I'm not sure if this is supposed to be posted here but I'm not sure this would be welcome in c/wallstreetbets (lmao) either. It's just sad and dispiriting. Not really gonna say more about this because it's been pretty draining tbh.
Also, before someone says "well I don't think it's WRONG to talk about this, and I don't think it's praxis, and y'know I had to pay rent and spent some money on this and I just like laughing at Melvin eating shit and...." cool, I'm not talking about you, you know which people I am talking about.
Also, before someone says “well I don’t think it’s WRONG to talk about this, and I don’t think it’s praxis, and y’know I had to pay rent and spent some money on this and I just like laughing at Melvin eating shit and…” cool, I’m not talking about you, you know which people I am talking about.
It was a fun thing to talk about at first. But many people are really showing their lamest side now.
I'm still having fun reading about it sorry that the pacing of the wacky collapse events doesn't specifically cater to your interests and attention span I guess?
Starting to think leftism in this country is the real death cult, smug and satisfied at being the perfect little judge of character while it lies dying on a ditch with nothing to show for it.
If you ever try to climb out of the ditch, you're LARPing/overreacting because you're doing it the wrong way and therefore we'll all be genocided and crucified if your ideas work
You’re never allowed to go outside and play with all the other kids, only sit inside and read theory hard enough the perfect circumstances will form to make everyone come to your house.
Yeah this is much more interesting than the usual whining about libs and dumb as fuck struggle sessions. Are people that eager to go back to complaining about outdoor cats or whatever?
To OP and other people complaining: we all know that you are the One True Leftist(TM) and really big brained, so can we have some fucking fun without all the performative bullshit? What, do you think people here are going to be led astray by wsb meme magic or something? Some people's analysis of the situation are a little silly, but being right or wrong about it while it's happening doesn't really matter.
I have convinced a dozen people in the last few days in /r/wsb to read blackshirts and reds as well as to subscribe to various socialist communities.
There's a reason the chuds in there are getting really pissy about politics being brought up, they can see that the left is getting more out of this than they are.
You can probably convince twice that number to do that in any other subreddit. Reddit isn't as horribly and monolithically conservative as most people are saying.
PROMOTE LEFTIST THOUGHT.
YOU DON’T EVEN HAVE A VANGUARD
libertarian "socialists" do have a vanguard, his name is Vaush
Literally no one is saying that. Log off and stop looking for excuses to downplay massive radicalization opportunities because they aren't ideal.
Making up a person, just to get mad at them, is the most annoying online past-time.
Seems like everyone who's complaining about this shit is doing that exact meme, meanwhile most of the people getting excited about it are drawing from actual experience and things they've seen
You know what's more annoying? A bunch of people telling you "haha literally no one thinks that!" while a bunch of other people are literally telling you exactly the thing supposedly no one is saying.
Check this shit out: https://hexbear.net/post/77759/comment/832686
Not one of the ones who were replying to me and thankfully they were banned, but dude, there's some seriously bad takes going around.
The amount of heavily upvoted leftist agitprop I've seen on the wsb sub in the past week or so begs to differ
The thing is, that mindset is ironically the most "western leftist" thing I can think of. You're disqualifying a community of hundreds of thousands of people (at least) because they have some reactionary ideological tendencies. I know it's a stretch to compare this to a revolution, but do you think Mao's communists cared that their primary target for recruitment were illiterate peasants? It didn't matter after the revolution, because guess what - they reached out, radicalized them as best they could, and gave them the education they needed to understand communism. Now these people aren't peasants by any means, but they're not competent elites either. They have flawed ideals of capitalism, and their appreciation for it is based on myths and faulty logic. Many smart people fall into ideological pits when they've been brainwashed into thinking the alternative is evil and dangerous. And it's our responsibility to show them otherwise.
Why do you think this is a "massive radicalization opportunity" exactly? Maybe for libertarianism I guess...
Also literally many people are saying that lol
What part of "if you don't talk to them, someone else will" don't you people understand???
Do you also think chuds burning their Nikes was a massive radicalization opportunity?
How are those in any way equivalent? There are literal unapologetic communists on WSB right now. What do you suggest we do instead?
There are literal unapologetic communists on WSB right now
Yeah, there's like, at least 20.
What do you suggest we do instead?
What would you do any other day?
