Democratization via the Wall Street Bets subreddit GameStop stock short squeeze points out the stock market is a fraudulent casino.
GameStop shorting & Wall Street populism
A market financial analyst according to this reporter are watching the GameStop short squeeze with fascination and familiarity. And what is the familiarity they contend?
They claim the short squeeze is a financial version of past populous movements. Sadly they attempted to equate the MAGA movement and Occupy Wall Street movement. What he forgets is that Occupy Wall Street was, in fact, a financial movement as well.
It is funny how they attempt to psychoanalyze the genesis of the rage of many Americans. And they broke it down in the piece.
Populism In the Markets
- Rage/Economic Anxiety.
- Belief that elites rig the system.
- Technology equalizes the playing field.
- Meme-ification of message.
- Nostalgia for better time.
- Distrust of media.
- Willing embrace of risk.
Washington’s Message
This is not the beginning, not the end.
- Mixture of fun and a cause is extremely potent.
- The pool is unlimited.
- Understand your critics.
- Don’t think it’s someone else’s fight.
Ironically, the description, acknowledgment, and the implied solution rank as an attempt to maintain the status quo with a facade. Until our government understands that Wall Street is nothing but a casino indulged in legalized fraud that worked because it was the few ripping off the many, we run the risk of a new level of unstable stock markets. And their analysis says it all; the [ever increasing knowledgeable] pool is unlimited.
The solution is simple. Stop rigging the system. All financial instruments that have nothing to do with the company should be eliminated. Then we would have a real capital market devoid of freeloaders.