Game Stop Stock Craze: 2021 in a Nutshell
Breakpoint
Colson Center
4.8 • 2.8K Ratings
🗓️ 5 February 2021
⏱️ 46 minutes
🧾️ Download transcript
Summary
John Stonestreet and Shane Morris talk about the craziness surrounding the stock of Game Stop. Beyond the stock price and the short sells, what was motivating the mass of people to purchase the stock and send it through the roof? Anger? Greed? Revenge of the little guys against the hedge funds? Was it a generational conflict? And what does this say about the state of our culture and society in 2021? John and Shane share their thoughts from a Christian worldview perspective.
Also in this episode: The Biden Administration's new Secretary of Education is firmly committed to allowing biological boys to compete against girls in scholastic athletics. How has the acceptance of anti-reality transgender ideology reached the highest levels of government? Are the President's executive orders a foretaste of the coming Equality Act, which would severely restrict religious freedom and bestow new rights on the LGBTQ movement?
John and Shane finish the broadcast with their weekly recommendations: N. T. Wright's How God Became King: The Forgotten Story of the Gospels, and the 2021 Wilberforce Weekend.
Transcript
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| 0:00.0 | Welcome to the Colson Center Podcast Network. |
| 0:03.0 | This is Breakpoint this week, a weekly briefing on faith, culture, worldview, and mission with John Stone Street, president of the Colson Center for Christian World View. |
| 0:14.0 | Welcome to Breakpoint this week. I'm Shane Morris. I'm here with John Stone Street talking about the stories of the week from a Christian worldview perspective. You can find links to all of the stories that we're |
| 0:24.4 | talking about on today's program by visiting breakpoint.org. John, I don't think I've thought |
| 0:30.4 | about GameStop for any extended period of time since high school. Did you go to GameStop as a high schooler? Was it like a big deal? I mean, |
| 0:38.2 | I wasn't that into video games. I played a few of them. My brother had an Xbox, so I'd get in games |
| 0:42.7 | for his birthday and stuff. But I mean, I haven't been to GameStop and heaven knows how long. |
| 0:47.3 | And not many other people have either because it was a tanking company until this past month. |
| 0:52.9 | And then something crazy happened with it. |
| 0:55.2 | And normally we're not like a finance show. We don't normally talk about Wall Street, |
| 0:59.6 | stocks, things like that here. But there are some interesting implications out of this story |
| 1:05.3 | where GameStop's stocks not only rallied but shot through the ceiling and became you know some of the more |
| 1:12.3 | valuable stocks on the market and it was due to this kind of populist uprising using an |
| 1:18.2 | investing app called Robin Hood and this thing was incited in an investing thread on |
| 1:24.9 | Reddit which is for those who don't know of a, it's kind of the back alley |
| 1:29.8 | of the internet where people get together and just discuss various things like this. And it has, |
| 1:34.9 | you know, kind of alt-right overtones and things. But the bottom line is a bunch of hedge funds |
| 1:40.1 | on Wall Street, multi-billion dollar hedge funds bit the dust hard in the last couple of weeks |
| 1:45.6 | because of the investment, the sort of ground swell of investment that happened in GameStop |
| 1:53.6 | because these hedge fund managers had bet against this company. |
| 1:57.4 | That's how they make their money. |
| 1:58.7 | So let's talk about the implications of this so-called |
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