47 Replies to “Wall Street Fiasco – A Recap”

  3. The big boys can short more than 100% of issued shares and that’s not illegal. That is fraud and should mean jail time. But when the little guys see an opportunity to squeeze the shorts and make the fraudsters pay dearly for their fraud new rules are put in place. There has to be an investigation and people need to go to jail.

  4. Occupy is retarting. A few people are already gathering to protest.

    How many national guard troops will Trump send in…sorry I meant Yellen…to protect her broker banker backers against bad nazi meme-geek Redditors while she shepherds a humongous bail-out package. Protestors will be classified as super-spreading nazi terrorists in 3,2,1…

    I’m pretty sure this isn’t the great reset that we were ‘promised’.

    This probably won’t have staying power but if it does 2021 is going to be very interesting.

    If this somehow twists and lets that weasel tool in Ottawa off the hook for the virus non deliveries I’ll be quite angry.

  5. Worth every second of that four minute rant, just for the drama of it all. A compelling statement to boot. I am now a Portnoy fan.

  6. You think this is esoteric and doesn’t involve you?

    My retirement portfolio dropped by $14K yesterday and according to my very trustworthy financial agent, it was due in large measure to hedge fund managers having to sell off shares of solid, legitimate companies, to make their shortfall good.

    Yep, people NEED to do jail time.

    1. I went to all cash after the last debacle in the markets. Government caused inflation has been my enemy but my cash flow should be adequate until I die.

      1. Likewise pulled out in 2008. The pagans believed in sacrificing kids to Moloch so good times would roll. Society hasn’t advanced since then. For a few extra shekels, people put their faith in a voodoo financial system based on fiat and debt that enslaves future generations. I am with the kids. STILL. Take it down.

        Government & Central banks s lie about inflation. Central bank low interest interest policy covers for economies ruined from sending jobs to China. Central banks are the drug pushers and enablers of the deficit spending.

    1. Great vid. Thanks.

      Finally something with some actual numbers behind it. And I think it is saying that there is no rule against shorting over 100% of shares? that is technically legal?

  8. The vast majority of people hear ‘Hedge fund’ and their eyes glaze over. Oh! they say … “that’s what some rich ‘financial’ guys do who make boatloads of money … and I’m not supposed to like them.” But ‘Hedge Fund’ remains a totally abstract idea in their minds. An inscrutable term.

    Until today

    Now … the vast majority of the Public got an object lesson they won’t soon forget about ‘Hedge Funds’. Hedge Funds are Theives. Cheaters, and criminals. Hedge Funders have the unregulated POWER to alter the entire workings of the Stock Market at their whim. The “Government” isn’t in control … but a small group of uber-elites call the shots. And EVERYBODY pays. EVERYBODY loses.

    The double mask has dropped. The public got a really good look at the REAL Stock Market this week. I’d look out for pitchforks and the public uprising if I were the Financial Elites. I’d retire down my lonnnng driveways out at their country estates with the safe-rooms.

    Not to worry … Dementia Joe’s got this handled … 😛

    1. The elites wanted rid of Trump so the hedge funds betting on the Chinese, H1B, illegals, and yes, drug dealers billions, could destroy American-Canadian jobs, tear down the Wall and give them global control.
      Looks like the little men and women took a shit in their Gold Rim Nests.
      This is more fun than the Dome Colored Capitol
      Riots;
      Stealing Billions from the Silicone Agloghriom Shortage Thieves.

    2. Even worse, Kenji, they create nothing of value to society themselves, but are often the rapists and murderers of other men’s hard work, creations and livelihoods.

      Also, I wish I could share your optimism, but “the public” also recently “got really good looks” at the REAL election system and the REAL media too, apparently to little effect. But, I guess if some ‘Trumpsters’ and ‘Bernie Bros’ can have calm discussion about working together to wrestle power from the ‘elites’, then anything may still be possible.

      1. CA,think it is more likely an accumulative effect,being still fairly fat and lazy,the Taxpaying Citizen wants to believe..that the institutions are stable and the game is fair..
        The fools and bandits are in a hurry,as the kleptocracy is collapsing worldwide..
        Other peoples money is running out..of value,any value at all.
        Our Parasites are frightened,more fearful than their host..
        Probably because they can see the end of their protected pilfering better than the people who still have productive skills to employ.
        This cheat is just another poke at the caged bear.
        Except the only cage surrounding the free citizen is an illusion..
        The ever increasing evidence of the new feudal system is aggravating..
        Aggravation is how history happens..

