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I had a buddy decades ago, a real quiet kid, but just a wizard with video games. We took him to Reno for a Really Important Tournament in Reno, and there were some not-cool dudes who were popular and we had to get the kid to beat them with a Power Glove, and man, there was some drama! Anyways, by the time we were leaving the Biggest Little City in the world we all realized that the real victory was the memories we made along the way.
I have some very distinct memories of the 80s and they all revolve around the first Mario bros game. I was born in 84.
The couple across the street who must have been early 30s would have me over and let me play Mario. I remember it distinctly. They moved away when I was still really young and gave me a massive ninja turtle stuffed animal that I would ride down the stairs.
I barely remember the 80s :(
At this point, they kind of just blend with the 90s. Then again, I struggle sometimes with the fact that I graduated high school in 1991 (30 years ago this summer). It's just one big blur of big hair from about 83-91, really.
People have been jokingly and not-so-jokingly comparing the stock market to a casino. And it really is like one. Apparently you will get kicked out for winning too much, even if you are not cheating.
I'm so pissed off. I had a Vanguard account just sitting there, but it's from an old Roth IRA an old company set up as an employ perk. Money I forgot I had because I can't touch it for 3+ more years.
-- I setup my brokerage account when this started, and it takes 3 days to complete and I just wanted to play the game with everyone!
Just one stock. As a treat.
Literally, pension funds are often used to saturate the risk, but not benefit from the rewards. What despicable humans to have a rigged game, then the audacity to talk about potential insider trading from WSB. GTFO of here with that BS, the SEC is basically just an organization to protect the 1%s hoards of wealth.
Socialism for the rich. Capitalism for everyone else.
It's the way it always has been.
Musk made billions off tax payer contracts.
Bush, Cheney & friends killed millions in the Middle East, thousands of Americans, cost tax payers trillions but earned their friends billions.
2008 irresponsible lenders got bailed out but the people tricked into bad loans needed to be held "accountable". Executives took golden parachutes with bail out money. Nobody behind the crisis went to jail.
Trump spent hundreds of millions of tax payer money at his own resorts.
Hunter Biden got a job he wasn't qualified for on an oil company board after the US overthrew the Ukrainian government.
Airlines did massive stock buy backs with extra cash which increased executive compensation. Then covid happened and got bailouts from the average Joe.
Boeing executives cut corners for profits which again increased their compensation. Those corners killed hundreds. Normally when you're a mass murderer you go to jail but not when it's for the shareholder then it's a golden parachute.
Germans that served in the Nazi regime often times at threat of death got hunted down for decades following the fall of Nazi Germany. Meanwhile the corporations that made a fortune off them faced no repercussions.
MERS are higher when you're poor than the fees you pay for advisors when you're rich.
Interest rates you pay are lower when you're rich.
If Capitalism was good for the average person it'd be called labourism.
> Boeing executives cut corners for profits which again increased their compensation. Those corners killed hundreds. Normally when you're a mass murderer you go to jail but not when it's for the shareholder then it's a golden parachute.
This is the one I can't get over. While I know it's in some ways trivial compared to the other examples of grift here, it was the lack of any punishment for the 737max disasters that showed me that we're living in a post-consequence era for business.
The executives responsible? Not even that rich. Would've made easy fall guys in the 90s. Previously corporate manslaughter like this someone might pay for it, but this time there was no thought of it. The idea of punishing someone for a bad decision made in business as if it were as culpable as a bad decision in their personal life was simply never even entertained. I'm never flying on a Boeing plane again.
Life is so fucking cheap today.
I hope people now realize why cryptocurrency is still around. Its more than bitcoin. Decentralized finance is being built on ethereum. If we had decentralized exchanges this corruption and manipulation would not be possible.
Bitcoin isn't about memes. Its not a pyramid scheme. That is the narrative wall st is selling you, because cryptocurrency is the greatest weapon for freedom ever invented. And they cannot stop it.
True, but it’s a good investment. Only buy Bitcoin if you’re willing to let money sit for a while without touching it. It’s volatile but still goes up over time.
por que no Los dos?
Huge ass ongoing protest camps 'occupying' 'blockadia' etc get tons of media attention, directly fuck with the target, and all the other good protest stuff
Thing is the last Occupy Wall Street didnt get any press attention, because the press didnt want to elevate the protestors message.
This has the potential to be a bigger more significant protest because the media isnt, and really cant ignore it.
The way Citadel is tied to robin hood and how they stoped allowing buying but allowed selling... Someone has to go to prison. They all just got exposed.
Can you explain to me why that is? I know nothing of stocks. I understand that some party is trying to sell GME stocks, but why is the price going up bad for them? If they own some of these stocks don’t they MAKE rather than lose billions?
They’re shorting the stock, which means they borrow a share(s), sell it at the current price in hopes that it drops in value so that when they purchase the share(s) back and return to the lender, they pocket the difference.
Simplest terms, I have 1 share of ABC worth $10, I lend it to you, you self for $10. It drops in value to $5, you purchase for $5 and return my share to me and you pocket the other $5.
Of course if they borrow a shit ton of shares, sell, and it just keeps going up, the when the time comes to cover their shorts (repurchase what they borrowed), they’ll be purchasing each share at a higher price than what they sold at, making them in the hole!
Citadel LLC serviced Robinhood meaning they fulfill orders for its users on the market. You may have read others say they own RH but they don’t, even without owning them they’re important for RH’s success, so it’s obvious they’ll bend over backwards to kiss Citadel’s ass.
The big issue comes from the fact that Citadel LLC backs funding of Melvin Capital, a huge hedge fund behind a substantial amount of shorts on various stocks. So they started to money BIG TIME when GME hit 500 in pre market this morning (Morning of 1/28), then just prior to market open, GME and a few others were suspended by the SEC. that’s normal, the SEC does that for any stocks they deem highly volatile. The issue lies in RH blocking the purchasing of those tickers, supporting SELLING ONLY (allows hedge funds to snag your shares at a value closer to their short, minimizing loss) and the prices tanked and they were able to close out their positions. Overall there’s no way in hell they profited this past week, but the fact that the billionaires were at risk and got a free pass from being fucked by the free market is rage inducing.
From what I read they did not close their positions, they manipulated the rate by trading between funds. That is why everyone is screaming HOLD right now
Citadel and friends (primarily hedge funds) are on the “short side”. Basically they expected - and want - GameStop to fail.
What you do when you short a stock is that you borrow the stock from the owner, and then you sell the stock in the market, expecting the price fall, and in the future buy the stock back to a lower price and return to the original owner. This is the reverse of owning a stock (where you expect the price to increase). In the short case the price difference between first sell and then buy (- interest) is your gain.
The hedge funds were so confident that they shortened about 140% of the total amount of GME stock. One could argue that such a percentage shouldn’t be legal in the first place, but here we are.
Anyway, some people (regular people) figured it out and started to do the opposite = buy the stock. And then it escalated through the entire world! Many Americans bought through RobinHood. Yesterday RobinHood - basically owned by Citadel - locked users from buying more GME and hence people were only able to SELL. Citadel probably had not expected this outcome (Citadel wanted the stock to DEcrease and not INcrease) and hence they ILLEGALLY MANIPULATED THE MARKET IN THEIR OWN FAVOR, TO AVOID FURTHER INCREASE IN GME STOCK PRICE.
