This must be why 109 countries blocked reddit.com.
Stocks fell sharply on Friday as heightened speculative trading by retail investors continued to unnerve the market.
The Dow Jones Industrial Average lost 720 points, or 2.4 percent, to fall below the 30,000 mark. The 30-stock benchmark is on track to post its worst day since October. The S&P 500 fell 2.4 percent and the Nasdaq Composite slid 2.6 percent as Apple dropped 4.7 percent and other major tech names slipped.
Shares of GameStop jumped more than 70 percent after trading app Robinhood said it would allow limited buying of the stock and other heavily shorted names after restricting access the day before.
Robinhood raised more than $1 billion from its existing investors overnight, in addition to tapping bank credit lines, to ensure it had the capital required to allow some trading again in volatile stocks like GameStop.
Investors are concerned that if GameStop continues to rise in such a volatile fashion, it may ripple through the financial markets, causing losses at brokers like Robinhood and forcing hedge funds who bet against the stock to sell other securities to raise cash.
There are also fears that the GameStop mania is a sign of a larger bubble in the market and that its unraveling could also cause turbulence and hit retail investors hard. A number of lawmakers also called for an investigation into the chaotic trading. The Securities and Exchange Commission said Friday it will look into regulated body’s actions to uncover if the decisions made disadvantaged investors.
Is the entire stock market going to collapse? I just watched Larry Summers, the Harvard Jəw, saying that the GME short and reddit call are “reminiscent of 1929.”
If you knew the economy was going to completely come undone, and you wanted to blame it on the masses of people, this would be the perfect setup, no? We don’t know who u/DeepFuckingValue is. He’s some guy who seems to be pretty smart. Or in the know.
The CEO of GameStop, who started this off, is Ryan Cohen. He went on to the reddit forums posting the idea that GameStop was not failing and it being a good idea to still invest in the company.
Dave Portnoy is Jəwish.
What I know is that this really, really seems much too perfect.
But whatever. It’s funny to watch now. I’m not trying to rain on anyone’s parade here.
By all means, hold the line if you’ve got GME, but we need to be realistic. Everything in our society that has happened since a year ago has been planned out on computer simulations. Then this massive event comes along, seemingly a good thing, hitting the people who destroyed our society.
Whether or not it was planned, it is going to be used.
They’re not letting anyone get away with anything.
The market was going to crash anyway, but now they have a good reason as to why it will and people blame it on; other than the real people who are to blame — Jəws.