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Timcast News

S522 - Wall Street In PANIC MODE, Trading On GameStop And AMC Halted As Plebs NUKE Elite's Hedge Funds

Timcast News

Timcast Media

News, Politics

4.67.4K Ratings

🗓️ 27 January 2021

⏱️ 83 minutes

🧾️ Download transcript

Summary

Wall Street In PANIC MODE, Trading On GameStop And AMC Halted As Plebs NUKE Elite's Hedge Funds. The move by WallStreet Bets could totally destroy billion dollar hedge funds.

It took Democrats and Republicans months to negotiate a stimulus package and now the government is being hoisted by their own petard.

Many people are dumping bits of their stimulus into stocks that will "short squeeze" wealthy elites trigger a massive wealth transfer from the wealthy to the working class.

But Wall Street is clever and special interests put a halt on trading of the stocks that would damage the billionaires pocketbooks. Several trading apps froze trading privately trigger calls for boycotts.

The plebs have found the systems weakness and the power of online forums

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Transcript

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0:00.0

The story of Wall Street bets and GameStop is kind of a complicated one.

0:05.4

So let me give you the simplified version before we get started.

0:09.5

Regular people are rising up and with their combined power through a decentralized network on the

0:15.6

Internet are taking down massive hedge funds and perhaps maybe the first time in history.

0:22.1

We are seeing a transfer of wealth from Wall Street to Main Street.

0:26.4

Hedge funds who bet against companies planning on their demise are now being crushed with near

0:34.5

infinite losses and are becoming desperate. How a bunch of people on the Internet got more sick.

0:42.2

We're sick and tired of market manipulators and corrupt media playing crony games making money

0:48.4

off our backs, shorting, taking money from regular people with manipulation with panic with fear.

0:54.4

And so they just all got together and bought some stonks.

0:58.8

That's the meme for stocks, I guess. I don't know, don't look at me.

1:01.8

I'm not cool enough to understand what stonks is all about. Just a meme, my guess.

1:05.5

Even Elon Musk is tweeting about it.

1:06.8

Let me try and make it really, really simple before we read this so you can just generally understand what's going on.

1:12.4

GameStop. I'm sure you've heard.

1:14.6

Their stock is worth an absurd amount of money right now and a lot of people think it makes no sense.

1:19.7

Some people are saying GameStop should be worth less than like, you know, 10 bucks, maybe 50 bucks,

1:25.1

but it's currently trading at like $300 and it is just skyrocketing endlessly.

1:31.1

And the reason? Well, a bunch of people just got checks for 600 bucks.

1:35.3

A bunch of people might get a check for 1400 bucks and while most people probably need that to pay

1:40.3

their bills, there are decent amount of very bored people, very angry with the system that is

1:44.4

stripping wealth away from the working class who banded together to destroy hedge funds that were

...

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