Gamestop: When the little guys beat Wall Street titans at their own game

I'm going to be updating this essay later, but for now check out this video to get you up to speed on what's been happening.

I can't keep up with the developments.
I give up on writing an essay, so I'll just add to this.

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ggersh's picture

What a great story of people banding together on a Reddit Thread and taking down a hedge fund
as WS and their cronies are freaking out demanding regulations against the behavior of those doing this .

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23 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

@ggersh
"A Bull can make money. A Bear can make money. A Hog always loses."

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3 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

snoopydawg's picture

Wall Street has been rigging the markets to crash for well over a century, but they flip out when people rip them off before they can rip off a company? Absolutely a huge YIPPEE for them. Wish I had been able to take part. Lots of people paying off debts, buying cars and houses, and lots of stuff they never thought they'd be able to afford. The FED and congress have been GIVING money to banks and companies so they can buy back their stock and pay themselves big bonuses and their shareholders. Dimon recently said that his bank has so much money they don't know what to do with it and they are not alone. Nothing left for them to do but go buying lots of stocks to make themselves richer. And this will be really noticeable because they are taking the profits out before THEY crash it. Again. Just a few more months to go?

"something is inherently wrong and needs more regulation!" LMAO Payback is a karma ain't it?

I listened to the CEO dude again and what he is talking about is regulation on social media. He said that it isn't the election this time, nor stop the steal and someone might want to take a look at if it is just Redditt or Facebook...... LMAO big time.

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21 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg
It's turned into a general rout of hedge fund shorts all over Wall Street. In fact major players are selling based on the fear that they could get caught flat-footed by retail investors.
Events are happening so fast that I'm doing research so I can put it all together.

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24 users have voted.
snoopydawg's picture

@gjohnsit

down another 300 to -620. Maybe not all of it though.

Stocks fall sharply on Wall Street, led lower by tech stocks

Stocks were broadly lower in early trading on Wall Street on Wednesday, as investors focus on the Federal Reserve's policy meeting and the outlook for the economy as the coronavirus pandemic rages on.

The S&P 500 was down 1.5% in early trading, dragged lower by technology stocks like Amazon and Facebook as well as materials and energy stocks. The Dow Jones Industrial Average was down 1.5% as well, while the NASDAQ composite was down 1.1%.

Investors are waiting to hear from the Federal Reserve at around 12 p.m. Mountain Time today. The Fed is expected to keep its extremely supportive policy stance unchanged given the slow progress in vanquishing the pandemic, analysts said.

Money is a human invention as are stocks yet everyone needs it to live on. Too bad some rotten people who are super greedy are rigging the rules in their favor to have it all.

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16 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg
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ggersh's picture

@gjohnsit

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16 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

ggersh's picture

@gjohnsit @gjohnsit Then this will happen

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13 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

@gjohnsit
actually sold more stock short than actually exists. This is not supposed to happen. I repeat they sold more stock than actually exists. Say a company has 10 million shares. They sold say 20 million shares. They sold stock that doesn't exist and now have to deliver it. Their frantic efforts to buy stock to cover their sales (delivery required in three days) causes the price to shoot up even higher. This could not happen overall UNLESS SEC rules about selling stock that doesn't exist were broken.
They have to "borrow" stock to sell short. Impossible to borrow more than 100% of shares outstanding.

My prediction: SEC will bail out most of them, and pick a scapegoat to roast. Right now, they are blaming the buyers.

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11 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

ggersh's picture

@snoopydawg

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14 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

snoopydawg's picture

and they should have stopped before they drove that fund into bankruptcy. I disagree. Millions of homes were stolen from people because of what they banks did at first and then while they were trying to save their homes. One person was working to help save the house, while another one was getting ready to foreclose on it. Instead of Obama giving Blackstone billions to buy up 'distressed' homes that money could have gone to the homeowners to redo their mortgage. It doesn't make sense to buy a person's home for cheap then sell it for double or more. Not in a sane world which I understand we don't live in. But we could. They got karma for that. Play by the rules and there is no whining in making money.

