Insurgent day traders target hedge funds and drive up the stock price of GameStop, AMC, and others.

In this, the latest chapter of speculative capitalism, what is this phenomena, and where is it going?

We need a new system. We need a new system.

We need a new society.

We need to demand that which may have sounded impossible

even a few weeks ago,

but is not only realizable,

but an imperative necessity.

We need to be a... Deepening unemployment, a looming wave of evictions, massive and widening inequality. There's no denying it.

Capitalism is in crisis and capitalism is the crisis.

We are joined by Professor Richard Wolf, who talks to us as part of a regular weekly

segment where we talk about the biggest stories relating to the economy. Richard Wolf is the co-founder

of the Organization Democracy at Work. He's the author of many books. The latest being,

The System is the Sickness When Capitalism Fails save us from the pandemics, from pandemics

or itself. Be sure to check out his work at r d wolf.com and r d wolf is spelled r d wold

f.com. Professor wolf, welcome back. Thank you. Glad to be here.

I was looking earlier before this show about what's happening to GameStop and AMC, as of yesterday, their stock values began to, well, plummet. It's been kind of an up and down. GameStop had

surged by more than 2,000 percent in the month of January, leading to massive losses for some hedge

funds like Melvin Capital, which lost 53% for the month.

The activity spread to another stock favored by what are known as the Reddit traders, private traders or home traders.

This was a stock, the stock for AMC Entertainment, the movie theater chain had fallen again on Tuesday,

at least by midday, by, you know, almost half, maybe more than half.

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