Uh, let's go to pivot a little bit to payment for orderfully. Do you know john stewart's involved with uh like this controversy involving pain before he did a did, a youtube, video or something about how bad it is yeah the comic now we should point out that jon stewart's brother, who is a lovely guy. His name is larry leibowitz. No, i'm waiting.

I used to work at the new york stock exchange. He was one of the fathers of payment for overflow, so for john stewart to attack payment for earth will flow. His brother was one of the guys that helped push it and what is it? The payment for overflow is just a broker, essentially selling its order flow to a third party to match the buyers and sellers okay, some people broker gets paid, gets paid by the middleman. No by by the person selling it there's no middle right, yes right, except that it is controversial.

Some people say it's controversial, there's never been a case brought against it. Gary gensler keeps talking about that. It's a bad thing, but he doesn't prove it. Uh retail trading has never been more efficient and cheaper.

Okay, just throw that out. There, germany today came out against a ban on payment for order flow, key big economy out of traders, robin hood um. We should take a look at robin. I don't know if this this story is just starting to make the rounds.

People are getting the paperwork. I i do have the paperwork right that matter, charles schwab, yeah all of the traders. Are they all up there? Are they all up right? Now? I don't know, and can we get out? Did you order them to be on there into the stack? This just broke liz? Okay, we can. We can work together if you get schwab or robin hood up.

That would be nice, but if you don't i'll talk through this um and by the way, i don't know if it would show the immediate impact now this this thing is just starting to make the rounds. The the document from the german delegation of the european union, which said, and by the way cited several reasons - this is the germans and they're, usually pretty conservative. It could be bad for retail investors who will not benefit from lower commissions right, well, zero commissions, a lot of these companies just just thrown that out there amc. Thank you charlie.

Yes, we are coming right. Back. Markets are very close to the new session. I love fridays.

That is that's fascinating. That is fascinating, oh charlie, why do i even focus on making content when he could just make content for me, germany? I guess i don't know. I didn't see the source because the source was his own local file on twitter. He's like here's, my source and he copied his own local path from his c drive.

So i don't even know if i could really talk about it, because his source was just a pathway on his own c drive. I didn't see anything i like. I tried to search for the news and i couldn't find what germany did or didn't say, but for the point of this discussion, let's i guess take what he said as being accurate and let's say germany is against it. Once again, i couldn't find that breaking news.

Um without like i guess, just picking on him being a deplorable human being, let's just focus on some of the facts that what did he say: uh the jon stewart thing: okay, uh, he did a youtube thing: okay, dude! You wish you were jon stewart you're, the equivalent of what's on the bottom of john stewart, show it wasn't a youtube thing. He ran. One of the most successful night shows ever and now has a hyper successful show on apple tv that garners millions of views. Don't just say: oh some youtube thing.

Dude, you haven't produced a single piece of content that is better than his worst piece of content. Out of the gate. Let's run some facts. Oh the comic jon stewart.

No, he puts what's going on in the world through a comedic lens, so people listen to it because he understands how to connect with people. That's why he's so much more popular than you? It's a technique, don't be a dumbass. Does his brother brother, his brother, is in wall street? Is he what did he say like uh uh, like someone who, like created payment for order flow or something like that? No, he didn't. He worked in wall street yeah, but bernie madoff was one of the original architects and then it was furthered by market makers such as citadel securities, ken griffin and virtu doug sifu.

If you look up john stewart's brother you're, not gon na find any connection with the creation of payment for order flow, he has connection to the new york stock exchange, not a market maker. So, let's just set something straight and then another thing he was saying is that a lot of people have just been producing reasons of just saying it's bad. There are academic papers breaking this down. We know it is widening.

The bid ask spread. We know that there are currently brokers where you can do commission list trading without payment for order flow. That's exactly why i'm partnered up with public, because it's the only one that does it like that. This is it's so many, intellectually there's two options: either he's legitimately stupid and doesn't look into it or he fully understands.

What's going on and he's intentionally being intellectually dishonest, the way he paints the situation is very very wrong, and this is why you have legitimate intellectual titans such as jon stewart and dave lauer coming out and saying something about it. This isn't just a retail thing. Retail is behind them because we have a feeling of who to trust and who's right and we're supporting these people, who literally have spent their entire careers both in academia and also in the private sector related to wall street. Breaking this down and saying yes, this does increase the fragility of the market.

There are conflicts of interest. It's one of these situations where either gasparino is right or dave. Lauer jon stewart, even gary gensler's comments. What i i think, i know who i'm going to be siding with in this particular showdown, and i guess you could pick your side, but i think, if you're watching this you're kind of here saying okay, this guy, this is purely a ploy for him.

He tweets it out because he gets people like me to click on it because he likes raising my blood pressure and it's keeping him relevant. There's no accuracy in this. This is not breaking news or explaining the way the world works to the public. It's not some.

I guess greater devotion of time to help the people out. This is not an altruistic. I want the truth out there type of an argument. This is a i want to be on people's minds, so i'm going to do this and say that, and do this just to piss people off to invoke some sort of negative emotional response.

That's all this is it's wild. If someone like me, who's been studying this for maybe a year now at 27, can outwit him and explain the situation without even just like these random ad hominem, like attacks like just truly say, hey man you're wrong because of this this and this factually imagine what Would happen if he talked to someone like dave, lauer, jon, stewart, jon stewart's brother, gary gensler, it's embarrassing! It's truly truly embarrassing!.