There is a serious misreading, particularly on the Left, as to what is going on with Gamestonks, $GME, $AMC, $BB, $NOK, the whole kit and kaboodle. Equating this with the Capitol Hill insurrection or with Trump or 4Chan is a mistake. Thread.
A lot of leftists are imposing their ideology on Gamestonk, rather than analyzing the conditions. This is a good explainer by @JamesSurowiecki. Using social media, options, and discount brokers, the mob figured out a way to exploit Wall Street.
Of course it's not so simple. Wall Street loses, Wall Street wins. @alexisgoldstein explains how some hedge funds make a killing even as some take a bath. But 1000s of retail investors are being screwed by Wall St and Washington in all of
Additionally, three Wall Street oligarchs have made a collective $2 billion of GameStop alone. Michael Bury, one of the famous traders from "The Big Short," has also apparently made $250 million. So, yes, rich are getting richer.
But if all you focus on is the wealthy, than you cannot explain why there is blatant market manipulation going on with many brokers suddenly preventing retail investors from buying "meme stocks" like GME, AMC, BB, NOK, BBBY. In fact, they can only sell. Who does that benefit?
