In January, everyone was talking about GameStop. The video game retailer's stock skyrocketed from just over $3 in early 2020 to over $350 in January 2021. The rise was driven, in large part, by small investors who communicated on a Reddit forum called r/wallstreetbets. Many of these investors used no-cost trading apps like Robinhood to acquire shares of GameStop and other so-called "meme" stocks.
Thanks Judd for making a complicated subject a little more human-sized. Hard to know just what changes might have prevented this from happening - fwiw Reddit has made some changes, seems more proactive re spreading of Covid misinformation, but doesn’t really seem amenable/easily adaptable to investor protection. Caveat emptor, as usual.
Some reg folks made money on this. But the 1% with big bucks control the game. Every game. Not just financial markets.
Bannon said he wanted tear everything down and start a new world order. Should be interesting to see if the 1% money rescues him.
I know my grocery bill has gone haywire in the past few months and my gasoline bill makes my BP go up. Question to ponder...The regular guy feels the pinch in all of these "experiments" like Robinhood/Gamestop. The trickle down of the 1% losing money reappears as a hand in our wallets, methinks.