How GameStop found itself at the center of a groundbreaking battle...

Good post.
AOC's instincts are once again spot on.

• "Elon Musk Agreed With Congresswoman AOC For Investigation In Robinhood Banning Users From Trading GME.
• Barstool's David Portnoy Starts Twitter Spat With Citadel Point72's Steve Cohen.
• AOC Livid With Robinhood's Decision To Place Trade Restrictions On Users; Calls It "Unacceptable."

 

Well, isn't that interesting.

 

Dogecoin is up about 350% today......

 

Privatize the Profits,
Socialize the Losses!

No matter how you flip the coin the 1% always win!

 

Probably because they have the most to gain - and lose. Why depend on chance if you do not have to?

"Business views the political system as a source of business advantage. Anything can be a business advantage-- a subsidy, a tax break, an entry barrier, a spurt in the rate of economic growth, a government purchase, a regulatory move that hurts a competitor, etc."

"Thus business's agenda has an open-ended mercurial, opportunistic character. If one strategy for gaining a benefit gets nowhere, it is soon dropped in favor of a project with better prospects. As a result, companies and trade associations never know who their allies and enemies will be in the future. That is why business likes to go along with those in power and hates to oppose them."
THE SUICIDAL CORPORATION, How Big Business Fails America, Paul H. Weaver, Simon and Schuster Inc. 1988., p. 166.

 

The Senate confirmed Yellen's appointment Monday evening in a vote of 84 to 15, making her the first woman heading up the department.

So, she may be corrupt bought and compromised, but she's a "FIRST!" Even though we no longer recognize biological sex and she could declare herself a man tomorrow, or a man in this position could proclaim herself a woman.

But the GOP was 2/1 for her confirmation. The Turtle gave her the painfully slow nod.

No Votes were all GOP:

Barrasso (R-WY)
Blackburn (R-TN)
Boozman (R-AR)
Cotton (R-AR)
Cramer (R-ND)
Cruz (R-TX)
Hawley (R-MO)
Hoeven (R-ND)
Lee (R-UT)
Paul (R-KY)
Risch (R-ID)
Scott (R-FL)
Shelby (R-AL)
Sullivan (R-AK)
Tuberville (R-AL)

 

GameStop insurgency is just the latest rebellion against ‘the Big Guys.’

A group on Reddit decided to give Melvin a hotfoot. Members started buying shares in GameStop. Each individual buying a handful, but as a group, they managed to bid the price up WAY up. Many instructed their broker not to allow their shares to be “loaned” to short-sellers needing to make up their stocks.

GameStop had been range bound between $3 and $10 a share, rocketed north of $300.

This display of spontaneous group power by a group not in the club frightened the Really Smart People™ and led to reactions that will make things worse, not better.

Discord, a popular online chat service shut down the group’s service justified with the lie that the group was engaged in “hate speech” and “spreading disinformation.” Sound familiar?

Regulators huffed and puffed, CNBC was filled with industry insiders claimed this should be illegal even though the Reddit mob was just doing to the short-sellers what Wall Street insiders do all the time to retail investors.

The Biden administration had it's typical vacuous response.

The little guys got together to buy GameStop because they wanted to hurt the big guys.

“Massive tectonic shifts towards large-scale political resistance and deep cultural rebellion going on right now. Don’t let the bastards gets you down. Big Brother is freaking out for a reason.”

All the Really Smart People™ would have to do to make the problem go away is to stop throwing their weight around, stop condescending and start treating their fellow Americans as fellow citizens worthy of respect. Unfortunately for them they aren't smart enough to do that.

 

Sounds like an insurrection.....I guess folks are tired of elitist scumbags.

 

You know the Biden Hedge Fund scumbags are going to use the heavy fascist hand of the Biden Government to attack these guys. It's coming. They have been manipulating our markets for decades and got played.

 

Munch This One You Elitist Pricks:



Suck It, Wall Street: In a blowout comedy for the ages, finance pirates take it up the clacker.

The Fake News press conveyed panic and moral disgust. “I didn’t realize it was this cult like,” said short-seller Andrew Left of Citron Research, without irony denouncing the campaign against firms like his as “just a get rich quick scheme.”

Fkn Clowns.