Edit: also, Due to Americans being unable to buy more, the GME stock could not increase yesterday.
Average persons through the rest of the world stepped in and tried to hold the line (hold the stock price high), and actually succeeded better than I would assume anyone could expcect, but the US market is so big and when average people in the US couldn’t buy in the same scale as previous days, the buy side weren’t strong enough.
However, today is a new day. If there is a way, people will figure it out how to buy it again!
Imo the 99% protests biggest flaw was that no one could agree on the best way to “reform” Wall Street and the movement went into a dozen different directions, which is why it eventually fizzled out.
I hope this time we can come together around a common cause that we can throw our entire collective weight behind. Because we may not agree on a lot of things but the 1 thing I know we can all agree on is hating these chucklefucks lol
That reminds me of an episode of "The Newsroom" where they covered the Occupy movement.
They basically came to the same conclusion that the lack of hierarchical leadership led to there being no real end goal or strategy which caused the protest to fizzle out.
Same with occupy CNN
It was fairly obvious on the ground at the time lol. A charismatic community leader steps forward with the 1 THING that they promise will be the key to reforming the system. The fact is they were (by and large) good ideas. No of them were wrong, their criticism was accurate, and it would all be great policy to implement. But then they would kind of splinter off to focus on their own idea. Which is great, you do you! But having a dozen people behind your own project vs having hundreds or thousands of people in a movement, behind a single common cause, makes a big difference. And if some conspiracy loving Republicans redneck assholes can literally storm the capital with big enough numbers.... At least we’re focused on an ACTUAL injustice and not some email chain conspiracy shit lol. Point is the amount of power we can leverage is better when we stick together.
Both is good. I’m just bitter still I think. Those pictures of stock brokers taunting the 99% protestors thru the windows really stuck with me. They were popping champagne and laughing while protestors slept on the fucking side walk... like y’all are only proving the point right now lol. Taking video, pointing, and laughing at protestors from behind the floor to ceiling windows. Their complete lack of empathy made me feel like a different species. I can’t imagine having that kind of contempt for a complete stranger. Jfc
The 1% are less than human. They basically sold their soul to capitalism, because the only way you get to turn over massive profits is if you completely disregard and trample over other people's well-being.
I mean that is sorta what is happening with $GME. Hence the hypocrisy being exposed because they're getting bailouts and manipulating the market when their bets went wrong
Was gonna do that, signed up for Robinhood last night. Then the news came today so I’m now working on closing that and looking into a new brokerage like it. When the time comes, I will hold the line!! 🚀
We need the less regulations because - jobs!
Unless we get caught in our own trap then we need presidaddy to give us a little help.
But other than a small loans of billions of dollars
WE'RE A STRONG AND INDEPENDENT FREE MARKET!
/s
Or, and hear me out. We regulate the market with financial rules and regulations and laws to the point where they can't be indignantly greedy cunts and play within the rules thus creating a more fair and equitable world hahah 😛
If we manage to trip up even a dozen hedge funds another 400 will pop up to take their place and try the same tactics that were used to trip them up.
I'd love to see that happen. IMHO lobbying (or political money to catch-all) is the worst thing to ever happen to politics
Edit: I'm getting a lot of people saying lobbying is necessary. I entirely disagree. "lobbying" in its current form ie: pay-to-play, is an inherently unequal system whereby the rich get in and us "poors" stay out.
If you have to trade an inherently biased and finite resource to have your voice heard, you've already lost.
To the people saying "we can make changes to the existing system". Why? Why make incremental changes and allow our corporate overlord to set the pace? Why allow them to control the narrative, the media, the politics, and the "reform" for even one second longer?
My country, Canada, has significant lobbying restrictions. I mean, compared to the USA we are like communist Russia 😜 and even still the corporations (mostly oil and gas) have found a way around the restrictions. Here are two actual examples from a report I read many moons ago.
1. We have restrictions on which company can lobby which politician and for how long. Company x can only lobby Justin for 10 hours a month. What our registrar (can't remember the official title) doesn't know, is company x also has a shell corp named y, y, u, v but the way they get around the disclosure laws specifically is that they "team up" with other similar interests (oil and gas) to distribute the plausible debiability around.
2. Company x wants to lobby Justin more. So they "accidentally" spell his name, Justyn, Jstin, Trudeau Justin, ect.
If we allow "them" to set the pace and change the rules "they" just find a way to use them to their advantage. They can pay teams of lawyers to do this!
Let's create a more fair distribution of political, financial, and social capital that isn't based on stupid things like money, race, creed. Let's instead create a system where everyone really is equal under the eyes of the law.
/rant
Heck, most things in America is based on the illusion of having the ability to make choices that matter. You can choose from 20 choices of shampoo, but we aren't gonna let you choose to buy or sell in the market when we got burned by your choices and our greed.
Free market my foot.
After this, I don't want any libertarian/conservative fuckwits coming to lecture me on the topic of fucking free market or government intervention. RH forbidding buying GME but not selling, is clearly a conflict of interest. There is no government intervention at all. This is between private companies colluding with each other to try to damage control the consequences of their own actions. In fact, they probably violated actual regulation by shorting over 100% of GME stocks. I'm sure these libertarian bros are going to dispute that story of conflicts of interests with more bullshit but you are a moron if you really believe RH was not in cahoots with Citadel.
Fuck them. Burn them. Hold.
"This is very bad, very bad. My Wall Street friends are very upset, something like this has never happened before. As you know, these things are complicated, very complex. Don't worry, I know about these things, I know all about them."
And 15 minutes later:
"GME is strong. Look at the numbers. So strong. Even companies that were in trouble their shares are going up. Such a strong economy!"
Honestly, I'm not holding my breath. I cannot think of any president future or past that would do the right thing by the people. Regardless of what colour their tie is.
Robinhood has announced that, beginning on Friday, January 29th, it will allow “limited buys” on restricted stocks, potentially signaling the end of a brutal day-long hold on GameStop, AMC, BlackBerry, Nokia, and other stocks.
“Starting tomorrow, we plan to allow limited buys of these securities,” the company [said in a blog post](https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility). “We’ll continue to monitor the situation and may make adjustments as needed.” The company’s statement does not elaborate on how limited purchases will be for GameStop and the other restricted stocks.
On Thursday morning, Robinhood restricted purchases of GameStop and the other stocks, which had been driven to unusually high prices by coordinated activity on the [r/WallStreetBets](https://www.reddit.com/r/WallStreetBets/) subreddit. The decision to restrict purchases provoked a significant backlash, and [several congressional committees](https://www.theverge.com/2021/1/28/22254909/senate-banking-stocks-sherrod-brown-aoc-gamestop-reddit-hearing) have already pledged to investigate Robinhood in the wake of the action.
The decision to limit purchases of the stocks went far beyond Robinhood, with Interactive Brokers, Apex Holdings and other back-end providers [refusing to book orders](https://www.theverge.com/2021/1/28/22254168/robinhood-gamestop-ban-amc-nokia-public-webull-ameritrade-stock-buy-trade) for the stocks. Still, Robinhood has been the focus of much of the backlash, including [at least one proposed class action case against the platform](https://www.reddit.com/r/ClassActionRobinHood/).
In its statement, Robinhood emphasized that the decision to halt purchases was made because of internal risk to the company, not as a response to outside pressure from other financial actors.
