A Fool and His Money: Wall Street’s Latest Casino Tricks

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From around-the-clock stock trading to app-based parlay bets on NFL games, Wall Street is blurring the line between investing and gambling—and it’s not to help individual investors. This episode breaks down why 24/7 markets serve the exchanges and trading firms, not everyday traders, and why day trading remains a losing game despite all the flashy tools and screens. With platforms like Robinhood openly embracing casino-style behavior, the warning is clear: the house always wins, and the “innovation” is just another way to separate fools from their money.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:17):
Fool and His Money. Yeah, these next two stories not surprising,
not surprising. I ask you get questions about these things
and people asking me, well, all is just going to
help individual investors? This is going to be great?

Speaker 3 (00:31):
Yeah, sure, anyway, Yeah, the Nasdaq is moving closer to
around the clock stock trading, a shift that some on
Wall Street are calling unnecessary and potentially destabilizing. Why why
is this nessary? Are they going there gonna start We're

(00:51):
gonna be like Vegas. I're gonna start giving out free
drinks to The reason for this is, again, so the
Nasdaq can make more money. The various different trading firms
out there can make more money on the backs of fools.

(01:12):
If you think that this is going to give you
some sort of advantage, you're sorely mistaken. I've talked about
this ad nauseum over the years. If the folks that
use these various different discount houses the day traders out
there day traders with their twenty screens in front of them,

(01:36):
and charts and all this stuff, and all these these
tools that they market to you. If they were actually
successful in what they were doing, don't you think that
these firms would let you know about it. Don't you
think that would be part of their marketing. You know,
our our traders are doing this, this, this, they're not.

Speaker 2 (02:02):
They're not. Day traders were losers when the whole thing
kicked in the gear back during the nineteen nineties during
the dot com run up, and they're losers again today.
This is just giving them more time and an opportunity
to lose again. A fool and his money and again Robinhood.

(02:24):
They're not even hiding it anymore. Robinhood is now giving
its users the ability to place I'm not making this
up parlay bets on multiple NFL games. So basically, they're
going to start competing with traditional sports books. Real is

(02:46):
That's basically what they are. It is. It is a
glorified gambling I describe this Robinhood. It gives people the
sense that they're doing they're not gambling, but they are.
They are. They are general they're gambling. They're just gambling
on stocks. Now they're saying, screw it, We're already all

(03:10):
the way, and what differce is gonna make. We'll also
throw football in as well again A Fool and his
Money watch dog and Wall Street dot Com