Do you think subreddits like WSB or hell, even The_Donald are/were this fucking miserable? No. The right has something we don't have - hype. There are virtually no serious downsides to "overreacting" to this potentially insignificant event, because like everything in this dogshit hypernormalized culture it will probably be forgotten within a month. I don't think you understand, we have to overreact to small victories sometimes; we have to have a sense of hype. Otherwise we're just a bunch of individual shitposters pointing and smiling at world events like senile old men at a retirement home watching birds go by.
The issue is exactly that you seem to think that the "contest" between whose subreddit is more hype is important to anyone other than a few redditors.
There are downsides. Beyond the very obvious, which is pushing people to the stock market. What you are saying right now reinforces even more my perception that people just have their brains completely broken by capitalism. Either you're hyped about stonks and meaningless subreddit contests, or you're completely inactive apparently. Is there nothing more you can think of?
There was less hype about Amazon unionising like a month ago. Think about that.
Yeah, that's exactly the problem. Y'all cowards don't even let yourselves get hype about your own victories. Stop being such a self serious person, you might be less miserable that way.
I am seriously struggling to see what kind of victory it is that you people think achieved. This place will laugh at libs celebrating Biden and then will pull off shit like this.
Biden is a nothingburger, I might think it's pathetic to be super jazzed about him, but whatever. Here we have the exact people we all claim to absolutely loathe, people who everyone wants to see knocked down a peg, publicly losing their shit over a bunch of poors actively trying to screw them out of their ill-gotten gains. I think that's worth at least a small amount of approval.
I've literally had libertarians talk pure marxism. There is definitely an opportunity there. Not super big but it definitely is
Someone on this very site was telling me this GME thing is a bigger deal than the BLM protests.
BUT LITERALLY NO ONE THINKS THAT HAHA WHY ARE YOU TALKING ABOUT THIS LOLOLOL IT SEEMS LIKE YOU'RE JUST MAKING UP PEOPLE TO BE UPSET AT!!!11!
Yeah, I don't understand why people are suddenly upset about a lack of praxis in people's posts. They're posts.
The problem isn't that the posts aren't praxis. I said as much in another comment in this thread.
The issue is that people THINK they are praxis.
Why are we on this website? Because if it's about doing praxis, we sucked ass at it long before yesterday. If your message is that everybody should stop posting on the internet and go do real shit in the real world, I'm 100% behind you. But singling out this one event as "not praxis" makes no sense to me because it also applies to 90% of all the leftist content online.
I think you are misinterpreting my post.
My problem isn't that this isn't praxis. I'm not expecting praxis to come out of obscure Internet fora. It is that people have convinced themselves it is, especially when it's literally about trying to do a capitalism at the stock market, and ESPECIALLY when it's something with a potential to get a lot of people addicted to stock gambling.
I said it elsewhere here, but my experience has been the opposite. The majority of posts I see are people acknowledging that they're participating in a system that wasn't built for them. I don't think people are deluding themselves into thinking that they can out-capitalist the capitalists. If anything more people have come out of this realizing that the stock market is less fair than they thought it was.
Yeah I've seen some of that but also I've seen a whole lot of unironic and explicit "stonks are praxis", or that WSB is "collective action", and other similar takes. I'm also pretty sure that out of the people playing right now, as a whole the main attitudes will either be "wow the stock market rules" or "fuck I lost everything, if only I wasn't dumb >:(" in the long term. It's a terrible thing to promote in general, let alone as a revolutionary action.
I mean at some point we're just focusing on different things. Yesterday almost every major subreddit had posts about how billionaires don't play fair, the little man can't get ahead, etc. I've seen next to nothing, on this site or on reddit, about the stock market actually being a good place to spend your time and money. If you say you've seen it, I believe you, but it doesn't seem like the prevailing sentiment right now.
I don't see how the online space is fundamentally different to the writing+distribution of newspapers or books of the old world. Anyone that considers those activities to be praxis back then should consider quite a lot of activity in the online space to be praxis today, in particular because social media has more power today than the newspapers today, or in the past for that matter.
That's not to say that the online space should ever be all the praxis anyone does. But this outright dismissal of it is detrimental to the left. It actually astounds me that people continue to so heavily dismiss it after watching the fascists put it to work for their entire movement over the last decade and after qanon literally built a successful cult out of it.
The thing we should be saying is that it cannot be all the praxis that you do. You MUST go outside and organise with organisations in the streets as well.
astounds me that people continue to so heavily dismiss it after watching the fascists put it to work for their entire movement over the last decade and after qanon literally built a successful cult out of it
If you actually understood what Marxists mean by the word "praxis" you'd understand none of this is new or a material "change" to Amerikkkan society
Cool then, it's good if it works for you, that's not what I am talking about.
