FIRST CITY TO BAN VIX TRADING AFTER 47 RESIDENTS LOSE LIFE SAVINGS – FINALLY SOME COMMON SENSE
I’m absolutely disgusted watching this. My neighbor Larry, who couldn’t even balance his checkbook, was “investing” in vix options after seeing a TikTok. Now he’s selling his lawnmower to pay rent. This isn’t investing, it’s gambling for people who think a volatility index is a new flavor of vape juice. Why aren’t we teaching basic financial literacy in schools instead of letting these predatory apps drain our town’s savings? My tax dollars shouldn’t be bailing out grown adults who panic-clicked on a vix call option at 3 AM. Common sense says if you have to google what it does, you shouldn’t be buying it. The city council finally did something smart, but it’s too late for the 47 people who got cleaned out.