Wow it’s lights out on GameStop and AMC lmaooo

@JoeyFoxx alright, care to explain your perspective then?

@NoahB Day trading and hedging techniques are pretty commonly used by folks that don't have a lot of money to begin with. There were a number of lower-end middle class folks who got taken to the cleaners when their short options came due.

On the flip side, some of the day traders on the robin hood platform are anything but poor. Many of these folks are gamers with money to burn.

So, did some rich people get fucked? Yeah. Did some not well off people get the upper hand? Yup.

But was it really a poor getting the upper hand? Not really. Conventions and understandings were effectively tossed our the window. It's no better than the ex-President throwing out social conventions.

Without civil society, the truly bad people will prevail.

There was nothing civil about the GameStop nonsense.

@JoeyFoxx There really aren't that many lower-middle end people in the stock market, most of them don't even have 401Ks let alone engage in day trading. There are probably going to be a lot more middle income people that bought the stock and held it too long through the wave as firms like MUST Asset Management cash out and tank the value. Much more likely for those middle income people to now be holding vastly overvalued stock than were hit by the short squeeze.

I have zero sympathy for any of them. The stock market was intended to be a tool for long term investing. People trying to game the system with short term holdings or trying to make money by betting on some company failing deserve their losses in my eyes.

@JoeyFoxx Agree. This is also not about capitalism or any other political system. It's about pure greed and every single party to this debacle was doing market manipulation.

When a stock that should be worth $10 per share on its best day, hits $370 within a week, my thinking is: screw them all, and if they all go belly up, it would be a good.

The stock market should be a good indicator of the health of the economy, or a particular company, not an exercise in game theory / system dynamics.

@ViciDraco you are patently incorrect.

There are a fuckton of lower middle class folks in the stock market, whether they know it or not. 401k’s are ubiquitous. I worked for a company where Cinemark was a customer. Cinemark employees are generally barely middle class.

When people misbehave in the stock market, it effects all of us.

@Northwest I know sometimes we form a mutual admiration society... but yes... ditto on what you wrote here.

@JoeyFoxx do you actually know how many lower class americans have 401ks? Because my accounting only 30ish percent of workers in america have 401ks. would love to know how many of that number is occupied by lower to middle class folks

@NoahB 30-ish...

Do you know how many people live in the US?

@JoeyFoxx i know that whatever that number is, 70% is more than twice that.

@JoeyFoxx btw im not saying you're necessarily wrong for being concerned about 401k's but the stock markets often play games with people who don't have 401ks too.

@JoeyFoxx AND people with 401ks as well. think '08 and '07

@NoahB pretty sure you’re missing the point

@JoeyFoxx no i understand it. i have a 401k myself. im not making judgements or anything. Just saying theres alot of people without them too and they've had their chain yanked around by these hedgefund people for decades

@NoahB I sure hope no 401K is investing funds into extreme risk hedge funds. If they are, they should be prosecuted. We're not talking about adding some Apple or Microsoft stock to the 401K mix.

@NoahB of course.

I guess your comments and your post seem to justify the behavior of these knuckleheads. In reality, they are no better than the people they are railing against.

And some of them got instantly rich. Are they going to use that newfound wealth to help society?

@Northwest yeah i seriously doubt there will be any effected by this mess. so overall i think this is a moot point. but i understand the concern

@JoeyFoxx i think that it will help society. Anytime money is reintroduced into the lower brackets of the economy it will always benefit society. I don't know if this is enough to make a big big difference, but I'm seeing alot of these meme investors saying they were able to pay of medical debt and things of that nature.