Gamestop stock situation

[Jennjenn]

17 minutes ago, SOUL said:

Yep, in the 2008 RE crash they blamed the people who took out the loans for it, not the people who created subprime loans, who then packaged those loans in an instrument sell to others to trade in speculation so that tanked the value of the assets.

They bailed out everyone except the people who lost their homes, in fact, they let the people who crashed the market for profit take the homes, too.

Then politicians whip people into a red scare frenzy blaming socialists for the financial ills of capitalism even though it's socialists that seeks to protect the middle class working people from capitalists and inspires them to storm government buildings.

Exactly. Just now thanks to social media we are seeing masses gathering together and doing things like the GameStop bubble. And it’s not the first time, I still remember what Zoomers did with the tickets to that infamous Trump rally. 
There is not a generation more internet savvy than the zoomers. They are the ones who would bring this world upside down. Government better start making nice with them. 
This famous 24 y/o YouTuber David Dobrik who is a Daca recipient; just before the election he made lots of zoomers register to vote “for him”, he got 100,000 registrations in 24 hours.  
Data confirms it was the young people who gave the win to joe Biden. Not necessarily those 100k but young people in general 

Edited January 28, 2021 by Jennjenn

[SOUL]

9 minutes ago, Leo Gura said:

No government cares about bailing out one hedge fund.

But the SEC will certainly care about new market manipulation schemes via social media because it potentially threatens the large market system.

The SEC went after Elon Musk just for one of his tweets! Certainly they will keep a close eye on these Redditors.

They may go after social media in some fashion to protect establishment interests but a collective of individuals making each their own decision to buy a stock isn't the same as the largest shareholder of a company from making public statements about that company.

Unless they illegally accessed information not publicly available to make that decision, which at this moment I don't know that they have, then this would be something they could be prosecuted for because they violated SEC laws.

I'm not trying to be argumentative with you, just trying to clarify to the best of my understanding so please forgive me if I come across as such.

[Emerald]

Just now, Leo Gura said:

The very thing you complain about: people on Wall Street skirting laws and rules -- is what your Redditors are doing. Both are exploiting loopholes and such.

Yes. Now hopefully there will ACTUALLY be regulation on market exploitation where the mega-wealthy manipulate the market to benefit themselves... which is the status quo.

But it just goes to show you that the wealthy and powerful on Wall Street can exploit the market all they want and put businesses under and destroy jobs to make money, free of consequence.

But then, when regular people organize themselves and play the SAME EXACT game but in a way that obstructs the financial interests of the owner class, suddenly all bets are off and we have to shut it down right away. They even shut down the market for this. And then bail all these market manipulating hedge funds out.

It's these times where we will really see the true colors and class inconsistencies of those in the government.

I just hope that people don't buy the propaganda that what the Redditors did was some kind of unique evil. I hope realize that the Redditors are just playing by the rules in the same exact game that Wall Street has been playing. The main difference is that this actually saved a company and saved jobs. 

Maybe now, this lever of unfair market manipulation will have to be closed.... or (more likely) perhaps they'll just change the market rules to where you have to have at least $5k to begin investing or some other thing to siphon out middle income investors. Or perhaps they'll put more gateways to investing in stock that can only be bypassed if you have a certain amount of money.

I don't know what they'll do. But you know that they'll do something... probably something shady.

[Leo Gura]

13 minutes ago, SOUL said:

though one may think stock markets are 'wrong', but that's relative.

Your thinking that hedge funds managers are wrong is also relative.

Shorting stock is also not a crime. Being a billionaire is also not a crime.

Your complaints are that shady stuff is done by rich people which is not technically a crime, but ought to be. Well, this is a two-way street with Reddit.

[SOUL]

7 minutes ago, Jennjenn said:

Exactly. Just now thanks to social media we are seeing masses gathering together and doing things like the GameStop bubble. And it’s not the first time, I still remember what Zoomers did with the tickets to that infamous Trump rally. 
There is not a generation more internet savvy than the zoomers. They are the ones who would bring this world upside down. Government better start making nice with them. 
 

I prefer that the zoomers better start making the government nice by voting for and running for office...we are running out of time to prevent greater catastrophe and misery.

[Leo Gura]

6 minutes ago, Emerald said:

Yes. Now hopefully there will ACTUALLY be regulation on market exploitation where the mega-wealthy manipulate the market to benefit themselves... which is the status quo.

The idea that some Reddit punks are gonna lead to systemic Wall Street regulation reform is rather silly. The problems with Wall Street are way too big for that. This can only be done with serious Congressional legislation -- for which there is no will.

These Redditors might even end up gaining sympathy for those billionaires from the SEC.

[John Doe]

11 minutes ago, Leo Gura said:

The very thing you complain about: people on Wall Street skirting laws and rules -- is what your Redditors are doing. Both are exploiting loopholes and such and acting like dicks.

