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28 January 2021

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rho

regarding "The Gamestop thing":

The key point to understand is that Hedge Funds on Wall Street had previously shorted Gamestop, i.e. they borrowed shares and then sold them on the stock exchange, expecting that the share price would go down in the future so that they could buy the shares back and return them to the stock lender and make a profit for themselves.

Of course, if the stock price rises, that scheme leaves the Hedge Funds on the hook for theoretically infinite losses, because at some point they have to return the borrowed stocks and buy them at the stock exchange for whatever the market price is at that point.

This behavior got so extreme with Gamestop shares that 150% (no typo - one-hundred and fifty percent) of all freely traded shares of that company had been borrowed and sold by Hedge Funds in that "shorting" scheme.

The Reddit people, most of them small retail stockbuyers, identified that distortion and started to buy up Gamestop shares, which caused the stock price to rise. And then the first Hedge Funds were forced to buy Gamestop shares too in order to limit their losses, and that set of the self-reinforcing avalanche that pushed the Gamestop shares from $50 just a few days ago to $400 currently, with insanely big swings in the span of a few hours.

The Hedge Funds got screwed by exactly the type of game that they are usually playing, with billions of dollars of losses racking up.

And then what probably happened is that Wallstreet tapped the brokerage firms on the shoulder so that they would limit the ability to buy Gamestop shares through their platforms or even automatically sell them without having received an order from the account holder to do so. And the social media companies are trying to shut down the forums where the little retail traders have their discussions.

That's what the outrage is about: One set of rules for the big Wall Street speculators, another set of rules for the little retail people. All to ensure Wall Street always wins even when they got outsmarted.

And the people on the Reddit forum are extremely pissed off now, their tone reminds me of Trump-supporters in early 2016:

"This is all the money I have and I'd rather lose it all than give them what they need to destroy me. Taking money from me won't hurt me, because i don't value it at all. I'll burn it all down just to spite them."

https://www.zerohedge.com/personal-finance/you-dad-redditor-shares-heartbreaking-reason-destroying-short-sellers-wsb-raids

J

@Deap,

I agree with you, to me Trump was a breath of fresh air. Alas, but to those who took their 'truth' from the MSM, Trump's mouth was the biggie that turned many of them off, those who would have voted for Trump had they been exposed to the truth (Joe Biden's selling of his political offices to the CCP, Joe Biden's son Hunter's drugs and sex expeditions, etc.) and not filtered through the MSM gatekeepers.

But that's all water under the bridge now.

joey_n

@scott s.

I'm not getting the whole GameStop thing -- AFAICT it's a dead man walking (how exactly does it compete with Steam?)...

I think it's because some gamers are rather wary of digital media (what with DRM and so on) and would much rather rely on the relative security of physical media, be it optical disks or cartridges. More or less the same reason some still watch videos on DVD, Blu-Ray, VHS, etc. instead of streaming services like Netflix or Hulu.
Does this answer your question?

Richard Ong

TV, there was nothing foolish about Giuliani and Powell. The Supreme Court's betrayal did them in but they nailed it regardless. What exactly is the flawless, most persuasive legal and public relations course of action when such massive fraud occurs, Trump had done nothing to forestall, and your own side is trumpeting "picture perfect" election?

Point of fact, skating down Constitution Ave. in a clown costume would have worked fine if the judiciary in pertinent part had been loyal to their oaths.

Deap

Private ad run in our local paper - charging our local county election process (run by you know who) also had significant anomalies. All reasonable enquiries have been stonewalled by county election officials, including absolutely no inspection of the unnamed "voting system" machines..

How did a student campus dorm that has been shut down since last spring, register a 75% voter turn out? How did some precincts have 104% voter turnout? How did the district get 17,000 new voters when there was no increase in population? And why did all 17,000 new votes vote 99% Democratic?

Why did the long delay in vote count end up with a 113% vote increase for the "winning" candidate (D) and only a 13% increase for the opponent (R)?

Sadly, I think the answer will be ultimately heavy duty government employee union member "vote harvesting" led to these stark voting pattern increases.

But we the people should be given access to voter information, even if means confirming the one-sided nature of this new permissive voting regulation - vote harvesting.

NB: Empty student dorms seem to be very fertile ghost voter hunting grounds.

Normal pre-Covid student population exceeds 27,000 - mainly transient and from out of district but they historically are allowed to elect our permanent local representatives and pass local property taxes increases. While they leave the area after graduation so they are accountable for neither of these election consequences.

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