Comment Re:Good lord, this is wrong (Score 5, Informative) 251
Robin Hood, and many other brokerages, have turned off buying GME, AMC, on margin . That is, they're not loaning capital to a bunch of YOLO'ing people. Capital that they will be on the hook to their institutional counterparties for, and then try to have to recover from people who say stuff like "so, I got paid today; rent going to be late YOLO GME". Which is a fine position for individuals to take, I guess (they seem to not understand some of the risks), but it's ridiculous to expect RH to subsidize it with loans. Because are they going to to go after 15 million people without money for 10,000 a piece?
You are incorrect, at least for Robinhood which is what I am using. The statement they put out says they are restricting margin. They are restricting everything. Don't believe me? Download the app yourself and try to buy GME. You won't even have the option to do so. You'll see a Sell button and a message saying "You can close out your position in this stock, but you cannot purchase additional shares". Not margins, not options. Cannot buy shares.
