Twitter might be the only imaginary marketplace more powerful than stonks
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i just want to hear biden say âgamestopâ
let me have this
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upset i didnt end up getting in on this
I mean, if youâre interested and can find a broker that isnât freezing buy orders, now is the time
FWIH, etrade and fidelity are still allowing buys, but I havenât confirmed it
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yeah my dad was a big vanguard fan (âbogleheadâ). as i understand it index funds are basically like being a little remora on the back of capital, and they canât make you lose without losing themselves
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am i correct in reading recent developments as meaning that this whole thing has basically become a kickstarter for multiplex cinema corporations
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the âbig movie big screenâ initiative
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ahhh, value investors
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So, some Redditors found that Gamestop was being massively shorted. They bought up the stock, forcing the hedge funds involved to buy those stocks at huge prices to cover their shorts. This is known as a short squeeze, and market players do it all the time. What is different here is that a bunch of unwashed hoi polloi are getting in on the action.
The main hedge fund appears to have been driven to bankruptcy, or it would be if it wasnât going to get bailed out.
And thatâs what matters: not what the Redditors have done, which is 100% legal and done all the time, but the institutional response: to bail out rich people who got caught with their pants down.
The markets exist, at this point, for one reason and one reason only: to give money to rich people. It is an insider game, and if youâre on the inside you essentially canât lose. The exceptions are very rare, the class of insiders is protected at all costs, as it was in 2008 to the tune of 20 trillion or so in the US alone (ignore the Treasury and things like TARP, the real action happens at the Fed.) Other central banks also flooded the system with money, so the end result was probably over a 100 trillion.
Since then central banks have regularly bought up assets simply by printing money. Insiders play various games, but the key is that if they win they get to keep the money; and if they lose, government steps in to make them whole. Since the game is rigged for them to make money in the first place, itâs hard to lose money, but like a gamer who knows that death isnât real, and they can just restart, they push everything to the max.
The entire game needs to be shut down and re-booted with Glass-Steagall era controls at the very least. Hedge Funds need to be made essentially illegal, private equity needs to go away, and these people need to eat the losses when it is shut down.
But in the meantime, as you watch this show, notice the institutional reaction: âOH MY GOD, ordinary people are making money and real people are losing money and we must do everything possible to stop this!â
Itâs a big club, and you arenât in it. (Well, one reader wrote me recently to say they in it, but I assume the rest of you arenât.) While you struggle for rent and food and put up with an abusive boss at a shitty job so you can survive, these guys enjoy their super-yachts and if anything goes wrong, know that regulators and government will jump all over themselves to save their asses.
Hope youâre enjoying that $600 check, as Biden reduces the $2,000 check to $1,400 and says heâs OK with means testing it.
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a lot of people understand the causes but wonât get to the solution (socialism)
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Itâs on vimeo now.
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ahahaha
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i am going to become the joker
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Joker has no class consciousness; become Bane
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