What Clutch said. The guy goes on national T.V. and admits to blatantly manipulating a stock and forcefully selling off people's positions in the stock because he disagreed with the current price. Fuck you money am i rite?!?!?
As far as what happens. Probably about the same thing that happened when the financial crisis happened. Funds will get bailed out. (already happened) Retail investors will be left holding the bag. (Soon to happen) Politicians won't do much because they've taken so much money from funds they can't go against their re-election money. (Has been happening for a long time) Retail investors probably get hit with another limit on their trading powers. (Happened before where you need 25k in your account to day trade now) Further stimulus money will probably be withheld and people pointing to this instance as a reason we can't give regular people money (Just my personal speculation) I don't think much changes. On the funds side, they probably program their algorithms in the future to close out their short positions faster or offlay some of the money in other ways to stop the squeeze from being so crazy, but realistically, they are making money hand over fist so they really don't care unless shit hits the fan. On the retail side, people get up in arms about how they got completely fucked over by wall street and co, but don't realize the power they had is easily repeatable if they can actually get behind a cause and go for it. It'll be a headline for a few weeks until the next disaster distracts us.
As much as that is depressing, we can only hope that something more comes of it. For instance, here's hoping that this might have some legs:
I did some day trading a few years back. At least the way I did it, it was a lot of damned work and research, but I was playing with some really volatile stocks. This was back when the auto manufacturers were having difficulties, my two money makers were Ford and American Axle. They were bouncing up and down like balls, usually between .80 and $4. I was buying and selling both of them constantly. I lost my ass on GM. I held about 1000 shares when Obama bailed them out and fired their CEO over the weekend, when I couldn't dump my shares. It closed on Friday at about $3.80 and opened Monday at around .36. I caught a dead cat bounce and sold around .80. It could've been worse...I had about 5000 shares of K Mart when they filed bankruptcy. Their final act exiting bankruptcy was to cancel all previous stock, and sell new stock. That really sucked when they merged with Sears and K Mart went up to $150. GM did the same thing when they exited bankruptcy (Cancelling stock), so at least with them I was able to salvage part of my investment.
You certainly can, but unless you're playing with volatile stocks, it's kind of boring. Most stocks don't move a whole lot either way, so it's kind of like just watching the lawn.
Of course. You can get into any trading platform and just fuck around if you want. Most of the people who are in gamestop are doing exactly that. I started trading way back in the day with about $1000 and just slowly built up money.
My wife’s grandfather bought her 10 shares of Disney stock like 20 years ago. It came with a printed certificate with Mickey Mouse and shit on it, so that’s pretty fun. Maybe go back in time and do that?
FYI, GME is anything BUT boring. If everyone plays by the rules, it's kind of predictable, albeit fluctuating. But it now seems that the losers are not playing by the rules. I like to think that a shit-ton of retards and autists from WSB are going to hold because that's the "cool" thing to do, and if they lose everything, they'll wear and parade that loss like a badge of honour. I'm betting on the fact that their constant "buy the dip" and "hold" coupled with the shorts' plays will cause the stock to swing wildly... so again, that's why I'm in, but have a seemingly low sell limit of $325. That doubles my cash, but kind of protects me. Just be aware that GME is absolutely NOT the norm... it's a one in a million, which is partly why it's so much fun to fuck around and be involved.
Noooo shit. I'm seriously thinking of raising the limit on my sell... I mean, what's the worst that could happen?
Seems like Canada has the right idea: https://globalnews.ca/news/7605149/jagmeet-singh-day-traders-problem-wall-street-gamestop-push/
Yeah I’m not gonna get in on this GME thing, right off the bat. It’s just been the story that has helped me learn a little bit about how the market works, enough to dip my toe in.
It’s an interesting thing to observe because it taught a lot of people about the concept of short selling. It’s a little more advanced than the typical buy low, sell high mantra. It also shows the power of Reddit. What I don’t get is the whole “retard” and “autist” thing. Why do they call themselves this?
I think it's a self-deprecation thing... they revel in identifying as stupid hive-mind morons with zero investing skills or experience. The only way they are successful is if they have some sort of mental health issue.
Also the fact that in their history there have been some truly stupid plays made. It's a self-deprecating "you must be a moron to be associated with this crowd."
I have to admit, the wife's boyfriend memes can be really fucking funny and at the same time are completely stupid.