January 31, 2021

An Even Better Overview of the Gamestop Mess

Via Pixy

This video comes with the following list of citations in the description.


Like everything nowadays this has become polarized. I've had conversations with and read missives by people, including a few friends who are convinced the Redditards are in the wrong, and are the only bad actor here. Some have made it plain that to disagree with them on this point is to reveal oneself as a bad person. 

Here is where I take off the mask and reveal myself to have been secretly working for the forces of darkness all along. 

I think the Redditards are probably assholes. They likely are vulgar, blunt and rude people, who don't engage in the insincere social niceties so necessary for polite upper middle class society. Hell, they're probably just jerks and I don't think they'd be fun to hang out with.

I do NOT think they did anything wrong here. 

I think the hedgefund  shortsellers in the affair are probably well-spoken affable individuals, articulate and fun to be around. 

I think that shorting struggling companies 140 percent is and this being a common practice, is troubling. I think that the ability of a few firms to do this in such a way it affects the whole market is scary. And I think that the stink of corruption in the firms with fiduciary responsibilities to the hedge funds ; the ones that stopped trading, but not selling, on the very stocks that the hedge funds desperately wanted people to sell...is suss to say the least.   I think that lying about one's liquidity to investors and customers is not a best practice.

Finally, I think that struggling companies that might have turned the corner, not being crushed like grapes before they have the chance to maybe save the livelihoods of their owners, investors and at least some of their employees...well that's not bad per se. 
As for a bunch of assholes making money because they saw a legal opportunity and took it? Well, more power to them. 

Did some people get hurt in this? Yes, those with retirement funds...like mine have gotten burned. But they got hurt, not because some asshole on Reddit NOTICED that hedge funds were manipulating the market, but because the hedge funds pursued a short squeeze in the first place.  

So there, your milage may vary,  but now you all  know. 

The vast depth and breadth of my evil is laid out before you. Get your affairs in order, I'll be crossing the Rivr Isen on Midsummer Eve...and I'll be wearing black. 



(Or something...June 21st is in the middle of my vacation this year but COVID makes it hard to plan. ) 

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