I'm hoping this will create an impetus for social change. Occupy Wall Street failed but now that people's nihilism is increasingly justified and living standards drop, I doubt things will go on as before.
Do we forget that GameStop is a mall retailer that sells physical copies of video games? This is not the next Amazon or Saudi Aramco. Anyone who is convinced to put their money in GameStop was likely tricked by someone with a financial interest (and that was probably a rich person). This entire narrative about retail investors taking billions from evil hedge funds is just that, a narrative. It's not even true; Melvin got rid of their short position.
Do we know Melvin got rid of their short position? They might be in a position to get an article published saying they did, while being able to say later it was fake news, and covering it as the stock plummeted today.
The article I saw I think had weaselly language about not being able to confirm the losses.
You're literally suggesting a revolution based on this logic.
If someone showed me an article that made definite claims based on verifiable evidence about what Melvin did, then I would revise my opinion.
But I kind of think that it's hard to be sure because any standard disclosure has a significant lag.
The nihilism is increasing more and more. This is just one instance of it, where institutions are so brazen that they don't even bother to come up with an excuse and just pull the plug after some cost benefit calculations. Eventually there will be the straw that will break the camel's back, which is what I mean by an impetus for change. If more and more people come to understand that working hard and saving is a sucker's game and that any escape from that game is rigged at the institutional level, they will stop wanting to participate in the current social contract.
The narrative about a cabal of rich people "nakedly trying to stop" Robinhood traders from trading is also manipulative garbage. Every reasonable and level-headed explanation of why Robinhood halted trading was about credit limitations, that is in agreement with what Robinhood stated publicly, and now that the credit has been remedied Robinhood trading has resumed. No conspiracy theory necessary. The hype is wrong and, worse, intentionally misleading.