We’ve been following the amazing story of what some Redditors over at the forum Wall Street Bets have been doing to hedge funds.
The Hill’s Saagar Enjeti did an terrific breakdown of the story if you haven’t been following it or want to see a really good analysis of what happened and why people are mesmerized by it.
“Wall Street is shook b/c multi-billionaires who reckless gambled are getting screwed…they cant stand that someone other than them is making money…it reveals how much of a sham this all is,” Enjeti said.
It’s pretty hard not to see the story in little guys sticking it to folks who have tried to work over the system to their own advantage and there are some amazing stories already about what they are doing with the money.
Some of the Redditors who made out were just so grateful, talking about how one would be able to pay for his sister’s needed medical treatment and another who said he could now save his dog’s life.
Great job with the Summary. This is amazing to watch. 🍿
Doubt we are going to see the media focus too much on these stories: pic.twitter.com/jPaIrKcGOT
— CC 🌺 (@ccpolitics123) January 27, 2021
People have made and hedge fund guys have lost a tremendous amount of money over the past day. So much so there were talks about doing something to save them.
So much so that they even asked Jen Psaki about it. Jen Psaki, typically, tried to paper over a non-answer with a lot of gobbledegook.
"The stock market isn’t the only measure of the health of our economy."
Treasury Secretary Janet Yellen and the administration’s economic team are watching stock market activity around GameStop and other heavily shorted companies, @PressSec Jen Psaki said earlier on Wednesday pic.twitter.com/UuoLpuYOLx
— Bloomberg Quicktake (@Quicktake) January 28, 2021
“Is the White House concerned about the stock market activity we’re seeing around GameStop and now some other stocks as well?” she was asked. “Have there been any conversations with the SEC about how to proceed?”
“Well, I’m also happy to repeat that we have the first female Treasury secretary and a team that’s surrounding her and often questions about markets,” Psaki answered.
Huh? That has what to do with the question? She said that their “economic team, including Secretary Yellen and others” were “monitoring the situation.”
But now because the redditors screwed some powerful people with their revolution, there’s talk of the SEC looking into it. But why? How is this different from what hedge fund guys do every day, but for the little guy?
Now there’s talk they might try to bail out the hedge funds. Oh, the fun. Just wait until Biden tries to do that and AOC has to try to defend that move!
But the redditors had the perfect response to talk about the SEC.
The Redditors have delivered their terms to the SEC 😂 pic.twitter.com/7wkB2Me09A
— Jordan Schachtel (@JordanSchachtel) January 27, 2021
If hedge fund managers don't like it, maybe they should start their own reddit.
— President-Elect Joshua Smith for LNC Chair (@JoshuaAtLarge) January 27, 2021