The Game Stop stock story is more than just a bunch of Millennials having fun on social media to stick it to Wall Street.
Wall Street is now striking back. It is trying to prevent "retail" traders (i.e. individuals and not the hedge funds and giant institutions) from buying or selling stock because they're about to lose billions.
Hedge funds shorted Game Stop, hoping to drive it into bankruptcy and make a profit on it. Sound like Bain Capital to you? Because it is just like that.
Now, trading apps and institutions like RobinHood and Ameritrade are preventing your Average Joe from trading the stock. However, the hedge funds and institutions are allowed to trade, and they are allowed to do so after hours even (you and I could not do this).
Wall Street could not stand regular people playing their games - and winning! -so now they are trying to outright rob people by using every lever in the system to manipulate and control what happens.
Watch what the MSM says. We will know whose side they are on. If every story you see is how awful it all is that Reddit is messing with stocks, you'll have at least a hunch they aren't on your side.
But more importantly, let's see how the Biden administration and Secretary Yellen respond. There is an opportunity here to let the billionaire class who treats Wall Street as a casino twist. AOC is already calling for hearings. I have been incredibly positive on Biden's tenure so far. Everything is pretty damn good, if you ask me. So now, we're about see how they're going to handle one hell of a cranky, predatory financial class who thought we served them.
It's a test. Let's see if they pass. I have decent optimism here, but keep an eye on it. It'll mean quite a bit about what we can expect for the next four years.
Or $1,400 now, I guess.
Wondering if that will be a thing. I know some people who are in very sore need of the money these days. The extra unemployment will help, but they're so far behind, any extra money really just goes to paying past dues. In the beginning, I loaned out money to a few. But as this went on and on, I said, "Screw it. Keep it."
Nine and a half months of this. Who thinks what little the government has done is adequate to provide even a meager living in many places? Trump and McConnell have offered us the most perfect political bludgeon. Which is good. But for many people, the actual money would be a lot better.
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