Category: Reddit Post

Elon Musk and Vivek Ramaswamy Want to Cut US Government Workforce by 75%

Elon Musk and entrepreneur Vivek Ramaswamy have proposed a radical initiative to reduce government spending in the United States. They intend to reduce the number of federal employees by 75%. The plan involves closing some departments, banning remote work for government employees, and moving government offices from Washington to other regions of the country. submitted by /u/glira31 [link] [comments]

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15 bold statements from the past

“Stones can’t fall from the sky; there’s nowhere for them to come from!” – Paris Academy of Sciences on meteorites, 1772. “Computers in the future may have only 1000 vacuum tubes and perhaps weigh only 1½ tons.” – Popular Mechanics, 1949. “I have traveled the length and breadth of this country and talked with the best people, and I can assure you that data processing is a fad that won’t last out the year.” – Prentice Hall Editor, 1957. “But what’s it good for?” – On microchips, IBM Advanced Computing Division, 1968. “There is no reason why anyone would want a computer in their home.” – Ken Olsen, founder of Digital Equipment Corp., 1977. “This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication.” – Western Union, 1876. “The wireless music box has no imaginable commercial value. Who would pay for a message sent to nobody in particular?” – David Sarnoff’s partners on investing in radio, 1920. “The concept is interesting and well-formed, but in order to earn better than a ‘C’, the idea must be feasible.” – Yale professor on Fred Smith’s proposal for express delivery (Smith later founded FedEx). “Who the hell wants to hear actors talk?” – Warner Brothers on adding sound to films, 1927. “We don’t like their sound, and guitar music is on the way out.” – Decca Records rejecting The Beatles, 1962. “Heavier-than-air flying machines are impossible!” – Lord Kelvin, physicist, 1895. “With no air to push against, how could a rocket actually push itself through space?” – New York Times on Robert Goddard’s rocket research, 1921. “Airplanes are interesting toys, but of no military value.” – Marshal Ferdinand Foch, French military strategist. “Everything that can be invented has been invented.” – Charles Duell, US Patent Office, 1899. “$100 million dollars is way too much to pay for Microsoft.” – IBM, 1982. submitted by /u/FXgram_ [link] [comments]

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WSJ: More men are addicted to the ‘Crack Cocaine’ of the Stock Market. Gamblers Anonymous meetings are filling up with people hooked on trading and betting. Apps make it as easy as ordering takeout.

A new type of addict is showing up at Gamblers Anonymous meetings across the country: investors hooked on the market’s riskiest trades. At Gamblers Anonymous in the Murray Hill neighborhood of Manhattan, one man called options “the crack cocaine” of the stock market. Another said he faced hundreds of thousands of dollars in trading losses after borrowing from a loan shark to double down on stocks. They were among a group of about 60 people, almost all men, who sat in rows of metal folding chairs in a crowded church basement that evening. Some shared their struggle with addiction – not on sports-betting apps or at Las Vegas casinos – but using brokerage apps like Robinhood. Many of the men, and scores of others around the country, discovered trading and betting during the pandemic boom that began in 2020. Some were drawn in by big wins in meme stocks and other viral stock sensations, leading them into even higher-octane wagers that offer the chance to put up a small amount of cash for a potentially mammoth return – or more often, a crushing loss. Others bought and sold cryptocurrencies on apps that make trading as easy as ordering takeout on Uber Eats or toiletries on Amazon. In an age when sports betting has become an accepted pastime – accessible by the flick of the thumb on an iPhone app – they found the same rush betting on dogecoin, Tesla or Nvidia as wagering on Patrick Mahomes to carry the Kansas City Chiefs to the Super Bowl. Doctors and counselors say they are seeing more cases of compulsive gambling in financial markets, or an uncontrollable urge to bet. They expect the problem to worsen. The stock market has climbed 23% this year and bitcoin recently topped $100,000 for the first time, tempting many people to pile into speculative trades. Wall Street keeps introducing newer and riskier ways to play the market through stock options or complex exchange-traded products that use borrowed money and compound the risk for investors… Read a full story: https://www.wsj.com/finance/stocks/stock-market-trading-apps-addiction-afecb07a?mod=djem10point submitted by /u/FXgram_ [link] [comments]

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