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.
Politics and Religion 