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21 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg But you know something? Fuck Gamestop. It couldn't happen to a nicer company. You can search around for why people hate them, but here's the gist of it: they're a classic example of a company that swallowed up superior competition, ran the mom & pops out, and then crapified everything. Their whole business model is based on high profit margin used games, which they pay literal pennies on the dollar for and sell sometimes for as little as $5 less than full retail. They're not known for treating their employees well and their customer service is notoriously poor.

Beyond that, there's a reason Gamestop would have been targeted for shorting anyway. Their business model has been rapidly collapsing due to digital distribution of games really taking off crippling physical media sales (and you can't sell back a game you purchased digitally, which is a whole issue of it's own.) And although you can buy digital downloads through Gamestop, the profit margin to them is a fraction of those used physical games. They've been scrambling for the last few years for a way out of this (such as buying, then killing, Think Geek and trying to cash in on the Funco Pop figurine fad) but AFAIk they haven't found a way out yet.

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15 users have voted.

Idolizing a politician is like believing the stripper really likes you.

snoopydawg's picture

@Dr. John Carpenter

I did not know about their history of gobbling up small businesses to get where they are. But I still think it was great to see someone go down. They have done enough damage to us forever. They are now taking huge risks knowing damn well that they will get bailed out.

Just like the little guys at the capital will take the brunt of the punishment whilst the ones that funded it will escape scot free. As usual. We’re talking decades in prison for what they did. I’m so torn on this issue. If they aren’t going to charge every person there then they should look at the charges for others in BLM and drop them. At least the federal charges.

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13 users have voted.

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@snoopydawg
And how can AMC exist with all their movie houses closed?

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3 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

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19 users have voted.

@aliasalias It's funner.

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8 users have voted.
snoopydawg's picture

The NASDAQ has paused trading after internet “degenerates” spotted Wall Street gearing up to make a killing, beat the traders at their own game, and got filthy rich while destroying the US’ top hedge funds. Buckle up.

“We are actively monitoring social media chatter and will halt stock if we match chatter with unusual activity in stocks,” NASDAQ CEO Adena Friedman announced on Wednesday morning. Speaking to CNBC, Friedman demanded regulators intervene to stop the “manipulation” that’s seen amateur investors completely leave one of America’s top hedge funds, Melvin Capital, teetering on the edge of bankruptcy.

As trading opened, Friedman kept her word and the buying and selling of GameStop stock was halted intermittently throughout the morning, in a bid to stave off the “manipulation” she warned about. But what was it about one failing video games retail company that sparked such panic on Wall Street?

Lots more in article worth reading. But how is it different than what they do when they short stocks and drive the price DOWN?

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16 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg but you knew that already. Smile

Fascinating story.

These Tweets:

"Redditors have done more to hurt Wall Street in 2 weeks than Occupy Wall Street, the Democratic Socialists of America, and the Bernie Sanders Presidential Campaigns were able to do in a decade."

and

"People finally realized pitchforks weren't working and used dollars to fuck over Wall Street elites"

THIS THIS A MILLION TIMES THIS!

The only way things will ever change is to hit TPTB in the pocketbook. Electoral politics, protest (especially on-line variety), shame, etc. simply will not work. This is why the only long game the Dems have been playing has been to neuter labor. This is why Barack Obama himself stepped in to stop the NBA players from walking over BLM. This is why no one is talking about strikes. TPTB can ignore a lot but if you mess with their money, you get their attention.

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23 users have voted.

Idolizing a politician is like believing the stripper really likes you.

ggersh's picture

@Dr. John Carpenter down WS. Let the begin!

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14 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

@snoopydawg
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11 users have voted.
Pricknick's picture

Every day I'm reminded of why I pulled everything out of the market two years ago.
It's a shithole that makes the mafia blush and it's full of congress critters who make their money off insider trading. Also......it's largely government owned.
We're all in the deep end when it crashes again.

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15 users have voted.

Regardless of the path in life I chose, I realize it's always forward, never straight.

@Pricknick
...to make high-risk bets against Wall Street insiders in a rigged casino?
Why not? /s

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10 users have voted.
Pricknick's picture

@gjohnsit
Lived in lost wages (las vegas) for four years many moons ago on a stint. Learned very quickly that the city did not survive from people winning.
I left that hole in 1987 and will never go back.
On the plus side, I got to see lake mead (the backwater of the hoover dam) at it's highest level.