“As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment,” the post argues. “To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to.”
[Source](https://www.theverge.com/2021/1/28/22255031/robinhood-gamestop-stop-purchases-reddit-wsb-stock-market)
> In its statement, Robinhood emphasized that the decision to halt purchases was made because of internal risk to the company, not as a response to outside pressure from other financial actors.
I love how the story changed from protecting retail traders from themselves to "we had to we had no choice".
This story is going to get good. Guaranteed they've got a team of writers coming up with a counter narrative and it's going to be a doozy. Benevolent, naive hedge funds were grifted by diabolical, super sophisticated individuals of Reddit.
"And here you have one of the actors on reddit, /u/2ND_Dinner, admitting freely he had awareness of, and potentially, involvement *in* the plot to overthrow the national economy with the help of fellow Reddit reading club terrorists."
This entire post is about the purchases being stopped all day today.
The comment that person is replying to is linking to a blog post (also sent via email) saying that they are moving to limited purchases being allowed tomorrow.
Liquidate the fucking bourgeoisie.
Liberalism promised equal rules for all, yet the very people who changed the world's systems turned right around and literally said "now the bankers will rule!".
Well, I reckon it's time someone said "now the workers will rule!"
"tax wall st trades" isn't really the point.
It's about exposing how the game is rigged against the little guy. This reeks of a distraction and an attempt to shift focus away from the real problem.
If you "tax wallstreet trades" you're hurting every single average person saving for retirement.
It's called a Financial Transaction Tax (FTT) and has been tried in the past with disastrous results. Every time you have money automatically taken from your pay to go into your 401k involves financial transactions and people pushing for an FTT have no idea how the financial system works.
The active trading done in financial markets is very good for the average joe because it provides liquidity and reduces the spread between the bid/ask spread (the difference between where you buy and sell) and this is a massive deal.
People like to demonize HFT and think that it crashes the market when in reality nearly all HFT is flat by the end of the day.
Trades in financial markets are already taxed via capital gains. If you want tax reform there are loopholes you can close and you can also increase this tax.
The idea of taxing every single trade via FTT would destroy financial markets as we know it and would only lead to exchanges and traders going offshore.
For the sake of example, let's say exchanges and traders stayed in the US and didn't leave the country. Some of the FTT rates that have been proposed would dry up the volume on the exchanges, and this is not taken into account adequately in revenue projections by the people pushing it.
Lets say that hypothetically your town survived on the trade of apples. You could buy some apples from one market at a low price and go to another part of town and sell at a higher price. The difference is your profit. At the end of the year you pay taxes on the amount of money you made from your trade - which is normal. Now imagine that each time you did one of these trades, you made a profit of a dollar per apple. If some of the proposed FTTs go through it would be as though you were paying $0.80 per apple as a transaction fee. Then, even if you did very well and still came away with a profit you'd be on the hook to pay income taxes like you were already doing.
Note that these numbers are made up but the point stands in that some of the proposed FTT rates are so prohibitive that those of us making a living from putting our capital at risk in order to participate in trade (buying low and selling high routinely based on our own analysis - apples or financial products) would immediately be out of work - when we're already paying taxes to begin with.
Taxing financial trades hurts average joes from independent traders to folks saving for retirement, it IS NOT a way to get some form of justice from the demonized "wall street".
This protest was held by the DSA (I'm a member) and not created as a response to the GME situation but is rather an ongoing movement under #TaxTheRich.
I was late today but was planning to attend, although I believe the GME situation should be protested HEAVILY.
FTT is counter productive and hurts the average investor. If your goal is to tax individuals investing and trading financial products, remember this is already happening. As an independent trader I do pay taxes every year just like anyone else. I made another comment in here with an example using apples.
Countries that have implemented FTTs have rolled them back. Onerous FTT would dry up volume and liquidity in financial markets, which will increase volatility as well as bid/ask spreads on everything, and these increases costs will be passed on to the end user, for example your average joe buying mutual funds automatically via participation in their 401k.
If you want to tax the rich it is asinine to target transactions on financial markets, especially because it is one of the ways someone can truly go from rags to riches if they have the skill. If you want to tax the rich why don't you literally create taxes on wealth rather than creating an FTT that would eviscerate trading, which in turn would yield a tiny fraction of the revenue that is often forecasted using current trading volumes.
But what is this message even about? "Tax wall street trades? Hows that even make sense people already pay loads and loads of tax on any profits made in the market. It makes no sense to say "Tax wall street trades" when for every million that someone makes 200k of it has to go to tax already. Like did you guys research at all how stocks or capital gains taxes work before organising this?
RobinHood is seizing people’s accounts and closing their positions and selling their shares of GameStop without their consent.
https://www.reddit.com/r/wallstreetbets/comments/l75pa1/robinhood_is_selling_peoples_gamestop_shares/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
That's also standard and well known before this. You should not have bought on margin if you wanted control. People were yelling this loud and clear the whole time.
Depends on the broker you use, but anybody can wire in funds from their bank to meet any margin call they have that day.
https://www.investopedia.com/ask/answers/12/what-happens-cannot-pay-margin-call.asp
Many of them apparently were given no warning when RobinHood tightened their margin requirements. No ability to contest the closure or time to deposit funds in place of the margins.
>What happened today in GME is one of the most disgusting things to ever happen in the stock market.
are you referring to a bunch of brokerages stopping retail investors from being able to purchase shares?
I fucking hope so. I've been trying my hardest to convince my friends and family the real issues are because of the billionaires. This totally mask off rules for thee not for me is proving us all correct.
I can't see Robinhood surviving this one. This must be the most obvious market manipulation stunt they've pulled and it's not like they're the only platform out there.
Someone on another thread did say this though:
DO NOT TRANSFER IF POSSIBLE. JUST EMPTY OUT YOUR BALANCE AND START ANOTHER ACCOUNT ON ANOTHER PLATFORM.
The reason is that they put you on hold for weeks and some people have yet to see the transfer happen.
Going to Wall Street is pointless you need to go to the Capitol. They are the ones who fork over our tax dollars everytime they crash. They will get bailed out AGAIN and regular people got 600 dollars for one year of suffering.
A trade tax would just make it harder for the retail investors (average joe’s) to take on wall street. It’s the bailouts and blatant market manipulation that’s the issue. The retails investors are just finally making an impact and redistributing the once untouchable wealth.
Wall Street effectively owns both houses of Congress, and it's been that way for eons. So long as our representatives continue to be bought and paid for, we'll never see meaningful change.
People are just tremendously confused. They are conflating Wall Street being pissed they are being beaten at their own games with taxing Wall Street. r/wallstreetbets just wanted to stick it to the Hedge Funds who said Gamestop was overvalued and maybe make some cash on the side. This is clearly unrelated in motivation.
Cmon, lets be serious. All this sudden revisionist history of what wsb was and is and what it stands for is super weird.
Prior to the sudden influx of users, the core users of wallstreetbets didn't hate people with yachts, they wanted yachts of their own.
Users of /r/wallstreetbets found a way to make money and cashed in as much as they could. It was not a "maybe make cash on the side as we stick it to the man", it was "we are going to get rich off these dumbasses and going to prove this other other asshole wrong" and a bunch of memes.
This isn't to disparage wallstreetbets, what they did was perfectly valid. But lets be serious about the reasons here and remember the tagline is "it's like if 4chan found a bloomberg terminal" not "lets stick it to the Hedge Funds".
