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I'd summarize what's happening with GameStop, hedge funds, and a subreddit this way:
Market manipulation has been democratized, and crowdsourced.
Wall Street is furious, since this is an attack on a domain they've largely owned.
Market manipulation has been democratized, and crowdsourced.
Wall Street is furious, since this is an attack on a domain they've largely owned.
There's raw brilliance in the short-squeeze tactics of the online group. Just genius.
And I can't think of a more deserving target than the hedge funds that have done to much to wreck so many enterprises and destroy the lives of so many workers.
And I can't think of a more deserving target than the hedge funds that have done to much to wreck so many enterprises and destroy the lives of so many workers.
I'm still uneasy about what's happening here, for several reasons.
Not least among those is how these tactics could be used against people I like and who have sound ethical standards. I can imagine (though I won't spell it out here) some really bad acts.
Not least among those is how these tactics could be used against people I like and who have sound ethical standards. I can imagine (though I won't spell it out here) some really bad acts.
And of course the immediate worry will be in the guaranteed over-reactions from the officials whose alleged duty is to ensure what we have fair, functioning marketplaces for financial instruments. (Key word: alleged.)
They will be forced to act.
They will be forced to act.
When I say "forced" I'm talking about the people who will order them to act: Wall Street's bankster community, which won't give up its position as cheater-in-chief without a hell of a fight.
I worry that their panic will lead to grotesque regulations on speech, among others.
I worry that their panic will lead to grotesque regulations on speech, among others.
I haven't seen a lot of journalism about this situation, and I haven't deeply studied it. (I have a job!) Let me know the best articles you've seen, if any, so I can pass them along.
I'm pretty sure about this: It's a bigger deal than we've seen so far in news coverage.
I'm pretty sure about this: It's a bigger deal than we've seen so far in news coverage.
Final thought: I may be completely wrong about all of this!
I look forward to learning a lot more.
I look forward to learning a lot more.