        Especially when you nag,nudge and scold people who merely want to be left alone,secure in the belief of your moral superiority and great wisdom.

        CS Lewis was not wrong,they will continue to “help us” until we forcibly remove them.

        For there is no fool like the one who demands the right to live your life for you.
        Death or banishment,the only civil cures,for these kind are too stupid to ever back off .

        1. All well said.

          I just hope that by the time we are able to rid ourselves of this “kleptocracy”, there will be enough of our society left to save. And will “aggravated” citizens reunite with a common vision to move forward after ‘ousting the king’ or will we continue this self-destructive ideological tear in two distinctly different directions? The left have so thoroughly poisoned the well, seriously fractured western societies may remain a reality for generations to come.

          I have watched conservatives do little to nothing these past many decades as the left took over our institutions. Well, not nothing, we did whine about the decline all the way through it. It has reached the point to where I start to wonder if it may be left to the disgruntled activist left to save America. Further to your point, the Dems’ denial of much of their coveted wish-list combined with Bernie’s betrayal(yet again) and the recent censorship of some activist lefties IS slowly opening more and more eyes.

          But no true positive change can really happen anywhere until they conger some effective ways to counter the ungodly combined power of the “parasites'” international propaganda cabal and activist federal law enforcement agencies.

  9. Hedge funds, leveraged buyouts, derivatives, all designed to screw people out of money. I am surprised that derivatives have not collapsed the global economy yet. There is more fake wealth in derivatives than all the wealth on the planet.

    1. that’s the truth. i’m also astonished the derivative ponzi scheme is still going. Deutschebank should have collapsed by now. Been a zombie since 2007. With hindsight, Long Term Capital Management’s collapse was the canary in the coal mine.

  13. One scumbag referred to in this video is Tom Keene, co-host of BNN-Bloomberg’s early morning show. The guy used to be somewhat neutral, albeit snooty and elitist, before the run-up to the recent U.S. election. But at that point the pompous fellow got word from his NBC bosses to pummel Trump, which he suddenly did with frenzy. I call him Mr. Blowhard for his bombastic ways.

    This morning, with the small, retail investors still in play, boosting GameStop and other shares, Mr. Keene is hard at it, calling these “toxic stocks”. Mr. Blowhard is worried about his crony-billionaire pals. They’re worried up on Capital Hill too.

  14. Just watched a CNBC interview with Vlad Tenev, CEO of Robinhood (trading broker who shut down anyone who tried to buy these stocks yesterday). He mumbled and stumbled and swore that he is here for the little guys. Except that he clearly wasn’t. It was nice to watch him squirm for five minutes as he tries to save his company from destruction from regulators and/or his furious customers.

    ps… Gamestop (GME) at US$345.89 (7:17am EST, Fri) in pre-market trading (up 152.29 from yesterday’s closing)

  15. Dave Portnoy is about to get a lesson in realpolitik. You cannot run a crony capitalism society like the western world has become without a melding of big money and big government. They are one in the same for all practical purposes, and as we learned in the USA, the FBI are the political enforcement thugs. Mr. Portnoy is about to get a visit from some not so friendly Feds from the FBI and DHS mumbling something about “domestic terrorism” and shut up or go to jail. I hope he is a man with the stones to say FUCK YOU loudly and publically, but they will try.

    1. “You cannot run a crony capitalism society like the western world has become without a melding of big money and big government.”

      That, mon ami, is the definition of fascism. For an expert opinion:

      “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.”
      Benito Mussolini

    2. If you’re wondering if he has the stones, I think he does. This is a headline on his site today:

      “Watch The Cuntbag CEO Of Robinhood Lie Like A Complete Scumbag About What Happened Today”
      (Sorry for the language – just a copy paste)

  16. What a bunch of BS. A $ of invested capital does not care whether it is held by some basement newbie sticking his government handout into the markets or some multi billion $ hedge fund. If you cannot justify the valuation but move forward anyway then you will reap the benefit or the fail. It is what known as making a market. If social justice or equality of opportunity is your motivation I call BS. Most of this is simply greed. Markets will adjust. Hedge funds can play a valuable role in markets and they will adjust their risk profiles.

    The last thing capitalism needs are the AOC’s of the world sitting in judgement about what is fair in investment decision making. Excesses have to be punished so stand aside. Calculated risk based on fundamental analysis has to be rewarded. The AOC’s and Justin Trudeau’s of this world are out to destroy capitalism or a least manipulate to their purposes.

    1. Please see Stan’s comment below. The problem is … the Capital … is being manipulated by brokerage houses to the benefit of Hedge Funders. That’s called CHEATING. It has nothing whatsoever to do with FREE Markets … or the FREE flow of Capital.

