The GameStop tempest-in-a-teapot in one graph:
Why it matters: several on-line stock brokers suddenly and simultaneously changed the rules for little guys. You can use our on-line discount stock brokerage account to sell your valuable stock to the big boys (thus bringing the price down), but you can’t buy more of it (which would have continued to push the price up). The rules which formerly were uniform have now become arbitrary.
Remind you of anything? Several states suddenly and simultaneously declaring house arrest to promote mailed voting? Several states suddenly and simultaneously kicking out election observers so they could count mailed ballots in secret? Social media sites suddenly and simultaneously kicking conservatives who questioned the counting of mailed ballots, off their platforms? And now several brokerages suddenly and simultaneously shutting down purchases of select stocks by select individuals, just when they need to buy them the most.
The big-shots are once again flexing their muscles against the ordinary working class peasants. It’s the hallmark of the new administration – rules for thee but not for me. Bidenism. It’s the way things are done, nowadays.
Oh, naturally, the liars and cheaters have excuses. We had to stop trading for your own good, the market was too volatile, prices were unsustainable, there was misinformation being circulated. Nobody believes any of that (a better lie would have been “we had to stop them, they were price-gouging”). Instead, everybody knows buying was stopped to protect the big-shot investment funds which had made disastrously bad investment decisions. The chart proves the lie.
Congress will harrumph, the White House will deny making phone calls to pressure people, the stock market board will meet to discuss rule changes for big-shots versus peasants, a bunch of investors will lose their shirts and lawyers will make a killing fighting over the scraps. Yawn, the same as always, nothing much will change.Except everything has changed. Another naked emperor was seen, mocked and humiliated and in response, the peasants were punished for revealing the truth. The peasants won’t forget.
Joe Doakes
Let me suggest an alternate possibility, not like it’s The Truth handed down by angels from on high, but just as a possibility. Maybe a billion-dollar investment firm could afford to hire top-notch public relations consultants to take financial reporters to lunch and spin them a tale which makes the investment firm look like the poor innocent victim of those mean old amateurs who are probably Trump supporters living in fly-over states and don’t even have MBAs. I don’t know what appeal would work with big-city big-publication writers because I’m not a PR spinner. But if a really good flak sold a really good tale to a financial writer who was predisposed to believe it, working under an editor who knows where the advertising revenue came from, is it possible . . . even barely possible . . . that the information that you received from the institution you have trusted all your life might be . . . wrong?
a…billion dollar investment firm? This is me inserting my Dr. Evil gif that shows him asking for a $1 million ransom, Joe. You’re over your head, and that includes understanding the size and shape of the ecosystem.
maybe?… it happened….You got no evidence Joe, Your entire thing is spitballing, no evidence at all, while you demand that I provide evidence. Then I do provide contemporaneous reporting that does provide a narrative, and you dismiss it. It’s bullshit, and it’s why I say I’m dealing with a retard.
Are you working as an attorney?
JPA, I’m very skeptical you have any comprehension for any of the details.
Fapliar, you’re a winey little, low IQ twat with an inflated opinion of your worth.
There’s a place for you in Pedo Joe’s administration.
Tom – Fuck You little man.
GameStop has lost 90% from its value since peaking in late January, as the stock falls below $50
https://www.bloomberg.com/news/articles/2021-02-09/gamestop-selloff-deepens-erasing-30-billion-in-value-from-peak
Emery it would be higher if Joe Biden hadn’t made Robinhood stop buying GME for its Redditor customers.
You know you’re near the truth when the low IQ, leftist twats like Fapliar and Reek start squeaking nonsense in tandem. They have no credible explanation, don’t really even understand the issue, but they somehow detect it’s bad for the cause, so we get a panicked, lizard brain reaction.
So predictable.
👆More weak sauce from SiTD’s in-house troll. 😂
Waging war against Big Finance by becoming a day trader is like waging war against the casino industry by becoming a gambling addict.
👆Such low energy from Tom. Where is your self respect?