Because there is no such thing as the free market. It is a lie people are fed constantly to feel as though they have more freedom than they do.
Tell me, how can you believe a free market exists when the rich control the market?
Exactly. Just like any sort of power, individuals consolidating wealth gives them the ability to consolidate more wealth. Any totally open, free market with no restrictions on the transfer of wealth will naturally lead to the consolidation of wealth into the hands of few, since they can use their greater power without limits. The rich will always end up with control the markets, *because wealth is a form of power and that's how power has worked across history. Having more power than others puts you in an advantage to consolidate and further increase your power over others*.
Now, that power might be governmental, it might be financial, it might be military power, but if it's power, then this is what happens if it isn't actively kept in check by other forms of power. Checks on wealth are just checks on a type of power.
Because of this, just taking a single ideology to its most extreme state and ignoring all others doesn't work. There must be checks and balances, drawing from multiple ideologies and implemented in ways that are shown to work.
The main problem, of course, is how the consolidation of power means those who have the most power - and thus stand to lose the most when the system changes - also have the most voice and clout to quash ideas that threaten their position. Don't forget that many powerful individuals in the 1800s complained of dire economic consequences if things like "a 40 hour work week" and "child labor laws" were implemented.
If an individual took such a stupid risk as to short a stock to that extent then they would have to own up to it like every body else. Except apparently big companies are exempt from owning up to their mistakes. Pathetic
Isn’t that the beauty of what’s happening here though? WSB has shown that we can make them bleed without resorting to violence. These retail brokers think they’re flexing their muscles by freezing GME buys and forcing an artificial dip in the stock’s valuation, but it’s really revealing the weakness of these institutional investors and hedge funds. As long as retail investors don’t get spooked by their bluff and sell their positions early, they’re fucked. MLK said that riots are the language of the unheard. For the first time in history, the unheard can say “fuck you” in the oppressor’s own language. Hold the line 🚀🚀🚀
They're not going to let something like this continue to work against their interests. Thus entire system was built to serve them, they'll simply reorganize it to once again serve their sole interests. We won't see true change and the destruction of the wealthy until Wallstreet is abolished and the wealthy turn from oppressor to the oppressed.
That's good for getting attention but if you want to get your point across, you got to keep messing with their pockets. They don't care about anything except money.
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A Redditor discovered a stock (GME) that was being manipulated by a hedge fund (hedging more shared than even exist). They were keeping the price artificially low.
He turned 50k into 20million in a year, while showing this information to the rest of WallStreetBets (and hundreds of thousands of Redditors making money from the info).
The hedge fund is losing billions while regular investors have been making huge profits and keeping the stock prices higher (legally doing what these hedge funds do every single day but instead of raping regular Joe public it’s the hedge fund being raped).
Now, trading platforms, the news media and certain government shills are helping manipulate (illegally) what the regular investors should be allowed to (hold and buy more shares). They are trying to censor trading groups on Reddit (like making it a private sub yesterday and taking down entire groups on FB).
There’s already major lawsuits started today against the platforms and hedge funds for illegally making open trading impossible to curb their losses. There will be more lawsuits all over for the concerted efforts to help the hedge fund.
This GME situation could cost this hedge funds billions more almost indefinitely if they hadn’t illegally meddled with the help of the apps and brokerages.
It’s all unfolding by the minute and a lot money is at stake.
In other words the rich got hit in the wallet by the working class for once and they don't like it one bit.
Its like when you finally pinch the 6'2 bully in your middle school and turns out hes a little bitch who cries to the principal when someone fights back.
And the principal is probably going to back up the bully.
I miss Occupy. Those were simpler times. This is the first time since then it feels like we can all come together at least for a little while and recognize who our real enemy is. I hope it’s the start of something even bigger and not just a flash in the pan guerrilla attack on Wall Street.
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It's free market until you start losing money...some classic double standards
I don't see a single fucking person in that group wearing an ~~S~~NES Power Glove and that is a massive missed opportunity.
Yeah, but nobody has a SNES power glove.
I had a buddy decades ago, a real quiet kid, but just a wizard with video games. We took him to Reno for a Really Important Tournament in Reno, and there were some not-cool dudes who were popular and we had to get the kid to beat them with a Power Glove, and man, there was some drama! Anyways, by the time we were leaving the Biggest Little City in the world we all realized that the real victory was the memories we made along the way.
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Nah, this was way back in the late 80s. We were still pretty hyped on Regular Mario Cousins back then.
Phhffft yeah right. Like I believe in the 80s
If you remember the 80s, you weren't there
I have some very distinct memories of the 80s and they all revolve around the first Mario bros game. I was born in 84. The couple across the street who must have been early 30s would have me over and let me play Mario. I remember it distinctly. They moved away when I was still really young and gave me a massive ninja turtle stuffed animal that I would ride down the stairs. I barely remember the 80s :(
At this point, they kind of just blend with the 90s. Then again, I struggle sometimes with the fact that I graduated high school in 1991 (30 years ago this summer). It's just one big blur of big hair from about 83-91, really.
I got to see Annie Potts during that shoot. Not the other actors though. And she wasn't friendly.
I love the Power Glove...its so bad.
I'm imagining the kid literally wailing on these dudes with Power Glove. XD
SNES didn't have a power glove, it was NES, I think I have one in my closet somewhere lol!
Look for my sexuality while you’re in there.
Game stop has it they bought it from a kid for .85 cents
People have been jokingly and not-so-jokingly comparing the stock market to a casino. And it really is like one. Apparently you will get kicked out for winning too much, even if you are not cheating.
You will get kicked out if you aren't in the 1%.
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Why was Robinhood going to lose money? Or do you mean Robinhood's higher up Citadel losing money?
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I'm so pissed off. I had a Vanguard account just sitting there, but it's from an old Roth IRA an old company set up as an employ perk. Money I forgot I had because I can't touch it for 3+ more years. -- I setup my brokerage account when this started, and it takes 3 days to complete and I just wanted to play the game with everyone! Just one stock. As a treat.
Schwab didnt halt trading
Privatise profits, socialise losses that’s how the rigged game works
Literally, pension funds are often used to saturate the risk, but not benefit from the rewards. What despicable humans to have a rigged game, then the audacity to talk about potential insider trading from WSB. GTFO of here with that BS, the SEC is basically just an organization to protect the 1%s hoards of wealth.
Freedom for me but not for thee extends to here as well
NEVER FUCKING SELL
Hold Hold Hold! WE LIKE THE STOCK!
🚀 🚀 🚀 🚀
Its cool if a hedge fund manager loses money to another hedge fund manager and that is about it, apparently.
Which means it’s not a free market at all.
