I'm not sure if this is supposed to be posted here but I'm not sure this would be welcome in c/wallstreetbets (lmao) either. It's just sad and dispiriting. Not really gonna say more about this because it's been pretty draining tbh.
Also, before someone says "well I don't think it's WRONG to talk about this, and I don't think it's praxis, and y'know I had to pay rent and spent some money on this and I just like laughing at Melvin eating shit and...." cool, I'm not talking about you, you know which people I am talking about.
They're probably already doing that to an extent. But it's not just Melvin. I wouldn't be surprised if at least part of this was aided by some other hedge fund. Firms do that kind of shit to each other. Shkreli did it too in 2015.
Act and do what though? There is little one can do here. Like, I guess someone can do some astroturfing in WSB to see if they can hook up a couple of people? That's about the scope of this. George Floyd was a real opportunity and very important. Healthcare is a potent issue. Corona is a potent issue. Rising unemployment is a potent issue. The stimulus checks are a very potent issue. This is just... Something redditors look at and laugh for a while.
Naked manipulation of the stock market, the only thing that was bailed out during the pandemic by the US government? The arbiters of The Mighty Line coming together and saying all the things they’ve been doing all along is illegal when we do it?
Open demonstration of the uselessness of the stock market? This is more than bankrupting a couple investment firms, this is a fresh crack on the mask of self importance the finance industry placed on itself. People are buying up prices. Nothing is created by these actions, potentially only destroyed,
We dont know the extent to which we’ll get results, or even small traction. But an attempt must be made here. If the left isnt out there making a case for itself, them who is? The people are swirling, blithering masses with no direction outside their next step. People here have been saying theyre demonstrating some degree of class consciousness, so if they feel they can make some influence, or do we let 5 million people together go to waste?
Not every one of them is the slur throwing frat bro, that’s the character of the subreddit, there could be many lurkers there who just want to skim the advice, or people rubbernecking at the spectacle. Hell we might even convince some of their usual traffic.
But this is a war of sorts, we dont have the luxury not to fight.
This has been abundantly clear for a long time. A lot more than that is required.
This is big news in reddit but most normal people I talked to about this had no idea what I was talking about. It's not even getting that much exposure. And, I mean, it happened in 2015 and no one seems to remember it, not sure people outside reddit will remember this in a month.
Make your attempt. There might be a few people who are somehow pushed to the right direction. But probably not any more than any other day. Gambling is a hell of a drug, it can easily turn against class consciousness, ESPECIALLY if you win. We're supposed to always be trying to talk to people. The main issue here is how massively people are overestimating this as an opportunity, and even worse, the promotion of stock trading by some, not even just as a way to make money but worse, a revolutionary activity, which is at best a diversion. They point to a deeper problem with their approach to politics.
Also posting isn't praxis. It produces few results. People here are biased towards it because we're all extremely online and many people here were radicalised by posting, but it's very limited in scope. Do it on the side, do it if there is nothing else you can do at that moment, but it's not a substitute.
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It’s ill advised to assume people really know the uselessness of the stock market, many people cant fathom how it works are likely just lean into “it does”. Wall Street wrapped itself in a safety blanket of self-importance, so even if people understand they do nothing, it doesnt really affect them.
As for it’s new outreach, i suppose it depends on where you get your news. I didnt seek any of this out, infact i would probably only know about it from reddit chatter or my brother who invests on Robinhood if it wasnt posted here at all.
But we’re not telling people to step into a boxing ring during the fight, just to talk to as many people as possible when they make for the exit, because lots of eyes are on this. Especially if wsb fails to bankrupt a firm.
Well chances are this isn't gonna change things. Like, it literally took a massive shit in 2008 which cost millions of people their jobs, but they still didn't figure it out, chances are they won't figure it out now either.
Exactly. It's big news on reddit. Extremely online people know about it. The rest? Eh.
We cant convince everyone, but the effort’s gotta be made to convince someone
As for the news, for all we know it’s probably left out of the news because:
On that second point they could be afraid that people would see it’s the hot new stock and buy and hold, which is the last thing any firm wants. These people will probably be hurt the most when the stock tanks, but they dont bother to think about that.
I agree. This should be the default. I disagree with the overestimation of this as an opportunity, and especially the people pretending stonks are praxis.