> the<00:00:32.399> way<00:00:32.480> it

sell it unless you have it so the way it

sell it unless you have it so the way it works<00:00:32.880> is<00:00:33.120> first<00:00:33.360> you<00:00:33.520> have<00:00:33.680> to<00:00:33.840> borrow<00:00:34.239> it<00:00:34.399> and

works is first you have to borrow it and

works is first you have to borrow it and then<00:00:34.719> you<00:00:34.880> sell<00:00:35.120> it

then you sell it

then you sell it so<00:00:35.520> i<00:00:35.600> think<00:00:35.760> it's<00:00:35.920> easier<00:00:36.079> if<00:00:36.239> you<00:00:36.320> imagine

so i think it's easier if you imagine

so i think it's easier if you imagine say<00:00:37.360> the<00:00:37.520> example<00:00:37.840> of<00:00:37.920> a<00:00:38.000> library<00:00:38.320> book<00:00:38.559> okay

say the example of a library book okay

say the example of a library book okay you<00:00:39.600> borrow<00:00:39.840> the<00:00:39.920> library<00:00:40.160> book<00:00:40.399> and<00:00:40.480> then<00:00:40.559> you

you borrow the library book and then you

you borrow the library book and then you sell<00:00:40.800> it<00:00:40.879> straight<00:00:41.120> away<00:00:41.520> but<00:00:41.680> remember<00:00:42.000> you

sell it straight away but remember you

sell it straight away but remember you have<00:00:42.239> to<00:00:42.320> give<00:00:42.399> that<00:00:42.559> library<00:00:42.879> book<00:00:43.120> back<00:00:43.280> in

have to give that library book back in

have to give that library book back in two<00:00:43.520> weeks<00:00:43.840> time<00:00:44.079> and<00:00:44.239> you've<00:00:44.320> already<00:00:44.559> sold

two weeks time and you've already sold

two weeks time and you've already sold it<00:00:44.879> so<00:00:45.039> what<00:00:45.120> do<00:00:45.200> you<00:00:45.280> do

it so what do you do

it so what do you do two<00:00:46.239> weeks<00:00:46.559> pass<00:00:47.120> hopefully<00:00:47.680> the<00:00:47.840> price<00:00:48.079> has

two weeks pass hopefully the price has

two weeks pass hopefully the price has already<00:00:48.399> fallen<00:00:48.879> so<00:00:49.039> you<00:00:49.200> buy<00:00:49.360> it<00:00:49.440> back<00:00:49.600> for

already fallen so you buy it back for

already fallen so you buy it back for cheaper

cheaper

cheaper you<00:00:50.480> give<00:00:50.640> it<00:00:50.719> back<00:00:50.879> to<00:00:50.960> the<00:00:51.039> library<00:00:51.520> happy

you give it back to the library happy

you give it back to the library happy days<00:00:52.160> you're<00:00:52.320> done<00:00:53.039> if<00:00:53.199> the<00:00:53.280> price<00:00:53.520> hasn't

days you're done if the price hasn't

days you're done if the price hasn't already<00:00:54.160> fallen<00:00:54.559> you<00:00:54.640> might<00:00:54.960> try<00:00:55.120> and<00:00:55.199> extend

already fallen you might try and extend

already fallen you might try and extend that<00:00:55.760> loan

that loan

that loan so<00:00:56.320> that's<00:00:56.640> how<00:00:56.800> short<00:00:57.039> selling<00:00:57.360> works<00:00:57.840> but

so that's how short selling works but

so that's how short selling works but the<00:00:58.160> stock<00:00:58.480> market<00:00:58.879> has<00:00:59.039> been

the stock market has been

the stock market has been far<00:00:59.760> from<00:01:00.320> ordinary<00:01:01.199> what<00:01:01.359> if<00:01:01.920> two<00:01:02.160> weeks

far from ordinary what if two weeks

far from ordinary what if two weeks comes

comes

comes and<00:01:03.280> suddenly<00:01:03.840> the<00:01:04.000> library<00:01:04.320> says<00:01:04.479> you<00:01:04.559> can't

and suddenly the library says you can't

and suddenly the library says you can't extend<00:01:05.040> your<00:01:05.199> loan<00:01:05.920> so<00:01:06.000> that's<00:01:06.240> basically

extend your loan so that's basically

extend your loan so that's basically what's<00:01:06.799> happened<00:01:07.040> here

what's happened here

what's happened here these<00:01:08.000> guys<00:01:08.320> already<00:01:08.799> they<00:01:08.960> realized<00:01:09.280> that<00:01:09.439> a

these guys already they realized that a

these guys already they realized that a lot<00:01:09.600> of<00:01:09.680> hedge<00:01:09.920> funds<00:01:10.479> had<00:01:10.799> shorted<00:01:11.439> a<00:01:11.520> lot<00:01:11.680> of

lot of hedge funds had shorted a lot of

lot of hedge funds had shorted a lot of the<00:01:11.920> gamestop<00:01:12.400> stock<00:01:12.720> which<00:01:12.880> means<00:01:13.119> they

the gamestop stock which means they

the gamestop stock which means they borrowed<00:01:13.760> lots<00:01:13.920> of<00:01:14.080> it<00:01:14.159> and<00:01:14.320> it<00:01:14.479> sold<00:01:14.799> it

borrowed lots of it and it sold it

borrowed lots of it and it sold it well<00:01:15.360> they<00:01:15.600> said<00:01:15.840> if<00:01:15.920> we<00:01:16.159> buy<00:01:16.400> all<00:01:16.479> the<00:01:16.640> stock

well they said if we buy all the stock

well they said if we buy all the stock when<00:01:17.439> that<00:01:17.840> loan<00:01:18.159> comes<00:01:18.479> due

when that loan comes due

when that loan comes due and<00:01:19.040> these<00:01:19.200> guys<00:01:19.439> come<00:01:19.680> back<00:01:19.920> saying<00:01:20.799> can<00:01:21.040> we

and these guys come back saying can we

and these guys come back saying can we extend<00:01:21.600> our<00:01:21.759> loan<00:01:22.080> please

extend our loan please

extend our loan please we<00:01:23.200> can<00:01:23.360> say<00:01:23.920> no<00:01:24.240> and<00:01:24.400> then<00:01:24.560> basically<00:01:25.040> they'll

we can say no and then basically they'll

we can say no and then basically they'll have<00:01:25.439> no<00:01:25.840> option

have no option

have no option but<00:01:26.479> to<00:01:26.640> buy<00:01:26.880> the<00:01:26.960> stock<00:01:27.360> from<00:01:27.600> us<00:01:27.840> at<00:01:28.000> any

but to buy the stock from us at any

but to buy the stock from us at any price<00:01:28.880> because<00:01:29.119> they<00:01:29.280> can't<00:01:29.520> borrow<00:01:29.840> again

price because they can't borrow again

price because they can't borrow again so<00:01:31.119> you<00:01:31.280> buy<00:01:31.520> it<00:01:31.600> here<00:01:32.079> you<00:01:32.240> push<00:01:32.400> it<00:01:32.479> up<00:01:32.560> to<00:01:32.640> a

so you buy it here you push it up to a

so you buy it here you push it up to a much<00:01:32.880> higher<00:01:33.200> price<00:01:33.600> and<00:01:33.680> when<00:01:33.840> the<00:01:33.920> short

much higher price and when the short

much higher price and when the short sellers<00:01:34.479> come<00:01:34.640> in<00:01:34.720> you<00:01:34.880> sell<00:01:35.040> it<00:01:35.119> to<00:01:35.280> them<00:01:35.439> a

sellers come in you sell it to them a

sellers come in you sell it to them a lot<00:01:35.680> higher<00:01:35.920> i<00:01:36.079> know<00:01:36.159> you<00:01:36.240> make<00:01:36.400> your<00:01:38.840> profit

lot higher i know you make your profit

lot higher i know you make your profit gamestop<00:01:41.280> blackberry<00:01:42.079> nokia<00:01:42.720> blockbuster

gamestop blackberry nokia blockbuster

gamestop blackberry nokia blockbuster and<00:01:43.920> now<00:01:44.240> silver<00:01:44.720> have<00:01:44.960> all<00:01:45.119> been<00:01:45.439> subject<00:01:45.840> to

and now silver have all been subject to

and now silver have all been subject to that<00:01:46.320> exact

that exact

that exact process<00:01:47.439> you've<00:01:47.680> just<00:01:47.840> heard<00:01:48.079> the<00:01:48.240> economist

process you've just heard the economist

process you've just heard the economist gary<00:01:49.119> stevenson<00:01:49.920> talk<00:01:50.159> about

gary stevenson talk about

gary stevenson talk about wall<00:01:51.439> street<00:01:51.759> bets<00:01:52.159> is<00:01:52.320> a<00:01:52.479> popular<00:01:52.960> forum<00:01:53.360> on

wall street bets is a popular forum on

wall street bets is a popular forum on social<00:01:53.920> media<00:01:54.320> site<00:01:54.640> reddit

social media site reddit

social media site reddit young<00:01:55.520> people<00:01:55.759> with<00:01:55.920> an<00:01:56.159> interest<00:01:56.560> in<00:01:56.719> amateur

young people with an interest in amateur

young people with an interest in amateur investing

investing

investing swap<00:01:58.880> tips<00:01:59.280> and<00:01:59.600> share<00:01:59.920> their<00:02:00.320> latest<00:02:00.799> trading

swap tips and share their latest trading

swap tips and share their latest trading antics

antics

antics mostly<00:02:02.560> using<00:02:02.960> easy<00:02:03.280> to<00:02:03.360> use<00:02:03.680> apps<00:02:04.320> on<00:02:04.479> their

mostly using easy to use apps on their

mostly using easy to use apps on their phone<00:02:05.040> like<00:02:05.360> robin<00:02:05.759> hood<00:02:06.079> to<00:02:06.240> get<00:02:06.479> involved<00:02:06.960> in

phone like robin hood to get involved in

phone like robin hood to get involved in the<00:02:07.200> market<00:02:07.920> with<00:02:08.080> just<00:02:08.319> a<00:02:08.479> few<00:02:08.800> dollars

the market with just a few dollars

the market with just a few dollars the<00:02:10.319> community<00:02:10.879> there<00:02:11.360> noticed<00:02:11.840> that<00:02:12.160> massive

