Forum Post: Sell Off Stocks On Friday October 14th. Show Support..
Posted 13 years ago on Oct. 10, 2011, 6:45 p.m. EST by chitowndealer
(1)
This content is user submitted and not an official statement
While I fully support the protest, I must point out that until there is a negative economic or political impact you are all just hanging out having a party. While a political impact would take until the next election, a more immediate drastic economic impact could be made by asking all supporters to get out of the stock market on a specific day and hold money in cash. The greedy of wall street would be powerless to fend off a major stock sell-off supported nationwide by individuals, pension funds, and investors. I call on all protestors and those that support them to sell all their stocks on Friday October 14th. Lets make it a "Black Friday" for the greedy and demand jobs and opportunity for all.. Take their money and they will listen!!!!!!!!!!!
I seriously applaud the goal, and think it could potentially have a short term impact. Consider this, a longer term solution would be to initate a "Buying Boycot" on the 14th; whereby people after that date pledge to no further purchase, investment, or transactions of stock, or businesses which invest in the stock market.
My feeling that simply selling off stock would have a limited effect is supported here -> http://en.wikipedia.org/wiki/Divestment_campaign#Criticism
I think that the stock market will die a sloooow painful death which will only occur as the result of people slowly moving away of that model of financial profit-making
What would a sell off really accomplish? Since the market is already down (although today was a pretty good day), selling stock at a loss won't help those that have already suffered losses. Assuming that it does cause a significant drop in stock values, it merely presents a buying opportunity for those that can afford it (i.e. the filthy 1%) to buy more stock at a discount. Who do you think would be hurt more by a sell-off?
I sincerely doubt your plan would be successful. But, hey, go ahead and give it a try.