Counterpoint: the bolsheviks did a shit ton of bank robberies to fund their efforts. Obviously this isn't going to the vanguard party but in some ways it's kind of like a bank robbery in the sense that capital is being redistributed to the proletariat.
Heh, dumb online leftist. Buy robbing banks, you participate in banking, and therefore it is I, Gods Perfect Leftist, that is once again superior.
redistributed to the proletariat
is it? seems like the winners are petit bourgeois redditors and smaller hedge funds
Most of the posts I've seen in /r/wsb is people gambling their stimmies in the hopes of covering medical bills and student loans.
I've seen a lot of posts on WSB saying that motivation is a feeling of revenge for their own poverty.
Being working class isn't an inherent quality (and a big chunk of WSB and especially the people with lots of money to bet isn't even working class either, although some chose to larp as poor online, not to mention all the other Wall Street speculators jumping in on the action). If someone makes a bunch of money on the stock market, chances are they'll keep doing it, and then they won't be working class any more, they will simply be stock market speculators.
While this is certainly true there are plenty of stories on there of people giving life saving surgery to their dog and stuff. I'm sure some are posing but not all, I agree this isn't the revolution though. The thing that has revolutionary potential is the fact that the great powers of the world changed the rules of the game to screw these people over, proving capitalism to be rigged. The making money part isn't as important.
While this is certainly true there are plenty of stories on there of people giving life saving surgery to their dog and stuff
I mean I'm sure someone has given life saving surgery to their dog after winning at the casino.
The thing that has revolutionary potential is the fact that the great powers of the world changed the rules of the game to screw these people over, proving capitalism to be rigged.
I think people focus a bit too much on the "proving" part. Like, yeah, many if not most people know it after a while, they just learn to accept it. Libertarianism is an entire ideology centered around "it's rigged, we need moar capitalism to unrig it".
I feel you man, also people going on as if this is somehow going to bring about a digital revolution, rather than interest free loans for the injured capitalists and regulation to insulate the working classes from their money printers even further.
Nothing I've seen since joining here has screamed more that a lot of people on this board, especially the wsb crowd with their overconfident financial hot takes completely detached from an analysis of power and the class solidarity of capitalists, need to actually fucking read their theory and economic history
I don't know if I'm wearing rose tinted glasses (heh), but my experience has been almost the opposite of this. Everywhere I've looked, there have been a flood of posts about how the system is rigged, about how wealthy investors will collaborate to protect themselves when threatened by the masses, and especially about how the idea of a level playing field is a myth created by the wealthy elite. And to me, that's just one logical step away from realizing that there are a group of people who are predetermined winners, and a group of people who are predetermined losers, and that's the beginning of class consciousness.
I think that most of the people involved in this know that while they might win this battle, they can't win the war, so to speak. They realize that this is just pulling one hair out of the ass of the 1%, and that they're never going to be a real competitor in this system, because this system is rigged. I've been trying to reiterate that message to as many people as possible both online and it in real life, and most seem receptive to it.
A highly updated comment said something along the lines of, "Well shit, I finally understand why China is so harsh with their billionaires. We could learn something."
This was on Reddit. Not only that, but there was only one "China bad" response. There are 5 million subscribers to that sub and most of them are politically illiterate, but each and every one of them now has a personal vendetta against big finance. I'm sure that only a minority of them are going to be radicalized to the left by this, but ignoring the chance to agitate seems like a missed opportunity.
Yeah I completely agree that it's good for the message. The issue that I was pointing out in my comment was that some people on the left are seeing this event, which the vast majority of people are isolated from, as THE big turning point when the memory of this event will be broadly gone in a month. Some predominantly petit bourgeois redditors making some money on the stock market and getting fucked over by Wall St. really isn't the banner to unite the working class under that the low-praxis chapos seem to think it is
as THE big turning point when the memory of this event will be broadly gone in a month
This, I agree with. If covid couldn't kickstart a literal revolution, I have no hope that one week of stock market shenanigans will manage it. All I can do is whisper in the ears of my liberal friends, "don't you think this has broader implications about our capitalist system?"
I think the bad analysis comes from people being so starved for hope right now.
But the whole thing is capital showing its ass, so there will be some new comrades at least.