the community there noticed that massive

the community there noticed that massive hedge<00:02:12.959> funds<00:02:13.360> like

hedge funds like

hedge funds like melvin<00:02:14.319> capital<00:02:14.879> and<00:02:15.040> citron<00:02:15.520> research<00:02:16.319> had

melvin capital and citron research had

melvin capital and citron research had bet<00:02:16.800> against<00:02:17.120> a<00:02:17.280> struggling<00:02:17.760> video<00:02:18.160> game

bet against a struggling video game

bet against a struggling video game store<00:02:18.879> called

store called

store called gamestop<00:02:20.480> with<00:02:20.720> the<00:02:20.800> pandemic<00:02:21.440> hitting<00:02:21.840> shops

gamestop with the pandemic hitting shops

gamestop with the pandemic hitting shops like<00:02:22.319> this<00:02:22.640> hard<00:02:23.040> these<00:02:23.360> billion<00:02:23.680> dollar

like this hard these billion dollar

like this hard these billion dollar hedge<00:02:24.239> funds

hedge funds

hedge funds anticipated<00:02:25.680> that<00:02:25.840> the<00:02:26.080> share<00:02:26.400> price<00:02:26.720> would

anticipated that the share price would

anticipated that the share price would just<00:02:27.280> keep<00:02:27.520> on<00:02:27.840> tumbling

just keep on tumbling

just keep on tumbling and<00:02:29.440> that's<00:02:30.080> when<00:02:30.319> these<00:02:30.640> armchair<00:02:31.440> investors

and that's when these armchair investors

and that's when these armchair investors decided<00:02:32.879> to<00:02:33.120> get<00:02:33.360> involved<00:02:33.840> in<00:02:34.000> a<00:02:34.080> move<00:02:34.400> that

decided to get involved in a move that

decided to get involved in a move that would<00:02:34.800> bring<00:02:35.280> chaos<00:02:35.760> to<00:02:35.920> wall<00:02:36.239> street

would bring chaos to wall street

would bring chaos to wall street [Music]

[Music]

[Music] they<00:02:39.599> collectively<00:02:40.319> decided<00:02:40.800> to<00:02:40.879> buy<00:02:41.200> shares

they collectively decided to buy shares

they collectively decided to buy shares in<00:02:41.760> gamestop<00:02:42.319> themselves

in gamestop themselves

in gamestop themselves and<00:02:43.760> as<00:02:44.000> they<00:02:44.319> bought<00:02:44.720> more<00:02:45.040> and<00:02:45.200> more<00:02:45.519> the

and as they bought more and more the

and as they bought more and more the share<00:02:46.080> price<00:02:46.400> was<00:02:46.640> pushed

share price was pushed

share price was pushed higher<00:02:47.519> and<00:02:47.760> higher<00:02:48.319> and<00:02:48.840> higher

higher and higher and higher

higher and higher and higher the<00:02:50.400> hedge<00:02:50.640> funds<00:02:50.959> that<00:02:51.120> had<00:02:51.280> bet<00:02:51.440> against

the hedge funds that had bet against

the hedge funds that had bet against gamestop<00:02:52.560> lost<00:02:52.959> out

gamestop lost out

gamestop lost out big<00:02:53.840> time<00:02:54.720> estimates<00:02:55.280> have<00:02:55.440> placed<00:02:55.680> the<00:02:55.760> total

big time estimates have placed the total

big time estimates have placed the total cost<00:02:56.480> to<00:02:56.720> short<00:02:57.120> sellers<00:02:57.519> at<00:02:57.680> around<00:02:58.000> 19

cost to short sellers at around 19

cost to short sellers at around 19 billion<00:02:59.519> dollars<00:03:00.640> so<00:03:01.040> was<00:03:01.360> this<00:03:01.760> about<00:03:02.080> a<00:03:02.239> few

billion dollars so was this about a few

billion dollars so was this about a few amateurs<00:03:02.959> on<00:03:03.040> the<00:03:03.120> internet<00:03:03.519> making<00:03:03.840> money

amateurs on the internet making money

amateurs on the internet making money and<00:03:04.319> playing<00:03:04.560> hedge<00:03:04.879> funds<00:03:05.120> at<00:03:05.200> their<00:03:05.440> own

and playing hedge funds at their own

and playing hedge funds at their own game

game

game or<00:03:06.879> does<00:03:07.200> this<00:03:07.519> spell<00:03:08.000> trouble<00:03:08.480> for<00:03:08.879> wall

or does this spell trouble for wall

or does this spell trouble for wall street

street

street is<00:03:10.080> trading<00:03:10.480> in<00:03:10.800> meme<00:03:11.120> stocks<00:03:11.599> a<00:03:11.680> bit<00:03:11.840> of<00:03:11.920> fun

is trading in meme stocks a bit of fun

is trading in meme stocks a bit of fun or<00:03:12.800> is<00:03:13.040> it

or is it

or is it a<00:03:13.760> dangerous<00:03:14.400> game<00:03:15.440> welcome<00:03:16.000> to<00:03:16.159> the<00:03:16.239> sky<00:03:16.560> news

a dangerous game welcome to the sky news

a dangerous game welcome to the sky news daily<00:03:17.120> podcast<00:03:17.680> with<00:03:17.840> me

daily podcast with me

daily podcast with me dermot<00:03:18.800> murnan

dermot murnan

dermot murnan [Music]

is<00:03:27.040> this<00:03:27.360> the<00:03:27.599> small<00:03:28.239> investors<00:03:29.440> sticking<00:03:30.080> it

is this the small investors sticking it

is this the small investors sticking it to<00:03:30.400> the<00:03:30.640> man<00:03:31.040> the

to the man the

to the man the ordinary<00:03:31.840> people<00:03:32.080> versus<00:03:32.480> the<00:03:32.560> hedge<00:03:32.879> funds

ordinary people versus the hedge funds

ordinary people versus the hedge funds well<00:03:34.400> that's<00:03:34.560> definitely<00:03:34.879> how<00:03:35.040> it's<00:03:35.200> being<00:03:35.360> um

well that's definitely how it's being um

well that's definitely how it's being um being<00:03:36.159> portrayed<00:03:36.640> in<00:03:36.799> a<00:03:36.799> lot<00:03:36.959> of<00:03:37.040> the<00:03:37.120> media

being portrayed in a lot of the media

being portrayed in a lot of the media and<00:03:37.519> i<00:03:37.599> can<00:03:37.760> totally<00:03:38.159> understand<00:03:38.640> why

and i can totally understand why

and i can totally understand why people<00:03:39.519> are<00:03:39.599> loving<00:03:39.840> that<00:03:40.000> narrative<00:03:40.640> gary

people are loving that narrative gary

people are loving that narrative gary stevenson<00:03:41.760> is<00:03:42.000> an<00:03:42.319> economist<00:03:42.959> and<00:03:43.280> former

stevenson is an economist and former

stevenson is an economist and former trader

trader

trader i<00:03:44.640> mean<00:03:45.280> when<00:03:45.440> you<00:03:45.599> put<00:03:45.680> it<00:03:45.760> in<00:03:45.920> the<00:03:46.000> broader

i mean when you put it in the broader

i mean when you put it in the broader context<00:03:46.799> of<00:03:46.879> what's<00:03:47.120> happened

context of what's happened

context of what's happened last<00:03:48.080> year<00:03:48.400> the<00:03:48.720> the<00:03:48.879> economics<00:03:49.360> of<00:03:49.440> this

last year the the economics of this

last year the the economics of this pandemic<00:03:50.080> have<00:03:50.159> been<00:03:50.239> unbelievable<00:03:50.799> right

pandemic have been unbelievable right

pandemic have been unbelievable right because<00:03:51.280> millions<00:03:51.599> of<00:03:51.680> people<00:03:51.840> stuck<00:03:52.080> at<00:03:52.159> home

because millions of people stuck at home

because millions of people stuck at home here<00:03:53.120> and<00:03:53.280> also<00:03:53.599> in<00:03:53.680> the<00:03:53.760> us<00:03:54.080> can't<00:03:54.319> work<00:03:54.799> can't

here and also in the us can't work can't

here and also in the us can't work can't make<00:03:55.200> an<00:03:55.360> income

make an income

make an income and<00:03:56.159> the<00:03:56.319> stock<00:03:56.560> markets<00:03:56.959> have<00:03:57.040> just<00:03:57.120> been

and the stock markets have just been

and the stock markets have just been exploding<00:03:57.920> right<00:03:58.239> tesla's<00:03:58.720> up<00:03:58.799> i<00:03:58.879> think<00:03:59.120> five

exploding right tesla's up i think five

exploding right tesla's up i think five times<00:03:59.760> the<00:03:59.840> u.s<00:04:00.080> stock<00:04:00.239> market<00:04:00.480> has<00:04:00.640> nearly

times the u.s stock market has nearly

times the u.s stock market has nearly doubled<00:04:01.280> in<00:04:01.360> the<00:04:01.439> last

doubled in the last

doubled in the last nine<00:04:02.159> months<00:04:02.640> which<00:04:02.879> is<00:04:03.120> just<00:04:03.599> crazy<00:04:04.000> when<00:04:04.080> you

nine months which is just crazy when you

nine months which is just crazy when you consider<00:04:04.400> the<00:04:04.480> economic<00:04:04.799> situation<00:04:05.360> right

consider the economic situation right

consider the economic situation right so<00:04:05.920> there's<00:04:06.080> a<00:04:06.159> lot<00:04:06.239> of<00:04:06.319> people<00:04:06.560> sitting<00:04:06.799> at

so there's a lot of people sitting at

so there's a lot of people sitting at home<00:04:07.200> watching<00:04:07.519> the<00:04:07.680> stock<00:04:07.840> markets<00:04:08.159> going

home watching the stock markets going

home watching the stock markets going through<00:04:08.480> the<00:04:08.560> roof

through the roof

through the roof they<00:04:09.120> can't<00:04:09.360> even<00:04:09.519> work<00:04:09.840> they<00:04:09.920> can't<00:04:10.080> make<00:04:10.239> an

they can't even work they can't make an

they can't even work they can't make an income<00:04:10.720> it's<00:04:10.879> such<00:04:11.120> a<00:04:11.200> divergence<00:04:11.760> between

