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Where were you when Reddit broke hedge funds?
I have been fascinated by the GameStop story, and my only regret is that I'm not teaching Business right now b/c this would be the best way to teach about the stock market ever. If you're confused as to what's going on, VICE Magazine's article explains it in laymen's terms (I am a layman).
What it boils down to is a bunch of people on Reddit called capitalism's bluff and more or less won, exposing how the market isn't actually free and the measures of economic health on Wall St. are thoroughly untethered from Main St.'s economy. It's also possibly the biggest transfer of wealth from the financial sector to the middle class seen in a good long time, meaning that a bunch of trolls on a shitty website accomplished more in a few months than the North American left has done since the 70s.
Also it's very funny because you can go on Twitter and watch hedge fund dudes lose their shit in real time, and serious business journalists have to report what's going on and it involves people named DeepFuckingValue and POTATO_IN_MY_ASS and Thicc Dads Club.
It's a delight and a joy and I hope it's an indication that 2021 will be less shit now that people know they can do this.
Of course the Invisible Hand intervened to put an end to this specific fun but it can happen again, and just might, and in the meantime two hedge funds are probably bankrupt with their money redistributed to people who aren't as terrible.
I have been fascinated by the GameStop story, and my only regret is that I'm not teaching Business right now b/c this would be the best way to teach about the stock market ever. If you're confused as to what's going on, VICE Magazine's article explains it in laymen's terms (I am a layman).
What it boils down to is a bunch of people on Reddit called capitalism's bluff and more or less won, exposing how the market isn't actually free and the measures of economic health on Wall St. are thoroughly untethered from Main St.'s economy. It's also possibly the biggest transfer of wealth from the financial sector to the middle class seen in a good long time, meaning that a bunch of trolls on a shitty website accomplished more in a few months than the North American left has done since the 70s.
Also it's very funny because you can go on Twitter and watch hedge fund dudes lose their shit in real time, and serious business journalists have to report what's going on and it involves people named DeepFuckingValue and POTATO_IN_MY_ASS and Thicc Dads Club.
It's a delight and a joy and I hope it's an indication that 2021 will be less shit now that people know they can do this.
Of course the Invisible Hand intervened to put an end to this specific fun but it can happen again, and just might, and in the meantime two hedge funds are probably bankrupt with their money redistributed to people who aren't as terrible.