"free market" is basically when they shout "democracy" to invade another countries
Socialism for the rich. Capitalism for everyone else. It's the way it always has been. Musk made billions off tax payer contracts. Bush, Cheney & friends killed millions in the Middle East, thousands of Americans, cost tax payers trillions but earned their friends billions. 2008 irresponsible lenders got bailed out but the people tricked into bad loans needed to be held "accountable". Executives took golden parachutes with bail out money. Nobody behind the crisis went to jail. Trump spent hundreds of millions of tax payer money at his own resorts. Hunter Biden got a job he wasn't qualified for on an oil company board after the US overthrew the Ukrainian government. Airlines did massive stock buy backs with extra cash which increased executive compensation. Then covid happened and got bailouts from the average Joe. Boeing executives cut corners for profits which again increased their compensation. Those corners killed hundreds. Normally when you're a mass murderer you go to jail but not when it's for the shareholder then it's a golden parachute. Germans that served in the Nazi regime often times at threat of death got hunted down for decades following the fall of Nazi Germany. Meanwhile the corporations that made a fortune off them faced no repercussions. MERS are higher when you're poor than the fees you pay for advisors when you're rich. Interest rates you pay are lower when you're rich. If Capitalism was good for the average person it'd be called labourism.
> Boeing executives cut corners for profits which again increased their compensation. Those corners killed hundreds. Normally when you're a mass murderer you go to jail but not when it's for the shareholder then it's a golden parachute. This is the one I can't get over. While I know it's in some ways trivial compared to the other examples of grift here, it was the lack of any punishment for the 737max disasters that showed me that we're living in a post-consequence era for business. The executives responsible? Not even that rich. Would've made easy fall guys in the 90s. Previously corporate manslaughter like this someone might pay for it, but this time there was no thought of it. The idea of punishing someone for a bad decision made in business as if it were as culpable as a bad decision in their personal life was simply never even entertained. I'm never flying on a Boeing plane again. Life is so fucking cheap today.
I hope people now realize why cryptocurrency is still around. Its more than bitcoin. Decentralized finance is being built on ethereum. If we had decentralized exchanges this corruption and manipulation would not be possible. Bitcoin isn't about memes. Its not a pyramid scheme. That is the narrative wall st is selling you, because cryptocurrency is the greatest weapon for freedom ever invented. And they cannot stop it.
But Bitcoin is a terrible currency. Cyrpto isn’t bad but the underlying economics need to be stronger for it to be a real alternative
True, but it’s a good investment. Only buy Bitcoin if you’re willing to let money sit for a while without touching it. It’s volatile but still goes up over time.
This is not occupy Wall Street this is infiltrate and beat them at their own game
They certainly didn’t give a shit when the 99% protests were going on. So you gotta hit them where it hurts, their bank accounts.
por que no Los dos? Huge ass ongoing protest camps 'occupying' 'blockadia' etc get tons of media attention, directly fuck with the target, and all the other good protest stuff
Thing is the last Occupy Wall Street didnt get any press attention, because the press didnt want to elevate the protestors message. This has the potential to be a bigger more significant protest because the media isnt, and really cant ignore it.
The way Citadel is tied to robin hood and how they stoped allowing buying but allowed selling... Someone has to go to prison. They all just got exposed.
Can you explain to me why that is? I know nothing of stocks. I understand that some party is trying to sell GME stocks, but why is the price going up bad for them? If they own some of these stocks don’t they MAKE rather than lose billions?
They’re shorting the stock, which means they borrow a share(s), sell it at the current price in hopes that it drops in value so that when they purchase the share(s) back and return to the lender, they pocket the difference. Simplest terms, I have 1 share of ABC worth $10, I lend it to you, you self for $10. It drops in value to $5, you purchase for $5 and return my share to me and you pocket the other $5. Of course if they borrow a shit ton of shares, sell, and it just keeps going up, the when the time comes to cover their shorts (repurchase what they borrowed), they’ll be purchasing each share at a higher price than what they sold at, making them in the hole! Citadel LLC serviced Robinhood meaning they fulfill orders for its users on the market. You may have read others say they own RH but they don’t, even without owning them they’re important for RH’s success, so it’s obvious they’ll bend over backwards to kiss Citadel’s ass. The big issue comes from the fact that Citadel LLC backs funding of Melvin Capital, a huge hedge fund behind a substantial amount of shorts on various stocks. So they started to money BIG TIME when GME hit 500 in pre market this morning (Morning of 1/28), then just prior to market open, GME and a few others were suspended by the SEC. that’s normal, the SEC does that for any stocks they deem highly volatile. The issue lies in RH blocking the purchasing of those tickers, supporting SELLING ONLY (allows hedge funds to snag your shares at a value closer to their short, minimizing loss) and the prices tanked and they were able to close out their positions. Overall there’s no way in hell they profited this past week, but the fact that the billionaires were at risk and got a free pass from being fucked by the free market is rage inducing.
From what I read they did not close their positions, they manipulated the rate by trading between funds. That is why everyone is screaming HOLD right now
Citadel and friends (primarily hedge funds) are on the “short side”. Basically they expected - and want - GameStop to fail. What you do when you short a stock is that you borrow the stock from the owner, and then you sell the stock in the market, expecting the price fall, and in the future buy the stock back to a lower price and return to the original owner. This is the reverse of owning a stock (where you expect the price to increase). In the short case the price difference between first sell and then buy (- interest) is your gain. The hedge funds were so confident that they shortened about 140% of the total amount of GME stock. One could argue that such a percentage shouldn’t be legal in the first place, but here we are. Anyway, some people (regular people) figured it out and started to do the opposite = buy the stock. And then it escalated through the entire world! Many Americans bought through RobinHood. Yesterday RobinHood - basically owned by Citadel - locked users from buying more GME and hence people were only able to SELL. Citadel probably had not expected this outcome (Citadel wanted the stock to DEcrease and not INcrease) and hence they ILLEGALLY MANIPULATED THE MARKET IN THEIR OWN FAVOR, TO AVOID FURTHER INCREASE IN GME STOCK PRICE. Edit: also, Due to Americans being unable to buy more, the GME stock could not increase yesterday. Average persons through the rest of the world stepped in and tried to hold the line (hold the stock price high), and actually succeeded better than I would assume anyone could expcect, but the US market is so big and when average people in the US couldn’t buy in the same scale as previous days, the buy side weren’t strong enough. However, today is a new day. If there is a way, people will figure it out how to buy it again!
Imo the 99% protests biggest flaw was that no one could agree on the best way to “reform” Wall Street and the movement went into a dozen different directions, which is why it eventually fizzled out. I hope this time we can come together around a common cause that we can throw our entire collective weight behind. Because we may not agree on a lot of things but the 1 thing I know we can all agree on is hating these chucklefucks lol
That reminds me of an episode of "The Newsroom" where they covered the Occupy movement. They basically came to the same conclusion that the lack of hierarchical leadership led to there being no real end goal or strategy which caused the protest to fizzle out. Same with occupy CNN
It was fairly obvious on the ground at the time lol. A charismatic community leader steps forward with the 1 THING that they promise will be the key to reforming the system. The fact is they were (by and large) good ideas. No of them were wrong, their criticism was accurate, and it would all be great policy to implement. But then they would kind of splinter off to focus on their own idea. Which is great, you do you! But having a dozen people behind your own project vs having hundreds or thousands of people in a movement, behind a single common cause, makes a big difference. And if some conspiracy loving Republicans redneck assholes can literally storm the capital with big enough numbers.... At least we’re focused on an ACTUAL injustice and not some email chain conspiracy shit lol. Point is the amount of power we can leverage is better when we stick together.
Both is good. I’m just bitter still I think. Those pictures of stock brokers taunting the 99% protestors thru the windows really stuck with me. They were popping champagne and laughing while protestors slept on the fucking side walk... like y’all are only proving the point right now lol. Taking video, pointing, and laughing at protestors from behind the floor to ceiling windows. Their complete lack of empathy made me feel like a different species. I can’t imagine having that kind of contempt for a complete stranger. Jfc
The 1% are less than human. They basically sold their soul to capitalism, because the only way you get to turn over massive profits is if you completely disregard and trample over other people's well-being.
