Board 8 > Politics Containment Topic 362: Now With Diet Coke Button

(+) Yeah! (+)

hey Chris remember when we were talking about educating voters

https://twitter.com/AnaCabrera/status/1354496806185525253

ha ha ha haa... ha... ha...



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Jimmy Gomez is introducing a resolution to expel MTG from congress.

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FFDragon posted...

hey Chris remember when we were talking about educating voters

https://twitter.com/AnaCabrera/status/1354496806185525253

ha ha ha haa... ha... ha...

UshiromiyaEva posted...

Jimmy Gomez is introducing a resolution to expel MTG from congress.

Let's go

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It won't pass, but it means everyone who votes no will have to do so on the record, and it can be used against them in 2022 if they're up.

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UshiromiyaEva posted...

It won't pass, but it means everyone who votes no will have to do so on the record, and it can be used against them in 2022 if they're up.

Pretty sad that this is 99% of politics right now

"Will that bill pass?"
"No, but at least we can make candidates in the future look slightly worse!"

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UshiromiyaEva posted...

It won't pass, but it means everyone who votes no will have to do so on the record, and it can be used against them in 2022 if they're up.

https://i.imgur.com/XHbQd54.jpeg

This is how trying to use Republicans' votes against them will go. Well, except for the part where Republican supporters will actually remember to vote in the end.
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UshiromiyaEva posted...

Jimmy Gomez is introducing a resolution to expel MTG from congress.

This is an outrage. Are our senators supposed to play Yugioh instead? The American people deserve better.

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I feel like none of that stuff actually makes anyone look worse anymore but I could be wrong

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Folks, let me introduce you to one of the biggest pot kettles I've seen in ages.

https://twitter.com/treyterry/status/1354562597639471111?s=19

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https://twitter.com/Amy_Siskind/status/1354553929623875584?s=19

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I cant believe Trump2024 is still gonna happen

HeroDelTiempo17 posted...

This is an outrage. Are our senators supposed to play Yugioh instead? The American people deserve better.

I..... really thought maybe congress people were playing magic instead of paying attention or something and so I googled it thinking that was perposterous and had to be news.

I feel dumb now

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Jakyl25 posted...

I said Id believe it when it happened so now I believe it

A good start

https://twitter.com/AlexWardVox/status/1354506218165960705

Womp womp

Hey guys, heres me posting something saying Pelosi did good with zero negative criticism:

https://twitter.com/amerindependent/status/1354833737750634496?s=21

Marjorie Taylor Green is probably the most abhorrent person in elected office right now, and thats saying something.

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On one hand, I want people to keep piling on Marjorie Taylor Green until she snaps, but on the other hand, I'm worried that she would and nothing would happen.

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AOC blasting robinhood gives me great cognitive dissonance

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masterplum posted...

AOC blasting robinhood gives me great cognitive dissonance

Ted Cruz agreeing with AOC gives me great cognitive dissonance
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Jakyl25 posted...

Ted Cruz agreeing with AOC gives me great cognitive dissonance

About that.

https://twitter.com/AOC/status/1354848253729234944?s=19

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God I love AOC. If you have "cognitive dissonance" agreeing with her it isn't her that's changed sides it's you. lol

https://twitter.com/PatrickOfToday/status/1354539597062053891?s=19

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UshiromiyaEva posted...

About that.

https://twitter.com/AOC/status/1354848253729234944?s=19

https://twitter.com/NoahShachtman/status/1354851281387581441

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Cruz just attaches himself to the nearest Alpha so I can see that.

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UshiromiyaEva posted...

About that.

https://twitter.com/AOC/status/1354848253729234944?s=19

This might actually be the biggest twitter burn I've ever seen

Up there with Trump's tweets about Bloomberg, a.k.a. the only good thing to come from him in the last ever

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UshiromiyaEva posted...

About that.

https://twitter.com/AOC/status/1354848253729234944?s=19

AOC is just the fucking best.

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https://twitter.com/SawyerHackett/status/1354875520924717057

what the literal fuck is this

how can they force sale

how is that in any way legal

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They also removed all the 1-Star reviews on the App store that followed!

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FFDragon posted...

https://twitter.com/SawyerHackett/status/1354875520924717057

what the literal fuck is this

how can they force sale

how is that in any way legal

I'm pretty sure it isn't legal, but if you're willing to accept the penalties for breaking the law then you can do whatever you want.
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It helps that there are already fewer penalties for the rich

I'm also reading that Citadel reloaded their shorts before this artificial lock out

so like

goddamn

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Xeybozn posted...

