Gamestop
- Thread starter Bonerfarts
- Start date
Not a real apology. I didn’t start the political commentary. This thread is full of political sh!t posts.
Stop before the most recent season. God that was the best part of the pandemic. The merciful early end of the most recent season of Billions...
Yea, it seems logical. The WH, who has no skin in the game, days into its administration, decided to pressure a private firm to halt buying of a private stock because...profit?
That makes more sense than the idea that the call came from the hedge fund about to go bankrupt that provides them with 40%+ of their business.
Up until the most recent season, it's really good.
Really? When Wall Street pours millions into your campaign you owe favors. There's plenty of skin there.
Is that how it works? I should contact all the people I donated to and let them know I have illegal favors I expect them to come thru on.
Can you think of any non-political reasons these firms might have for blocking trading on those stocks? Because I can.
That’s one thing progressives and Trumpkins can agree on: Wall Street owns both parties.
Oh, I can too. Just saying it's plausible. I'm not saying Biden did interfere, I'm saying it's not out of the realm of possibility given the money that's floating around.
In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.
Quoting Matt Taibbi from today,
"It’s likely not any evil manipulation scheme, but ordinary people acting — out of self-interest, but also out of sheer enthusiasm for one of the best reasons to do just about anything, because you can — on a few simple, powerful observations.
They’ve seen first that our markets are basically fake, set up to artificially accelerate the wealth divide, and not in their favor. Secondly they see that the stock market, like the ballot box, remains one of the only places where sheer numbers still matter more than capital or connections. And they’re piling on, and it’s delicious, not so much because they’re right, but because the people running for cover are so wrong, and still can’t admit it.
Buy the ticket, take the ride, nitwits. If you earned anything, it’s this."
"It’s likely not any evil manipulation scheme, but ordinary people acting — out of self-interest, but also out of sheer enthusiasm for one of the best reasons to do just about anything, because you can — on a few simple, powerful observations.
They’ve seen first that our markets are basically fake, set up to artificially accelerate the wealth divide, and not in their favor. Secondly they see that the stock market, like the ballot box, remains one of the only places where sheer numbers still matter more than capital or connections. And they’re piling on, and it’s delicious, not so much because they’re right, but because the people running for cover are so wrong, and still can’t admit it.
Buy the ticket, take the ride, nitwits. If you earned anything, it’s this."
I didn't mean or want this to turn political. This is a great thread and fascinating story to follow. Let's agree to stick to that.
The biggest curse of social media is that anything and everything which draws a wide enough net of attention will sooner or later converge into a politically accusatory shouting match. This is the one and only true constant of the internet age.
The firms aren't doing it for political reasons.
Can you think of any reason manipulations like only allowing retail customers to sell, but not buy, a stock during a short squeeze should be legal?
How much more naked can the manipulation get?
WTF?
You’re still poor and rich people are still rich.
Worth a little extra slab to go through whole the thread in one fell swoop IMO. You can get high on your own supply from time to time, it's gonna end sometime anyway
Ridditors took down hedge funders at their own game. Robinhood and other fake user apps banned buying certain stocks because greed and hypocrisy; it isn't over yet.
A relatively small amount of retail investors are getting really rich and the rest are going to get the authentic GameStop experience of buying a GME stock at a few hundred and trading it in for 20 credit—minus the dude in front of them that smells like a mixture of Brut and rotten milk trading in his 69 scratched up Xbox 360 games smeared in Cheetos.
After clearing my head and calming down, I think the Robinhood fiasco is less nefarious than I originally thought. The problem is Robinhood could literally not afford to cover all the option contract that were being purchased. After listening to this old boomer mumble on, I think he’s right. Brokers can’t afford this action. The midldle men (clearing houses) cannot afford it. Robinhood doesn’t want to broadcast to customers and competitors that they are out of money. Makes sense why I did see that they did take an injection of money today to cover tomorrow’s madness.
It's not just shorters that could not get the shares they needed. The BROKERS RAN OUT OF SHARES and couldn't find places to borrow them! You wanna know why fidelity and vanguard were the only two standing? They hold something like over 20% of the gamestop shares. They could let you buy, BECAUSE THEY WERE THE ONLY ONES WHO COULD GET SHARES. The squeeze is squozing, and the only way out of $100k+ share prices which would break everything was to STOP THE MARKET.
TLDR - buy tomorrow this thing is going to $10,000 - $100,000 and will break the stock market.
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Little guys caught the big guys over exposed with their pants down and went to town. Big guys didn't like getting their asses kicked and losing all their money so changed the rules locking the little guys out of trading.
TD is not allowing me to trade it after hours. Tried to trade it last night and would have made a shitload if the trade didn't get rejected. I post on HROT, so I have plenty of margin to cover the trades I tried to make. I have missed out on a ton of money because for whatever reasons brokers have prohibited trading in the stock. They shouldn't treat everyone like inexperienced poors.
The takeaway will be to enforce trading rules about naked shorting stocks which I think is already illegal so not sure why it was allowed in the first place.
My take, the little guys cornered the hedge funds into positions they never should have taken in the first place. Let them get their pound of flesh so the hedge funds have this as a cautionary tale to never expose themselves like this again.
You know, it's all fine when these hedge funds can pound a company to zero by shorting them out if existence. God forbid somebody comes along and calls them on it. They should have to take their beating fairly.
No, but I’m not going to ask for them to save me billions- just some zoning issues.
Short version. Rules for Thee but not for me.
Naked shorting is an American right. Not sure why you would think it is illegal. Brokers have their own rules for who can do it to prevent Joe Blow from going broke and then complaining, but there is nothing illegal about it if you aren't using inside info or manipulating the market.