income it's such a divergence between

income it's such a divergence between what's<00:04:12.720> happening<00:04:12.959> in<00:04:13.040> stock<00:04:13.200> markets<00:04:13.599> and

what's happening in stock markets and

what's happening in stock markets and what's<00:04:13.840> happening<00:04:14.080> in<00:04:14.159> people's<00:04:14.400> lives<00:04:15.120> so

what's happening in people's lives so

what's happening in people's lives so you<00:04:15.439> can<00:04:15.519> see<00:04:15.760> why<00:04:15.920> they<00:04:16.000> want<00:04:16.160> to<00:04:16.320> rush<00:04:16.560> in<00:04:16.720> and

you can see why they want to rush in and

you can see why they want to rush in and they<00:04:17.120> want<00:04:17.280> to<00:04:17.359> take<00:04:17.519> a<00:04:17.600> piece<00:04:17.759> of<00:04:17.840> the<00:04:18.000> action

they want to take a piece of the action

they want to take a piece of the action but

but

but i<00:04:19.040> think<00:04:19.199> that's<00:04:19.359> maybe<00:04:19.600> a<00:04:19.680> bit<00:04:19.759> of<00:04:19.840> a

i think that's maybe a bit of a

i think that's maybe a bit of a simplification<00:04:20.560> and<00:04:20.720> it's<00:04:20.880> probably<00:04:21.120> a<00:04:21.199> bit

simplification and it's probably a bit

simplification and it's probably a bit more<00:04:21.440> complicated<00:04:21.840> than<00:04:21.919> what's<00:04:22.079> happening

more complicated than what's happening

more complicated than what's happening but<00:04:22.800> it<00:04:23.040> also<00:04:23.440> then<00:04:23.919> has<00:04:24.240> combined<00:04:24.800> with<00:04:24.960> the

but it also then has combined with the

but it also then has combined with the ability<00:04:26.560> of<00:04:26.720> people<00:04:27.040> to<00:04:27.440> talk<00:04:27.759> to<00:04:28.000> each<00:04:28.240> other

ability of people to talk to each other

ability of people to talk to each other and<00:04:28.639> organize<00:04:29.199> themselves<00:04:29.759> and<00:04:29.840> even<00:04:30.080> if

and organize themselves and even if

and organize themselves and even if you've<00:04:30.479> only<00:04:30.639> got<00:04:30.800> a

you've only got a

you've only got a few<00:04:31.600> dollars<00:04:32.080> or<00:04:32.400> pounds<00:04:32.880> if<00:04:32.960> you<00:04:33.120> join

few dollars or pounds if you join

few dollars or pounds if you join together<00:04:33.840> in<00:04:34.000> a<00:04:34.080> community<00:04:34.800> through

together in a community through

together in a community through reddit<00:04:35.520> you<00:04:35.680> can<00:04:35.840> use<00:04:36.160> a<00:04:36.639> very<00:04:36.960> cheap<00:04:37.280> trading

reddit you can use a very cheap trading

reddit you can use a very cheap trading platform

platform

platform look<00:04:38.880> what<00:04:39.040> can<00:04:39.280> happen<00:04:40.560> yeah<00:04:40.960> and<00:04:41.120> a<00:04:41.199> massive

look what can happen yeah and a massive

look what can happen yeah and a massive increase<00:04:41.919> also<00:04:42.320> in

increase also in

increase also in just<00:04:42.800> interest<00:04:43.120> in<00:04:43.280> online<00:04:43.600> trading

just interest in online trading

just interest in online trading generally<00:04:44.639> that<00:04:44.880> has<00:04:44.960> blown<00:04:45.280> up<00:04:45.440> massively<00:04:46.000> um

generally that has blown up massively um

generally that has blown up massively um in<00:04:46.800> the<00:04:46.880> us<00:04:47.199> but<00:04:47.440> also<00:04:47.840> in<00:04:47.919> this<00:04:48.080> country<00:04:48.560> in

in the us but also in this country in

in the us but also in this country in the<00:04:48.720> last<00:04:49.040> year<00:04:49.440> and<00:04:49.600> i<00:04:49.680> think<00:04:49.759> it's<00:04:49.919> related

the last year and i think it's related

the last year and i think it's related to<00:04:50.320> what<00:04:50.400> i'm<00:04:50.560> saying<00:04:50.720> you<00:04:50.800> know<00:04:50.960> people

to what i'm saying you know people

to what i'm saying you know people i<00:04:51.680> just<00:04:51.919> seen<00:04:52.160> that<00:04:52.400> they're<00:04:52.639> not<00:04:52.880> making

i just seen that they're not making

i just seen that they're not making money<00:04:54.080> from<00:04:54.240> their<00:04:54.320> regular<00:04:54.720> jobs<00:04:54.960> now<00:04:55.120> work

money from their regular jobs now work

money from their regular jobs now work is<00:04:55.440> not<00:04:55.520> working<00:04:55.840> for<00:04:55.919> people<00:04:56.160> so<00:04:56.320> they<00:04:56.400> want

is not working for people so they want

is not working for people so they want to<00:04:56.560> get<00:04:56.639> involved

to get involved

to get involved yeah<00:04:57.440> i<00:04:57.440> mean<00:04:57.600> this<00:04:57.840> what's<00:04:58.080> happened<00:04:58.400> in<00:04:58.479> the

yeah i mean this what's happened in the

yeah i mean this what's happened in the last<00:04:59.280> few<00:04:59.759> last<00:05:00.080> week<00:05:00.320> or<00:05:00.400> so<00:05:00.560> which<00:05:00.800> is

last few last week or so which is

last few last week or so which is it's<00:05:01.360> known<00:05:01.600> as<00:05:01.759> a<00:05:01.840> short<00:05:02.080> squeeze<00:05:02.400> people

it's known as a short squeeze people

it's known as a short squeeze people call<00:05:02.800> it<00:05:02.880> short<00:05:03.120> squeeze<00:05:03.600> it's<00:05:03.759> not<00:05:03.919> actually

call it short squeeze it's not actually

call it short squeeze it's not actually a<00:05:04.240> new<00:05:04.320> phenomenon<00:05:04.880> it's<00:05:04.960> happened<00:05:05.280> many

a new phenomenon it's happened many

a new phenomenon it's happened many times<00:05:05.600> before<00:05:05.840> there<00:05:06.000> was<00:05:06.080> a<00:05:06.160> massive<00:05:06.400> one<00:05:06.560> in

times before there was a massive one in

times before there was a massive one in the<00:05:06.800> silver<00:05:07.039> market<00:05:07.280> in<00:05:07.360> the<00:05:07.440> 80s

the silver market in the 80s

the silver market in the 80s it's<00:05:08.400> happened<00:05:08.639> in<00:05:08.720> commodity<00:05:09.199> markets<00:05:09.520> like

it's happened in commodity markets like

it's happened in commodity markets like wheat<00:05:10.080> at<00:05:10.160> times<00:05:10.639> but<00:05:10.800> what<00:05:11.039> is<00:05:11.199> new

wheat at times but what is new

wheat at times but what is new is<00:05:11.759> it<00:05:12.000> being<00:05:12.400> centralized<00:05:13.039> on<00:05:13.280> an<00:05:13.440> internet

is it being centralized on an internet

is it being centralized on an internet messaging<00:05:14.320> board<00:05:14.560> and<00:05:14.639> that<00:05:14.800> has<00:05:14.880> sort<00:05:15.039> of

messaging board and that has sort of

messaging board and that has sort of added<00:05:15.440> this<00:05:15.680> whole

added this whole

added this whole crazy<00:05:17.039> element<00:05:17.360> to<00:05:17.600> it<00:05:17.840> let's<00:05:18.000> just<00:05:18.160> describe

crazy element to it let's just describe

crazy element to it let's just describe the<00:05:18.880> journey<00:05:19.280> though<00:05:19.600> i<00:05:19.680> mean<00:05:19.919> in<00:05:20.080> the<00:05:20.320> scale

the journey though i mean in the scale

the journey though i mean in the scale of<00:05:21.440> the<00:05:21.680> increase

of the increase

of the increase in<00:05:22.560> the<00:05:23.199> price<00:05:23.600> of<00:05:24.080> game<00:05:24.400> stop<00:05:25.120> stock

in the price of game stop stock

in the price of game stop stock was<00:05:26.880> it<00:05:27.280> a<00:05:27.360> year<00:05:27.600> ago<00:05:28.000> under<00:05:28.160> a<00:05:28.240> year<00:05:28.479> ago<00:05:28.800> it

was it a year ago under a year ago it

was it a year ago under a year ago it was<00:05:29.120> just<00:05:29.360> over

was just over

was just over three<00:05:30.400> dollars<00:05:30.800> a<00:05:30.960> share<00:05:31.840> yeah<00:05:32.080> it's<00:05:32.400> um

three dollars a share yeah it's um

three dollars a share yeah it's um it's<00:05:33.520> very<00:05:33.680> difficult<00:05:34.000> to<00:05:34.160> track<00:05:34.400> how<00:05:34.560> much

it's very difficult to track how much

it's very difficult to track how much it's<00:05:34.880> moved<00:05:35.199> because<00:05:35.440> it<00:05:35.680> moves<00:05:36.000> uh

it's moved because it moves uh

it's moved because it moves uh every<00:05:36.479> time<00:05:36.639> you<00:05:36.720> look<00:05:36.880> at<00:05:36.960> it<00:05:37.039> it's<00:05:37.120> a

every time you look at it it's a

every time you look at it it's a different<00:05:37.440> place<00:05:37.680> i<00:05:37.759> think<00:05:38.080> at<00:05:38.400> its<00:05:38.639> peak<00:05:38.960> it

different place i think at its peak it

different place i think at its peak it was<00:05:39.280> up<00:05:39.440> over<00:05:39.759> 2

was up over 2

was up over 2 000<00:05:40.960> in<00:05:41.120> about<00:05:41.360> two<00:05:41.600> weeks<00:05:42.320> it<00:05:42.479> was<00:05:42.800> down<00:05:43.120> a<00:05:43.280> lot

