This is undoubtedly a sticky-worthy happening. Overview:
Louis Rossmann: Why MSM's slander of /r/wallstreetbets pisses me off regarding GME
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So many people are reporting getting rich off of this already that this doesn't make sense to me. Why enrich millions of the little guys before shutting it down? It doesn't make sense, but maybe I'm missing something.
makes sense if it this thing ends up tanking the value of the dollar and all that wealth evaporates overnight. Largest top-down transfer of wealth in modern human history....can't imagine how the powers that be could allow that (I do think this hedge fund got caught with it's pants down), unless it's a prelude to destroying the dollar and ushering in a digital currency system....but from my research they aren't quite ready to launch whatever their choice for that will be.
Who knows? Crazy times.
Are you asking me to pick a side between people who are trying to pay off their student loan debts and millionaires who gamble away other people's money?
Please watch the entirety of the Louis Rossmann video I linked.
ONE side did the manipulating, and the OTHER side (the people) are taking advantage of THEIR fuckery.
Comparing both sides like that is extremely disingenuous.
Both sides acted legally. Short selling is not some advanced tactic like the derivatives market that contributed to the 2008 crash.
It’s going to suck for the redditors buying GameStop at the high in all of this because the price is just going to correct to where it should be once this is all said and done.
Hedge funds suffered a huge loss, they knew the risk.
The problem is going to be the unintended consequences in all of this:
Is the SEC going to try to clamp down on the r/wallstreetbets of the internet?
Is there going to be a government bailout of these institutional investors who took these risks?
Is the damage is this going to be so big that this is the catalyst for a wider market crash, that has been in the works anyway?
Those 3 points are the issues I see with this whole thing.
Gamestop is basically an obsolete company.
Watching this stock action is hilarious though.
Meanwhlie I'm avoiding it and buying/selling stuff I can rely on like CTRM/SNDL/crypto. Good swings all week.