Cross-posting to help frame/provide a primer of sorts (Mods are welcome to revise the title):
Joe Hillshoist » Wed Jan 27, 2021 8:09 am wrote:I dunno if this belongs here or not?
Read this twitter thread:
Is it real?
And if so how do we all get in on this?
https://twitter.com/williamlegate/statu ... 7874671616
JackRiddler » Wed Jan 27, 2021 11:41 am wrote:.
Consider this the main thread for Wall Street and finance.
Though the old Wall Street thread dating back to 2009 or any other you want to bump is fine too, right.
Here's an education on what's unfolded -- this guy is great at explaining it.
https://www.youtube.com/watch?v=4EUbJcGoYQ4
Watch it.
Okay, back already? So Gamestop isn't evidence of a bubble. (Of course there's a bubble, duh.) It's evidence of a scam within the bubble. The scam was fucking hedge funds over-shorting the stock of a retail company, because they can. They shorted more shares' worth than exist. This means they have to buy those shares eventually, to end their liability. Note what this means in terms of supply and demand: They're forced to buy more than 100 percent of the shares! Because of their own motherfucking hedge-funders' scam, which was to short the shares all the way down to zero, making huge returns long as it never went up. Beautiful Reddit trolls (for this case we'll call them that) and just regular day-trading folks figured that out, since it's an open market and everyone can see there's shorts out for more than 100 percent. So they're buying Gamestop shares, which they know the hedge funds have to buy eventually, and refusing to sell. So after the scammer hedge-funds drove it down from 25 to 3 by shorting, the small-investor pirates bought it and watched it hit, like 192. And the hedge funds involved are going to go under, unless they can create some kind of terrorism narrative to deploy against the Redditors and day traders in this case, as though they're the ones who manipulated the market.
I can see how these kinds of manifestations can cause general FUD and trigger panic behaviors all around.
Anyway, what you posted Hillshoist is interesting: except for spinning it as though it starts with Reddit fucking the hedge funds, rather than months earlier on Wall Street with the hedge funds scamming and fucking Gamestop.See new Tweets
Tweet
William LeGate
@williamlegate
·
19h
/r/WallStreetBets about to blowup another hedge fund, this one valued at $13.1 BILLION before the Reddit trolls decided to all buy GameStop lol
William LeGate
@williamlegate
·
19h
Up nearly 100% just today, after being up about 100% yesterday lol tell me we're not in a bubble
William LeGate
@williamlegate
·
It's a minor symptom of a galactic-sized bubble, and Fuck Melvin.19h
If GameStop goes up another 17%, this hedge fund will instantly collapse. $13.1 billion gone. Poof.
William LeGate
@williamlegate
·
Oh golly gee no! Not a precious value-creating hedge fund going poof, instead of the evil-dinosour medium retail chain store they tried to burn out of business.19h
Elon Musk just tweeted about the stock & they're now trading at $192 after-hours… if they open at this price, Melvin Capital will go bankrupt tomorrow morning. $13.1 billion in wealth transferred from Wall St to Reddit trolls.
William LeGate
@williamlegate
·
19h
What we're witnessing isn't a traditional pump & dump… it is an unorganized, yet collective effort of memelords & avg Americans to completely ignore all market fundamentals &, thru the power of social media, bankrupt hedge funds overnight, taking their funds. Legality unclear.
William LeGate
@williamlegate
·
You gotta be shitting me. Legality unclear! How about being able to do naked shorts, eh? How about a market being allowed to short a stock for more than 100 percent of its total shares?18h
Reddit is also in the process of meme-ifying AMC stock to revive it from the dead… this is like the Occupy Wall Street movement but on their own turf & with real financial consequences. Incredible.
Seriously, they're going to try to make rescuing these motherfuckers be Yellen's first action in office.
Seriously watch the video though if you just came to this story for the first time today.
.
Belligerent Savant » Wed Jan 27, 2021 5:36 pm wrote:.
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Listening to that excellent summation in full (the youtube clip shared by JR above); as good as the entire clip is, the first ~minute is worth transcribing here, as it offers a recurring theme Re: events over the past ~year (arguably, since humans became landowners):...i'd like talk about market manipulation, wall street bets, the mainstream media, institutional investors and how they are trying to completely pull the wool over your eyes so that you blame the wrong group of people for what's been going on today. This makes me incredibly, incredibly angry and aggravated, because what they're doing in a lot of the articles that i'm reading, is they are framing the argument to prime the pump for you to be mad at someone that you shouldn't be mad at. They don't want you to be mad at the institutional investor; they don't want you to be mad at the greedy hedge fund manager; they want you to be mad at someone, just like you, who's typing on their keyboard some funny crap during work, posting little rocket ship emojis and buying stock -- and most of the time, what i see from the posts, a fairly small quantity. Now to be clear here, just because i am getting up here to to talk to you about the BS that money managers and hedge fund managers and institutional investors are trying to get across does not mean that i agree wholeheartedly with everything that i see posted on the wall street bets forum. Just because i dislike the money managers that appear to be pushing what i believe to be a false narrative, doesn't mean i sign off on everything i read here....
...at this point in time i believe that you are hearing only one side.
That's right. It's an over-simplification to a degree, but this summarizes some of the key machinations behind the madness we've experienced across the board -- not just 'Wall Street'.
It's not only that "they" have the money to be able to pull this off, it's also that they have the MEDIA -- their ubiquitous megaphones -- to help MISDIRECT and FALSE FRAME, keeping many in the dark, or confused, about just how hard they're being raped on a number of levels.
The other noteworthy insight by Louis Rossmann (the 'narrator' of the youtube clip) is this bit here, at about the ~15:40 mark:...so a bunch of people that had nothing better to do because they probably lost their jobs because they're considered non-f'g essential by andrew cuomo said, "okay listen i got nothing better to do with my day, let me just go through every single stock in the market and see what shares are available short, and compare that to their book value, or their total equity, or their cash on hand", or whatever, and a bunch of people did that because they have a bunch of time too because they also have no job to go to and they found gamestop and they say, "hhhmm mm..."
How poetic. The filthy vile agenda that discarded these souls to 'non-essential' status was one of the key factors in allowing such persons to have the downtime to identifiy EGREGIOUS MANIPULATION that otherwise likely would have gone largely unnoticed, or otherwise, even if it may have been noticed in a 'non-lockdown world', there wouldn't have been as many with the necessary amount of time and impetus to pull this feat.
It's not so simple as this, and it may not last long, but we need more of this spirit.
Joe Hillshoist » Wed Jan 27, 2021 5:42 pm wrote:JackRiddler » 28 Jan 2021 02:41 wrote:.
Anyway, what you posted Hillshoist is interesting: except for spinning it as though it starts with Reddit fucking the hedge funds, rather than months earlier on Wall Street with the hedge funds scamming and fucking Gamestop.
.
Look I get that. I guess it was more ... to quote Maxi Jazz of faithless ... "The poetic justice of cause and effect."
Karma mother fuckers!!!
My understanding of what happened here was that this was an attempt to fuck the hedge fund simply to get revenge for them destroying or trying to destroy a gaming business (Gamestop), driven by gamers and financial types on reddit. I dunno if it was driven by making money out of the situation or not but my impression is it was more about revenge that profit.