000 in about two weeks it was down a lot

000 in about two weeks it was down a lot yesterday<00:05:44.000> i<00:05:44.160> think<00:05:44.320> so<00:05:44.560> it's

yesterday i think so it's

yesterday i think so it's not<00:05:44.960> quite<00:05:45.199> so<00:05:45.360> much<00:05:45.600> but<00:05:46.160> whatever<00:05:46.479> way<00:05:46.639> you

not quite so much but whatever way you

not quite so much but whatever way you look<00:05:46.880> at<00:05:47.039> it<00:05:47.360> the<00:05:47.600> scale<00:05:48.000> of<00:05:48.160> it

look at it the scale of it

look at it the scale of it is<00:05:48.960> phenomenal<00:05:49.520> i<00:05:49.600> think<00:05:49.759> it's<00:05:49.919> opened

is phenomenal i think it's opened

is phenomenal i think it's opened people's<00:05:50.960> eyes<00:05:51.199> a<00:05:51.280> little<00:05:51.440> bit<00:05:51.680> to

people's eyes a little bit to

people's eyes a little bit to the<00:05:52.479> power<00:05:52.880> ordinary<00:05:53.360> people<00:05:53.600> can<00:05:53.759> have

the power ordinary people can have

the power ordinary people can have working<00:05:55.280> together

working together

working together okay<00:05:56.319> we're<00:05:56.759> characterizing<00:05:58.319> these<00:05:58.560> people

okay we're characterizing these people

okay we're characterizing these people as<00:05:58.960> amateur<00:05:59.360> investors<00:06:00.000> and<00:06:00.160> the<00:06:00.240> vast

as amateur investors and the vast

as amateur investors and the vast majority<00:06:01.280> of<00:06:01.440> them

majority of them

majority of them are<00:06:02.240> they're<00:06:02.400> all<00:06:02.560> connected<00:06:03.039> but<00:06:03.280> it<00:06:03.440> seems

are they're all connected but it seems

are they're all connected but it seems there's<00:06:04.160> some<00:06:04.880> very<00:06:05.199> intelligent<00:06:05.919> financial

there's some very intelligent financial

there's some very intelligent financial brain

brain

brain spotting<00:06:07.759> the<00:06:07.919> opportunity<00:06:08.720> and<00:06:08.800> then

spotting the opportunity and then

spotting the opportunity and then organizing<00:06:10.160> this

organizing this

organizing this huge<00:06:11.680> wave<00:06:12.160> of<00:06:12.319> people<00:06:12.800> i<00:06:12.960> use<00:06:13.120> this<00:06:13.280> messaging

huge wave of people i use this messaging

huge wave of people i use this messaging board<00:06:13.919> sometimes

board sometimes

board sometimes yes<00:06:15.280> there's<00:06:15.440> a<00:06:15.520> lot<00:06:15.600> of<00:06:15.680> people<00:06:15.840> on<00:06:16.000> there<00:06:16.240> who

yes there's a lot of people on there who

yes there's a lot of people on there who um<00:06:17.280> perhaps<00:06:17.759> have<00:06:17.919> quite<00:06:18.160> a<00:06:18.240> simplistic

um perhaps have quite a simplistic

um perhaps have quite a simplistic understanding<00:06:19.360> i<00:06:19.600> mean<00:06:19.759> a<00:06:19.759> lot<00:06:19.919> of<00:06:20.000> people

understanding i mean a lot of people

understanding i mean a lot of people have<00:06:20.319> bought<00:06:20.560> into<00:06:20.720> this<00:06:20.880> passionate

have bought into this passionate

have bought into this passionate narrative<00:06:21.600> that<00:06:21.759> it's<00:06:21.840> the<00:06:22.000> ordinary<00:06:22.479> man

narrative that it's the ordinary man

narrative that it's the ordinary man fighting<00:06:23.360> the<00:06:23.520> system<00:06:23.919> but<00:06:24.080> the<00:06:24.240> truth<00:06:24.479> is

fighting the system but the truth is

fighting the system but the truth is there<00:06:24.720> are<00:06:24.880> also<00:06:25.199> i'm<00:06:25.360> pretty<00:06:25.520> confident<00:06:25.919> some

there are also i'm pretty confident some

there are also i'm pretty confident some relatively<00:06:26.560> professional<00:06:26.960> investors<00:06:27.360> who

relatively professional investors who

relatively professional investors who have<00:06:27.759> uh

have uh

have uh started<00:06:28.560> it<00:06:28.720> off<00:06:29.280> are<00:06:29.440> they<00:06:29.600> in<00:06:29.680> danger<00:06:30.080> up<00:06:30.240> we

started it off are they in danger up we

started it off are they in danger up we know<00:06:30.400> what's<00:06:30.560> happened<00:06:30.720> to<00:06:30.800> the<00:06:30.880> hedge<00:06:31.120> funds

know what's happened to the hedge funds

know what's happened to the hedge funds some<00:06:31.680> of<00:06:31.840> them

some of them

some of them perhaps<00:06:33.039> got<00:06:33.360> burned<00:06:33.840> they<00:06:34.080> still<00:06:34.319> seem<00:06:34.479> to<00:06:34.560> be

perhaps got burned they still seem to be

perhaps got burned they still seem to be in<00:06:34.880> existence<00:06:35.440> and

in existence and

in existence and one<00:06:36.000> imagines<00:06:36.400> they'll<00:06:36.639> find<00:06:36.880> a<00:06:36.960> way<00:06:37.120> to<00:06:37.199> fight

one imagines they'll find a way to fight

one imagines they'll find a way to fight back<00:06:37.680> and<00:06:37.840> it's<00:06:38.000> on<00:06:38.160> that<00:06:38.400> note

back and it's on that note

back and it's on that note i<00:06:39.360> mean<00:06:39.520> i<00:06:39.680> met<00:06:39.919> a<00:06:40.080> guy<00:06:40.400> yesterday<00:06:41.759> who<00:06:41.919> told<00:06:42.080> me

i mean i met a guy yesterday who told me

i mean i met a guy yesterday who told me he<00:06:42.479> borrowed<00:06:42.960> 300<00:06:43.600> pounds<00:06:44.000> to<00:06:44.160> buy<00:06:44.400> less<00:06:44.639> than

he borrowed 300 pounds to buy less than

he borrowed 300 pounds to buy less than one<00:06:45.199> share

one share

one share in<00:06:46.000> gamestop<00:06:46.639> and<00:06:46.800> was<00:06:47.039> um<00:06:47.759> i<00:06:47.919> was

in gamestop and was um i was

in gamestop and was um i was recommending<00:06:48.800> me<00:06:48.960> to<00:06:49.120> get<00:06:49.280> on<00:06:49.520> isn't<00:06:49.680> that<00:06:49.840> the

recommending me to get on isn't that the

recommending me to get on isn't that the old<00:06:50.240> adage<00:06:50.479> from<00:06:50.639> the<00:06:50.800> wall<00:06:51.039> street<00:06:51.440> crash

old adage from the wall street crash

old adage from the wall street crash that<00:06:52.240> uh

that uh

that uh when<00:06:53.120> the<00:06:53.599> shoeshine<00:06:54.400> person<00:06:54.960> tells<00:06:55.280> you<00:06:55.440> to

when the shoeshine person tells you to

when the shoeshine person tells you to buy<00:06:56.000> a<00:06:56.080> stock

buy a stock

buy a stock now<00:06:56.800> is<00:06:56.960> the<00:06:57.039> time<00:06:57.199> to<00:06:57.360> get<00:06:57.599> out<00:06:58.240> yeah<00:06:58.479> you<00:06:58.560> know

now is the time to get out yeah you know

now is the time to get out yeah you know what<00:06:58.800> dom<00:06:59.039> i'm<00:06:59.199> really<00:06:59.440> glad<00:06:59.680> you've

what dom i'm really glad you've

what dom i'm really glad you've asked<00:07:00.479> that<00:07:00.720> because<00:07:01.280> you<00:07:01.360> know<00:07:01.520> i<00:07:01.599> think<00:07:02.000> this

asked that because you know i think this

asked that because you know i think this is<00:07:02.319> kind<00:07:02.479> of<00:07:02.639> a<00:07:02.960> it's<00:07:03.120> a<00:07:03.280> good<00:07:03.440> news<00:07:03.680> story<00:07:03.919> for

is kind of a it's a good news story for

is kind of a it's a good news story for a lot<00:07:04.160> of<00:07:04.240> people<00:07:04.400> they're<00:07:04.479> happy<00:07:04.720> to<00:07:04.800> see<00:07:04.960> the

a lot of people they're happy to see the

a lot of people they're happy to see the ordinary<00:07:05.599> man<00:07:05.840> give<00:07:06.000> it<00:07:06.080> to<00:07:06.160> wall<00:07:06.400> street<00:07:06.800> but

ordinary man give it to wall street but

ordinary man give it to wall street but there<00:07:08.160> are<00:07:08.319> real<00:07:08.800> risks<00:07:09.199> here<00:07:10.000> um<00:07:10.240> the<00:07:10.400> stock

there are real risks here um the stock

there are real risks here um the stock has<00:07:10.720> gone<00:07:10.880> up<00:07:11.120> massively

has gone up massively

has gone up massively the<00:07:11.919> truth<00:07:12.240> is<00:07:12.400> you<00:07:12.479> know<00:07:12.639> one<00:07:12.800> month<00:07:13.039> down<00:07:13.199> the

the truth is you know one month down the

the truth is you know one month down the line<00:07:13.520> or<00:07:13.680> quite<00:07:13.919> possibly<00:07:14.560> sooner

line or quite possibly sooner

line or quite possibly sooner is<00:07:16.160> almost<00:07:16.479> certain<00:07:16.800> this<00:07:16.960> stock<00:07:17.199> will<00:07:17.520> fall<00:07:17.840> a

is almost certain this stock will fall a

is almost certain this stock will fall a lot<00:07:18.400> and

lot and

lot and my<00:07:19.599> concern<00:07:20.000> is<00:07:20.080> who's<00:07:20.319> going<00:07:20.400> to<00:07:20.479> be<00:07:20.639> holding

my concern is who's going to be holding

my concern is who's going to be holding it<00:07:21.520> then<00:07:22.080> because<00:07:22.240> this<00:07:22.400> may<00:07:22.639> have<00:07:22.720> been

it then because this may have been

it then because this may have been initiated<00:07:23.440> by

initiated by

initiated by people<00:07:24.160> who<00:07:24.319> have<00:07:24.479> good<00:07:24.639> knowledge<00:07:25.039> good

