This morning, a merry band of traders at reddit: the front page of the internet sub beat the crap out of short-traders—in the process exposed the scam that is Wall Street. They did this by working in concert; by submitting stock purchases and call options with enough velocity and within close proximity of each other, they were able to drive up the price of GameStop. Each purchase begetting another purchase, a “vulturous cycle” was created out of thin air as greed and fear intersected to create a perfect storm of stock purchases. Short-sellers were squeezed by the sudden upswing as stop prices were triggered, which generated more buys which forced more short-sellers to head for the exit ramp and liquidate their positions.
As I saw what was taking place on CNBC, all I could do was clap and tip my hat to Reddit and their cagey subscribers. Sure, some of the traders who joined in this morning’s gambit did so motivated by profit, but there were many who did so to stick it to short-sellers and institutional holders who continue to thrive as society crumbles. In the process, WallStreetBets Redditors did us a huge favor; they revealed the racket behind Dow Jones, S&P, NASDAQ. What Americans have been conditioned through generations of corporate propaganda, the dolling out of bread crumbs called 401Ks to the middle-class while institutional holders hoarded the vast majority of shares and the rosy narratives of mainstream media were laid to waste by a contingent of mischiefs who gave scoundrels like Andrew Left a bloody noses. More importantly, the lie of this economy is now naked before us...continued...
READ FULL ARTICLE AT: https://ghionjournal.com/reddit-shredded-wall-street/
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teodroseIII
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