Stopping the Game?
by C.A. Matthews
The Twitterverse was all abuzz with the GameStop stock shorting story before I really caught on to what had actually happened. The following videos and article links will fill in the details for you as they did for me. Long story short (no pun intended), "David" attempted to slay "Goliath" on Wall Street, and Goliath got a bit antsy that David had the balls to attempt such a bold attack on their monopoly on wealth in this country.
It's events like this that give me hope that one day, possibly quite soon, we will see an end to Wall Street/the capitalist system and the abuse of the working classes for which they stand for.
There was nothing "sinister" or "deviant" about the members of the Reddit group that decided to purchase stock in GameStop that some in the mainstream media outlets alleged after the hedge fund managers started crying about not being able to win the "game" of gambling on putting a company out of business. No, it was just good ol' fashioned research and patience that paid off for these little guys. They should receive accolades, not denigration.
Essentially shorting a stock is a gamble against another person taking a certain action with that stock. The hedge fund managers wanted GameStop stores to go out of business, since essentially they were doing everything in their power to force the company to close its doors so they could buy up all their stock cheap. The Reddit stock buyers did not want GameStop to go under, and they did what they could to prop up its stock price so GameStop could attract new investors and take the necessary actions to improve their business practices.
These small investors may have saved 15,000 GameStop employees nationwide their jobs--at least for now. But of course, the plug was pulled on these Davids trying to save a down and out company. They're being blocked by the poor man's online app Robinhood from shorting any more stock in GameStop and several other similar corporations (possibly after a word came from the White House to do so).
You can think about how these small investors are being prevented to short GameStop stock this way: You like to buy a certain brand of grape juice from the store, but now the store says you can't buy it anymore. You've got the cash and the grape juice is sitting right there on the shelf, but a rich person whined and whined to the store manager and said, "Don't let the poor guys buy any more of that juice! We want to knock it off the shelves and spill it all over the floor!"
And, of course, the store manager gave in eventually and did what the rich person asked because… Well, obviously some people are more equal than others, right? At least in a capitalist system the workers are often seen in that way.
If you're of a similar mindset to me, you know that's not true. Worse of all, it's immoral and irrational for our government to keep bailing out these not-so-smart elitists hiding behind hedge fund managers and bankers.
Remember 2008? Remember the bail-outs of the banks? Remember all those Americans who lost their homes and have never recovered their credit ratings? That was done to us, the working classes, by the pampered and coddled elites. So, it's time that we had a chance to cheer on some Davids slaying Goliaths on Wall Street on our behalf. It'll teach the greedy rich a lesson or two that smarts aren't just a trait of the billionaires. Poor working folks got smarts, too.
Saagar Enjeti: Wall Street Elites Destroyed, Beaten By Redditors At Their Own Rigged Game ~ The Hill https://youtu.be/9ToOGrUQ7ME
Dylan Ratigan explains what "shorting a stock" means and how the small investors beat the hedge funds at their own game. https://youtu.be/qzG3DwMjLj4
Overheard on Twitter:
"People working at Robinhood coming forward to share that their founder received calls from the White House about shutting down GameStop and meme stocks. Biden has done more for billionaire hedge funds than providing us with our survival checks."
"Clip of hedge fund billionaire Leon Cooperman on CNBC losing his cool: 'This fair share is a bullshit concept! It’s a way of attacking wealthy people!'"
"The stock market is not in turmoil - billionaire hedge funds are in turmoil. Two different things. It's a shame regulators, brokerage firms and media continue to provide cover for folks that go to work on helicopters from the Hamptons and say its for folks that take the subway."
Related Articles:
Quick Sharp Analysis of the GameStop vs. Hedge Fund Fight
https://beanstocksworld.wordpress.com/2021/02/02/quick-sharp-analysis-of-the-gamestop-vs-hedge-fund-fightHow Reddit and GameStop Beat the Bankers
https://www.makeuseof.com/meme-stocks-vs-wall-street-how-reddit-and-gamestop-beat-the-bankers/
The Reddit Revolution, GameStop and Melvin Capital
https://greenwald.substack.com/p/video-the-reddit-revolution-gamestop
How the GameStop Crisis Will End
https://mailchi.mp/ajplus/how-the-gamestop-crisis-will-end-01-28-21
Leaving Wall Street
https://nplusonemag.com/online-only/occupy/leaving-wall-street/
The GameStop Bubble is a Lesson in the Absurdity and Uselessness of the Stock Market
More videos explaining the GameStop short stock story:
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From World Beyond War:
The U.S. House of Representatives (in February and again in April, 2019) and the Senate
(in December 2018 and March 2019) have each voted twice with strong
bipartisan majorities to end the war on Yemen (vetoed by then-President
Trump in April 2019).
The Democratic Party Platform of 2020 commits to ending the war on Yemen.
President Biden's nominees each say they are ending the war on Yemen.
But Congress has yet to act since the veto threat disappeared along with Trump. And every day that the war goes unended means more horrific death and suffering.
Yemen today remains the worst humanitarian crisis in the world, according to the United Nations. Over 4 million people have been displaced because of the war, and 80% of the population, including 12.2 million children, are in desperate need of humanitarian assistance. To add to the already dire situation, Yemen has one of the worst Covid-19 death rates in the world – it kills 1 in 4 people who test positive.
This humanitarian crisis is a direct result of the Western-backed, Saudi-led war and indiscriminate bombing campaign that has raged against Yemen since March 2015, as well as an air, land and sea blockade which prevents desperately-needed goods and aid from reaching the people of Yemen.
UN agencies and humanitarian organizations have repeatedly documented that there is no military solution possible in the current conflict in Yemen. The only thing the constant supply of arms to Yemen does is prolongs hostilities, and increases suffering and numbers of the dead.
Congress needs to re-introduce the War Powers Resolution under a Biden administration.
Congress needs to end weapons shipments to Saudi Arabia and the United Arab Emirates.
Sign the petition: Urge your Congress members to immediately end U.S. involvement in the war in Yemen!
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I don't think I shall weep for the 'poor hedge fund managers' nor any other person with vast unearned wealth. We should no longer call the rich, 'rich.' Call them what they are - greedy.
ReplyDeleteYes, that is probably more accurate. They are greedy, all right. Their need to make money at the expense of so many other human beings' happiness goes beyond mere avarice. It is pathological--and evil. There's no need to cover for them, is there?
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