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An internet/social media investing start-up named Wall Street Bets has collapsed Melvin Capital, who had a monopoly short-sell position on GameStop. This hedge fund lost its shirt on a short-selling scheme, and is now bankrupt– and it is not the only one. These Wall Street whales are only being kept afloat by Federal Reserve bailout money.
Independent investors (mostly young adults) have organized en masse on social media (Reddit, etc), and have bankrupted these hedge funds with their buying activity. Kids LOVE video games, so when billionaire vulture capitalists try to destroy a company that has deep nostalgic value to so many, this is how kids respond these days. They’re very smart.
From a centrist political perspective, when billionaires are bankrupted by a bunch of kids (WallStreetBets), it’s time for government regulators to step in and ‘correct’ the situation. Just like they did with Napster. A Wall Street whale got slaughtered, and that affects Biden-Harris & the Republicans deeply. This story is being heavily censored, until the narrative can be changed by the fake media. My position is as follows.
BANKRUPT THE BILLIONAIRES!!
PUBLIC SEIZURE OF ALL THEIR ASSETS!!
ALL POWER TO THE WORKERS!!
As this was being published on January 28, ~ noon EST, the stock-trading app Robinhood, suspended trading of GameStop, AMC, Blackberry & Nokia, and then a wave of other flea-ridden dogs such as American Airlines.
Fri 29 Jan 2021 08:40 AM EST
In summary, this is populist capitalist activity which is being hailed as revolutionary action. It’s just like the Boogaloo Boys, etc, with their “freedom fighter” crap. Don’t believe the hype.
But the explosiveness of this event is in the fact that billionaires were negatively affected, so the US government response was to suspend public trading of GameStop, AMC, etc, while hedge funds were still allowed to buy & sell. That’s how these billionaires got off-the-hook from further losses.
Nothing could illustrate the fixed nature of the stock market more clearly. Since rationality left the market long ago, it’s only “confidence” the maintains it. This event calls that vague indicator into question. That’s why this story is being censored so heavily. It was not covered during any of the network news broadcasts (CBS, NBC & ABC) last evening.
Take a careful look at the above screenshot. That’s a story in progress. The billionaires with brains have all re-hedged themselves, with a little help from their friends. They’re staring down the WallStreetBets crowd, and asking them, “Now what?” There will be a lot of losers among the young turks as their stocks crash. It’s the young wanna-be’s vs. the billionaires. This is definitely a war among classes, but the perspectives on both fighting sides are bankrupt. That’s why I only try to analyze the facts to illustrate the follies.
Fri 29 Jan 2021 01:05 PM EST
Robinhood, Charles Schwab, etc, have re-opened trading on all these aforementioned stocks. There are already class-action lawsuits being filed over this, by Robinhood app users. As you can see by the updated screenshot above, this financial speculation war continues.
All this is an example of Libertarian populism, and it’s all-too-similar in nature to cryptocurrency. Who benefits? It’s not the working people. Some of the biggest proponents of Bitcoin, such as Elon Musk, have been inflaming the GameStop discussion on social media. Elon Musk is a fascist, and doesn’t mind seeing a few opposition Wall Street whales get killed. In fact, he enjoys it, and so he takes up with WallStreetBets.
None of this has anything to do with revolution. These are simply a few rogue banksters gaming the system for their own gain, for a few brief moments, until the elites re-take control. If you want to take down the billionaire whales, it must be done by organizing the working class internationally. That’s the only social force powerful enough to win against them & their corrupt system.
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