The Gamestop Stock Situation

Anyone defending institutional Wall Street right now got an envelope with photos of themselves at Jeffrey Epstein's birthday. So what's, 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 GameStop 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. But these guys on Reddit decided to get together collectively. And what is it called? The subreddit called Wall Street Bets. So Wall Street Bets decided that these hedge funds were shorting GameStop. So they decided we're going to buy games that we're going to fuck their whole system up. Just a boost game. Yeah. Well, just to see if they could and just the, it's fun. It's fun. So a bunch of people bought GameStop stock. GameStop stock rose higher than it's ever risen in the entire history of the company. I think it was up 11,000%. Is that the case? The actual percentage? Yeah. I don't know. I might've made that number up. Sound good though. It had never been higher than 50, 60 bucks and it shot up to $300 to $400 at some point yesterday. Which is crazy. Even today, a little bit. Which is crazy. 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 Sogger his Instagram page. Because he gave me permission to play this today because he talks about how this is really exposing the actual corruption in the stock market and real market manipulations because they're trying to do something about the fact that these Wall Street guys are getting fucked over and like hedge funds have lost billions of dollars because it's so, but the thing is that now that these guys, let's play it. Let's play it real quick. This is the one you sent me yesterday, right? No. Yes. The one from today. I didn't know they had a newer one. Let me, I'll send it to you. Does that regulate in reform? Perhaps. Let's see. All right, Sogger, 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. Under employed 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 going to 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 pump and dumps, and it's occurring on social media again. I'm wondering whether it's part of the same problem, the type of regulation that we finally need to consider. 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 same situation. At this point, it's not about an election. It's not about an insurrection. Pause for a second. He's also calling for regulation. They never call for regulation. He's super flossing. Assholes like him, the last thing that guy wants in terms of being able to manipulate the market and make as much money as possible is fucking regulation. So him calling for regulation is kind of hilarious. And him saying that they're manipulating it with social media, this is literally what they do. It's what they do. Keep going. There are interesting things happening that seem to be spawned to some extent, or at least blown out of proportion by social media again, Adina. Well, I do think though that as we look at these new technologies that are there available to everyone, including investors, I think it's also important for regulators to understand that manipulation is manipulation, whether it's happening through a new technology medium or it's happening through traditional male. She's the tightest skin on everything. 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 manage the situation. She looks like a female version of the blind scientist from Contact with Jodie Foster. Tell me she doesn't. Pull up an image of that guy. All these people on this clip have issues. He has Richard Romero's teeth. It's a nightmare. Contact with Jodie Foster. Go to images. 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. I'll go back to her. No, they look pretty fucking similar. Yeah. Get called up. Get a 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 deadname or miss gender. Okay. Keep playing it. Working appropriately with the regulators 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. 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. OK, 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, she talked to billion dollars in bets against the market as it was crashing. Okay, let's pause. It was a billion. 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