Timcast IRL #212 - WallStreetBets Gets NUKED For Hate Speech, Subreddit Goes Private w/Jason Whitlock
Timcast IRL
Timcast Media
4.5 • 7.6K Ratings
🗓️ 28 January 2021
⏱️ 130 minutes
🧾️ Download transcript
Summary
Tim, Ian, Luke, and Lydia host sports commentator and author Jason Whitlock to discuss the WallStreetBets shenanigans and what it means for the future, Trumpism as a potential cause for the populist pull against Wall Street, the return of the r/WallStreetBets, and a good dose of everything that's wrong with race in America.
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Transcript
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| 0:00.0 | Ladies and gentlemen, a peasant revolt is upon us on Reddit, our slash Wall Street |
| 0:06.6 | bets for the past. |
| 0:07.6 | I think a couple of weeks, I mean, honestly, probably for a longer time that we realize, |
| 0:11.6 | they've been going after these hedge funds, these companies that are basically betting |
| 0:15.3 | on retail shops going, doing really poorly. |
| 0:18.8 | Well, they decided to counter this move by rallying everybody, all these small individuals |
| 0:24.2 | with a couple hundred bucks here and there to buy some stock and things like GameStop |
| 0:27.8 | and AMC to destroy, effectively destroy these hedge funds. |
| 0:32.5 | Well all today, we had people on the left and the right cheering, watching these people |
| 0:38.5 | buy stock in these companies because it meant that these hedge funds were going to lose billions |
| 0:43.7 | of dollars for once. |
| 0:45.8 | It seemed that the working class people were transferring wealth from the 1% to them |
| 0:52.3 | as opposed to the other way around. |
| 0:54.1 | Well, there's a lot to go here to break down the store. |
| 0:56.8 | I'm sure many of you have been following it. |
| 0:58.3 | It's huge. |
| 0:59.3 | GameStop stock went from like 18 bucks to 350 bucks per share. |
| 1:04.8 | And this is a company that most people think isn't doing all that well. |
| 1:08.0 | So it seems to be quite irrational. |
| 1:09.9 | But so the saying goes, the market can remain irrational longer than you can remain solvent. |
| 1:14.3 | I just read that today, honestly, so you look, I'm not a stock person. |
| 1:17.7 | Here's a bad news. |
... |
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