Hope is a great thing to have, but false hope can make people complacent and is dangerous when every inch of ground is hard won. This entire situation is flooded with false hope for bigger things with zero analysis of power, while at the same time media narratives are spinning it against the stimulus checks people need to survive. People need to focus on the shit that can seriously improve the lives or the poor right now, and it isn't cheering on wannabe capitalists giving the big capitalists a bloody nose which will be easily contained, after all the working class people conned along for the ride lose all their money
I am absolutely none the wiser and I still have no idea what you are talking about but this meme always makes me laugh so thanks.
Glad I don't have twitter. Although I looked it up and yeah, now I seem to remember seeing something about it on Chapo.
Bean dad on twitter if I remember correctly. Some narcissistic dweeb that didn't feed his daughter for half a day until she could figure out how to open a can of beans with a can opener by herself with no assistance from him. And then proceeded to post a 50 tweet long thread about it
:bean:
I dunno, short squeezing an investment firm so that they’re at least 70 Billion in the hole is a more damaging action to capitalists than anything else we can try short of actually damaging capitalists.
-
Idk where people are taking 70B in the hole from, a couple firms lost around 5B or so, and Melvin Capital (the biggest loser) closed their position afaik now.
-
This has been framed very badly. It's not just a one sided loss for capital in general. This was triggered by WSB but lots of Wall St firms jumped in to get some of the action, and the ghouls that own the most GameStop stock (the top stock owner I believe owns something like 13% of all stock) gained hundreds of millions each. And all that money isn't just coming from Melvin and other hedge funds. That's not the only reason the price is getting inflated. The OTHER reason is that people are buying stock en masse to get in on the action, and a lot of them will get fucked over when this collapses, to the benefit of both the people at WSB who will pull out at a more opportune time, and the other hedge fund ghouls that are in on the thing.
In the long run, I don't see this as a blow to capitalism at all. If anything, it's gonna make more people invested at the stock market. The stock market making people rich isn't particularly good at radicalizing people, even if they get a bit angry at an app or whatever for not letting them get richer.
The market cap of Gamestop is 25B? I'm not 100% sure how everything works but I don't understand how this number is realistic. Is it based on a prediction that it will still surge much higher? Because it's definitely not happened yet.
"As an example, take a situation involving four investors. Annie owns shares of GameStop, and Annie and her broker have an agreement that allows the broker to lend Annie's shares to short-sellers. It lends them to Bob, who subsequently sells those borrowed shares short in hopes that GameStop's share price will fall.
An investor named Chris ends up buying those borrowed shares from Bob. However, Chris has no way of knowing that those shares have been borrowed from Annie. To Chris, they're just like any other shares.
More importantly, if Chris has the same kind of agreement, then Chris's broker can lend out those shares to yet another investor. Diane, another GameStop bear, can borrow those shares and sell them short.
In this example, the same shares end up getting borrowed and sold twice. The short interest volume these transactions add to the total is twice the number of shares actually involved. You can therefore see that if this happened throughout the market, total short interest would eventually exceed the number of shares outstanding and approach 200%"
Yes that is nuts. And yes capitalism is a big meme.
If they literally had to buy every stock in the market twice, it still wouldn't be worth close 70 billion. Someone posted the link to the article they thought was showing they were losing 70 billion, and it was about loss at short positions this year in general, not just due to the GameStop squeeze. https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW
Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
[...]
Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.
I brought up market cap because the market cap is the combined value of all outstanding shares of that company. Someone posted the link to the 70 billion number and it turns out that it comes from an article in Reuters that talks about the combined losses on shorting positions for every firm in the US, which was misread to be about GameStop. The same article put the losses of GameStop short sellers at around 1 billion at that time.
Well yes the 70 billion isn’t all GME, though a very outsized proportion is
Yes, I was just responding to someone who said they were losing 70 billion because of GME. It seemed a very weird claim to me, which is why I brought it up.
As far as i know on the story they stopped buying up the stock, but they owe the difference per stock and i dont have numbers on the estimated purchase amount.
But it’s an introduction of a market force they cant immediately predict or control, least until they embed their own types to wsb
More importantly we as leftists dont have the luxury of picking the most agreeable moments to act.
least until they embed their own types to wsb
They're probably already doing that to an extent. But it's not just Melvin. I wouldn't be surprised if at least part of this was aided by some other hedge fund. Firms do that kind of shit to each other. Shkreli did it too in 2015.
More importantly we as leftists dont have the luxury of picking the most agreeable moments to act.
