WallStreetBets Redditors brilliantly demonstrate a way to demolish Wall Street fraudulent Ponzi scheme

globinfo freexchange

 

WallStreetBets Redditors sent shock waves to speculative hedge funds who saw their gamble turn into a disaster, losing billions. The terror was evident on corporate media pundits' faces when they suddenly realized that their beloved Wall Street fraudulent system was successfully hijacked by outsiders.  

As BusinessInsider reported:

 

Video-game retailer GameStop has dominated the headlines this week after its shares trebled in value in just three days this week, in a buying frenzy fueled by individual traders that have forced some of Wall Street's prominent hedge funds to close their bearish bets against the company with hefty losses.   GameStop's shares have hit record highs and the swarm of retail investors behind the rally have cheered each other on, primarily within the popular Reddit forum Wall Street Bets, which by Thursday, had around 3.5 million members.   Members have spent the past three weeks bidding up GameStop, which has sent the shares skyrocketed more than 1,200% since Wall Street Bets first piled in on January 11.  The higher the stock went, the greater the losses incurred by those that had previously bet against any price rises, as they were then forced to buy those shares back, whatever the cost.  A number of high-profile hedge funds have already lost more than $5 billion so far this month, according to data from the financial-analytics firm S3 Partners. "The stock trading mob ran out of runway with Tesla's stock and now they have turned their attention to other stocks, like GameStop," said David Trainer, CEO of New Constructs. "As fickle as the trading mob has been to select GameStop as one of their favorite stocks, they could be just as fickle as to when to let the stock drop," he said.

 

Many focused on the fact that the "little people", (perhaps for the first time in the history of the Wall Street), managed to profit from the most sinister machine of the neoliberal financial capitalism, at the expense of the Wall Street vultures. 

And therefore, we observed some grotesque moments from Wall Street representatives in the corporate media who were obviously terrified from this incident. 

 

The most laughable moment was when this time, these hardcore neoliberal capitalists were not just calling the state authorities to rescue them with billions, as they did during 2007-08 meltdown, which themselves created. This time they were calling for ... regulation!

Of course, what these hypocritical mega-fraudsters mean by "regulation", is that the state institutions should design a law that would forbid unprivileged, ordinary people participate in their game. Yes. These clowns cry for more and more deregulation so that they can play their game without legal consequences, at the expense of the working class. Yet, when some of the working class decides to play their game and beat them, they suddenly cry for "regulation".

  

The whole incident was so disturbing for the establishment that CNN Business decided to monitor the developments with live updates under the title "Reddit investors shake up Wall Street — again"! 

While BusinessInsider noticed that:

                              Reddit community r/WallStreetBets surged by more than 1 million users overnight to 5.9 million members on Friday, as newly minted day traders and meme lovers piled in to watch the fun. [...] That number has surged after the group's members bought shares in US videogames retailer GameStop en masse, sending the price skyrocketing. The retailer's share price grew from just above $4 in January to a closing high of $347.51 on Wednesday.

 

However, the most important in the whole story was not that some outsiders made some money, taking a kind of revenge from the bubble financial capitalism that almost ruined their lives. The most important was the fact that a group of people managed to self-organize through platforms like Reddit, to demonstrate that they can take down the Wall Street mafia powerful structure through its own game.

 

The extraordinary incident demonstrated that the fraudulent closed system of Wall Street that has been designed to secure billions in profits for a privileged financial elite, is actually penetrable.

 

Could a bunch of Redditors manage to succeed where the Occupy Wall Street movement failed?

 

If Redditors rallying GameStop is unacceptable market manipulation, what would you call it when greedy Wall Street bankers gambled away our entire economy in 2008 and faced no consequences?

— Robert Reich (@RBReich) January 28, 2021

According to mainstream media, it’s greed when working people try to make money out of the stock market...

But not when the richest 10% of Americans own 87% of the stock market or when US billionaires hoard another $1.1 trillion to add to their wealth during a pandemic https://t.co/I4kp2nxL7O

— Going Underground on RT (@Underground_RT) January 28, 2021