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This is in reference to the GameStop "rebellion" by those investors who like video games and don't want to see their favorite video game store / small business / social hangout plowed under by multi-billion dollar hedge funds trying to seize GameStop by shorting its stock over 100%.
The media is comparing GameStop investors purchasing stock to the storming of the Capitol building on January 6th, 2020, as well as calling it "Trumpism", and insinuating that GameStop's investors should have their freedom of speech censored by the billionaire-led tech monopolies and freedom to purchase stock censored by the SEC. Apparently, some people believe that buying and selling stock is somehow equivalent to physical violence. The market finally worked in the favor of our working class men and women, and now the billionaire hedge fund managers are crying foul over the fact that a hedge fund known as Melvin Capital made an egregiously poor investing decision by shorting GameStop's stock more than 100%.
There are reasons for having shorts (CEOs over-inflating the value of their company with false advertising, for example), but there are also very good reasons why nobody should be allowed to short a stock to the extent that Melvin Capital did- because that company caused a $70B+ loss and counting in our markets.
The company that bailed out Melvin Capital, Citadel, is the company that President Biden's Treasury Secretary, was paid over $800K to give speeches to. Anyone who think people get paid that much to give speeches to investors is a buffoon. Those investors were buying access to the Biden Administration. The fact that Melvin caused another liquidity problem in our markets and is being bailed out is a symptom of the decay and overall problem with allowing individual corporations and people to make investing decisions that crash our markets.
In any event, we will all see, in short order, how both our government and the Wall Street billionaires of this world are attempting to prevent the common men and women from participating in our markets by denying access, because they don't like the results. In the past, the rich have suggested that the common people should become investors, just as the rich do. Well, now the common people are doing that and the rich are acting like the peasants don't know what they're doing. Of course, that is a lie. The peasants are using the markets to screw over the rich people who have been screwing them over for decades. Apparently, our government and the rich don't like free market capitalism when they're on the receiving end. Go figure.
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In other news billionaire Elon Musk tweeted his support for the GameStop investors after the short-sellers of the world tried to plow his company under by shorting Tesla's stock. It turns out that both rich and poor people getting screwed over by Wall Street investors trying to hijack companies to make a quick dollar, aren't so stupid after all.
I don't know much of anything about stocks or the stock market (I do have a 401K that I never check because doing so would only cause me to loose sleep at night), but I'm told that we now have an out-of-work college kid (due to the COVID lockdowns) who now has $15M to his name. Good for him. One of the little guys will finally get to enjoy some of that opulent wealth that so very few people are privileged to have, despite the fact that there's enough wealth for absolutely everyone in America to be a millionaire.
Do not allow people who already live like kings and queens to lay waste to our economy over their obscene greed and abhorrent investment decisions, intended to destroy wealth or value, rather than to create it. As Dr. Robert Zubrin is so fond of saying, the purpose behind having money is to do great things. We can see this in how someone like Elon Musk actually lives. He has a small but very nice apartment, because his goal is to create a second branch of human civilization on Mars, and living in a palace here on Earth doesn't contribute to his end goal.
Hold the line!
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Its the classic 2 sets of rules for the rich versus not so in that they would pump and then dump to change the game for the stocks pricing and when the shoe is on the other foot they cry foul....
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Totally agree kbd!
Musk is my favourite multi-billionaire by a country mile as we say in the UK. Ostensibly Bezos is doing something similar but he hardly spreads the love, does he? Musk, though like all humans he has his faults, seems genuinely interested in bettering the lot of humanity at large and in any case is lots of fun. Musk is like most billionaires egotistical but he puts his ego to good effect.
In other news billionaire Elon Musk tweeted his support for the GameStop investors after the short-sellers of the world tried to plow his company under by shorting Tesla's stock. It turns out that both rich and poor people getting screwed over by Wall Street investors trying to hijack companies to make a quick dollar, aren't so stupid after all.
I don't know much of anything about stocks or the stock market (I do have a 401K that I never check because doing so would only cause me to loose sleep at night), but I'm told that we now have an out-of-work college kid (due to the COVID lockdowns) who now has $15M to his name. Good for him. One of the little guys will finally get to enjoy some of that opulent wealth that so very few people are privileged to have, despite the fact that there's enough wealth for absolutely everyone in America to be a millionaire.
Do not allow people who already live like kings and queens to lay waste to our economy over their obscene greed and abhorrent investment decisions, intended to destroy wealth or value, rather than to create it. As Dr. Robert Zubrin is so fond of saying, the purpose behind having money is to do great things. We can see this in how someone like Elon Musk actually lives. He has a small but very nice apartment, because his goal is to create a second branch of human civilization on Mars, and living in a palace here on Earth doesn't contribute to his end goal.
Hold the line!
Let's Go to Mars...Google on: Fast Track to Mars blogspot.com
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Bulls then long time of Bear Market...with Oil up, Food Shortage, Supply Chain issues....Cash addict junkies are getting desperate
They un-banned GameStop? GameStopshows 6 symbols: Ethereum, GameStop NFT, ImmutableX... 'Institutional investors talk about retail investors like they are second class citizens. I wish I had a broader data set to prove this, but I’m inclined to believe that retail investors are more committed than institutional investors in economic downturns.'
https://twitter.com/larryvc/status/1523138667312971776
Getting even with a Market or...
Why Investors Chase
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