They are absolutely fucked so long as people hold. It will be literally impossible for Melvin to buy these stocks.
They will go bankrupt. Then their brokerage is liable. Then their bank is liable. This could bubble up to the top.
I don't even care about the money at this point. If this causes a financial collapse & the banks rob us again, people are going to be outraged. Organizing around that crisis may deliver real political change.
Chill out now, the Feds ain't gonna let it. Interest free loans to the banks are basically the only reason 2008 didn't repeat in 2020. Like, the money printer meme really isn't a meme at this point.
Now, I'm thrilled to see Melvin failing, particularly given they're basically betting on Gamestop's ~50k retail employees losing their jobs in a fucking pandemic, but they aren't "too big to fail." The capitalists will protect their own if it becomes enough of an issue.
Financial crises will always happen in spite of the Fed's efforts to prevent it. It is inherent to the logic of capitalism.
The current trajectory for this crisis is Melvin collapsing. Given the amount of capital Melvin raised in the past two days, I'm expected big players to collapse shortly thereafter.
The financial world is interconnected in ways that are not publicly known. The damage this will cause is unkown, but the financial system is frail right now.
And if it gets to the point that the Fed opens swap lines to hedge funds, so they can buy GameStop stocks at extraordinarily inflated rates from retail traders - we are in the craziest financial crisis I could possibly imagine.
I mean the South Sea Bubble had more share value in circulation than there was money or precious metals in the entire world to cover it. WSB has a ways to go.
They are absolutely fucked so long as people hold. It will be literally impossible for Melvin to buy these stocks.
They will go bankrupt. Then their brokerage is liable. Then their bank is liable. This could bubble up to the top.
I don't even care about the money at this point. If this causes a financial collapse & the banks rob us again, people are going to be outraged. Organizing around that crisis may deliver real political change.
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Who thought the catalyst would be a failing retail company providing power to the players.
Even worse, providing Funko Pops to the gamers.
The short sellers in the Housing Crisis were last decade's Redditors.
If the next financial collapse happens because a bunch of Redditors bought GameStop stock I’m going to laugh my fucking ass off.
This is the stupidest day in American history, a record that will be broken by every subsequent day in American history.
I thought that the next 4 years were going to be boring with Biden in office but never mind. Only a week in and I'm fucking dying
Chill out now, the Feds ain't gonna let it. Interest free loans to the banks are basically the only reason 2008 didn't repeat in 2020. Like, the money printer meme really isn't a meme at this point.
Now, I'm thrilled to see Melvin failing, particularly given they're basically betting on Gamestop's ~50k retail employees losing their jobs in a fucking pandemic, but they aren't "too big to fail." The capitalists will protect their own if it becomes enough of an issue.
Financial crises will always happen in spite of the Fed's efforts to prevent it. It is inherent to the logic of capitalism.
The current trajectory for this crisis is Melvin collapsing. Given the amount of capital Melvin raised in the past two days, I'm expected big players to collapse shortly thereafter.
The financial world is interconnected in ways that are not publicly known. The damage this will cause is unkown, but the financial system is frail right now.
And if it gets to the point that the Fed opens swap lines to hedge funds, so they can buy GameStop stocks at extraordinarily inflated rates from retail traders - we are in the craziest financial crisis I could possibly imagine.
I mean the South Sea Bubble had more share value in circulation than there was money or precious metals in the entire world to cover it. WSB has a ways to go.