Act and do what though? There is little one can do here. Like, I guess someone can do some astroturfing in WSB to see if they can hook up a couple of people? That's about the scope of this. George Floyd was a real opportunity and very important. Healthcare is a potent issue. Corona is a potent issue. Rising unemployment is a potent issue. The stimulus checks are a very potent issue. This is just... Something redditors look at and laugh for a while.
Naked manipulation of the stock market, the only thing that was bailed out during the pandemic by the US government? The arbiters of The Mighty Line coming together and saying all the things they’ve been doing all along is illegal when we do it?
Open demonstration of the uselessness of the stock market? This is more than bankrupting a couple investment firms, this is a fresh crack on the mask of self importance the finance industry placed on itself. People are buying up prices. Nothing is created by these actions, potentially only destroyed,
We dont know the extent to which we’ll get results, or even small traction. But an attempt must be made here. If the left isnt out there making a case for itself, them who is? The people are swirling, blithering masses with no direction outside their next step. People here have been saying theyre demonstrating some degree of class consciousness, so if they feel they can make some influence, or do we let 5 million people together go to waste?
Not every one of them is the slur throwing frat bro, that’s the character of the subreddit, there could be many lurkers there who just want to skim the advice, or people rubbernecking at the spectacle. Hell we might even convince some of their usual traffic.
But this is a war of sorts, we dont have the luxury not to fight.
Open demonstration of the uselessness of the stock market? This is more than bankrupting a couple investment firms, this is a fresh crack on the mask of self importance the finance industry placed on itself. People are buying up prices. Nothing is created by these actions, potentially only destroyed,
This has been abundantly clear for a long time. A lot more than that is required.
This is big news in reddit but most normal people I talked to about this had no idea what I was talking about. It's not even getting that much exposure. And, I mean, it happened in 2015 and no one seems to remember it, not sure people outside reddit will remember this in a month.
but an attempt must be made here.
Make your attempt. There might be a few people who are somehow pushed to the right direction. But probably not any more than any other day. Gambling is a hell of a drug, it can easily turn against class consciousness, ESPECIALLY if you win. We're supposed to always be trying to talk to people. The main issue here is how massively people are overestimating this as an opportunity, and even worse, the promotion of stock trading by some, not even just as a way to make money but worse, a revolutionary activity, which is at best a diversion. They point to a deeper problem with their approach to politics.
Also posting isn't praxis. It produces few results. People here are biased towards it because we're all extremely online and many people here were radicalised by posting, but it's very limited in scope. Do it on the side, do it if there is nothing else you can do at that moment, but it's not a substitute.
It’s ill advised to assume people really know the uselessness of the stock market, many people cant fathom how it works are likely just lean into “it does”. Wall Street wrapped itself in a safety blanket of self-importance, so even if people understand they do nothing, it doesnt really affect them.
As for it’s new outreach, i suppose it depends on where you get your news. I didnt seek any of this out, infact i would probably only know about it from reddit chatter or my brother who invests on Robinhood if it wasnt posted here at all.
But we’re not telling people to step into a boxing ring during the fight, just to talk to as many people as possible when they make for the exit, because lots of eyes are on this. Especially if wsb fails to bankrupt a firm.
It’s ill advised to assume people really know the uselessness of the stock market, many people cant fathom how it works are likely just lean into “it does”.
Well chances are this isn't gonna change things. Like, it literally took a massive shit in 2008 which cost millions of people their jobs, but they still didn't figure it out, chances are they won't figure it out now either.
As for it’s new outreach, i suppose it depends on where you get your news. I didnt seek any of this out, infact i would probably only know about it from reddit chatter or my brother who invests on Robinhood if it wasnt posted here at all.
Exactly. It's big news on reddit. Extremely online people know about it. The rest? Eh.
We cant convince everyone, but the effort’s gotta be made to convince someone
As for the news, for all we know it’s probably left out of the news because:
- It’s financial news (boring!)
- They could be legitimately afraid of larger numbers of retail purchasers coming into the market.
On that second point they could be afraid that people would see it’s the hot new stock and buy and hold, which is the last thing any firm wants. These people will probably be hurt the most when the stock tanks, but they dont bother to think about that.
We cant convince everyone, but the effort’s gotta be made to convince someone
I agree. This should be the default. I disagree with the overestimation of this as an opportunity, and especially the people pretending stonks are praxis.
Idk where people are taking 70B in the hole from
https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW
This is about the total losses on short positions in the US this year, not just GameStop. Look what it says about GameStop:
Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.
