Me too, devaluation of the dollar and debt upon debt... everything is down right now on the day it seems....
Wall Street hedge funds, which have used predatory tactics to pillage the economy for decades, got caught with their pants down. Someone on reddit noticed that they shorted GameStop stocks at 140%, and let the internet know. So a mob of regular people started buying GameStop stock, which will force those hedge funds to fork over a large sum of money to reconcile those bad bets. Just a small amount of justice for those same people crashing the market in 2008.
That and then the “power” still tried to shut down the little guys. At one point they weren’t letting people buy the stocks to force the stock down so the hedge funds would stop bleeding. 100% illegal IMO. They have lost billions. Fuck dem.
Let's say a stock is selling for $100. Hedge fund managers borrow shares of the stock and a date is set for them to pay it back. They go on tv and social media and say bad shit about the stock and the price drops to $10 a share. To pay the stock back they buy it at $10 and pocket a bundle. For some unknown reason this is not against the law. However if the stock goes up like to $200 the hedge fund manager has to buy it at that price to pay it back. He then loses billions.
Yea and those fucks at the trading platforms, at one point, forced sells, ONLY let you sell, and stopped people from buying "for their own good"; thus, driving the price down so the funds could "re-short". Its rigged and the pepe-bros found a hole and exploited it.
Just to clarify a little, with that example they borrow the share at 100, sell it at 100, and then are obligated to buy it and give it back. If it goes up they can lose their shirt. If they borrowed money (margin) to make the deal and the stock goes up, their equity goes down, the banks/broker may say pay this shit back right now. So they're forced to eat a loss - its not just on paper anymore.
I have less of an issue of the game that is played by the wealthy/powerful. I am more pissed that when the little guys figure it out, the government swoops in to save the wealthy. Crypto my friends. Crypto.
