I am a member of this community before I’m a GameStop fanatic, for whatever that’s worth. I am seeking your opinion as it related to tearing down capital and returning the definition of value to labor. So what do y’all think of this short squeeze situation?
If you’re unfamiliar the gist is that wall st hedge funds (those responsible for the 08 crash) have “shorted” GameStop, betting that it fails. Interweb bozo’s saw and shared this fact, bought the stock, driving the price up, thereby making the short position a failure, and now the hedge funds are bleeding because of it. They are bleeding interest right now, kicking the can down the road; if they closed their short positions and took the loss today it would be expensive to the point no one would keep their job, but the institutions wouldn’t fall. They are deepening their short position, doubling down. The inter web community is convinced a huge payday / toppling of the financial power system is months away.
Can you dig this? As a socialist I’m extremely interested in disrupting crony capitalism. Any of y’all into this?
I'm sorry but the connection to Occupy is just the narrative attached to this thing to really help it sell. They're not going to let you win, and as many of the posters on /r/wallstreetbets made clear, a large chunk of the bulls are just in it for the money. One of them explicitly said that they'd be just as enthusiastic if this were squeezing out grandma's retirement money.
Capital can and will just change the rules so that this doesn't happen so easily again. Just look at how much control the big players have over the very interfaces that retail traders use to access the market.