I'm pretty sure it isn't legal, but if you're willing to accept the penalties for breaking the law then you can do whatever you want.

This is exactly what it is.

Theyve calculated the money theyll make off of this dwarfs the sort of fines theyll be facing.

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Well there's currently like ten class action lawsuits being drawn up against them so that's debatable!

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https://mobile.twitter.com/SawyerHackett/status/1354875520924717057

Oh boy

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Suprak the Stud posted...

Theyve calculated the money theyll make off of this dwarfs the sort of fines theyll be facing.

Are they actually making a profit on this now? I figured their logic was that the fines they'll end up paying will be smaller than the amount they're set to lose otherwise.
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FFDragon posted...

I'm also reading that Citadel reloaded their shorts before this artificial lock out

so like

goddamn

They think they can make profits in this fashion. Part of it is minimizing losses, for sure, but by shutting down buying, reupping your shorts, and putting the market in a panic, theyre hoping to recoup some of their losses as well,

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Can someone explain the whole Robinhood thing to a stock market illiterate person like me? Why are people wanting to buy Gamestop stocks?

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TheRock1525 posted...

Can someone explain the whole Robinhood thing to a stock market illiterate person like me? Why are people wanting to buy Gamestop stocks?

Hedge Funds short GameStop stocks into oblivion (a.k.a., they make money if the stock does bad) and purposefully manipulate the market to make GameStop do worse

WallStreetBets subreddit starts a movement to buy up tons of GameStop stock, shooting its value up from $16 to $200+, potentially costing the hedge funds a LOT of money

Hedge fundies start whining and moaning, people play world's smallest violin

Hedge funds put pressure on Robinhood (most popular stock trading app) to disallow people from buying GameStop stock - you can now only sell on it

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TheRock1525 posted...

Can someone explain the whole Robinhood thing to a stock market illiterate person like me? Why are people wanting to buy Gamestop stocks?

basically hedgefund guys borrow a stock from someone else and sell it on the assumption that the price will go down. the plan is to then buy the stock back at a lower price and return it to the owner, pocketing the difference.

but if redditors drive the price of the stock up, these guys still have to buy it back at what has now become a much higher price. the hedge fund guys over extended hard with GameStop stock and the internet people are taking advantage of it
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And when a large portion of the players are only allowed to sell it will cause the price to go down. Which can then scare others into selling when they see the price dropping. Negative feedback loop ensues. Or at least that's what they wanted to happen with their naked manipulation.

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Ok let me know if there is something you don't get.

Melvin Capital and Citron Research were buying a lot of shorts on GameStop. Basically you buy a short expecting the stock of a company to go down. You buy a stock from someone that already owns the stock at $10. You sell it immediately, meaning you now have $10. Say that stock goes down to $5 at the agreed upon time you need to sell it back to them. You need to buy back that stock in order to give it back to them. But now, since the stock is at $5, you pocket $5 since you don't need to use the full amount to buy back the stock. That's a short.

The downside of a short is say that stock doesn't go to $5. Say it goes to $500. Now, you need to spend $500 of your own money to get that stock back because you have to give it back to the original person. The think about shorts is they can theoretically go as high as possible, so it is risky because you're losing all that money.

When big wall street firms short stocks, they're basically driving down the price of the stock because they're telling everyone "hey this company is worthless and all these stocks are actually shorts". I think GameStop was at something crazy where this huge amount of all total stocks were shorts. Someone on r/wallstreetbets noticed this. So they told everyone, "hey these garbage firms are shorting gamestop. we should all buy stocks!" This was done for a couple of reasons. First, because fuck those guys for shorting companies and fuck those guys for being rich and fuck those guys for making all this money by rigging the market for all these years." That, honestly, was the main reason. We buy the stock, it drives the price up, and all those guys are going to lose money because they need to buy back the stock at these insane inflated prices. If you go to r/wsb the biggest factor isn't "WE'RE GONNA BE RICH" but "THEY'RE GONNA SUFFER". That's what all the memes are for.

However, it has the "side" effect of making some of these people a lot of money. Some will not sell no matter what because they want the prices high because they want those companies to suffer the maximum loss possible regardless of what happens to them. r/wsb has millions of people going there, and if all of them are pumping money into the stock, it keeps going up and up. And then those two companies still need to buy back the stock they originally sold. So then you compound upon all these r/wsb people buying with the companies now needing to buy back the astronomical amount of shorts they bought earlier. And what happens when they buy back all the stocks they need to buy back all at once? The price goes even higher. It's called short squeeze and it sent GameStop prices absurdly high.

