Because ordinary Reddit users are organizing their resources in such a way as to take back from the wealthy hedge funds what never rightfully belonged to them in the first place, the establishment is having a meltdown and calling this phenomenon a new "French Revolution."
Bloomberg's Lukas Strobl wrote that GME's meteoric rise inflicted "bruising losses on hedge funds," which were heavily, and apparently even illegally, shorted in the stock at a float level well beyond the number of shares that even exist in the company.
Small-scale traders learned the ins and outs about this hedge fund scheme and came up with a way to effectively challenge it, prompting corrupt platforms like Robinhood to interfere with the markets in an attempt to stop what quickly became a populist uprising against the money changers.
Quoting Skybridge Capital founder Anthony Scaramucci, who called this GME phenomenon "the French Revolution of finance," Strobl revealed that many people who wanted in on the fun were prevented from joining due to the roadblocks and traps that were quickly set to nip this thing in the bud.
"Meanwhile, a deluge of new members forced the WallStreetBets forum to briefly shut out new users, and communications platform Discord banned the group entirely, citing its lack of action against hate speech," Strobl writes.
Why isn't the media talking about the hedge fund vultures that broke the law with blatant market manipulation?
Completely missing from the media's bash-fest against retail investors is any mention of the blatant way that the hedge funds illegally manipulated the stock market in their favor.
As GME was reaching a fever pitch last week during the early phases of the short squeeze, so-called "trading platforms for the people" like Robinhood stopped people from buying more of the stock. This effectively kept GME stock from soaring even higher than it did.
There is still some uncertainty as to how far the hedge funds covered their shorts, but suffice it to say that Robinhood rigged the playing table right in the middle of the game to hurt the little guy while enriching the fat cats.
Everyone involved in the scam deserves massive fines and jail time, but most of the media has already moved on from the criminality of what happened, if they even mentioned it at all. Now the focus is on trying to scare retail investors into never again playing at the big boy table.
What they fail to realize, though, is that retail investors are going nowhere, especially those who are holding and continuing to buy GME stock during the dips. Most in the younger generations do not take the media seriously anyway, and have learned to believe and do the opposite of what the media tells them.
Meanwhile, the Securities and Exchange Commission (SEC) is poised to investigate not the hedge fund criminals that used ladder attacks and other illegal tactics to manipulate the markets in their favor, but rather retail investors for figuring out their scam and beating them at their own game.
This is the nature of crony capitalism, by the way. The system exists for the perpetual benefit of the billionaires while the poor and middle class are bound by onerous rules and restrictions that never apply to the one-percent.
"Since 2008, banking and corporate elites have been kicking small investors to the curb," wrote one of our own commenters. "Now they are getting a taste of their own medicine."
More related news about the stock market Ponzi scheme and the billionaires who control the table can be found at Collapse.news.
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