Far cry from today.

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15 users have voted.

Regardless of the path in life I chose, I realize it's always forward, never straight.

Creosote.'s picture

@Pricknick
and don't even understand much math.
A friend here has all their "savings" in a union-run Fidelity 401(k) fund and thinks they're safe. For them, it's all settled.

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0 users have voted.
snoopydawg's picture

"It creates uncertainty in the market. It’s a risk. Take risks, but not irrational risks."

Some traders have put limits on the 2 stocks that were up next.

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17 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

snoopydawg's picture

Discord bans the r/WallStreetBets server

Discord has banned the r/WallStreetBets server, the company confirmed to The Verge. Reddit’s WallStreetBets subreddit is the driver of an unprecedented rally of GameStop stock, and has received a great deal of attention in the press as the stock continues to soar.

Discord says it did not ban the server for financial fraud — rather, it was banned because it continued to allow “hateful and discriminatory content after repeated warnings.” The Verge gained access to the server and can confirm the claim that users of the channel were spamming hateful language, including racial slurs. (I’m sure the timing is just coincidental -sd)

Here is Discord’s full statement:

The server has been on our Trust & Safety team’s radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation. Over the past few months, we have issued multiple warnings to the server admin.

Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.

To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors. We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate.

r/WallStreetBets describes itself as “like 4chan found a Bloomberg Terminal,” and many comments on the subreddit contain offensive language.

If you were able to get into the Discord, it was chaotic, with messages coming in at a rapid rate and many voices talking over each other simultaneously. Check out this

from my colleague Tom Warren to get an idea of what was like (note: you may want to turn down your volume before clicking play, as the voices are quite loud):

Developing...

2nd tweet not the 1st. They already got bailed out once yesterday right?

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18 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg

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17 users have voted.
ggersh's picture

@gjohnsit [video:https://www.youtube.com/watch?v=ipJTqCbETog&feature=emb_logo]

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12 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

snoopydawg's picture

@gjohnsit

This guy says it all.

Let’s not forget about Romney's Bain Capital that bought companies and loaded them up with debt, raided the people’s pensions and then sold it for even more damn money. ..hell yes they needed some f’cking payback! It might not have been a good move, but 9-1 people are happy about it.

Apparently R/wallstreet bets is still online, but it is now private.

Discord bans WallStreetBets server for hate speech and now the subreddit has gone private.

ETA

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lol

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13 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg
I happen to get on the sub Reddit shortly before it went private.
It seemed Wall Street trolls were invading the group, so this was a defensive measure to keep Wall Street from taking it over

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16 users have voted.
snoopydawg's picture

@gjohnsit

I figured that they would be getting some infiltration from WS goons today. If Reddit closes them down then they will go silent and WS won’t know about their next attack. Aren’t hedge funds the pimples on the buttocks of society? The only value that they add is money.

Anyone watching Billions? Fun show.

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12 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg
Filled it with H1-b's then fired every single US citizen including former H1-B's that managed to get citizenship or permanent status.

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9 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

snoopydawg's picture

@The Voice In the Wilderness

and take American jobs, but only after they got trained by those they were replacing. It’s just like this stock manipulation. The elite say that they want something done and congress jumps to it. The blinders are coming off a lot of eyes and people are finally seeing what has been going on for so long and see how things are rigged against them. Good.

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4 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

The Liberal Moonbat's picture

...is it too late to get involved?

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10 users have voted.

In the Land of the Blind, the One-Eyed Man is declared mentally ill for describing colors.

Yes Virginia, there is a Global Banking Conspiracy!

Pricknick's picture

@The Liberal Moonbat
Unless you take your winning and go all in.
It will be back. With a vengeance.
It's long overdue that main-street owns wall-street.
You can't eat the rich but you can make them sweat.

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13 users have voted.

Regardless of the path in life I chose, I realize it's always forward, never straight.

@The Liberal Moonbat
For AMC and gamestop, yes it's too late.
But this method is going to be used again. So keep an eye on shorted stocks.
Plus if this really does kill a few hedge funds, then that could create other investment opportunities.

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11 users have voted.
The Liberal Moonbat's picture

@gjohnsit I've never played the stock market.

