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

‘COWBOY LOGIC’: Sid Miller Tells Tucker Child ‘Gender Modification Has Got To Stop’ In Texas

Show Me

French Police Find 78% of Unaccompanied Migrant “Children” are Actually Adults

Show Me

Democratic Rep. Cuellar: Biden Playing ‘Shell Game’ With Border (Migrant Children)

Show Me

Oklahoma Governor Signs Bill Banning Critical Race Theory in Public Schools

Show Me

Teachers Union Gave Nearly $20 Million to Dems Before Influencing CDC School Reopening Guidance

Show Me

‘Sick Is the New Normal’ for Today’s Kids, Pediatrician Says

Show Me

Spotlighting a History of Slavery in N.Y.C.

Show Me

5 shot Thursday in Chicago

Show Me

Young adults are the biggest source of Maryland COVID cases. Officials say it’s critical that more of them get vaccinated.

Show Me

The Morning Briefing: Gretchen Whitmer Tries To Reclaim ‘Worst Governor In America’ Crown

Show Me

The Emerging Movement for Police and Prison Abolition

Show Me

Atlanta Mayor Won’t Seek Re-Election

Show Me

Walmart, CVS and Other Retailers Enter Mental Health Market

Show Me

Fascinating pictures show life in America’s ‘Cowboy Paradise’

Show Me

May 7, 2021 | Nightly News Rebroadcast | Video: 50 Minutes 03 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded May 7, 2021 | Video: 48 Minutes 32 Seconds

Show Me

Still No Evidence of Armed Insurrection on Jan. 6

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded May 7, 2021 | Video: 48 Minutes 27 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded May 7, 2021 | Video: 48 Minutes 27 Seconds

Show Me

BREAKING: Maricopa County Did not Have ‘Admin’ Access to the 2020 Election – This Means They Ceded Ownership of Election to Their Outside System Provider

Show Me

SpaceX Starship Rocket Prototype Achieves First Safe Landing

Show Me

GOP Rep. Jordan says ‘votes are there’ to remove Cheney from GOP leadership pos

Show Me

What’s the Origin of COVID? Did People or Nature Open Pandora’s Box at Wuhan?

Show Me

Challenger lambasts Liz Cheney, says GOP must work with Trump

Show Me

Worst Worker Shortage Ever

Show Me

Pollster Frank Luntz: ‘I would bet on’ Trump being 2024 GOP nominee

Show Me

New Zealand Weightlifter Poised to Become First Transgender Olympian

Show Me

FBI? No. Regular American Citizen Infiltrates Antifa | Antifa Caught On Tape Laughing About Killing Cops | Video: 5 Minutes 28 Seconds

Show Me

Bloomberg Forum Moves Back to Singapore Amid Concerns Over Press Treatment in China

Show Me

Seriously? Masked kiss between vaccinated Kamala Harris and hubby sends eyebrows to skies

Show Me

Florida Gov. Ron DeSantis Signs Election Integrity Bill into Law

Show Me

May 6, 2021 | Nightly News Rebroadcast | Video: 52 Minutes 10 Seconds

Show Me

Creepy Bill Gates Told Wife He Would Marry Her if She Allowed Him to Take 1 Beach Vacation a Year with Ex-Girlfriend

Show Me

The Fact-Checkers’ Prevarication: In Study Biden Shown to Lie Just as Effectively as Trump

Show Me

Court Hears CHD’s Arguments Against Facebook, Zuckerberg and ‘Fact Checkers’

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded May 6, 2021 | Video: 48 Minutes 23 Seconds

Show Me

Josh Duggar Hearing: Homeland Security Agent Details Timeline of Child Porn Case

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded May 6, 2021 | Video: 48 Minutes 10 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded May 6, 2021 | Video: 48 Minutes 58 Seconds

Show Me

Lamar Co., Texas Democrats retain their party chairman despite racist comment

Show Me