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GameStop stock has fallen since the Robinhood thing but not nearly as much as they would've liked, I think. Going from $400 a share to $250 a share is a big drop, but the hedge funds were overshorting GameStop so badly that if the stock stays at that level it's still going to cost them millions to billions of dollars

Hell I'm considering buying a couple shares myself, not because I think it'll pay off but because fuck hedge funds

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Suprak the Stud posted...

I think GameStop was at something crazy where this huge amount of all total stocks were shorts.

The number I've seen thrown around numerous times on WallStreetBets is that 140% of GameStop stocks were shorted.

I don't understand how you can short more stocks that actually exist but it's the stock market so I believe it.

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Oh and the "robinhood thing" of it all is robinhood is an app meant to be for small traders. Not for huge, crazy wealthy people because they have firms that manage stuff like that for them. Their motto was "let the people trade".

Well, the people started trading! And it sent these big companies into the verge of bankruptcy where Melvin in particular had to take out huge loans from other firms. Wall Street does not like this. They coordinate with robinhood, and now on robinhood you cannot buy all these stocks that reddit was targeting. AMC/GME were banned from trading to "protect blah blah blah" but it was clearly done because it was costing these hedge funds and firms absurd amounts of money.

I am predicting a huge Streissand effect from this. I sold all mine a couple days ago because I could not believe it would go to $400, but I am also considering getting back in because if there is one thing that would motivate people to dump even more money into this, it is trying to stop them from doing it.

Er...I should clarify. Not banned from trading. Banned from buying. You can still sell if you currently have stocks. I've heard they're forcing some people to sell, but that hasn't been widely substantiated yet from what I've seen.

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KamikazePotato posted...

Hedge funds put pressure on Robinhood (most popular stock trading app) to disallow people from buying GameStop stock - you can now only sell on it

It is worth noting that one of the firms involved is Citadel Capital, who is invested and partnered with Robinhood. Robinhood was likely making money by selling their transaction data to Citadel. They're both profiting from this and getting screwed here, but Citadel would have had access to all this data before and as it was going down. The "failed bailout" of Melvin could just as well be them buying up a competitor that went under. It's a total mess.

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Please don't light your money on fire by buying in at this point

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Suprak the Stud posted...

I am predicting a huge Streissand effect from this. I sold all mine a couple days ago because I could not believe it would go to $400, but I am also considering getting back in because if there is one thing that would motivate people to dump even more money into this, it is trying to stop them from doing it.

Yeah, I don't understand the people online saying they hope people don't lose too much money over this. The people buying Gamestop stock aren't primarily trying to make money, and they aren't putting in huge amounts. Not sure who this concern trolling is supposed to be directed towards.

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LordoftheMorons posted...

Please don't light your money on fire by buying in at this point

have you secretly been a hedgefund in a person costume this whole time
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Yesmar_ posted...

Yeah, I don't understand the people online saying they hope people don't lose too much money over this. The people buying Gamestop stock aren't primarily trying to make money, and they aren't putting in huge amounts. Not sure who this concern trolling is supposed to be directed towards.

I dont see how youre reaching this conclusion

Even if that was the WSB peoples motivation (which I also dont buy at all), most of the people jumping on board the bandwagon are doing so because they heard about the stock skyrocketing and see an opportunity to make easy money. Some fraction will be only spending disposable income, but some nonnegligible portion of them will not be, and a lot of them will absolutely be burned.

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Yesmar_ posted...

Yeah, I don't understand the people online saying they hope people don't lose too much money over this. The people buying Gamestop stock aren't primarily trying to make money, and they aren't putting in huge amounts. Not sure who this concern trolling is supposed to be directed towards.

Oh I wasnt concern trolling! Sorry if it came off that way. Im not saying everyone should sell. I just did because I had already made a good chunk and didnt anticipate it jumping like it did.

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MoogleKupo141 posted...

have you secretly been a hedgefund in a person costume this whole time

Nope. My moneys in index funds; I have zero personal financial interest in this!

I also dont care if the hedge fund guys lose their money. I just think a lot of people are being taken advantage of by a pump and dump scheme by some wsb randos who are gonna make a killing (as will some other, smarter investment firms!)

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