Posted on 01/28/2021 10:16:41 AM PST by JV3MRC
GameStop dominated Wall Street in an odd financial tug-of-war. Investors on Reddit bought up the stock after big hedge funds had sold the stock short, essentially betting it would go down.
GameStop’s stock price skyrocketed and short-sellers lost billions. Talking heads scrambled to make sense of the event. But one of the most brain-melting assessments of the GameStop short squeeze came from Bloomberg TV guest and President of Financial Insyghts Peter Atwater. Atwater was so perplexed that he actually compared individual investors on Reddit outsmarting the big short-sellers to the Jan. 6, Capitol Hill Riot during a segment on Bloomberg TV:
"This has got anger behind it. And the behavior of the mob in many ways reminds me of what we saw two weeks ago at the Capitol. It’s a mishmash of a whole lot of people."
Yikes.
(Excerpt) Read more at newsbusters.org ...
You know the saying about throwing a rock at a pack of dogs - the one that yelps is the one that got hit.
How dare the little peons attempt to play the rich’s games?
We are supposed to sit quietly and let the Powerful walk all over us. It’s sort of a problem if we don’t do that.
That’s how I am seeing it.
Robinhood app has now blocked any buy orders on GME, NOK, BBBY, AMC; allowing only sell orders.
That’s not market tampering. No sir. Not this least. All perfectly normal. They’re just protecting the financial institutions from “terrorists”.
The elites are P.O.’ed that the rabble are fighting back, no matter what the weapon or what side the rabble are on.
It isn’t a bad comparison - both are examples of a mob trying to disrupt the establishment.
What triggered the buying of Gamestop was people on Reddit noticing that short sellers had sold 140% of the actual amount of Gamestop stock. The hedge funds not only sold stock they didn't have (Naked Short Selling, which is illegal, at least when mere mortals do it), but 40% more than exists.
And once this becomes painfully obvious to the general public, too many uncomfortable questions are going to be asked.
This is definitely not a right or left phenomenon. This goes back to the Wall Street bailouts and before. This is about the establishment vs the normals. This is something right and left can contribute to.
At the same time hedge funds are like the canary in the coal mine for other malicious monopolies like facebook and twitter. Hedge funds and investment banks had a monopoly on market manipulation....until a few days ago. In the music industry big time record labels enjoyed monopoly power for years until technology eventually leveled the playing field. Facebook and Twitter have a monopoly...for now.
The Reddit group-based investors are being demonized as controlling the market because they noticed the huge short positions in Gamestop and capitalized on it.......
No-one is demonizing Wall Street firms for heavily shorting Gamestop to the point of destroying them.......
Right. As long as you’re a Made Guy in the Wall Street Gang, you can kick the crap out of businesses with abandon, scheme on how to suck billions out of them, but if anyone crosses you in your little game, they’re Deplorable Terrorists.
Got it.
This is delicious.
Actually, I think this is a new chapter in the Trump era.
The Trump era is not over, in my opinion.
This is like that 1977 movie “Network”.
“I am mad as hell, and I’m not gonna take it anymore.”
Spits out Coffee: Bloomberg TV Guest Compares GameStop Stock Surge to Capitol Hill Riot
Well I think it is analogous to the three pigs story. So there.
What are the going to do if the public decides the stock game really is rigged and everyone decides to sell their 401k and go fully into cash?
When things appear hopeless, that is _exactly_ the moment that you find allies where you can.
Young leftists have nothing to lose, so they make great allies in any areas where we can work together.
Being _smart_ means breaking down barriers and figuring out who your _real_ enemies are....
and most of them are aging kleptocrats.
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