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That was my argument against this being “praxis”, or more ridiculously “more praxis than the left has achieved in years”. it’s nice that some people got to pay off their student loans or whatever, but it’s not different to any random person winning the lottery. The structure remains unchanged by this.
Yes, but the superstructure has been affected, this is damaging to false consciousness.
Good point. This is going to be my go to talking point for when I have to explain to a normie why the stock market is bs.
Both sides, the WSB people and the short sellers, are acting in a way that is almost totally divorced from the material reality of the actual company.
Because the added value isn't company-based, it's that there's a guaranteed buyer. It's like being a scalper, but instead of screwing people you're screwing a hedgefund.
This puts words to how I feel about it, its very important as a cultural event I think, less as an actual material advancement of socialism.
Sure it is a great example of the stock exchange being made up bullshit, that’s hardly new information though. And probably for every person that thinks “wow these guys proved it’s all a bunch of bullshit” there’s another person who thinks “wow what an awesome way to make money the stock exchange is awesome!”
The stock market being bullshit isn't new to us, but it is new to a lot of people.
If 50 percent of people come away from this thinking the market is a fuck and the rest come away as non committed opportunists we have probably tripled the left's current influence.
it’s not different to any random person winning the lottery.
Except for the part where this requires a massive movement of likely tens of thousands of people working in solidarity to defeat a capitalist foe?
Like, what? Of course this doesn't take down all of Wall Street, what a ridiculous expectation and bar for "success". Other hedge funds are still smart and if not sunken into shorting the stock will now be calling it, but a lot of that money is also going to individuals.
It literally is more praxis than most of what the left has achieved in years, like, what have we gotten done? Elected AOC and the gang, but have we gotten actual policy reform? This is certainly more than ChapoTrapHouse as a brand, a subreddit, a site, a podcast have ever been able to achieve.
This movement isn’t based in principled or revolutionary leftist theory and therefore will default back to hegemonic bourgeois capitalist ways of thinking/acting. 99% of these people will cash in and buy a PS5.
I’m happy to be proven wrong by further developments.
The fact is that no amount of stock market horsesplay by the masses will ever put a dent in the strength of the elite ruling class, because the elites can just literally write themselves out of a bad deal if they ever feel truly threatened. But while stock trades won't shift the balance of power, this entire debacle can certainly be a very effective propaganda tool, especially against the dominant neoliberal mindset that would have you believe that the stock market is some kind of real measure of the health of our society.
They'll just compartmentalize
"Oh that was the exception that proves the rule!"
Some will, but you're never going to radicalize everyone in one go.
The elite are literally in the process of fudging the rules to stop this and prevent it happening in the future as we speak
Most of this "Money" they deal in will never see the light of day and might as well not exist. Retail investors getting it and spending it in their communities actually makes it real (as money can be)
I mean the whole system sucks the wealths not gonna always go where it should. In fact it doesn’t by design! We should do some DD on blackrock because maybe they’re shorting something harder than they should or have some other vulnerabilities. Or if nothing else know thy enemies right?
This one wsb dude went from 3 to 48 million past three weeks but at that point it's transfer from billionaire to a millionaire so doesn't count really. He had 42k a year ago though. 'deepfuckingvalue'
Those are unrealized gains, and BlackRock likely isn't going to liquidate it's entire holdings because the price went up, unlike the WSB people. BlackRock is buying to own assets that they feel are undervalued, WSB is looking for a risky quick buck.
My actual beef with this is that maybe you can bting down some hedge funds this way but then what? Tesla isn't shorting. Apple isn't shorting. This whole thing is a chop or two at the pillars of thesystem but utterly not enough and seeing how WSB is simping Elon Musk i can't see themm going against Tesla
as though a few hundred million(? I think even that is generous)
I think that amount is accurate at least. WSB was collectively possessing ~5.5% of Gamestop and that was a month ago (and they bought tons more since then). DFV alone had 0.4% and his shares were worth ~53 mil at the highest of the previous day, so if they sell at the right moment it's in the ballpark.
