Thursday News Roundup: Big Tech/Hedge Fund Oligarchs Team up in Day Trader Purge

DB Daily Update ^ | David Blackmon

[EyesOfTX]

Something happened related to the stock market yesterday that has everyone up in a frenzy this morning. I don’t really understand it all, but it involves Reddit, something called sub-Reddit and a group of day traders who assemble there, abusive hedge fund managers, short-selling, big tech oligarchs, NASDAQ and GameStop stock, which went way up during the day, but was driven back down in after hours trading.

Naturally, at the end of the day, the Big Tech oligarchs took sides with the big-money hedge fund oligarchs and shut down the day-trader sub-Reddit group for allegedly saying bad things. Because that’s how things work in China Joe Potato Head Biden’s totalitarian America, where people will now be arrested and charged with imaginary crimes by the DOJ for posting memes on Twitter that the government does not like.

[RoosterRedux]

Can't see how that is possible, frankly.

The accumulation of fees paid by small traders adds up to quite a large sum for online broker-dealers. That spigot won't get shut off.

[Bookshelf]

Study Germany in the nineteen thirties and you will find that the big capitalists happily jumped into bed with the National Socialists. Monopoly was their game. Monopoly was also Hitler’s game.
Monopoly is the Democrat’s game; and monopoly is Silicon Valley’s game.

[RoosterRedux]

Absolutely correct. Big business and big tech are right in the thick of this coup.

But it isn't just the Democrats. There are plenty of Republicans at the feast.

Best I can tell, this is a coup driven by the Ruling Elite (which includes the Democrats, Republicans (many), the Deep State, Big Media, Big Bidness, Big Tech, Big Entertainment, etc., etc., etc.

Behind these Big Fish trying to swallow the U.S. is most likely an even Bigger Fish (the CCP).

[griswold3]

https://cdn.mises.org/the_vampire_economy_20201022.pdf
The Vampire Economy. -Gunter Reiman

Fascism is the system of government that cartelizes the private sector, centrally plans the economy to subsidize producers, exalts the police state as the source of order, denies fundamental rights and liberties to individuals, and makes the executive state the unlimited master of society L. Rockwell

[Afterguard]

In a perhaps unrelated but important personal note, these turds along with the Biden* regime’s new policies cost me over $5K in IRA value, just yesterday alone. Cannot wait for the rest of the year! Spittt.

[Alberta's Child]

... cost me over $5K in IRA value, ...

Oh, please.

If you’re agonizing over ONE DAY in your retirement account, you shouldn’t even be investing at all.

[Afterguard]

Lol! You have no idea what the value of my IRA is. $5K is a drop in the bucket, the point being that until the Biden regime came along it was still gaining. I’ve been investing for nearly 50 years. What’s your record Richy Rich?

[shaven_llama]

I’m actually impressed with how fast the Biden administration is f*cking everything up.

[Bobalu]

I was hit for almost 10,000 yesterday :-/
-$9,392.57

[reegs]

The idiots that voted for that old fool get what they deserve good and hard. Unfortunately, we get whacked as innocent bystanders.

[Little Pig]

Well, Obongo did once say that one should never ‘underestimate Joe’s ability to f*ck things up”.

[Alberta's Child]

If you’ve been investing for 50 years then surely you’ve seen more dramatic drops than yesterday’s blip on the screen.

My track record?

1. I sold out of a large portion (about 35%) of my stock portfolio at the closing price on Tuesday. I didn’t anticipate anything related to yesterday’s fiasco; I just looked at my numbers and decided it was time to protect some gains I’ve made in the last three years.

2. I was mostly in cash when the dot-com bubble collapsed in 2000.

3. I have never lost money on any investment in securities except in a rare case where I will sell at a loss to offset other gains for tax purposes.

4. I am methodical, analytical and patient as an investor. This has helped me avoid falling prey to the two most destructive influences in investing: FEAR and GREED.

[Alberta's Child]

5. I keep better records than the companies that administer my mutual fund investments. I have never once filed a tax return where the information matches what is reported on the 1099 forms I get every February ... because my transaction records are more accurate than theirs.

[EQAndyBuzz]

“I was hit for almost 10,000 yesterday :-/
-$9,392.57”

Same here. I sold every mutual fund I have and after today I will hold a cash position across the board. This is going to be 2008 all over again. I’ll reinvest once the dust settles.

[RushIsMyTeddyBear]

Robinhood app has banned buying GSE stock. Not selling.

[kvanbrunt2]

Absolutely correct. Big business and big tech are right in the thick of this coup.>>>

Socialize the risk. Like College tuition and loans being repaid by us not the institution that benefitted from the loan and provided inadequate college degrees.. then privitize the gains. Harvard and the professor class increase in tuition and salaries.