VIDEO: The Reddit Revolution, GameStop and Melvin Capital

A remarkable series of events culminated in at least one major Wall Street hedge fund on the verge of insolvency and widespread anxiety and even panic from the titans of the financial system. It was all initiated on a sub-group of Reddit known for its heterodox interest in stock markets, video games, and vaguely populist politics. 

Subscribe now

Purposely targeting the stock of a company that had long been written off by Wall Street and which short sellers had decided to ravage — the video game retailer GameStop — these small investors, many apparently working class or debt-ridden, banded together to drive up the stock price of that company into the stratosphere, abruptly leaving the hedge fund short-sellers with billions of dollars in losses.

Although it may be more complex than this once all the facts are all known, this is being treated — by those excited by it and those aghast — as a type of populist uprising, a David v. Goliath tale in which ordinary people united to brilliantly beat Wall Street at its own game, thereby transferring plutocratic wealth back to the public. Oligarchs and their media spokespeople spent all day on CNBC and other pro-Wall-Street outlets expressing outrage and demanding government intervention to protect them from what they regard as this grave injustice.

And the sub-Reddit has now been banned by at least one platform, on the highly suspicious ground that it was due to “hate speech” and not the use of this group to sabotage Wall Street billionaires (what a remarkable coincidence of timing that this sub-Reddit’s “hate speech” suddenly crossed a line exactly as hedge fund managers were demanding their heads; the page continues, however, to appear on Reddit itself).

Share

In the video below, I discuss what happened and what the implications are. One note about the video: though I do discuss the amorphous and trans-ideological politics driving both the Reddit uprising and the reaction to it, that topic in particular merits much more consideration. Liberal journalists and pundits love to mock the idea that “economic anxiety” drives anything remotely adjacent to right-wing populism — the primary drivers are racism and other types of bigotry, they insist in unison — yet all one has to do is spend any non-trivial amount of time in that sub-Reddit to see genuine and significant levels of rational economic anger often quite untethered, even hostile, to left-liberal cultural pieties and political niceties. Given their recent noble success, everyone now wants to claim these Redditors as their own, but their politics, like many people’s, defy the clean left-right dichotomy on which the professional media and punditry classes depend, the only prism through which they can understand the world.

Subscribe now

This is one of the most interesting and potentially significant events — not just financially but culturally and politically — to happen in some time, and I try here to explain the key components and highlight some of the most consequential implications [note that this video was filmed late last night before the banning of the sub-Reddit by Discord on obviously specious grounds and, far worse, the corrupted banning this morning by major trading platforms, including RobinHood, of any attempts to buy GameStop and other targeted stocks while still allowing them to be sold: the ultimate expression of what should be illegal market manipulation to protect hedge funds]:

Skip The Scoop | Seek Understanding

‘Defund the Police’ Movement Could Mean More Lone Wolf Attacks: Terrorism Experts

Show Me

Baked Alaska Says FBI Is Trying To Force Him To Become An Informant With Threats Of Federal Prison Time Over 1/6

Show Me

Medicaid Enrollment Surpassed 80 Million, a Record, During the Pandemic

Show Me

June 21, 2021 | Nightly News Rebroadcast | Video: 49 Minutes 47 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded June 21, 2021 | Video: 48 Minutes 32 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded June 21, 2021 | Video: 48 Minutes 43 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded June 21, 2021 | Video: 48 Minutes 56 Seconds

Show Me

Bannon’s War Room | Saturday Edition Hour 1 | Recorded June 19, 2021 | Video: 48 Minutes 45 Seconds

Show Me

Bannon’s War Room | Saturday Edition Hour 2 | Recorded June 19, 2021 | Video: 48 Minutes 47 Seconds

Show Me

June 18, 2021 | Nightly News Rebroadcast | Video: 53 Minutes 48 Seconds

Show Me

California Introduces COVID-19 Vaccine Verification System

Show Me

Smith & Wesson CEO Says Ammo Shortage Won’t End Soon: ‘Still a Lot of Interest’

Show Me

Unvaccinated West Point cadets getting bullied and punished, families say

Show Me

Thousands gather at Download to enjoy bands with mosh pits, no social distancing and no masks

Show Me

Why Shutdowns and Masks Suit the Elite

Show Me

Juneteenth is now a federal holiday. Many Americans still get the history wrong

Show Me

Sidney Powell summoned to Detroit for sanctions hearing

Show Me

Dozens Of Women Sue Pornhub After It Allegedly Posted Non-Consensual Sex Videos

Show Me

Georgia Election Audit Info Increasingly Troubling

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded June 18, 2021 | Video: 48 Minutes 50 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded June 18, 2021 | Video: 48 Minutes 30 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded June 18, 2021 | Video: 48 Minutes 58 Seconds

Show Me

June 17, 2021 | Nightly News Rebroadcast | Video: 53 Minutes 06 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded June 17, 2021 | Video: 48 Minutes 17 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded June 17, 2021 | Video: 48 Minutes 28 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded June 17, 2021 | Video: 48 Minutes 58 Seconds

Show Me

The Real Story – OAN Missing Election Ballots with Garland Favorito | Video: 10 Minutes 57 Seconds

Show Me

Dr. Kelli Ward, Arizona GOP Chairwoman gives the latest on America’s Audit | Video: 8 Minutes

Show Me

Anti-Police Movement Strikes Portland | Video: 2 Minutes 8 Seconds

Show Me

Powell Exposes Corrupt Federal Prosecutors And How They Target Innocent People With Fake Crimes | Video: 4 Minutes 45 Seconds

Show Me

Soy Boy Reporter Tries To Attack Mike Lindell And Gets Owned

Show Me

EU Approves COVID Passport: Here’s How It Works — and Why the U.S. Doesn’t Have One

Show Me

26 people hit by gunfire in Chicago Tuesday — including 8 in a house in Englewood and 5 on the street in West Garfield Park

Show Me

Peter Andre apologises for promoting swimming with dolphins in YouTube video – after PETA letter

Show Me

Lyft Driver Charged For Allegedly Sexually Assaulting Teen Passenger

Show Me

What Does It Mean to Be Crowned ‘Miss Juneteenth’?

Show Me

Thousands call for Jeff Bezos to be denied re-entry to Earth after space launch

Show Me

Afghanistan: Deliberate killing of civilians must be investigated following deadly attacks

Show Me

Army Long Range Strike Gives China a Taste of Its Own Medicine

Show Me

DeSantis: ‘We Are Not Allowing Discrimination Based on Vaccination Status’

Show Me