3 ms·
Nailed it. There is a context for all of what’s happening. GME may seem like a funny oddity but there is real resentment boiling underneath the surface of this
by ordinaryradical 6y ago
Nailed it. There is a context for all of what’s happening. GME may seem like a funny oddity but there is real resentment boiling underneath the surface of this event. I know it because I feel that way myself.
Everything I’ve seen from how the media covers it to how our financial institutions are forming ranks to condemn retail investors sickens me. It’s making obvious the informal lines of control the investor class use to maintain their wealth and their anger to have the average person attempting to play their game.
It’s like a giant metaphor for how screwed up our society has become.
- duckfang 6y agoIndeed. This kind of "fuck you i got mine" attitude is how countries are lost in extreme corruption or "third world" - third world countries are that because the people are impoverished, and the elite have everything. We're pretty much there. Just try driving through the Midwest, or West in areas not subsumed by the mega-cities. It's sad.
- ryandrake 6y agoPretty much all media coverage of the GME thing boils down to “oh no! The wrong type of people are manipulating the stock market this time!” It’s pretty sickening and transparent. CNBC is like the propaganda arm of Wall Street.
- godtoldmetodoit 6y agoWatching some CNBC clips yesterday is what convinced to put a couple hundred bucks into GME for the hell of it. I'm pretty lucky, I happened to like computers and got into a field that pays decently well for now. I have no illusions that that I'm not working class though. I watched my parents nearly get crushed in 07/08. I graduated into a economic war zone. Watching the banks get bailed out as I went to parties hosted by kids whose parents were losing the house. Seeing the kids who used to live in the house encourage everyone to punch holes in the drywall because fuck the bank. I haven't forgotten what Wall Street did to us. The wealth inequality in this country is insane. The elites have been treating the working class like dirt for decades now. With that context... those CNBC clips made me livid. Fuck the Wall Street propaganda. I'll chip in my little piece if there's a remote chance of taking down one or two of the vultures who are destroying this country with their greed. Much of the finance class that runs this country builds nothing, provides nothing, and tears down communities so they can shake a few coins out of the wreckage. In talking with my friends who voted for Trump, this is the first time I've been able to feel on the page as them in a long time. There is class rage at play here. People are sick of this system.
- afavour 6y agoCNBC is like that, sure. But I’ve found articles in places like Bloomberg and NYT to be quite even handed about it all. If I recall the NYT article even ends with a quote from a pastor’s wife(!): “eat the rich”.
- imtringued 6y agoI saw some mild Bloomberg articles. Not sure how they source their stories. Haven't seen anything that defends retail investors though.
- cableshaft 6y agoHere's an exception in the media: Saagar Enjeti at The Hill Rising. It's a great take on the situation and he's happy to see Wall Street get kicked in the face: https://youtu.be/9ToOGrUQ7ME https://youtu.be/9ToOGrUQ7ME
- dv_dt 6y agoBoth hosts at The Hill Rising have great commentary. Not always perfect, but generally much more piercing through the usual inane mass media coverage. (other coverage on the Hill is ok but more hit or miss IMO)
- cableshaft 6y agoAgreed. I watch at least one segment of theirs pretty much every single day. I don't always care about some of the things they cover (especially the when they're criticizing something someone said in Congress), and sometimes I don't fully agree with their takes on things, but overall they're great.
- cableshaft 6y agoI have former Gamestop employees that hate the company and want to see its demise on my feed going 'Good. Fuck these hedge funds,' knowing full well that people are injecting money into a company they hate. When it gets to that, it seems to me that there's some serious anger built up.