The internet cheers on as a community of retail investors from the “r/WallStreetBets” subreddit wage war against hedge fund short sellers by mass-purchasing GameStop stock (or GME). In the process, they have managed to quadruple the price of the stock in just a couple of days and cost hedge funds billions of dollars.
There are many interesting places on the internet, but nothing has matched the sheer insanity of r/WallStreetBets over the past few days. On the front page, posts range from Jordan Belfort memes, Elon Musk tweets, and a community member thanking everyone as the $GME run helped him pay for his sister’s medical treatment (a true testament of our economic system).
Although this craze will be short-lived, there is something oddly liberating about watching Redditors who literally label themselves as “degenerates” squeeze our broken free-for-all financial system for what it is worth.
While the investor community is normally flooded with libertarians and Bitcoin fanatics casually discussing when the collapse of the US dollar will occur, there is certainly no shortage of political ideologies that aren’t fans of Wall Street hedge fund managers. Many prominent left-wing political figures have demonstrated enthusiastic support for the stock pump; Support which was well-received by the r/WallStreetBets community.
Out of everything we can take out of this insanity, one point stands crystal clear: There is ever-growing anger directed at our fundamentally corrupt economic and financial institutions. Therefore, this may be just the beginning of what’s to come.
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