June 7, 2021
As an average Joe working a blue-collar job and trying to provide for my future by investing in the US stock market I feel that the actions of Robinhood, as well as all other brokers, and their use of payment of order flow, is an unethical action on their part that seriously detracts from the faith in the US markets. As the actions of Robin Hood and wall Street in general become more clear due to media coverage it shows me that the system is rigged against the common man in favor of a select few. For too long we have seen Wall Street actions hurt the US public out of their abundant greed and consistent manipulation of the system. Payment of order flow is not necessary for an orderly and free market system, but instead is a tool used by the market makers to manipulate the system to grow their wealth at the expense of the general public. Just as in 2008 housing crisis, the market makers have no consequences for their actions, and when their actions jeopardize the US public they simply get bailed out with no repercussions. It is time for the SEC to step up and do its charge duty and actually regulate these entities instead of turning a blind eye to their arguably criminal behavior. Otherwise after they wreck the system again I fear that all trust in the US markets will evaporate for good for all future generations.