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this post was submitted on 23 Jan 2024
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I really love how the whole GameStop thing is so derided around a lot of places, because haha, memestock idiots.
They literally turned off the buy button until they could figure out a way of the mess they created - or at least postpone it. This event alone should have brought people into the streets calling for these assholes heads. Instead we got shitty media coverage, shitty politicking around the topic with clueless senators and almost no action taken whatsoever.
GameStop revealed how utterly, utterly rigged the "free and fair" markets truly are. Sure we all realize that those with money and power will always be ahead of everything. But that was a full mask-off moment and - to a degree - still is. They had to show their cards and it's all fake and make belief, fully covered by unregulated entities that will never ever be held responsible. Not for the fucking mess they made in 2008, not for the fucking mess they kept making (rebranding MBS to CMBS and then getting fucked when COVID suddenly makes work from home a clearly solid model, crashing the CMBS nonsense, just like it was in 2008 with MBS nonsense)...
Like, I get it. Haha GameStop idiots got burned. But people really do not see how hard that event ripped off their mask and nearly brought the whole fucking thing down to the point where they had to blatantly intervene to stop the bleeding. And it didn't even stop with the run a few years ago. Once the split was done, all GameStop shares simply fucking disappeared for several days for German holders, because the split was also done in a very, very suspicious manner.
Think what you will of people invested in GameStop. No single stock has ever put how fucked the market structures truly are as much on display as this one has and continues to do.
It's all fake bullshit and it's still the best way to try to get a leg up in a "legal" way. I truly hate all this shit so much.
I saw it happen in real time... yeah we can short any stock, we can't fail with that strategy if we just have the trading apps to turn off the buy button but leave on the sell button, thanks.
It's like a casino where they set the rules, they can determine whether they pay out or not (or if it's just a "computer malfunction"), they can also decide to kick you out if you're winning too much.
If the free market is a race where everyone plays by the same rules, then the rich start already past the finish line, most people in developed countries are at the starting line with shoes glued to the ground and hurdles constantly being thrown onto the track, and the rest of the world aren't even in the stadium yet.
I was so angry for so many months. But it got my head out of my ass about a whole bunch of things. Fuck culture wars. Fuck day to day drivel. Millions aren't a lot of money.
We're in a class extinction war and we're constantly told to look down, always look down, never up. Look at the poor people stealing your taxes with food stamps! Look at the poor immigrants stealing your jobs (you don't want to do anyway)! Look at the other party being terrible about your needs! Look at your neighbor having more/less than you!
Never ever look up. And if you do: Look how much philanthropy. Look at all the genius! Never look behind the curtain.
Fuck them. Fuck every one of them, their media empires directing thought and speech and the politicians they buy.
I agree, class war is coming and has to come, but it probably still got a few years to go. Can't rush things.
30 years ago wouldn't have been "rushing things".
Class war is here, it has been here since the dawn of history. And we’re losing. We’ve been losing. But I do have hope we will win. We are WAY more powerful than we think. We are more than 8 billion. They are a handful of thousands….
In the US system, always direct register your shares otherwise you don't really own them, nor might your broker have even purchased them!
GameStop should be profitable soon. Quarterly losses have dropped hundreds of millions. CEO Ryan Cohen doesn’t take any compensation and has only purchased more stock. I’ll keep buying until all shares have been DRSd
EPS are like -0.01 right? Very close to positive. Lots of money in the bank and probably the best CEO in the world for the job, who doesn't even take any salary.
If people realized the stock was a bullshit magical money generation machine that requires endless growth to fund their retirements because they get paid so little they couldn't live out their twilight years without it... Heads would be rolling every single day.
Just wait until we DO need to rely on net zero growth gdp and everyone realizes you won't get $500,000 out of saving $300 every month. Turns out what you save is what you save...
Meanwhile poor and meager people self select and stop themselves from having kids over shit the rich oligarchs forced on them... It's so secretly dystopian.