people who have good knowledge good

people who have good knowledge good understanding<00:07:25.759> but<00:07:26.000> now<00:07:26.240> there's<00:07:26.479> a<00:07:26.479> lot<00:07:26.639> of

understanding but now there's a lot of

understanding but now there's a lot of people<00:07:26.960> rushing<00:07:27.280> in<00:07:27.520> who

people rushing in who

people rushing in who perhaps<00:07:28.720> don't<00:07:28.880> have<00:07:28.960> the<00:07:29.039> best

perhaps don't have the best

perhaps don't have the best understanding<00:07:29.680> of<00:07:29.759> financial<00:07:30.160> markets

understanding of financial markets

understanding of financial markets other<00:07:32.319> financial<00:07:32.800> instruments<00:07:33.280> has<00:07:33.520> become

other financial instruments has become

other financial instruments has become easier<00:07:34.720> and<00:07:34.880> cheaper<00:07:35.360> for

easier and cheaper for

easier and cheaper for ordinary<00:07:36.319> people<00:07:36.720> and<00:07:36.880> i<00:07:37.039> think<00:07:37.440> we<00:07:37.680> we

ordinary people and i think we we

ordinary people and i think we we mentioned<00:07:38.160> this<00:07:38.479> platform<00:07:38.960> robin<00:07:39.360> hood

mentioned this platform robin hood

mentioned this platform robin hood um<00:07:40.319> you<00:07:40.560> can<00:07:40.800> put<00:07:41.360> pennies<00:07:42.080> if<00:07:42.240> you<00:07:42.400> like<00:07:42.960> into

um you can put pennies if you like into

um you can put pennies if you like into into

into

into shares<00:07:44.400> it's<00:07:44.560> very<00:07:44.800> easy<00:07:46.720> you<00:07:46.879> know<00:07:47.039> what<00:07:47.199> i'm

shares it's very easy you know what i'm

shares it's very easy you know what i'm really<00:07:47.680> really<00:07:47.840> conflicted<00:07:48.319> on<00:07:48.400> this<00:07:48.560> i've

really really conflicted on this i've

really really conflicted on this i've got<00:07:48.879> strong

got strong

got strong feelings<00:07:49.759> in<00:07:49.840> both<00:07:50.080> directions<00:07:50.560> because<00:07:51.360> i

feelings in both directions because i

feelings in both directions because i come<00:07:51.599> from<00:07:51.759> quite<00:07:51.919> a<00:07:52.000> poor<00:07:52.160> background<00:07:52.560> but<00:07:52.720> i

come from quite a poor background but i

come from quite a poor background but i made<00:07:52.960> my<00:07:53.120> money<00:07:53.280> in<00:07:53.360> the<00:07:53.520> sea

made my money in the sea

made my money in the sea i<00:07:54.400> can<00:07:54.639> see<00:07:54.800> a<00:07:54.879> world<00:07:55.280> in<00:07:55.360> which<00:07:55.680> ordinary

i can see a world in which ordinary

i can see a world in which ordinary people's<00:07:56.319> wages<00:07:56.800> are<00:07:56.879> not<00:07:57.039> going<00:07:57.280> up<00:07:57.520> and<00:07:57.599> yet

people's wages are not going up and yet

people's wages are not going up and yet the<00:07:57.919> stock<00:07:58.080> market<00:07:58.319> has<00:07:58.400> gone<00:07:58.560> up<00:07:58.639> three<00:07:58.800> or

the stock market has gone up three or

the stock market has gone up three or four<00:07:59.120> times<00:07:59.440> since<00:07:59.759> 2008<00:08:00.479> so<00:08:00.639> i<00:08:00.720> can<00:08:00.879> see<00:08:01.039> this

four times since 2008 so i can see this

four times since 2008 so i can see this divergence<00:08:01.759> between

divergence between

divergence between what's<00:08:02.639> happening<00:08:02.960> to<00:08:03.120> big<00:08:03.280> investors<00:08:04.240> and

what's happening to big investors and

what's happening to big investors and wealthier<00:08:04.879> people<00:08:05.199> and<00:08:05.280> what's<00:08:05.520> happening<00:08:05.759> to

wealthier people and what's happening to

wealthier people and what's happening to ordinary<00:08:06.319> people<00:08:06.639> and<00:08:06.800> i<00:08:06.879> can<00:08:07.039> totally

ordinary people and i can totally

ordinary people and i can totally understand

understand

understand ordinary<00:08:09.280> people<00:08:09.520> want<00:08:09.599> to<00:08:09.680> get<00:08:09.759> involved<00:08:10.080> and

ordinary people want to get involved and

ordinary people want to get involved and they<00:08:10.479> don't<00:08:10.639> like<00:08:10.800> this<00:08:11.039> unequal<00:08:11.440> system

they don't like this unequal system

they don't like this unequal system where<00:08:11.840> the<00:08:11.919> rich<00:08:12.160> seem<00:08:12.319> to<00:08:12.400> get<00:08:12.479> richer<00:08:12.720> and

where the rich seem to get richer and

where the rich seem to get richer and richer<00:08:13.280> and<00:08:13.440> ordinary<00:08:13.840> people's<00:08:14.240> lives

richer and ordinary people's lives

richer and ordinary people's lives aren't<00:08:14.720> improving

aren't improving

aren't improving i<00:08:16.400> can<00:08:16.639> see<00:08:17.199> the<00:08:17.360> ability<00:08:17.680> to<00:08:17.840> invest<00:08:18.080> in<00:08:18.240> stock

i can see the ability to invest in stock

i can see the ability to invest in stock markets

markets

markets could<00:08:19.919> be<00:08:20.160> potential<00:08:20.560> for<00:08:20.720> these<00:08:20.879> guys<00:08:21.199> to

could be potential for these guys to

could be potential for these guys to help<00:08:21.919> themselves

help themselves

help themselves but<00:08:23.120> the<00:08:23.280> reality<00:08:23.680> of<00:08:23.759> the<00:08:23.840> situation<00:08:24.479> is<00:08:24.720> a

but the reality of the situation is a

but the reality of the situation is a lot<00:08:24.960> of<00:08:25.039> these<00:08:25.199> people<00:08:25.440> are<00:08:25.599> not<00:08:25.840> getting

lot of these people are not getting

lot of these people are not getting adequate<00:08:27.280> advice<00:08:28.000> they're<00:08:28.160> rushing<00:08:28.479> into

adequate advice they're rushing into

adequate advice they're rushing into things<00:08:28.960> like<00:08:29.199> ig<00:08:29.520> index<00:08:29.840> online<00:08:30.160> trading

things like ig index online trading

things like ig index online trading platforms<00:08:30.960> and<00:08:31.039> the<00:08:31.199> truth<00:08:31.520> is

platforms and the truth is

platforms and the truth is 75<00:08:32.399> percent<00:08:32.719> of<00:08:32.800> accounts<00:08:33.200> on<00:08:33.440> ig<00:08:33.760> index<00:08:34.320> lose

75 percent of accounts on ig index lose

75 percent of accounts on ig index lose money

money

money you<00:08:35.120> know<00:08:35.360> that's<00:08:35.599> the<00:08:35.680> majority<00:08:36.240> of<00:08:36.399> accounts

you know that's the majority of accounts

you know that's the majority of accounts it's<00:08:37.519> very<00:08:37.760> easy<00:08:38.080> to<00:08:38.159> get

it's very easy to get

it's very easy to get sucked<00:08:38.959> into<00:08:39.200> these<00:08:39.360> platforms<00:08:40.240> convince

sucked into these platforms convince

sucked into these platforms convince yourself<00:08:41.039> you're<00:08:41.440> you<00:08:41.599> know

yourself you're you know

yourself you're you know the<00:08:41.919> next<00:08:42.159> wolf<00:08:42.399> of<00:08:42.479> wall<00:08:42.719> street<00:08:43.440> start

the next wolf of wall street start

the next wolf of wall street start trading<00:08:44.399> and

trading and

trading and ultimately<00:08:45.519> if<00:08:45.600> you<00:08:45.680> don't<00:08:45.839> know<00:08:45.920> what<00:08:46.000> you're

ultimately if you don't know what you're

ultimately if you don't know what you're doing<00:08:46.480> it's<00:08:46.640> very<00:08:46.800> much<00:08:47.040> akin<00:08:47.279> to<00:08:47.440> gambling

doing it's very much akin to gambling

doing it's very much akin to gambling and<00:08:47.920> you<00:08:48.000> know

and you know

and you know gambling<00:08:48.720> is<00:08:48.880> a<00:08:48.959> dangerous<00:08:49.360> thing<00:08:49.600> it<00:08:49.760> can<00:08:49.920> be

gambling is a dangerous thing it can be

gambling is a dangerous thing it can be addictive<00:08:50.880> it<00:08:51.040> can<00:08:51.200> destroy<00:08:51.600> people's<00:08:51.839> lives

addictive it can destroy people's lives

addictive it can destroy people's lives and<00:08:52.240> families<00:08:52.560> you<00:08:52.640> know<00:08:52.880> and

and families you know and

and families you know and like<00:08:54.000> i<00:08:54.080> say<00:08:54.240> i<00:08:54.399> understand<00:08:54.880> people<00:08:55.120> want<00:08:55.200> to

like i say i understand people want to

like i say i understand people want to be<00:08:55.440> involved<00:08:56.000> people<00:08:56.320> see<00:08:56.640> wealthy<00:08:57.040> people

be involved people see wealthy people

be involved people see wealthy people making<00:08:57.440> money<00:08:57.680> on<00:08:57.839> tesla<00:08:58.320> bitcoin<00:08:58.959> gamestop

making money on tesla bitcoin gamestop

making money on tesla bitcoin gamestop they<00:08:59.760> want<00:08:59.920> a<00:09:00.000> piece<00:09:00.160> of<00:09:00.320> action<00:09:00.560> as<00:09:00.640> well<00:09:01.440> but

they want a piece of action as well but

they want a piece of action as well but i<00:09:02.080> would<00:09:02.320> just

i would just

i would just again<00:09:03.360> that<00:09:03.600> note<00:09:03.760> of<00:09:03.920> caution<00:09:05.040> please<00:09:05.360> be