This is from an NBC news article: "There's no evidence that any of this is illegal..." https://www.nbcnews.com/business/business-news/gamestop-reddit-explainer-what-s-happening-stock-market-n1255922

Bloomberg Opinion piece: "Is it securities fraud? I don't know" https://www.bloomberg.com/opinion/articles/2021-01-26/will-wallstreetbets-face-sec-scrutiny-after-gamestop-rally

[Emerald]

1 minute ago, Leo Gura said:

The idea that some Reddit punks are gonna lead to a systemic Wall Street regulation is silly. The problems with Wall Street are way too big for that. This can only be done with serious Congressional legislation.

What I'm saying is that this will lead to SOME kind of legislation. They're not going to leave this lever of manipulation open to the public, now that this has happened. 

So, I do expect big legislative changes... and fast. The question is big good changes... or big bad changes. 

[Leo Gura]

Just now, Emerald said:

What I'm saying is that this will lead to SOME kind of legislation. They're not going to leave this lever of manipulation open to the public, now that this has happened. 

So, I do expect big legislative changes... and fast. The question is big good changes... or big bad changes. 

I think they'll most likely just crack down on Reddit.

[SOUL]

1 minute ago, Leo Gura said:

Your thinking that hedge funds managers are wrong is also relative.

Shorting stock is also not a crime.

I didn't say it is a crime or that it's wrong but there is a difference between buying a stock so profiting off it's well being to the benefit of others and selling a stock and profiting off it's ill being...or demise at the expense of others.

Things are what they are....we don't have to moralize them with words of good and evil or right and wrong we can just explain what it actually is and it speaks for itself.

Besides....if you think I thought, I think you thought.... wrong.

[Leo Gura]

2 minutes ago, John Doe said:

This is from an NBC news article: "There's no evidence that any of this is illegal..." https://www.nbcnews.com/business/business-news/gamestop-reddit-explainer-what-s-happening-stock-market-n1255922

Bloomberg Opinion piece: "Is it securities fraud? I don't know" https://www.bloomberg.com/opinion/articles/2021-01-26/will-wallstreetbets-face-sec-scrutiny-after-gamestop-rally

I said "skirting laws and rules".

Don't act like some lawyer here. Your issues with Wall Street not primarily legal ones.

[Preety_India]

Just now, Leo Gura said:

I said "skirting laws and rules".

Don't act like some lawyer here. Your issues with Wall Street not primarily legal ones.

Do you think if Bernie was in Power, he could have changed this whole situation in some way? 

 

[Leo Gura]

1 minute ago, SOUL said:

I didn't say it is a crime or that it's wrong but there is a difference between buying a stock so profiting off it's well being to the benefit of others and selling a stock and profiting off it's ill being...or demise at the expense of others.

Things are what they are....we don't have to moralize them with words of good and evil or right and wrong we can just explain what it actually is and it speaks for itself.

Besides....if you think I thought, I think you thought.... wrong.

If you are cheering on the Redditors, then you think they are doing something good against the elites who do something wrong.

Don't play word games with me.

[SOUL]

Buying a stock isn't skirting of anything or a loophole of something....it's what the market is!

[Leo Gura]

3 minutes ago, Preety_India said:

Do you think if Bernie was in Power, he could have changed this whole situation in some way?

This whole situation is a pointless red herring. It will solve nothing.

I don't even want to waste my mental energy thinking about this tempest in a teapot.

[Preety_India]

Just now, Leo Gura said:

This whole situation is a pointless red herring. It will solve nothing.

Gotcha. 

[SOUL]

Just now, Leo Gura said:

If you are cheering on the Redditors, then you think they are doing something good against the elites who do something wrong.

Don't play word games with me.

Again...if you think I thought something I think you thought....wrong....or more accurately, incorrectly about my thoughts.

...aren't all words a game? It's all in our imagination.

[abrakamowse]

8 minutes ago, Leo Gura said:

I think they'll most likely just crack down on Reddit.

A rope always breaks at its weakest point 

 

Edited January 28, 2021 by abrakamowse

[Leo Gura]

8 minutes ago, SOUL said:

Again...if you think I thought something I think you thought....wrong....or more accurately, incorrectly about my thoughts.

...aren't all words a game? It's all in our imagination.

I have no idea what you fucking thought, but most progressives seem to be cheering on the Redditors.

Like this:

 

[Emerald]

10 minutes ago, Leo Gura said:

I think they'll most likely just crack down on Reddit.

I don't think so. I think they recognize the possibility of average people banding together and using the mega-wealthy's own medicine against them. And cracking down on Reddit simply won't address this issue at a deep enough level to secure the interests of the owner class. 

It's like cutting off one of the heads of a Hydra. Crack down on Reddit and a thousand other anonymous communities like it will pop up JUST for the purpose of playing this game.

And now that this is a well-known phenomena TONS of people will be interested in doing it.

So, there will absolutely need to be legislation passed if the goal is to protect the money and power of the owner class... which it is. This will happen fast.