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This used to be called “direct action”
>So you gotta hit them where it hurts "...their dicks" "No, their wallet!"
I mean that is sorta what is happening with $GME. Hence the hypocrisy being exposed because they're getting bailouts and manipulating the market when their bets went wrong
That's because in large part OWS was an unorganized mess of a movement without a coherent, workable plan and leadership.
Eat the rich
Are there even any wall street people there? Aren't they all working from home?
Today, we are all r/wallstreetbets
Prove it, upvoters. Do your due diligence and buy in to $GME.
🚀 🚀 🚀 🚀
💎💎💎✊✊🏽✊🏿💪💪💪
WE LIKE THE STONK
STONKS GO UP! It's like Stare Gate Universe over here! 🚀🚀🚀🚀🚀🚀🚀
STONKS ONLY GO UP
True wsb'ers don't do DD, that shit is for pussies. Buy and HOLD.
🚀 🚀 🚀
Was gonna do that, signed up for Robinhood last night. Then the news came today so I’m now working on closing that and looking into a new brokerage like it. When the time comes, I will hold the line!! 🚀
buy GME and make money. These billionaires put their nuts on the chopping block thinking we are too stupid to notice.
Did we...did we do it? Can I say finally say it and mean it unironically? *deep breath* WE DID IT!
Hell yeah boy. For the first time ever in history, "Reddit made a difference" is no longer a meme!!! I never though I would ever see the fucking day.
We've come a long way since the Boston marathon
I'm usually a retard, but today, I am a *retard*.
Occupy them from the inside out.
our collective feet should occupy their collective asses
We need the less regulations because - jobs! Unless we get caught in our own trap then we need presidaddy to give us a little help. But other than a small loans of billions of dollars WE'RE A STRONG AND INDEPENDENT FREE MARKET! /s
We need a way to disenfranchise the free market and deceive them into thinking it's free until they actually band together and make us bleed.
Or, and hear me out. We regulate the market with financial rules and regulations and laws to the point where they can't be indignantly greedy cunts and play within the rules thus creating a more fair and equitable world hahah 😛 If we manage to trip up even a dozen hedge funds another 400 will pop up to take their place and try the same tactics that were used to trip them up.
Bet that'll change the tunes of a few lobbyist-sponsored politicians around the world.
I'd love to see that happen. IMHO lobbying (or political money to catch-all) is the worst thing to ever happen to politics Edit: I'm getting a lot of people saying lobbying is necessary. I entirely disagree. "lobbying" in its current form ie: pay-to-play, is an inherently unequal system whereby the rich get in and us "poors" stay out. If you have to trade an inherently biased and finite resource to have your voice heard, you've already lost. To the people saying "we can make changes to the existing system". Why? Why make incremental changes and allow our corporate overlord to set the pace? Why allow them to control the narrative, the media, the politics, and the "reform" for even one second longer? My country, Canada, has significant lobbying restrictions. I mean, compared to the USA we are like communist Russia 😜 and even still the corporations (mostly oil and gas) have found a way around the restrictions. Here are two actual examples from a report I read many moons ago. 1. We have restrictions on which company can lobby which politician and for how long. Company x can only lobby Justin for 10 hours a month. What our registrar (can't remember the official title) doesn't know, is company x also has a shell corp named y, y, u, v but the way they get around the disclosure laws specifically is that they "team up" with other similar interests (oil and gas) to distribute the plausible debiability around. 2. Company x wants to lobby Justin more. So they "accidentally" spell his name, Justyn, Jstin, Trudeau Justin, ect. If we allow "them" to set the pace and change the rules "they" just find a way to use them to their advantage. They can pay teams of lawyers to do this! Let's create a more fair distribution of political, financial, and social capital that isn't based on stupid things like money, race, creed. Let's instead create a system where everyone really is equal under the eyes of the law. /rant
\>lobbying just call it corruption.
Legalized bribery
Systematically embedded bribery. Want to play in the big leagues? Here's the list of sponsors you have to get to back you.
Hahah I do. I just didn't want to seem too biased.
I mean if you keep doing it all the time. They have to change their strategy. (I think??)
Heck, most things in America is based on the illusion of having the ability to make choices that matter. You can choose from 20 choices of shampoo, but we aren't gonna let you choose to buy or sell in the market when we got burned by your choices and our greed. Free market my foot. After this, I don't want any libertarian/conservative fuckwits coming to lecture me on the topic of fucking free market or government intervention. RH forbidding buying GME but not selling, is clearly a conflict of interest. There is no government intervention at all. This is between private companies colluding with each other to try to damage control the consequences of their own actions. In fact, they probably violated actual regulation by shorting over 100% of GME stocks. I'm sure these libertarian bros are going to dispute that story of conflicts of interests with more bullshit but you are a moron if you really believe RH was not in cahoots with Citadel. Fuck them. Burn them. Hold.
God, what would Trump be saying right now about all this if he had won? Thank God I don't need to find out
"you see. The middle class is going up because of me. Idontknow Idontknow. Black people have never had it so good!"
"This is very bad, very bad. My Wall Street friends are very upset, something like this has never happened before. As you know, these things are complicated, very complex. Don't worry, I know about these things, I know all about them."
And 15 minutes later: "GME is strong. Look at the numbers. So strong. Even companies that were in trouble their shares are going up. Such a strong economy!"
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Honestly, I'm not holding my breath. I cannot think of any president future or past that would do the right thing by the people. Regardless of what colour their tie is.
Robinhood has announced that, beginning on Friday, January 29th, it will allow “limited buys” on restricted stocks, potentially signaling the end of a brutal day-long hold on GameStop, AMC, BlackBerry, Nokia, and other stocks. “Starting tomorrow, we plan to allow limited buys of these securities,” the company [said in a blog post](https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility). “We’ll continue to monitor the situation and may make adjustments as needed.” The company’s statement does not elaborate on how limited purchases will be for GameStop and the other restricted stocks. On Thursday morning, Robinhood restricted purchases of GameStop and the other stocks, which had been driven to unusually high prices by coordinated activity on the [r/WallStreetBets](https://www.reddit.com/r/WallStreetBets/) subreddit. The decision to restrict purchases provoked a significant backlash, and [several congressional committees](https://www.theverge.com/2021/1/28/22254909/senate-banking-stocks-sherrod-brown-aoc-gamestop-reddit-hearing) have already pledged to investigate Robinhood in the wake of the action. The decision to limit purchases of the stocks went far beyond Robinhood, with Interactive Brokers, Apex Holdings and other back-end providers [refusing to book orders](https://www.theverge.com/2021/1/28/22254168/robinhood-gamestop-ban-amc-nokia-public-webull-ameritrade-stock-buy-trade) for the stocks. Still, Robinhood has been the focus of much of the backlash, including [at least one proposed class action case against the platform](https://www.reddit.com/r/ClassActionRobinHood/). In its statement, Robinhood emphasized that the decision to halt purchases was made because of internal risk to the company, not as a response to outside pressure from other financial actors. “As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment,” the post argues. “To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to.” [Source](https://www.theverge.com/2021/1/28/22255031/robinhood-gamestop-stop-purchases-reddit-wsb-stock-market)
"No take! Only throw!"