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7 users have voted.

In the Land of the Blind, the One-Eyed Man is declared mentally ill for describing colors.

Yes Virginia, there is a Global Banking Conspiracy!

@The Liberal Moonbat
This is the last phase before the big blowoff. "Buddy can you spare a dime." time.

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3 users have voted.

I've seen lots of changes. What doesn't change is people. Same old hairless apes.

The Liberal Moonbat's picture

@The Voice In the Wilderness I thought we were already there.

Who's to say a near-literal revolution in the stock market couldn't possibly FUBAR The Cycle(TM)?

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3 users have voted.

In the Land of the Blind, the One-Eyed Man is declared mentally ill for describing colors.

Yes Virginia, there is a Global Banking Conspiracy!

The Liberal Moonbat's picture

REALITY IN POLITICS/ECONOMICS IS DETERMINED BY FIAT!!!

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6 users have voted.

In the Land of the Blind, the One-Eyed Man is declared mentally ill for describing colors.

Yes Virginia, there is a Global Banking Conspiracy!

Man, mess with the wealth of the elites, and the current mass censorship will look like child's play. I can see Congress actually criminalizing regular people engaging in all sorts of stuff that the elites have done for decades. NASDAQ shut down Gamestore stock based on social media "gossip".

Just saw the reddit group for this stuff got censored....

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12 users have voted.

@MrWebster

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10 users have voted.
ggersh's picture

@gjohnsit What's TSLA, AMZN, etc.etc. worth?

Create debt for stock buyback
Tax relief for stock buyback
Bailout in 08 for stock buyback
Bailout in 20 for stock buyback

oh and the kicker, still suspended

Suspension of FASB 157 Mark to Market Accounting On 4/02/09, FASB suspended FASB 157, which required the banks to use mark to market accounting to value their assets. FASB is supposed to be an independent agency, regulating the accounting standards. Congress, put pressure on FASB to suspend the mark to market accounting in order to prop up the banks. This prevented the banks from admitting they are insolvent.

FASB has still not reinstated mark to market accounting. The banks are still carrying these toxic assets on their balance sheets at their original value, not the true fair value, based current market prices. If the banks were required to state the true value of these assets, many would be insolvent. This extend and pretend policy the government is promoting, is propping up these insolvent banks.

The bottom line is, the balance sheet’s of these banks are being propped up by the government, through the suspension of FASB 157. There is no transparency in the balance sheets of these banks. The government is failing to address the true magnitude of this banking crisis. Then again, the FDIC is bankrupt and doesn’t have the money to solve this problem.

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9 users have voted.

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

snoopydawg's picture

Biden’s replacing the government fleet cars with electric vehicles. Who else bought a bunch of Tesla stock last week? Nah congress doesn’t do insider trading. Not even when they get caught doing insider trading like Feinstein. Perdue. Loefler. Burr who was recently cleared although he did something naughty. Feinstein wants to pay a fine because she didn’t report that her husband bought some stock. Fine. He forgot to tell her about it. Unless he bought Tesla stock too. Hmm...

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14 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg Remember the sell off after the politicians got the heads up on how bad things were going to be? Hmm...I seem to recall Pelosi was there too. Just a coincidence, I'm sure.

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10 users have voted.

Idolizing a politician is like believing the stripper really likes you.

https://jackpineradicals.com/boards/topic/cant-stop-wont-stop-gamestop/

"It's like having a million dildos up your butt"

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7 users have voted.

I feel that tingle up my leg!!! Thank you Gjohnsit...this makes my day. It's like all of a sudden Wall St. finds out the hard way somebody planted an IED and BOOM! I guess I can throw away my Pink Pussy Resistance Hat now.

P.S. Fuck Pelosi. Yuck. I think I threw up in my mouth a little bit there.

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9 users have voted.
snoopydawg's picture

@Snode

You bought the pussy hat and now you will gash darn wear it! Daily no matter how much you get ridiculed. S/
This was supposed to be a huge event for womenkind and yet 4 years after the event no one remembers them doing it. They followed Russia Gate down every rabbit hole that popped up, but they call the Q groupies a cult. Go figure.

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3 users have voted.

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

@snoopydawg

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