 

Yup. And Yellin, Biden, Pelosi and Schumer will ride to their rescue, but, the young traders have already filed a class action lawsuit because as HomeTownYankee explained they liquidated their positions in the midst of a parabolic move up because after taking their bets, they saw that they were going to lose their asses. Asses that got enormously fat banking the same kind of losses by others that for once was going to hit them in the "shorts".

 

YEP:



“10,000 national guard troops to Wall Street by Monday.”

https://pjmedia.com/instapundit/428906/

 

Well let's see... it is perfectly fine that big tech can censor whoever and whatever they want because they are private companies, right?

So what is different with this private company running their website/business however they want? Again, I would bet that Robinhood's lawyers created a terms of service agreement that allows them to stop trading of anything at anytime on their platform. The recourse is for all investors on robinhood to abandon it and get on better platforms. There was something fishy about robinhood from the get go.

 

When Republicans, Democrats, capitalists and socialists are all calling you an *******, stealing all your money and laughing at you as you beg for mercy... You know you ****ed up. lol

 

If this leads to some reforms then I'm all for it. It's legalized gambling and the ones with the most chips win along with the house.
Futures were originally so farmers could hedge their bets to have a guaranteed return for their labor. If the crops were huge they had already sold a fixed amount at a price to sustain them no matter how low the market goes down or even collapses and their crops would rot. If crop production were low they'd lose a bit on the crops that they had pre-sold. A safety net.
Now futures and short selling have been taken over by professional gamblers and it's the farmers that get hurt.
Did you know that you can buy futures on Water in California? How about the daily temperatures in Illinois and Iowa during growing seasons? Water is the scariest of the two, all it takes is for one futures buyer to find a way to block water to California for even a day or two to damage the crops and make a killing. That's freaking scary.

Stocks should be for investments for the long term. Give deserving companies the capital they need to grow but today we have traders who use a computer algorithm to buy then sell within seconds and that is flat out gambling where it is possible to manipulate the outcome.

 

Not if they hold to force the hedge funds, who borrowed stocks for a short sell, to buy them back first. That would put the hedge funds as the ones buying a $20 stock on top at $300+. The Short Sellers have to buy back in to return the borrowed stock because they don't own those stocks and have to give them back to the investors.

 

GameStop: The Best Story EVER!

The reaction to GameStop is the most telling aspect of the whole thing.

Charles Payne Explodes on Wall Street ‘Whining’ Over Skyrocketing GameStop Stock: ‘It’s Making Me Sick!’

https://pjmedia.com/instapundit/428741/

 

GME Soars 75% After-Hours, Erases Losses After Liquidity-Constrained Robinhood Lifts Trading Ban

...the firm has tapped at least several hundred million dollars...

1910ET: Gamestop shares began to trade higher after Robinhood folded on its earlier trading ban. The move accelerated after-hours and GME is now up 75%, having erased all the day's losses...



The rally appeared to gain ground as Robinhood CEO appeared on CNBC...

 

I have said for sometime that if folks want to change things just crash the economy. Become as self sufficient as possible and then just stop buying stuff.

 

Down 44% yesterday. How are we doing? Are you selling yet, to preserve some capital, or will you be waiting until the REAL run for the exit will be over?

The follies of day trading and herd mentality.

 

Do you realize that there are no good guys or bad guys here? There are only greedy guys who think about the next get rich quick scheme. None of what is happening here is any productive activity that enhances the economy. It is just gambling that converts work to heat. And you cheer it on because somehow you think the little guy wins (you should become a socialist, btw). Newsflash, the few little guys who became millionaires form this through sheer dumb luck will either lose their stash in future day trading, when their luck runs out, or they become the big guy behaving just as badly and anti-competitively as the hedge fund managers you decry.

However, keep playing your partisan games with this, it is fun to watch.

 

One word: Doge

 

Lol doesn't matter if it drops 90% it has to go higher than it is now... because shorts.

Unless platforms flat out ban trading again to try and help out their wealthy friends.

Like I said, the funds can go ahead and eat their losses and avoid this WHOLE thing, but they won't.

FYI, stock is up 77% after hours. Lolololol

Keep betting against it.

 

Media turned off her microphone (no free press) and only wrote negative articles about her when she (and Bernie) proved more popular with Democrat voters than the braindead guy they planned to win. DNC picks their nominees through their Left State Media partners influence over public opinion. What they do to anyone with an R by their name goes without saying. Most of the public are gullible low-information sheep and DNC and media take full advantage.

 

Yes, it does. Yesterday proved that.