Congressional Robinhood Stock Stimulus - WSJ

Remember last winter’s political tumult over the frenetic stock trade of memes like GameStop? Members of Congress blamed hedge funds, ma...


Remember last winter’s political tumult over the frenetic stock trade of memes like GameStop? Members of Congress blamed hedge funds, market makers and online trading platform Robinhood. Good, a new study identified the most likely culprit: Congressional stimulus payments.

U.S. households received $814 billion in three rounds of direct payments between April 2020 and March 2021. Congress gave low- and middle-income adults $3,200 each plus $2,500 per dependent to deal with the pandemic. Many instead used their payouts to gamble the stock market, according to economists at Harvard Business School and New York University.

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Newsrust - US Top News: Congressional Robinhood Stock Stimulus - WSJ
Congressional Robinhood Stock Stimulus - WSJ
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