  17. sadly , every one missed the boat in 2007-2009, that was the sign that told us wall street was nothing but crooks, run by Joos!

    1. and then they whine when they get placed in Polish Summer camps with body sized pizza ovens, eh?

  18. If you were writing about this as a fictional novel you wouldn’t be able to name one of the stocks “Gamestop” because the irony would be fleets of supertankers over the line of believability and your book would be mocked by an
    atom level exploding Margaret Atwood “professional” literary establishment in a line to Saturn and back waiting to take their turn on you with pruning shears and bats.
    Which is why I love it.
    Dave Portnoy will have his Twitler account blocked today because freedom is being murdered right in our faces.

    1. Indeed, real life has outstripped the petty little imaginations of Hollywood writers these past few years. Anthony Weiner’s wiener pics come immediately to mind.

      ‘GameStop’ definitely ranks right up there on the irony scale. Haha.

  19. Great rant!
    I have changed my thinking lately. We have to form an us vs them mentality. The us is we the people. Yes, all of us who have been divided 50-50 by them so we point fingers at each other, not them.
    They are the one with their own rules, not us. They can make money shorting some stock to nothing while the honest investor loses everything. They are the ones who get bailed out when they blow up the market. They are the ones who told us HCQ will kill you and now that they stole the election they tell us it now works. 75% less death if taken in the early stages of covid. By denying us in the US HCQ 250,000 people have died that did not have to, But they say “wear a mask!” because they care about you.
    Most people want the same thing. A job, family, housing, food and a chance to go to the lake for a week every summer. We can argue about a lot of things, but we are better served looking at the big picture right now which is saving our nations and our rights from them who despise us and only want to rule us.

    1. The brand-new US Treasury Secretary is Janet Yellen. I wonder what she, and her boss Biden, thinks about these events….

      https://nypost.com/2021/01/28/wh-shouldnt-be-a-surprise-yellen-paid-to-speak-to-wall-street/

      “(Janet) Yellen, a former Federal Reserve chairman, was paid $810,000 by hedge fund Citadel for three events in 2019 and 2020, according to disclosure forms.
      The firm (Citadel) reportedly infused $2 billion into Melvin Capital Management, a hedge fund hammered by losses in the GameStop struggle waged by smaller investors.”

      1. Not to worry, they’ll just send little miss circle back out to handle the inevitable softball questions.

  20. How can Robinhood stop buying of the stock but still allow selling?
    How do you sell if there are no buyers?
    The answer seems to be that they allowed the hedge funds to buy to try to wind up their short positions.

    “New California Class Action Lawsuit Against Robinhood Alleges that Online Brokerage “Switched Sides” and “Sacrificed” Main Street Investors in Favor of Wall Street”

    “What is best in life, Conan?”
    “To crush Wall Street, to see the hedge funds driven out of business, and to hear the lamentations of their laughable business reporters.”

    1. “How can Robinhood stop buying of the stock but still allow selling?”
      Yes it seems like a clear case of stock manipulation.
      Martha Stewart went to jail for trading stocks and it wasn’t entirely clear she had used insider information.
      How the SEC handles this could have repercussions far beyond Wall Street.

  22. Working people wanted Trump as president and thieving Republicans and Democrats didn’t allow them to have him. Instead Americans got one of the most corrupt thieving politicians who steals in open view, just like he molests children. When working class Americans beat the asses of investment bankers for tens of billions, the brokers fixed the market to tank the stock screwing the working class investors out of billions. Big jail time for the crooked brokers now – 20 years. Arrest them today. There needs to be a middle class revolution. Unfortunately Americans and Canadians are too effing stupid to realize that everything is fixed. The news is all fake, the pandemic is fake, elections are fake, the reasons for wars are faked.

  23. Gamestop at $330 as I write this.
    Looks like the hedgers lost more than $10B. (Some) little guys became millionaires.

    All in all, this is a type of wealth redistribution I am fully on board with.

    Looks like the little guys are overall winning.

    1. The fun fact.
      That’s only valuation of the stock, they don’t get that price unless they sell.
      But the street level investors may only lose their initial investment, the hedge fund is on the hook for billions.
      Other fun fact
      Hedge funds like any publicly traded company is required by law to publish a financial report audited by an accredited accountant, provide it to the SEC and make it available to all shareholders by fiscal year end.
      the street investors just need to hold until then.

    1. I see I am incorrect in one fact.

      Yellen received the payment from Citidel.
      Someone already posted this above.

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