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02-21 Politically Incorrect Daily

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Illustration of Crony Capitalism

I recently watched the movie Dumb Money, which covers the true story of the crazy roller coaster ride of GameStop stock in 2021. The title is derived from the nickname given to individual, regular investors. “Smart Money” is used to describe the Wall Street hedge funds and institutional investors. The standard thinking is the “smart money” easily defeats the “dumb” individual investors, but is it really a case of intelligence, or just a rigged system?

For those who don’t know the story, during the height of the Plandemic, several hedge funds heavily shorted the stock of GameStop. Shorting is a way of betting on stocks to go down by electronically borrowing shares. Shorting by rich investors often send companies into bankruptcy since it chases away banks & investment capital needed for continuing operations. GameStop is a beloved company with video gamers, and one man led a charge through a Reddit group called WallStreetBets to hit back at the hedge fund short sellers. They mass-organized to all buy simultaneaously, mostly through a “free” trading platform called Robinhood. Even when the stock went from $2 to over $400, the dumb money investors kept buying in solidarity while communicating through their Reddit group. If you buy stock, you’re limited to losing money you put in. However, with short-selling, there is essentially no limit to how much you can lose as the stock can move up to infinity. Thus, smart money hedge funds started losing billions on a daily basis with no end in sight.

Put another way, free market capitalism was correcting a great wrong in the system. However, what came next illustrates how we live in rigged capitalism. The Ruling Class slimebags knew they had to do something, so first they called on their Big Tech buddies to immediately shutdown, without warning, the WallStreetBets Reddit group, citing the purposely vague “violated community standards.” Naturally, this triggered some panic selling, as investors didn’t want to lose all the money they made. But that wasn’t enough, so next, the Robinhood trading app disabled the ‘Buy’ button for Gamestop. That’s right, hundreds of thousands of investors on Robinhood could no longer buy Gamestop, but the ‘Sell’ button continued to work just fine. The two actions combined to trigger a massive plummet of the stock, saving the ass of several rich investors while screwing over countless “dumb” investors.

I have a degree in Finance and have followed the markets closely since the early 2000s, and I cannot think of another time when such underhanded, corrupt bullshit occurred clearly for the world to see. So what were the consequences? In a nutshell–nothing! Hearings were held, and several politicians puffed their chests with tough speeches, but no one was punished. Lawsuits were justifiably brought against Robinhood & others, but corrupt judges dismissed them before cases could even be presented to juries. Reddit, like the rest of Big Tech censorship facists, faced zero consequences. Not only did government officials let all the perpetrators off the hook, agencies are now taking steps to prevent this type of trading frenzy from happening again–you know, to “protect” the individual investor, not their hedge fund buddies. *wink wink*

Leftists love to use the GameStop controversy as a failure of capitalism. However, it’s a perfect demonstration of the system we really have–crony capitalism; in other words, a rigged system where Big Government & Big Tech protect the Ruling Class, while lapdog financial media personalities provide cover for their buddies and warn off the dumb peasants from trying to compete with the “smart money.”

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Joe Messerli

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