The Wall Street elite are declaring war on the self-proclaimed retards and autists on Reddit’s Wall Street Bets forum after dismantling hedge funds and making the power players look like fools.
But it seems that the Gordon Gekko wannabe players are going to win this battle against a bunch of meme-makers.
After GameStop, AMC, BlackBerry, Express, and a bunch of other stocks emerged from the ashes of shorts, there was a coordinated effort to shut ‘er down.
The hedge funds whined on the business news networks, winced on social media, and cried in newspaper articles. Some regulators wanted to impose a 30-day ban on GameStop trading. Discord banned the WSB forum over “hate speed,” while The Financial Times is trying to destroy the forum’s reputation by calling it alt-right.
CNN is going as far as blaming President Donald Trump for the GameStop spike.
But until a final solution is proposed, the trading platforms have prevented armchair investors from trading these stocks.
Robinhood, which supposed to democratize stock trading, restricted buying GameStop and AMC stock. TD Ameritrade, Charles Schwab, and a whole host of other platforms reined in the spike in these stocks by preventing users from buying shares.
This is market manipulation at its worst. And it is pissing off for both sides of the aisle.
From Rep. Rashida Tlaib and Rep. Alexandria Ocasio-Cortez to Ben Shapiro and Saagar Enjeti, the left and right have united behind a single cause: Joining David in the battle against Goliath.
These Wall Street folks only like the free market when it benefits them, but not when it hurts them. Indeed, there is nothing wrong with shorting stocks because it is an important function in the free market. But don’t turn around and try to stop the public from making your $3.75 billion shorts get burned to the ground.
Right now, the general public and even the billionaires like Elon Musk and Mark Cuban are cheering the memesters on WSB.
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