GameStop, Stock, NYSE:GME The Gamestop Stock Situation
What jamie’s just pulled up with that and what tim was talking about. Is this insane situation that’s happening, it started out with game stop on with with these these intelligent vipers from reddit decided they were going to figure out well what what they here’s the thing wall, street speculation and these people that have been these hedge fund, guys they’ve, Been manipulating the stock market in a very similar way, forever yeah, but these guys on reddit decided to get together collectively and what is it called? The the subreddit called wall street bets so wall street bets decided that these hedge funds were shorting game. Stop right so they decided we’re gon na buy games that we’re gon na their whole system up just to boost game stuff, yes, well, just to see if they could and just they get it’s fun, it’s fun. So the a bunch of people bought game. Stop stock game stop stock rose higher than it’s ever risen in the entire history of the company. I think it was up 11. 000 percent. Is that the case uh the actual percentage yeah i don’t know i i might have made that number up sounded good though didn’t it yeah, i mean yeah. It had never been higher than 50 60 bucks and it shot up to three to four hundred dollars at some point yesterday, which is crazy, a little bit which is which it’s great that’s a crazy jump for no reason – and it was all because of these guys.
So this is where it gets complicated because now regulars do me a favor and go to sauger uh, his uh instagram page, because he gave me permission to play this today, because he he just talks about how this is really exposing the actual corruption in the stock Market and real market manipulation, because they’re trying to do something about the fact that these wall street guys are getting over and like hedge funds have lost billions of dollars because, and so, but the thing is that now that these guys yeah let’s play it let’s play It real quick: this is the one you sent me yesterday right, no one! Yes, the one from today um, let me um i’ll, send it to regulate and reform uh, perhaps let’s say all right, sagar what’s on your radar! Well, i have a confession to make. This is the first story. That’S excited me in a long time covering the pandemic and trump and stop the steel and capital riots and the biden presidency it’s been a real bummer and i have not felt a pep in my step like this in many months, and it is now thanks to A bunch of redditors going after the people, i despise the most in our society. Speculators on wall street by now i’m sure that you’re all familiar with the story, hedge funds and billionaires – took out a massive short position on the company called gamestock, a band of redditors. On a subreddit called wall street bets called their bluff drove the stock up to the tune of thousands of percentile more to force those hedge funds to liquidate billions of dollars in losses, while the merry band of redditors gets rich it’s, the ultimate david and goliath story, Underemployed and unemployed sitting at home in their pajamas, using the power of the internet and new trading platforms like robin hood, to destroy the kings of american finance.
We are never going to go back to the old ways of doing business and wall street knows this so what’s their solution, it’s one that we, my friends, must resist absolutely at all costs. Now they know that they do not have a monopoly on manipulating the market. They are gon na. Do everything in their power to go after you and people like me who are not on the side of the billionaire elite, as i laid out yesterday, they are already going into overdrive on cnbc, who started off yesterday by inviting the literal, ceo of the nasdaq on To call for more regulation let’s take a listen to that again. One of the things that we’re talking about is maybe misinformation and and pump, and dumps and it’s occurring on social media again. It’S just i’m wondering whether it’s part of the same problem, the type of regulation that that that we finally need to to consider and, like i said we should always have a light touch with regulation but you’re, seeing the way things can get started again. This is different, maybe it’s reddit, maybe it’s, not facebook, but you’re. Seeing the the the same situation at this point, it’s not about an election it’s not about a well he’s, also pause for a second pause for a second he’s also calling for regulation. Yes, they never call for regulations ever he’s. Super souls like him. The last thing that guy wants yeah in terms of like being able to manipulate the market and make as much money as possible it’s regulation, so he’s calling for regulation is kind of hilarious and him saying that they’re manipulating it with social media like this is literally What they do, yep it’s, what they do, yeah yeah keep going name.
There are interesting things happening that seem to be spawned to some extent, or at least at least blown out of proportion by social media, again adina. Well, i i do think, though, that as we look at these new technologies that are there available to everyone, including investors, i i think it’s also important for regulators to understand that you know. Manipulation is manipulation whether it’s happening through a new technology, medium or it’s happening through traditional mail. I think it’s just a matter of making sure that we understand what the behavior is what’s underpinning the behavior and working appropriately with the regulators to to uh to manage the situation. She looks like a female version of the blind scientist from contact with jody foster. Tell me she doesn’t pull up an image of that guy. All these people on the on the on this clip have issues he has richard ramirez teeth, it’s a nightmare contact contact with jody foster, go to images back the guy in the far right yeah. Oh, a little bit come on. Give me that picture. Yeah i’ll give you that come on right. There yeah go back to her. No, they look pretty similar yeah. I get called good reference. Almost identical it’s, so crazy, it’s, the cheekbones in the mouth. Are you sure that’s, not him or her? I don’t mean to dead name or misgender. Okay, keep playing it working appropriately with the regulators to to uh to manage the situation yeah.
You heard that correctly, the guy from cnbc who hates regulation is now calling for more regulation, and the ceo of the head of one of the largest trading exchanges in the world is agreeing with him notice when hedge funds manipulate markets when they screw over regular people. In different companies, when wall street requires billions of dollars in bailouts and floats from the federal reserve, there isn’t any call for more regulation, but a couple of average joes on the internet make money at the expense of a billionaire hedge fund. Well, that just can’t stand and i’m, not exaggerating here, just showing you one clip the idea across the american elite right now is that what has happened with gamestop is unacceptable. Don’T believe me check this out as gamestop and other stocks soared arthur levitt jr. He decided to weigh in and if you don’t know who that is it’s the former sec chairman, who literally presided over the dot com bubble and was appointed by bill clinton, who, perhaps more than any president, is responsible for much of the financialization of our economy. Beginning in his administration, levitt wrote an op ed in bloomberg, calling for a full agency investigation into online stock trading platforms and said that social media is taking advantage of users behavioral psychology and pushing them into dangerous territory. Okay, maybe i don’t even really disagree with that, but doesn’t. It just tell you everything that this is what they want to investigate now that this is what they want the government to do something about now.
Don’T underestimate how mainstream this view is. Yesterday the white house press secretary said janet yellen is quote monitoring the situation. Elizabeth warren tweeted out that we needed more regulation. The state securities regulator for the state of massachusetts said gamestop trading should be halted for 30 days and the sec now says: they’re working with regulators to assess the situation, review, the activities and other participants, like, i said – hey, maybe that’s justified, but you people are silent On the crimes of the actually influential people who rig our economy on a daily basis, you want a near perfect corollary, billionaire investor bill ackman. He went on cnbc in march 2020 to give an emotional interview to say: hell is coming and that hotel stocks would go to zero. His interview sparked a panic sell on wall street. It is seen in retrospect, as one of the precipitating events of that drop, guess what, at the exact same time, right after that interview, ackman was buying billions of dollars in the stock, as it hit rock bottom. In fact, 2 billion in bets against the market as it was crashing. Okay let’s pause it. It was a crap there’s gon na building there, man catch new episodes of the joe rogan experience for free. Only on spotify watch back catalog jre videos on spotify, including clips, easily seamlessly switch between video and audio experience on spotify. You can listen to the jre in the background, while using other apps and can download episodes to save on data cost.
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