again that note of caution please be

again that note of caution please be careful

careful

careful never<00:09:06.399> gamble<00:09:06.720> more<00:09:06.959> than<00:09:07.120> you<00:09:07.279> are<00:09:07.440> able<00:09:07.839> or

never gamble more than you are able or

never gamble more than you are able or willing<00:09:08.320> to<00:09:08.480> lose<00:09:08.800> and<00:09:08.880> it<00:09:09.040> is<00:09:09.200> dangerous

willing to lose and it is dangerous

willing to lose and it is dangerous you<00:09:10.160> know<00:09:10.240> we<00:09:10.640> talk<00:09:10.800> about<00:09:11.120> the<00:09:11.279> the<00:09:11.440> trading

you know we talk about the the trading

you know we talk about the the trading platform<00:09:12.399> robin<00:09:12.720> hood<00:09:12.959> it's

platform robin hood it's

platform robin hood it's it's<00:09:13.440> suspended<00:09:14.080> dealing<00:09:14.480> in<00:09:14.880> gamestop<00:09:15.440> and<00:09:15.519> a

it's suspended dealing in gamestop and a

it's suspended dealing in gamestop and a lot<00:09:15.760> of<00:09:15.839> people<00:09:16.240> then<00:09:16.560> felt<00:09:16.880> ah<00:09:17.200> the<00:09:17.360> system<00:09:17.760> is

lot of people then felt ah the system is

lot of people then felt ah the system is still<00:09:19.040> rigged<00:09:19.600> against<00:09:20.160> us<00:09:20.320> there's<00:09:20.480> an

still rigged against us there's an

still rigged against us there's an element<00:09:20.959> of<00:09:21.040> that<00:09:21.279> although<00:09:21.519> i<00:09:21.600> know<00:09:21.839> that

element of that although i know that

element of that although i know that robin<00:09:22.560> hood<00:09:22.800> is<00:09:22.880> saying<00:09:23.120> it<00:09:23.200> was<00:09:23.360> simply<00:09:23.680> a<00:09:23.760> uh

robin hood is saying it was simply a uh

robin hood is saying it was simply a uh an<00:09:24.399> issue<00:09:24.640> of<00:09:24.720> liquidity<00:09:25.360> wasn't<00:09:25.680> it<00:09:25.839> in<00:09:25.920> that

an issue of liquidity wasn't it in that

an issue of liquidity wasn't it in that they<00:09:26.240> had<00:09:26.399> to

they had to

they had to pay<00:09:27.360> for<00:09:27.519> the<00:09:27.600> shares<00:09:27.920> effectively<00:09:28.399> before

pay for the shares effectively before

pay for the shares effectively before the<00:09:28.720> money<00:09:28.959> was<00:09:29.120> coming<00:09:29.360> into<00:09:29.519> their<00:09:29.680> accounts

the money was coming into their accounts

the money was coming into their accounts and<00:09:30.160> there<00:09:30.240> was<00:09:30.320> so<00:09:30.480> much<00:09:30.720> money<00:09:30.959> going<00:09:31.200> around

and there was so much money going around

and there was so much money going around that<00:09:31.680> uh

that uh

that uh their<00:09:33.120> their<00:09:33.279> liquidity<00:09:33.839> was<00:09:34.000> a<00:09:34.080> problem<00:09:34.959> you

their their liquidity was a problem you

their their liquidity was a problem you know<00:09:35.279> i<00:09:35.600> would<00:09:35.760> love<00:09:35.920> to<00:09:36.080> have<00:09:36.160> been<00:09:36.320> a<00:09:36.399> fly<00:09:36.640> on

know i would love to have been a fly on

know i would love to have been a fly on the<00:09:36.880> wall<00:09:37.200> in<00:09:37.360> um

the wall in um

the wall in um the<00:09:38.000> offices<00:09:38.320> of<00:09:38.399> robin<00:09:38.640> hood<00:09:38.800> when<00:09:38.880> that

the offices of robin hood when that

the offices of robin hood when that decision<00:09:39.279> was<00:09:39.440> made<00:09:39.680> to<00:09:39.760> stop<00:09:39.920> the<00:09:40.080> trading

decision was made to stop the trading

decision was made to stop the trading because

because

because it<00:09:41.120> has<00:09:41.360> caused<00:09:41.760> a<00:09:42.000> absolute<00:09:42.640> storm<00:09:43.040> on<00:09:43.120> the

it has caused a absolute storm on the

it has caused a absolute storm on the internet

internet

internet and<00:09:44.240> uh<00:09:44.480> there's<00:09:44.720> a<00:09:44.800> lot<00:09:44.959> of<00:09:45.360> you<00:09:45.519> could<00:09:45.680> call

and uh there's a lot of you could call

and uh there's a lot of you could call them<00:09:46.000> conspiracy<00:09:46.480> theories<00:09:46.800> going<00:09:47.040> around

them conspiracy theories going around

them conspiracy theories going around about<00:09:47.519> powerful<00:09:47.920> wall<00:09:48.080> street<00:09:48.320> figures<00:09:48.720> being

about powerful wall street figures being

about powerful wall street figures being connected<00:09:49.279> to<00:09:49.440> powerful<00:09:49.760> political<00:09:50.240> figures

connected to powerful political figures

connected to powerful political figures um<00:09:51.040> whether<00:09:51.279> that's<00:09:51.519> true<00:09:51.680> or<00:09:51.760> not<00:09:51.920> i<00:09:52.000> honestly

um whether that's true or not i honestly

um whether that's true or not i honestly i<00:09:52.640> couldn't<00:09:52.959> comment<00:09:53.440> i'm<00:09:53.600> sure

i couldn't comment i'm sure

i couldn't comment i'm sure robin<00:09:54.399> hood<00:09:54.640> themselves<00:09:54.959> would<00:09:55.120> say<00:09:55.360> we're

robin hood themselves would say we're

robin hood themselves would say we're trying<00:09:55.760> to<00:09:55.839> protect<00:09:56.160> our<00:09:56.240> platform<00:09:56.560> we're

trying to protect our platform we're

trying to protect our platform we're trying<00:09:56.880> to<00:09:56.959> protect<00:09:57.279> our<00:09:57.360> customers<00:09:57.760> and<00:09:57.839> like

trying to protect our customers and like

trying to protect our customers and like i've<00:09:58.160> said<00:09:58.320> there<00:09:58.480> are<00:09:58.640> real<00:09:58.880> risks<00:09:59.120> to

i've said there are real risks to

i've said there are real risks to customers

customers

customers but<00:10:00.160> i<00:10:00.240> can<00:10:00.399> totally<00:10:00.720> understand<00:10:01.120> the<00:10:01.279> traders

but i can totally understand the traders

but i can totally understand the traders you<00:10:01.760> know<00:10:02.560> they've<00:10:02.800> got<00:10:02.959> a<00:10:03.040> lot<00:10:03.120> of<00:10:03.200> money<00:10:03.440> here

you know they've got a lot of money here

you know they've got a lot of money here they've<00:10:03.760> got<00:10:03.839> a<00:10:03.920> lot<00:10:04.000> of<00:10:04.160> risky<00:10:04.560> they<00:10:04.720> feel

they've got a lot of risky they feel

they've got a lot of risky they feel like<00:10:05.120> they're<00:10:05.279> fighting<00:10:05.519> the<00:10:05.600> power<00:10:05.839> and<00:10:05.920> then

like they're fighting the power and then

like they're fighting the power and then suddenly

suddenly

suddenly we<00:10:07.040> were<00:10:07.120> in<00:10:07.200> a<00:10:07.279> situation<00:10:07.760> where<00:10:07.920> the

we were in a situation where the

we were in a situation where the ordinary<00:10:08.480> traders<00:10:08.720> were<00:10:08.880> blocked<00:10:09.040> from

ordinary traders were blocked from

ordinary traders were blocked from trading

trading

trading whereas<00:10:10.560> wall<00:10:10.800> street<00:10:11.040> still<00:10:11.200> had<00:10:11.360> access<00:10:11.600> so

whereas wall street still had access so

whereas wall street still had access so you<00:10:11.839> know<00:10:12.800> i<00:10:12.959> can<00:10:13.200> understand<00:10:13.519> that<00:10:13.680> anger<00:10:13.920> i

you know i can understand that anger i

you know i can understand that anger i can<00:10:14.079> understand<00:10:14.480> that<00:10:14.560> frustration<00:10:15.120> but<00:10:15.360> um

can understand that frustration but um

can understand that frustration but um i<00:10:16.320> couldn't<00:10:16.560> tell<00:10:16.720> you<00:10:16.800> for<00:10:16.959> sure<00:10:17.440> what<00:10:17.600> the

i couldn't tell you for sure what the

i couldn't tell you for sure what the real<00:10:17.920> reason<00:10:18.240> why<00:10:18.480> him<00:10:18.640> probably<00:10:18.880> had<00:10:19.040> to<00:10:19.120> stop

real reason why him probably had to stop

real reason why him probably had to stop and<00:10:19.680> uh<00:10:20.079> a<00:10:20.160> lot<00:10:20.240> of<00:10:20.399> uk<00:10:20.640> companies<00:10:20.959> have<00:10:21.120> also

and uh a lot of uk companies have also

and uh a lot of uk companies have also banned<00:10:21.519> trading<00:10:21.760> now<00:10:21.920> as<00:10:22.000> well<00:10:22.079> in<00:10:22.160> the<00:10:22.240> last

banned trading now as well in the last

banned trading now as well in the last few<00:10:22.560> days

few days

few days after<00:10:23.440> this<00:10:23.839> what<00:10:24.079> happened<00:10:24.480> on<00:10:24.640> wall<00:10:24.880> street

after this what happened on wall street

after this what happened on wall street the<00:10:25.440> moment<00:10:25.760> they<00:10:26.000> realized<00:10:26.560> their

the moment they realized their

the moment they realized their investments<00:10:27.519> were<00:10:27.760> set<00:10:28.000> to<00:10:28.240> lose<00:10:30.839> billions

investments were set to lose billions

investments were set to lose billions gamestop's<00:10:32.880> roller<00:10:33.279> coaster<00:10:33.760> stock<00:10:34.079> market

gamestop's roller coaster stock market

gamestop's roller coaster stock market ride<00:10:34.959> may<00:10:35.279> have<00:10:35.519> come<00:10:35.760> to<00:10:35.920> an

