This is the GameStop in Ames at the corner of Lincoln Way and Grand. It represents so much more than gaming. Reddit was formed largely from what I can tell by the gamer generation. Its in their blood. A world I don’t understand, but am learning about. Max and Stacy on YouTube at the Keiser Report have a really good understanding of it even though like me they are 30 years beyond it.
The millennial’s don’t care if they bring the system down. I don’t blame them. A large part of them have no use for “boomers”, they feel they bled the system dry. They’re right. A common phrase at Reddit is ‘YOLO’, you only live once. Millennial’s were stuffed in a daycare or sent to the basement with a video game. From SSA to job opportunities to buying a house, they know they’ve been screwed.
The people on Reddit who make up Wall Street Bets took offense at shorters wanting to bring GameStop down and started buying its stock with a vengeance (well, with a vengeance and options). They were killing the main shorter Melvin Capital when Robinhood said, “You need us to stop people from buying? No sweat.” So Robinhood illegally stopped people from buying.
Its a crime wave with these billion dollar companies on Wall Street and who does the SEC announce today they are going after? The $2,500 Redditor investor! You can’t write this stuff any better. Robinhood, stealing from the poor to give to the rich. Its a coin flip whether this or after the 2001-2003 crash when the SEC decided the answer to financial malfeasance was to put Martha Stewart in prison!
As I heard one guy put it, you have an entire generation of fighting age males with nothing to live for. You should be scared.
I’d kind of heard of GameStop, pretty sure I’ve seen them at the malls. I’d kind of heard of Reddit, no idea what it was. Then this morning I hear that the 3 million or so stock traders in a group on Reddit called ‘wallstreetbets’ had kicked a couple of hedge funds in the nuts and made them lose money short-selling GameStop. I cheered.
For the folks at CNBC and Wall Street establishment types, the way the game is supposed to work is you give them money and they give you nothing in return. You’re not supposed to make money, you’re supposed to get fleeced. I am not shitting you, Bloomberg and Barron’s are demanding the SEC protect the professionals from these big bad retail investors! No shit!
Its ludicrous. A bunch of wiz kids in their twenties have learned to beat Wall Street with the aptly named Robin Hood App and a smartphone, and Wall Street goes crying to mommy!
[Today 1/27/21 they halted trading when Blackberry BB rose 42%, can’t have regular people making money. The other 3 wallstreetbets are playing are GME, AMC and NOK. Anytime Wall Street gets kicked in the nuts, its a good day.]
1/27/21 update at 8:00 pm: Reddit closed down the group at about 5:30 pm central. At about 7:30 pm a “subgroup” of it opened back up. For how long I don’t know. A mirror group was opened up on Gab and at ‘Win’ whatever that is. Its reported hedge funds lost $14 billion dollars today. Which is why they lashed out at the Reddit group. One main thrust is that GameStop (GME) is the main thrust and various members of the group are saying Blackberry (BB) Nokia (NOK) and AMC Entertainment (AMC) are distractions. Who can say for sure? Some have suggested the short positions just aren’t there for the last 3.