I just love what is happening in the markets right now. Millennials have basically said fuck you to the overlords. You don’t want to give us decent working conditions? We come out of college owing tens of thousands of dollars, and you can’t even pay us $15 an hour? You want us to work multiple jobs with no job security or benefits? FUCK YOU. We see your stock market gambling casino, and we raise you a social network.
So, the Millennials, who have very little opportunity right now to make a decent living, what with the shitty economy and the corona virus, have found a way to become institutional investors, and the institutional investors don’t like it. See, THEY were the ones who got to decide who made billions and who lost billions, and now that the hoi palloi have joined the fun and decided THEY are the ones who can decide who makes and loses billions, the institutional investors and the punditocracy are losing their shit.
They keep talking about how GameStop is a nothing company, that the numbers don’t support the stock prices, BUT THAT’S THE ENTIRE FUCKING STOCK MARKET FOR 2020! There is absolutely no way to justify the stock prices seen in 2020 and early 2021 based on economics. But—shh!— here’s a hint. The stock market has NEVER been about anything other than gambling. It really has nothing to do with the actual economy. It’s rich people making bets at a giant casino that most people can’t afford to take part in. But social media and a bunch of tech-savvy Millennials found a way to game the system in a way that the people who usually game the system didn’t expect. They found companies who had a lot of short positions on them and decided to buy their stock, forcing the people shorting them to have to buy stock themselves to cover their position, which, of course, raised the price of the stock, so the Millennials are making a shit-ton of money, while the institutional investors are losing billions of dollars buying inflated prices to cover their shorts.
It’s fucking beautiful. Expect to see laws in the near future that prevent social media collaboration to buy stock because if there’s anything rich people can’t stand, it’s going broke because of poor people. Check out the movie Trading Places if you doubt me. Thanks, Millennials, for putting the rich people in their place, at least for a little while.