ride may have come to an

ride may have come to an end<00:10:36.320> this<00:10:36.640> week<00:10:36.959> share<00:10:37.519> prices<00:10:38.000> plummeted<00:10:38.640> by

end this week share prices plummeted by

end this week share prices plummeted by more<00:10:38.959> than<00:10:39.200> 58

more than 58

more than 58 on<00:10:40.320> tuesday<00:10:41.120> and<00:10:41.279> there<00:10:41.440> are<00:10:41.600> signs<00:10:42.079> other

on tuesday and there are signs other

on tuesday and there are signs other popular<00:10:42.800> targets<00:10:43.279> like<00:10:43.519> blackberry<00:10:44.160> and<00:10:44.320> amc

popular targets like blackberry and amc

popular targets like blackberry and amc entertainment<00:10:45.440> have<00:10:45.600> also

entertainment have also

entertainment have also passed<00:10:46.399> their<00:10:46.720> peak<00:10:47.600> but<00:10:47.760> with<00:10:48.000> technology

passed their peak but with technology

passed their peak but with technology placing<00:10:49.120> the<00:10:49.279> power<00:10:49.760> of<00:10:49.839> the<00:10:50.079> stock<00:10:50.480> market<00:10:50.880> in

placing the power of the stock market in

placing the power of the stock market in people's

people's

people's pockets<00:10:52.480> this<00:10:52.720> may<00:10:53.279> just<00:10:53.519> be<00:10:53.680> a<00:10:53.839> sign<00:10:54.399> of

pockets this may just be a sign of

pockets this may just be a sign of things<00:10:54.880> to<00:10:55.120> come

i<00:10:57.680> was<00:10:57.920> a<00:10:58.000> professional<00:10:58.480> trader<00:10:58.800> working<00:10:59.040> in

i was a professional trader working in

i was a professional trader working in the<00:10:59.200> city<00:10:59.440> for<00:10:59.519> a<00:10:59.600> number<00:10:59.839> of<00:10:59.920> years

the city for a number of years

the city for a number of years and<00:11:01.040> you<00:11:01.120> know<00:11:01.279> i'm<00:11:01.360> pretty<00:11:01.519> sure<00:11:01.760> if<00:11:01.920> i<00:11:02.000> were

and you know i'm pretty sure if i were

and you know i'm pretty sure if i were to<00:11:02.320> have<00:11:02.480> orchestrated<00:11:02.880> something<00:11:03.120> like<00:11:03.279> this

to have orchestrated something like this

to have orchestrated something like this when<00:11:03.519> i<00:11:03.600> was<00:11:03.760> working<00:11:04.079> for<00:11:04.240> an<00:11:04.320> investment

when i was working for an investment

when i was working for an investment bank

bank

bank it<00:11:05.519> would<00:11:05.680> have<00:11:06.000> been<00:11:06.160> illegal<00:11:06.480> it<00:11:06.480> would<00:11:06.640> be

it would have been illegal it would be

it would have been illegal it would be market<00:11:07.040> manipulation<00:11:07.839> the<00:11:08.000> question<00:11:08.320> here<00:11:08.480> is

market manipulation the question here is

market manipulation the question here is when<00:11:08.800> it's<00:11:08.959> done<00:11:09.200> by<00:11:09.440> a<00:11:09.519> million<00:11:10.000> or

when it's done by a million or

when it's done by a million or i<00:11:10.560> don't<00:11:10.720> know<00:11:10.880> how<00:11:11.040> many<00:11:11.200> people<00:11:11.680> it<00:11:11.760> could<00:11:11.920> be

i don't know how many people it could be

i don't know how many people it could be millions<00:11:12.480> now<00:11:12.720> across<00:11:12.959> the<00:11:13.040> world<00:11:13.279> doing<00:11:13.600> it

millions now across the world doing it

millions now across the world doing it independently

independently

independently how<00:11:15.760> do<00:11:15.920> you<00:11:16.000> regulate<00:11:16.480> that<00:11:16.640> you<00:11:16.800> know<00:11:17.680> is<00:11:17.839> it

how do you regulate that you know is it

how do you regulate that you know is it market<00:11:18.240> manipulation<00:11:18.880> who<00:11:19.040> do<00:11:19.200> you<00:11:19.360> punish

market manipulation who do you punish

market manipulation who do you punish there's<00:11:20.160> a<00:11:20.240> big<00:11:20.399> question<00:11:20.720> obviously<00:11:21.040> public

there's a big question obviously public

there's a big question obviously public opinion<00:11:21.680> will<00:11:21.760> be<00:11:21.920> against<00:11:22.160> regulation

opinion will be against regulation

opinion will be against regulation because<00:11:22.880> they<00:11:22.959> feel<00:11:23.120> it's<00:11:23.200> ordinary<00:11:23.680> people

because they feel it's ordinary people

because they feel it's ordinary people but

but

but i<00:11:24.880> think<00:11:25.120> the<00:11:25.279> big<00:11:25.440> question<00:11:25.760> is<00:11:25.839> what<00:11:26.079> happens

i think the big question is what happens

i think the big question is what happens one<00:11:26.480> month<00:11:26.640> down<00:11:26.800> the<00:11:26.880> line<00:11:27.040> when<00:11:27.200> this<00:11:27.519> where

one month down the line when this where

one month down the line when this where if<00:11:28.000> this<00:11:28.160> falls<00:11:28.399> 99

if this falls 99

if this falls 99 and<00:11:29.360> a<00:11:29.360> lot<00:11:29.519> of<00:11:29.680> ordinary<00:11:30.160> people<00:11:30.480> you<00:11:30.640> know

and a lot of ordinary people you know

and a lot of ordinary people you know hairdressers<00:11:31.920> taxi<00:11:32.320> drivers

hairdressers taxi drivers

hairdressers taxi drivers are<00:11:33.040> burnt<00:11:33.360> on<00:11:33.440> this<00:11:33.760> and<00:11:33.839> then<00:11:34.800> you<00:11:34.880> know<00:11:35.040> it's

are burnt on this and then you know it's

are burnt on this and then you know it's easy

easy

easy at<00:11:36.160> the<00:11:36.240> top<00:11:36.399> of<00:11:36.480> the<00:11:36.560> bubble<00:11:36.880> to<00:11:36.959> say<00:11:37.120> don't

at the top of the bubble to say don't

at the top of the bubble to say don't regulate<00:11:37.760> it<00:11:37.920> but<00:11:38.079> when<00:11:38.240> the<00:11:38.320> bubble<00:11:38.640> bursts<00:11:38.959> i

regulate it but when the bubble bursts i

regulate it but when the bubble bursts i think<00:11:39.200> people

think people

think people might<00:11:40.160> feel<00:11:40.560> differently<00:11:40.959> so<00:11:41.279> i<00:11:41.360> mean<00:11:41.519> i<00:11:41.600> know

might feel differently so i mean i know

might feel differently so i mean i know i've<00:11:41.760> said<00:11:41.839> it<00:11:42.000> a<00:11:42.000> million<00:11:42.240> times<00:11:42.560> but

i've said it a million times but

i've said it a million times but the<00:11:43.360> message<00:11:43.760> is<00:11:44.160> be<00:11:44.399> careful<00:11:44.800> but<00:11:44.959> from<00:11:45.040> what

the message is be careful but from what

the message is be careful but from what you're<00:11:45.360> saying<00:11:45.600> gary<00:11:46.079> it<00:11:46.240> seems<00:11:46.560> to<00:11:46.720> me<00:11:46.880> okay

you're saying gary it seems to me okay

you're saying gary it seems to me okay the<00:11:47.360> technology<00:11:48.079> is<00:11:48.240> well<00:11:48.560> advanced<00:11:48.959> but<00:11:49.120> it

the technology is well advanced but it

the technology is well advanced but it seems<00:11:49.440> to<00:11:49.600> me

seems to me

seems to me their<00:11:50.480> echo<00:11:51.120> here's<00:11:51.600> back<00:11:51.839> to<00:11:52.480> time

their echo here's back to time

their echo here's back to time immemorial<00:11:53.360> well<00:11:53.519> perhaps<00:11:53.920> not<00:11:54.160> that<00:11:54.399> far

immemorial well perhaps not that far

immemorial well perhaps not that far back<00:11:54.959> but<00:11:55.120> certainly<00:11:55.519> ever<00:11:55.680> since

back but certainly ever since

back but certainly ever since um<00:11:56.720> humans<00:11:57.200> started<00:11:57.839> trading<00:11:58.480> and<00:11:58.720> dealing

um humans started trading and dealing

um humans started trading and dealing with<00:11:59.279> each<00:11:59.519> other

with each other

with each other what<00:12:00.240> do<00:12:00.320> we<00:12:00.399> have<00:12:00.639> south<00:12:00.880> sea<00:12:01.200> bubbles<00:12:01.680> black

what do we have south sea bubbles black

what do we have south sea bubbles black tulips<00:12:02.959> uh

tulips uh

tulips uh you<00:12:03.760> know<00:12:04.000> things<00:12:04.240> like<00:12:04.480> that<00:12:05.040> ponzi<00:12:05.680> schemes

you know things like that ponzi schemes

you know things like that ponzi schemes yeah<00:12:07.040> you<00:12:07.200> know<00:12:07.279> what<00:12:07.440> i<00:12:07.519> think<00:12:08.000> is

yeah you know what i think is

yeah you know what i think is interesting<00:12:08.639> here<00:12:09.200> i<00:12:09.279> think<00:12:09.600> this<00:12:09.920> relates<00:12:10.399> to

interesting here i think this relates to

interesting here i think this relates to the<00:12:10.880> way

the way

the way that<00:12:11.920> governments<00:12:12.399> have<00:12:12.480> dealt<00:12:12.720> with<00:12:12.800> the

that governments have dealt with the

that governments have dealt with the coveted<00:12:13.279> crisis<00:12:13.920> there's<00:12:14.160> been<00:12:14.320> a<00:12:14.399> huge

coveted crisis there's been a huge

coveted crisis there's been a huge amount<00:12:14.800> of<00:12:14.880> spending<00:12:15.279> last<00:12:15.519> year