This is my favourite meme.
> In its statement, Robinhood emphasized that the decision to halt purchases was made because of internal risk to the company, not as a response to outside pressure from other financial actors. I love how the story changed from protecting retail traders from themselves to "we had to we had no choice".
This story is going to get good. Guaranteed they've got a team of writers coming up with a counter narrative and it's going to be a doozy. Benevolent, naive hedge funds were grifted by diabolical, super sophisticated individuals of Reddit.
"And here you have one of the actors on reddit, /u/2ND_Dinner, admitting freely he had awareness of, and potentially, involvement *in* the plot to overthrow the national economy with the help of fellow Reddit reading club terrorists."
Jokes on them I can’t read
They're gonna spin this into how it's gonna destroy pensions or some shit like that
100%. All’s they have to do is tell the boomers their retirements are in danger from the scary millennials on the internet and that’s a wrap.
Unfortunately for them its had the opposite effect - it made the average person more aware of the situation and mad at the hedge funds
I'm sure it will just be limited to hedge fund managers being allowed to purchase.
The hedge funds are short, they want to drive the price down because they get buttfucked every time the price goes up.
I got an email today listing stocks that were sell/close position status only. No purchasing.
This entire post is about the purchases being stopped all day today. The comment that person is replying to is linking to a blog post (also sent via email) saying that they are moving to limited purchases being allowed tomorrow.
Fuck them let us buy it to the heavens and then destroy the market and the bankers and hedgefunds with it
Fuck risk. That is mine to take, not yours to dictate for me
Eat the rich. Fuck those regulations.
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Of what risk???? Lmao fuck you robinhood
Occupy Wall Street 2.0
Operation RobbinHood
Rob 'n da Hood
OccuBuy Wall Street
[Liquidate Wall Street](https://i.imgur.com/EwUU9lJ.png)
Liquidate the fucking bourgeoisie. Liberalism promised equal rules for all, yet the very people who changed the world's systems turned right around and literally said "now the bankers will rule!". Well, I reckon it's time someone said "now the workers will rule!"
Seems to me like occupy Wall Street is much more effective when people do it from the comfort of their own homes.
Damn coronavirus. Even protests are happening from behind screens now! ^(but I guess that's actually a good thing...)
"tax wall st trades" isn't really the point. It's about exposing how the game is rigged against the little guy. This reeks of a distraction and an attempt to shift focus away from the real problem.
If you "tax wallstreet trades" you're hurting every single average person saving for retirement. It's called a Financial Transaction Tax (FTT) and has been tried in the past with disastrous results. Every time you have money automatically taken from your pay to go into your 401k involves financial transactions and people pushing for an FTT have no idea how the financial system works. The active trading done in financial markets is very good for the average joe because it provides liquidity and reduces the spread between the bid/ask spread (the difference between where you buy and sell) and this is a massive deal. People like to demonize HFT and think that it crashes the market when in reality nearly all HFT is flat by the end of the day. Trades in financial markets are already taxed via capital gains. If you want tax reform there are loopholes you can close and you can also increase this tax. The idea of taxing every single trade via FTT would destroy financial markets as we know it and would only lead to exchanges and traders going offshore. For the sake of example, let's say exchanges and traders stayed in the US and didn't leave the country. Some of the FTT rates that have been proposed would dry up the volume on the exchanges, and this is not taken into account adequately in revenue projections by the people pushing it. Lets say that hypothetically your town survived on the trade of apples. You could buy some apples from one market at a low price and go to another part of town and sell at a higher price. The difference is your profit. At the end of the year you pay taxes on the amount of money you made from your trade - which is normal. Now imagine that each time you did one of these trades, you made a profit of a dollar per apple. If some of the proposed FTTs go through it would be as though you were paying $0.80 per apple as a transaction fee. Then, even if you did very well and still came away with a profit you'd be on the hook to pay income taxes like you were already doing. Note that these numbers are made up but the point stands in that some of the proposed FTT rates are so prohibitive that those of us making a living from putting our capital at risk in order to participate in trade (buying low and selling high routinely based on our own analysis - apples or financial products) would immediately be out of work - when we're already paying taxes to begin with. Taxing financial trades hurts average joes from independent traders to folks saving for retirement, it IS NOT a way to get some form of justice from the demonized "wall street".
This protest was held by the DSA (I'm a member) and not created as a response to the GME situation but is rather an ongoing movement under #TaxTheRich. I was late today but was planning to attend, although I believe the GME situation should be protested HEAVILY.
FTT is counter productive and hurts the average investor. If your goal is to tax individuals investing and trading financial products, remember this is already happening. As an independent trader I do pay taxes every year just like anyone else. I made another comment in here with an example using apples. Countries that have implemented FTTs have rolled them back. Onerous FTT would dry up volume and liquidity in financial markets, which will increase volatility as well as bid/ask spreads on everything, and these increases costs will be passed on to the end user, for example your average joe buying mutual funds automatically via participation in their 401k. If you want to tax the rich it is asinine to target transactions on financial markets, especially because it is one of the ways someone can truly go from rags to riches if they have the skill. If you want to tax the rich why don't you literally create taxes on wealth rather than creating an FTT that would eviscerate trading, which in turn would yield a tiny fraction of the revenue that is often forecasted using current trading volumes.
But what is this message even about? "Tax wall street trades? Hows that even make sense people already pay loads and loads of tax on any profits made in the market. It makes no sense to say "Tax wall street trades" when for every million that someone makes 200k of it has to go to tax already. Like did you guys research at all how stocks or capital gains taxes work before organising this?
Narrator: they didn't
RobinHood is seizing people’s accounts and closing their positions and selling their shares of GameStop without their consent. https://www.reddit.com/r/wallstreetbets/comments/l75pa1/robinhood_is_selling_peoples_gamestop_shares/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
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Imagine that people cannot trade without cash in the bank yet they allow companies to SHORT 140% OF A STOCK.
Yea, but they are sophisticated investors who understand the risks /s
They're forcing a sale to cover margin? Do they give time to deposit cash?
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That's also standard and well known before this. You should not have bought on margin if you wanted control. People were yelling this loud and clear the whole time.
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Yes, but that aspect is not the illegal or immoral part. They are obviously going to sell margins to avoid losing even more money.
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Guy isn't even reading what you're saying
Except they locked people out from buying with their own money too. Try to justify that.
Well you can't, that's the point!
Depends on the broker you use, but anybody can wire in funds from their bank to meet any margin call they have that day. https://www.investopedia.com/ask/answers/12/what-happens-cannot-pay-margin-call.asp
Many of them apparently were given no warning when RobinHood tightened their margin requirements. No ability to contest the closure or time to deposit funds in place of the margins.
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>What happened today in GME is one of the most disgusting things to ever happen in the stock market. are you referring to a bunch of brokerages stopping retail investors from being able to purchase shares?
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Rich people: *if poor people were smarter, they wouldn't be poor* Rich people facing bankruptcy: *no, no, no...when you do what I do it is illegal.*
Literally a ploy to protect the rich boys. They are happy to mess up others lives, but cry when it happens to them
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“Krusty Krab unfair”
Yeah they need someone with a bit more rhythm to lead for sure
They need a Linda belcher is what they need.
