Technology is the great equalizer, the tool the masses can use to rebel, to fight injustice and shape public policy, all from the comfort of their couches. Motivated by a shared love of GameStop and a deep hatred of the wolves of Wall Street, Reddit group WallStreetBets moved the masses to buy stock and raise the price of shares of the videogame retailer to put a big squeeze on hedgefund managers trying to short it. The rally made the rocket rise 2,600% in a matter of months, bankrupting those who had attempted to kill the ailing brick and mortar business by shorting them.
The outrage in the finance world was palpable. Cries for government regulation and intervention made it clear that the kids had proven their point. AOC and Mark Cuban demanded Robinhood and other apps to eliminate buying freezes imposed on day traders using their services as it violated free market principles. Memes went wild! The common folk learned that there was strength in numbers; that deficiencies in the system and loopholes applied to the little people as well. The American Dream was real once more.
Those who got in on the scheme early were able to buy at $10 and sell at $300, paying off student loans, cars, and other debt that plagued an entire generational group. The tables had been turned on the 1%, the savage vultures playing with the lives of the working class as if they were nothing more than 0s and 1s on their screens. The WallStreetBets fans also extended a hand to AMC stock and a few others who were about to become victims of the same fate. Who are the real Robinhoods now?
Gotta give it to 2021! January has taught us that evil will never prevail. That justice is not an endangered species, and that the common good is still alive and well. It is my hope that this event not one improves current trading policy but also brings back some honor into a profession that has fallen so low in such a short time. The result is proof positive that we need to invest in the people and stop bailing out corporations and investors that don’t truly care about the consequences of their actions.
Well played Gen Z. Well played!
Para aquellos que desean saber que pasó con las acciones de GameStop la semana del 25 de enero del 2021: