The big story yesterday and today is the short squeeze in GameStop, and some other wobbly securities. The narrative is that the good little guys at Reddit stuck it to the big bad billionaire Hedge Fund guys.
That’s the obvious answer, time will tell whether it’s true.
Clearly, the big bad Hedge Fund guys suffered big league, but who profited? Was it really the little guys? I heard someone call this a pump-and-dump. Some people likely got rich as the stock soared and they sold into the pump. Was that part of the plan? Call me cynical.
What happened to the small investors who bought, not sold, into the pump and then had to sell on the dump?
When the dust settles, probably a lot of small investors got hurt. And there will be legal issues for companies like Robinhood that prevented purchases at some point during the day, thereby putting downward pressure on the stock.
It’s hard, if not impossible, to have sympathy for the billionaire short sellers. The Wall Street Journal has a pretty good report on the ugly short-selling industry, and how the intimidation of online mobs we see in politics have targeted them and their families.
Which got me thinking about the significance of GameStop in this political environment.
It could serve as something of an inspiraction and outline for how to push back against the political equivalent of the short-selling hedge fund billionaires — the smug, aggressive, and abusive Democrats, liberal media, and leftist activists who feel invulnerable to challenge, who brag about how they are going to purge the deplorables from public life, deprive them of the ability to earn a living, cancel them from life and the internet. They are ascendant, taunting people, trying to criminalize political opposition to the party that controls both Houses of Congress, the presidency, higher education, increasingly elemenary and secondary education, the entertainment industry, and Big Tech.
Whatever other elements there end up being in this story, it is sure that the short-selling hedge fund billionaires didn’t see it coming. A bunch of people organizing under the radar stuck it to them.
I think there’s some political equivalent here. I don’t know what it looks like yet, but there’s only so long the rapid destruction of jobs and the economy and political persecution can continue without the political equivalent of a short squeeze on Democrats.
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