amount of spending last year

amount of spending last year now<00:12:16.240> normally<00:12:16.720> in<00:12:16.800> a<00:12:16.959> crisis<00:12:17.680> governments

now normally in a crisis governments

now normally in a crisis governments would<00:12:18.480> raise<00:12:18.720> taxation<00:12:19.200> on<00:12:19.279> the<00:12:19.360> richest<00:12:19.839> or

would raise taxation on the richest or

would raise taxation on the richest or they<00:12:20.000> might<00:12:20.240> borrow<00:12:20.480> a<00:12:20.560> lot<00:12:20.639> of<00:12:20.800> money

they might borrow a lot of money

they might borrow a lot of money for<00:12:21.440> example<00:12:21.680> to<00:12:21.839> fund<00:12:22.079> wars<00:12:22.320> things<00:12:22.560> like

for example to fund wars things like

for example to fund wars things like that<00:12:22.880> but<00:12:23.040> what<00:12:23.200> happened<00:12:23.440> last<00:12:23.600> year<00:12:23.760> was

that but what happened last year was

that but what happened last year was really<00:12:24.079> phenomenal

really phenomenal

really phenomenal the<00:12:24.800> government<00:12:25.040> of<00:12:25.120> the<00:12:25.279> uk<00:12:26.079> it<00:12:26.240> spent<00:12:26.480> an

the government of the uk it spent an

the government of the uk it spent an extra<00:12:26.880> 450<00:12:27.519> billion<00:12:27.839> pounds

extra 450 billion pounds

extra 450 billion pounds that's<00:12:28.639> about<00:12:28.880> 10<00:12:29.120> 000<00:12:29.360> pounds<00:12:29.600> per<00:12:29.839> adult<00:12:30.079> in

that's about 10 000 pounds per adult in

that's about 10 000 pounds per adult in the<00:12:30.240> country<00:12:31.279> and

the country and

the country and the<00:12:31.760> bank<00:12:32.079> of<00:12:32.240> england<00:12:32.720> printed<00:12:33.200> the<00:12:33.360> exact

the bank of england printed the exact

the bank of england printed the exact same<00:12:33.920> amount<00:12:34.399> and<00:12:34.480> lent<00:12:34.720> it<00:12:34.800> to<00:12:34.880> the

same amount and lent it to the

same amount and lent it to the government<00:12:35.440> which<00:12:35.680> means<00:12:35.920> that<00:12:36.079> essentially

government which means that essentially

government which means that essentially they've<00:12:37.120> dealt<00:12:37.360> with<00:12:37.519> this<00:12:37.680> crisis<00:12:38.320> purely<00:12:38.800> by

they've dealt with this crisis purely by

they've dealt with this crisis purely by printing

printing

printing 450<00:12:40.639> billion<00:12:40.959> pounds<00:12:41.360> now<00:12:42.399> that<00:12:42.639> might<00:12:42.880> seem

450 billion pounds now that might seem

450 billion pounds now that might seem like<00:12:43.279> an<00:12:43.440> amazing<00:12:43.680> way<00:12:43.839> of<00:12:43.920> dealing<00:12:44.160> with<00:12:44.240> the

like an amazing way of dealing with the

like an amazing way of dealing with the crisis<00:12:44.560> because<00:12:44.720> nobody<00:12:45.040> has<00:12:45.120> to<00:12:45.279> pay<00:12:45.440> for<00:12:45.600> it

crisis because nobody has to pay for it

crisis because nobody has to pay for it but<00:12:46.240> the<00:12:46.320> net<00:12:46.560> result<00:12:46.959> is<00:12:47.519> you<00:12:47.760> pour<00:12:48.000> a<00:12:48.160> huge

but the net result is you pour a huge

but the net result is you pour a huge amount<00:12:48.639> of<00:12:48.800> extra<00:12:49.040> money

amount of extra money

amount of extra money into<00:12:49.680> society<00:12:50.639> and<00:12:50.720> that<00:12:50.959> has<00:12:51.120> a<00:12:51.200> lot<00:12:51.360> of

into society and that has a lot of

into society and that has a lot of problems<00:12:52.399> if<00:12:52.560> you<00:12:52.639> look<00:12:52.800> at<00:12:52.880> where<00:12:53.040> the

problems if you look at where the

problems if you look at where the money's<00:12:53.440> end<00:12:53.680> up

money's end up

money's end up ended<00:12:54.240> up<00:12:54.480> you<00:12:54.639> can<00:12:54.720> see<00:12:54.959> most<00:12:55.200> of<00:12:55.279> it<00:12:55.360> has

ended up you can see most of it has

ended up you can see most of it has ended<00:12:55.680> up<00:12:55.760> with<00:12:55.839> richer<00:12:56.160> people

ended up with richer people

ended up with richer people so<00:12:57.200> that<00:12:57.440> increases<00:12:57.920> inequality<00:12:58.800> and

so that increases inequality and

so that increases inequality and inevitably<00:12:59.839> it<00:13:00.000> creates

inevitably it creates

inevitably it creates bubbles<00:13:00.880> in<00:13:01.040> asset<00:13:01.279> markets<00:13:01.680> because<00:13:01.839> these

bubbles in asset markets because these

bubbles in asset markets because these people<00:13:02.240> are<00:13:02.320> going<00:13:02.399> to<00:13:02.560> invest<00:13:02.880> them<00:13:03.120> my<00:13:03.279> big

people are going to invest them my big

people are going to invest them my big concern<00:13:03.760> is<00:13:03.920> that<00:13:04.000> contagious<00:13:04.480> into<00:13:04.639> the<00:13:04.720> uk

concern is that contagious into the uk

concern is that contagious into the uk housing<00:13:05.279> market

housing market

housing market and<00:13:06.079> we've<00:13:06.320> seen<00:13:06.560> house<00:13:06.800> prices<00:13:07.200> rocketing<00:13:07.760> up

and we've seen house prices rocketing up

and we've seen house prices rocketing up in<00:13:08.160> the<00:13:08.240> middle<00:13:08.480> of<00:13:08.560> the<00:13:08.720> deepest<00:13:09.040> recession

in the middle of the deepest recession

in the middle of the deepest recession ever

ever

ever my<00:13:10.320> concern<00:13:10.720> is<00:13:10.800> what<00:13:10.959> happens<00:13:11.200> if<00:13:11.360> house

my concern is what happens if house

my concern is what happens if house prices<00:13:12.079> double<00:13:12.399> again<00:13:12.800> which<00:13:13.040> ultimately<00:13:13.440> is

prices double again which ultimately is

prices double again which ultimately is what<00:13:13.600> happened<00:13:13.839> after<00:13:14.000> 2008<00:13:14.639> and<00:13:14.720> what<00:13:14.800> does

what happened after 2008 and what does

what happened after 2008 and what does that<00:13:15.040> mean<00:13:15.279> for

that mean for

that mean for poorer<00:13:16.079> families<00:13:16.480> trying<00:13:16.639> to<00:13:16.720> get<00:13:16.880> onto<00:13:17.040> the

poorer families trying to get onto the

poorer families trying to get onto the housing<00:13:17.360> ladder<00:13:17.839> basically<00:13:18.399> if<00:13:18.560> you<00:13:18.639> try<00:13:18.800> and

housing ladder basically if you try and

housing ladder basically if you try and fix<00:13:19.120> an<00:13:19.200> inequality<00:13:19.760> crisis<00:13:20.160> by<00:13:20.320> printing

fix an inequality crisis by printing

fix an inequality crisis by printing money<00:13:20.880> and<00:13:20.959> giving<00:13:21.200> it<00:13:21.279> to<00:13:21.360> the<00:13:21.519> rich

money and giving it to the rich

money and giving it to the rich you<00:13:22.160> can't<00:13:22.320> be<00:13:22.480> surprised<00:13:22.800> when<00:13:22.959> that

you can't be surprised when that

you can't be surprised when that inequality<00:13:23.519> crisis<00:13:23.920> gets<00:13:24.160> worse<00:13:24.639> we<00:13:24.800> need<00:13:24.959> to

inequality crisis gets worse we need to

inequality crisis gets worse we need to start<00:13:25.200> making<00:13:25.440> the<00:13:25.519> richest<00:13:25.839> people<00:13:26.160> actually

start making the richest people actually

start making the richest people actually contribute<00:13:27.360> to<00:13:27.600> fixing<00:13:28.000> and<00:13:28.079> paying<00:13:28.399> towards

contribute to fixing and paying towards

contribute to fixing and paying towards these<00:13:28.880> crises<00:13:29.279> rather<00:13:29.519> than<00:13:29.680> just<00:13:29.760> profiting

these crises rather than just profiting

these crises rather than just profiting from<00:13:30.320> them<00:13:32.839> clearly

well<00:13:38.000> that's<00:13:38.320> it<00:13:38.480> for<00:13:38.639> this<00:13:38.880> episode<00:13:39.199> of<00:13:39.279> the

well that's it for this episode of the

well that's it for this episode of the sky<00:13:39.680> news<00:13:39.839> daily<00:13:40.160> podcast<00:13:40.720> my<00:13:40.880> thanks<00:13:41.120> to<00:13:41.279> gary

sky news daily podcast my thanks to gary

sky news daily podcast my thanks to gary stevenson

stevenson

stevenson and<00:13:42.399> peter<00:13:42.800> tuckman<00:13:43.360> to<00:13:43.519> keep<00:13:43.760> a<00:13:43.839> towel<00:13:44.160> on

and peter tuckman to keep a towel on

and peter tuckman to keep a towel on this<00:13:44.399> story<00:13:44.800> head<00:13:45.040> over

this story head over

this story head over to<00:13:45.680> our<00:13:45.839> website<00:13:46.720> and<00:13:47.040> our<00:13:47.440> app

to our website and our app

to our website and our app this<00:13:49.279> episode<00:13:49.680> was<00:13:49.920> produced<00:13:50.320> by<00:13:50.560> lauren

this episode was produced by lauren

this episode was produced by lauren binkney<00:13:51.360> and<00:13:51.519> nicola<00:13:52.000> ayers

binkney and nicola ayers

binkney and nicola ayers our<00:13:53.040> interview<00:13:53.440> producer<00:13:54.240> is<00:13:54.399> tatiana

our interview producer is tatiana

our interview producer is tatiana [Music]

alderson

[Music]

[Music]

[Music] you