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I am floored by the response of the media to the GameStop short squeeze that is currently occurring on Wall Street right now.

Wealthy hedge traders made some extremely risky bets on shorting GME stock and redditers joined together to invest in the stock, causing it to go way up, which put the hedge at risk of bankruptcy.

I see the reddit traders as savvy heroes. The New York Times says they are motivated by greed. It is absolutely stunning. The greedy hedge traders shorted over 100% of the stock and they have the nerve to refer to the little retail traders as greedy simply for recognizing a golden opportunity. It's disgusting.

Bloomberg says they are profane and greedy losers who inhabit a dark and dingy corner of the internet. They have been called trolls, alt right, incels, bros... They have been accused of hacking, which is utterly absurd, the information they used is publicly available to anyone with an internet connection or access to a public library. They're actions have even been compared to the Capitol Insurrection by a former SEC Commissioner.

Wall street and the billionaire class are so incredibly frightened of the concept of regular people banding together and using their resources to win in a game that is rigged against them, they will stop at nothing to slander and smear clever traders who make them for their extremely greedy and risky gambling.

And now trading apps like Robbinhood are restricting the ability of their users to buy certain stocks. We are allowed to sell, which is good for the hedge , but there has been a freeze placed on buying. This freeze of course does not apply to the hedge traders, which makes it easier for them to get out of the hole that they dug for themselves.

Never has the rigging of the system been more on display than right now. There is a class action lawsuit taking on Robbinhood for their market manipulation. I hope they go down along with the hedge that caused this mess.

[bloomberg.com]

Zoltans_Queen 6 Jan 29
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