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

Bannon’s War Room | Morning Edition Hour 2 | Recorded March 1, 2021 | Video: 48 Minutes 55 Seconds

Show Me

March 1, 2020 | Nightly News Rebroadcast | Video: 51 Minutes 25 Seconds

Show Me

New Chauffeur-Hailing Service Seeks to Challenge Uber, Lyft

Show Me

Bannon’s War Room | Saturday Edition Hour 1 | Recorded February 27, 2021 | Video: 48 Minutes 55 Seconds

Show Me

Bannon’s War Room | Saturday Edition Hour 2 | Recorded February 27, 2021 | Video: 48 Minutes 53 Seconds

Show Me

February 26, 2020 | Nightly News Rebroadcast | Video: 51 Minutes 49 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 26, 2021 | Video: 48 Minutes 22 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 26, 2021 | Video: 48 Minutes 41 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded February 26, 2021 | Video: 48 Minutes 59 Seconds

Show Me

February 25, 2020 | Nightly News Rebroadcast | Video: 48 Minutes 17 Seconds

Show Me

VIDEO: Trending as a Transphobe and Bi-Phobe

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 25, 2021 | Video: 48 Minutes 42 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 25, 2021 | Video: 48 Minutes 48 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded February 25, 2021 | Video: 48 Minutes 59 Seconds

Show Me

The Nation Speaks (Feb. 20): Can America Win Space?; Black History Month in 2021; US Critical Thinking Crisis

Show Me

February 24, 2020 | Nightly News Rebroadcast | Video: 43 Minutes 53 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 24, 2021 | Video: 48 Minutes 42 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 24, 2021 | Video: 48 Minutes 36 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded February 24, 2021 | Video: 48 Minutes 36 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 23, 2021 | Video: 48 Minutes 59 Seconds

Show Me

House Democrats, Targeting Right-Wing Cable Outlets, Are Assaulting Core Press Freedoms

Show Me

February 23, 2020 | Nightly News Rebroadcast | Video: 49 Minutes 26 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 23, 2021 | Video: 48 Minutes 38 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded February 23, 2021 | Video: 48 Minutes 59 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 22, 2021 | Video: 48 Minutes 41 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 22, 2021 | Video: 48 Minutes 41 Seconds

Show Me

Bannon’s War Room | Evening Edition | Recorded February 22, 2021 | Video: 48 Minutes 59 Seconds

Show Me

February 22, 2020 | Nightly News Rebroadcast | Video: 49 Minutes 26 Seconds

Show Me

Donald Trump Full Interview | Banned By Youtube | Recorded February 17, 2021 | Video: 22 Minutes 09 Seconds

Show Me

Congress Escalates Pressure on Tech Giants to Censor More, Threatening the First Amendment

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 19, 2021 | Video: 48 Minutes 46 Seconds

Show Me

February 19, 2020 | Nightly News Rebroadcast | Video: 49 Minutes 53 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 19, 2021 | Video: 48 Minutes 46 Seconds

Show Me

February 18, 2020 | Nightly News Rebroadcast | Video: 49 Minutes 10 Seconds

Show Me

February 17, 2020 | Nightly News Rebroadcast | Video: 52 Minutes 21 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 18, 2021 | Video: 48 Minutes 43 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 2 | Recorded February 18, 2021 | Video: 48 Minutes 50 Seconds

Show Me

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

Show Me

February 16, 2020 | Nightly News Rebroadcast | Video: 51 Minutes 53 Seconds

Show Me

Bannon’s War Room | Morning Edition Hour 1 | Recorded February 17, 2021 | Video: 48 Minutes 41 Seconds

Show Me