The entire market cap of GameStop is like $25B.
Idk where people are taking 70B in the hole from, a couple firms lost around 5B or so, and Melvin Capital (the biggest loser) closed their position afaik now.What are your sources for this info? I was under the impression that this isn't over yet.
It's not completely over (and it's not just Melvin that shorted the stocks) but it seems like it peaked a while ago and now it is fluctuating at a lower price before it collapses. Not 100% sure because who the fuck knows what the stock does but at this point it seems like it is at least partly artificially supported by WSB holding and convincing more people to get in on this, and not so much because of the shorts.
at this point it seems like it is at least partly artificially supported by WSB holding and convincing more people to get in on this, and not so much because of the shorts.
Well yeah that's pretty clear to /r/wsb. That's why they're holding onto the stocks until the ghouls have to buy huge amounts of stock.
That's not what I mean. I meant that the price isn't that high so much because the short sellers need to buy all that stock, but because randos are still buying in. Shorting interest is still high but I'm not sure if what is happening is "sustainable".
The way in which this whole scheme was supposed to be different from a more ordinary stock market bubble resembling a ponzi scheme is that this was supported by short sellers who really needed to buy all that stock at any cost. So it was supposed to be a free for all funded by Melvin. Now I think it is gradually moving away from that and getting closer to a more typical kind of bubble.
I meant that the price isn’t that high so much because the short sellers need to buy all that stock, but because randos are still buying in. Shorting interest is still high but I’m not sure if what is happening is “sustainable”.
Well yeah that's where the gamble is. /r/wsb seems to be pretty enthusiastic about holding out until the ghouls have to buy.
-
Tired of seeing posts like this. Critical support for whats happening right now. Critical support. We don't think it's praxis
There is lots of people telling me "literally no one is saying that" and lots of people replying to me and saying the exact thing that "no one is saying" so it's kind of a weird situation.
this is just something to occupy this particular week of the featureless void that is the eternal winter lockdown, please just let people have a little bit of fun
I was having fun too with it until I saw unironic stonks are praxis posts.
If someone got rid of a hedge fund by any other means you'd call it praxis
Which isn't even to say that stonks are praxis, but it's at least more praxis than making posts whining about stonks. If nothings else, stonks have proven to be a great radicalization opportunity, idk why you're so angy about people seizing on it
If someone got rid of a hedge fund by any other means you’d call it praxis
I'd be calling it praxis if it was praxis.
but it’s at least more praxis than making posts whining about stonks.
It literally isn't.
stonks have proven to be a great radicalization opportunity,
When?
Literally look at the amount of heavily upvoted openly leftist content on wsb.
The amount of :porky-scared: on the media should clue you in to the fact that the elites are actually scared about this, which is about as good an indicator as any that this is more praxis than one salty user spending his entire day doing an :angery: on a 15000 member lefty shitposting board lmao
Literally look at the amount of heavily upvoted openly leftist content on wsb.
What is that "leftist" content on WSB? The top posts there right now are complaining about people making things political, and then there is posts saying stuff like "haha eat shit wall street elites, I'm better at capitalism!".
And then there is people really wanting to believe the status quo is a lot more upset about this than they really are.
Buying stocks to deliberately bankrupt hedge funds and possibly causing an economic collapse in the process?
If anyone causes an economic collapse, it's not gonna be reddit. Apparently the losses to short sellers are
Also why are people so stoked about economic collapse happening as soon as possible? It's very weird talking about people who really need some money getting it, while also being super stoked about economic collapse.
This is a small dumpster fire in the financial world. Anyone thinking this is somehow gonna bring about financial collapse need to read economics and the financial industry 101. This is significant in the world of shorts but barely a blip and a funny article to the rest of them.
And yes individual cases of people making money will exist, but money won't be distributed to those who need it on average once this is over. The working class people brought along for the ride will be holding their shares long after the firms and petit bourgeois of wsb have jumped off.
Causing measurable damage to the banks and spreading class consciousness like wildfire isnt praxis. Bitching to an a shrinking and increasingly insular community of purist is praxis.
Sigh. Look, if believing this is what is happening gives you some hope or something, whatever.
There were people trying to justify it as praxis by quoting a joke in a letter Marx wrote to his father where he described his stock market activities as separating the enemy from his money, which is an obvious joke you make when faced with the oddity of a socialisr engaging in the stock market and not a piece of theory.