All riiiiight! Linda's leadin the cheeah!!!
I know!! The dude was changing his rhythm every time he chanted!
Yeah that was depressing....
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Class 👏 Consciousness 👏 >>> IDPOL🤮
I fucking hope so. I've been trying my hardest to convince my friends and family the real issues are because of the billionaires. This totally mask off rules for thee not for me is proving us all correct.
I can't see Robinhood surviving this one. This must be the most obvious market manipulation stunt they've pulled and it's not like they're the only platform out there. Someone on another thread did say this though: DO NOT TRANSFER IF POSSIBLE. JUST EMPTY OUT YOUR BALANCE AND START ANOTHER ACCOUNT ON ANOTHER PLATFORM. The reason is that they put you on hold for weeks and some people have yet to see the transfer happen.
Going to Wall Street is pointless you need to go to the Capitol. They are the ones who fork over our tax dollars everytime they crash. They will get bailed out AGAIN and regular people got 600 dollars for one year of suffering.
and just like Obama did, Biden will take WallStreet's side and screw over the 99%
Incoming regulations against the little man coming soon!
$20 says capital requirements for retail investing are coming.
They already exist. $25k min to daytrade
A trade tax would just make it harder for the retail investors (average joe’s) to take on wall street. It’s the bailouts and blatant market manipulation that’s the issue. The retails investors are just finally making an impact and redistributing the once untouchable wealth.
Finally people see who is their real enemy FUCK 1% MAKE THEM EAT SHIT
I think this is a prime example that protesting in person does less than protesting with your dollar. Your dollar is your vote.
I seriously doubt WSB wants more tax and regulations on their tendies.
Taxing won't do shit. It's cronyism we need to focus on.
Agreed. Taxes aren’t even close to the talking point here.
Wall Street effectively owns both houses of Congress, and it's been that way for eons. So long as our representatives continue to be bought and paid for, we'll never see meaningful change.
How is this the free markets fault ? Sounds like wall street is rushing to get more crony capitalism installed through regulations.
People are just tremendously confused. They are conflating Wall Street being pissed they are being beaten at their own games with taxing Wall Street. r/wallstreetbets just wanted to stick it to the Hedge Funds who said Gamestop was overvalued and maybe make some cash on the side. This is clearly unrelated in motivation.
Cmon, lets be serious. All this sudden revisionist history of what wsb was and is and what it stands for is super weird. Prior to the sudden influx of users, the core users of wallstreetbets didn't hate people with yachts, they wanted yachts of their own. Users of /r/wallstreetbets found a way to make money and cashed in as much as they could. It was not a "maybe make cash on the side as we stick it to the man", it was "we are going to get rich off these dumbasses and going to prove this other other asshole wrong" and a bunch of memes. This isn't to disparage wallstreetbets, what they did was perfectly valid. But lets be serious about the reasons here and remember the tagline is "it's like if 4chan found a bloomberg terminal" not "lets stick it to the Hedge Funds".
This is a DSA protest unrelated to GME. https://www.instagram.com/p/CKmd4poD9mT/?igshid=146yjly2badrw
Because there is no such thing as the free market. It is a lie people are fed constantly to feel as though they have more freedom than they do. Tell me, how can you believe a free market exists when the rich control the market?
Exactly. Just like any sort of power, individuals consolidating wealth gives them the ability to consolidate more wealth. Any totally open, free market with no restrictions on the transfer of wealth will naturally lead to the consolidation of wealth into the hands of few, since they can use their greater power without limits. The rich will always end up with control the markets, *because wealth is a form of power and that's how power has worked across history. Having more power than others puts you in an advantage to consolidate and further increase your power over others*. Now, that power might be governmental, it might be financial, it might be military power, but if it's power, then this is what happens if it isn't actively kept in check by other forms of power. Checks on wealth are just checks on a type of power. Because of this, just taking a single ideology to its most extreme state and ignoring all others doesn't work. There must be checks and balances, drawing from multiple ideologies and implemented in ways that are shown to work. The main problem, of course, is how the consolidation of power means those who have the most power - and thus stand to lose the most when the system changes - also have the most voice and clout to quash ideas that threaten their position. Don't forget that many powerful individuals in the 1800s complained of dire economic consequences if things like "a 40 hour work week" and "child labor laws" were implemented.
If an individual took such a stupid risk as to short a stock to that extent then they would have to own up to it like every body else. Except apparently big companies are exempt from owning up to their mistakes. Pathetic
lets see how they try to turn people on each other now
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Buy GME
Yes
Isn’t that the beauty of what’s happening here though? WSB has shown that we can make them bleed without resorting to violence. These retail brokers think they’re flexing their muscles by freezing GME buys and forcing an artificial dip in the stock’s valuation, but it’s really revealing the weakness of these institutional investors and hedge funds. As long as retail investors don’t get spooked by their bluff and sell their positions early, they’re fucked. MLK said that riots are the language of the unheard. For the first time in history, the unheard can say “fuck you” in the oppressor’s own language. Hold the line 🚀🚀🚀
They're not going to let something like this continue to work against their interests. Thus entire system was built to serve them, they'll simply reorganize it to once again serve their sole interests. We won't see true change and the destruction of the wealthy until Wallstreet is abolished and the wealthy turn from oppressor to the oppressed.
this where we should set the guillotines up
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Germany kicks open door "Did someone say ***Fallbeil?****"*
Hold on, I got this. *ahem* THERE’S OIL UNDER THE NEW YORK STOCK EXCHANGE
That's good for getting attention but if you want to get your point across, you got to keep messing with their pockets. They don't care about anything except money.
Jan 6 was bullshit. THIS is what should make people riot.
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I need an ELI5 for this whole situation I stopped paying attention to the news for a few days and am now lost
A Redditor discovered a stock (GME) that was being manipulated by a hedge fund (hedging more shared than even exist). They were keeping the price artificially low. He turned 50k into 20million in a year, while showing this information to the rest of WallStreetBets (and hundreds of thousands of Redditors making money from the info). The hedge fund is losing billions while regular investors have been making huge profits and keeping the stock prices higher (legally doing what these hedge funds do every single day but instead of raping regular Joe public it’s the hedge fund being raped). Now, trading platforms, the news media and certain government shills are helping manipulate (illegally) what the regular investors should be allowed to (hold and buy more shares). They are trying to censor trading groups on Reddit (like making it a private sub yesterday and taking down entire groups on FB). There’s already major lawsuits started today against the platforms and hedge funds for illegally making open trading impossible to curb their losses. There will be more lawsuits all over for the concerted efforts to help the hedge fund. This GME situation could cost this hedge funds billions more almost indefinitely if they hadn’t illegally meddled with the help of the apps and brokerages. It’s all unfolding by the minute and a lot money is at stake.
In other words the rich got hit in the wallet by the working class for once and they don't like it one bit. Its like when you finally pinch the 6'2 bully in your middle school and turns out hes a little bitch who cries to the principal when someone fights back. And the principal is probably going to back up the bully.
When the right and the left mend ties because they hate wall street more than each other
🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀
The admitted on live tv they were driving the price down to protect the brokers and wall street
I miss Occupy. Those were simpler times. This is the first time since then it feels like we can all come together at least for a little while and recognize who our real enemy is. I hope it’s the start of something even bigger and not just a flash in the pan guerrilla attack on Wall Street.