Something happened related to the stock market yesterday that has everyone up in a frenzy this morning. I don’t really understand it all, but it involves Reddit, something called sub-Reddit and a group of day traders who assemble there, abusive hedge fund managers, short-selling, big tech oligarchs, NASDAQ and GameStop stock, which went way up during the day, but was driven back down in after hours trading. Glenn Greenwald posted a video that kind of explains it here:
Highly recommend this whole @esaagar video about the Gamestop/Reddit uprising. The first part is about why those who love free market capitalism and those who hate it can unite in opposition to hedge fund short sellers, who contribute nothing of value.https://t.co/uWX07doQjO pic.twitter.com/IiMlF23UWU
— Glenn Greenwald (@ggreenwald) January 27, 2021
When China Joe’s press spokesperson Jen Psaki was asked about it all, she responded by reminding everyone that we have our first female Treasury Secretary:
— The Daily Wire (@realDailyWire) January 27, 2021
Holy crap. You just seriously can’t make this stuff up, folks.
Actually, that story at DailyWire does a decent job of kind of explaining what all the hubbub was about:
Biden administration Press Secretary Jen Psaki responded to questions about whether the White House was monitoring an ongoing, social media-driven stock surge by focusing on the Treasury Secretary’s gender.
As The Daily Wire reported Wednesday, the Reddit forum “r/wallstreetbets — the subreddit Wall Street Bets — seems to be the driving factor” in an “explosive stock market growth” for the video games retailer. “As members buy more stock, originally priced at under $5 just a few weeks ago, the stock price continues to increase, with ‘no signs of that collective action stopping anytime soon.’”“GameStop, hedge funds’ most-hated stock, was targeted by an army of retail investors who marshaled forces against short sellers in online chat rooms. In the Reddit forum ‘wallstreetbets’ with more than 2 million subscribers, rookie investors encouraged each other to pile into GameStop’s shares and call options, creating massive short squeezes in the stock,” CNBC reported.
The effect has been immediate and dramatic, and The New York Times reports, has spread to other companies.
“Millions of amateur stock traders collectively are taking on some of Wall Street’s most sophisticated investors. They’ve piled into trades around companies that other investors had written off, pushing stock prices to stratospheric levels,” the outlet noted. “The main focus is GameStop, the troubled video game retailer. Its stock is up 1,600 percent so far this month, including Wednesday’s climb of 120 percent. AMC Entertainment was up 225 percent on Wednesday, and BlackBerry is up more than 250 percent this month.”
The battle between Wall Street bigwigs and recreational stock buyers has fueled concern in the financial sector, particularly given that Melvin Capital, the hedge fund trader targeted in the GameStop surge, had to beg for a $3 billion bailout from other investors in order “to shore up its finances.” At one point, rumors suggested Melvin Capital might even file for bankruptcy.
At her daily White House press conference Wednesday afternoon, Psaki responded to questions over whether the administration might get involved in the ongoing stock surge by noting that they’d just hired Janet Yellen as Treasury Secretary.
“Is the White House concerned about the stock market activity we’re seeing around GameStop and now some other stocks as well?” one reporter asked Psaki. “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 replied.
Naturally, at the end of the day, the Big Tech oligarchs took sides with the big-money hedge fund oligarchs and shut down the day-trader sub-Reddit group for allegedly saying bad things. Because that’s how things work in China Joe Potato Head Biden’s totalitarian America, where people will now be arrested and charged with imaginary crimes by the DOJ for posting memes on Twitter that the government does not like.
For more on that last subject, check out the other piece I posted this morning.
Well, that escalated quickly. – Yesterday I warned you that the media and Democrats were about to mount a full-on effort to brainwash all of you into wearing two masks at a time now. This morning, the Washington Post has a piece up kick-starting that campaign:
Time to double mask or upgrade masks as coronavirus variants emerge, experts say https://t.co/F79S9uwua7
— The Washington Post (@washingtonpost) January 27, 2021
Kitty’s gonna need another mask:
Hey, where have we heard that “buy American” thing before? – When Donald Trump campaigned on a pledge to force the federal government to “buy American” in 2016, the Democrats and their corrupt media toadies recoiled in horror, labeling him a jingoistic racist.
But when China Joe Potato Head Biden plagiarizes the exact same theme, Democrats and fake journalists everywhere praise him to the rafters.
Biden received praise Monday for a new executive order encouraging the federal government to “buy American.” Remarkably, it echoed a similar executive order issued by Trump in early 2017. https://t.co/uVhMbpBahN
— Breitbart News (@BreitbartNews) January 27, 2021
From the story at Breitbart:
President Joe Biden received praise Monday for a new executive order encouraging the federal government to “buy American.” Remarkably, it echoed a similar executive order issued by President Donald Trump in early 2017.
In April 2017, Trump issued an Executive Order titled “Buy American and Hire American.” It declared:
(a) Buy American Laws. In order to promote economic and national security and to help stimulate economic growth, create good jobs at decent wages, strengthen our middle class, and support the American manufacturing and defense industrial bases, it shall be the policy of the executive branch to maximize, consistent with law, through terms and conditions of Federal financial assistance awards and Federal procurements, the use of goods, products, and materials produced in the United States.
(b) Hire American. In order to create higher wages and employment rates for workers in the United States, and to protect their economic interests, it shall be the policy of the executive branch to rigorously enforce and administer the laws governing entry into the United States of workers from abroad, including section 212(a)(5) of the Immigration and Nationality Act (8 U.S.C. 1182(a)(5)).
Biden’s new executive order, titled “Ensuring the Future Is Made in All of America by All of America’s Workers,” repeats much, though not all, of the same language as Trump’s executive order:
It is the policy of my Administration that the United States Government should, consistent with applicable law, use terms and conditions of Federal financial assistance awards and Federal procurements to maximize the use of goods, products, and materials produced in, and services offered in, the United States. The United States Government should, whenever possible, procure goods, products, materials, and services from sources that will help American businesses compete in strategic industries and help America’s workers thrive.
Biden argued Monday that his executive order strengthened government policy by requiring agencies to approach the White House before issuing waivers that would allow federal government departments to buy goods or services abroad.
However, Biden’s order is weaker in one crucial respect: unlike Trump, Biden is not directing immigration authorities to enforce “laws governing entry into the United States of workers from abroad” rigorously to protect American workers.
Hey, what else would you expect? China Joe has literally made a career out of plagiarizing and stealing the ideas of others to fill his otherwise empty cranium. That life’s strategy has now elevated him to the most powerful office on the face of the earth.
Why mess with success?
That is all.
Today’s news moves at a faster pace than ever before. Whatfinger.com is the only real conservative alternative to Drudge. It’s the tool I use to help keep up with all the day’s events, and it should be your tool, too.