Financial sector aghast the poors are gaming system designed to be gamed by the rich

[Gomez Adams]

It's rolling.

gamestop stock - Google Search

www.google.com

 

[Zeedox]

Surfin' the wave!

 

[Zeedox]

The GameStop Mess Exposes the Naked Short Selling Scam

A decade ago, a Biden confidant tried to stop it. Now there’s another chance.

prospect.org

At the House hearing, Rep. Nydia Velazquez (D-NY) asked about the dangers of short selling. “GME [GameStop] sold short 140 percent. Why isn’t that manipulation?” She meant that short sellers sold 40 percent more shares in GameStop than existed. They were phantom shares that didn’t exist but that were posted in buyers’ accounts as “entitlements.” The buyers have no idea they don’t have real shares. They can sell and even loan those digital entitlements.

In other words, large numbers of “locates” or “borrows” were fake, making the shorts “naked.” Why does it matter? Because naked short selling causes the number of shares in the market to increase, which normally makes their value drop; more shares equals less value. And it can massively disrupt the market, as GameStop showed.

 

[Gomez Adams]

It's just another in a very long line of examples of how completely bogus our entire financial system is. They quite literally make it up as they go along.

 

[Zeedox]

You can only hope it opens more eyes to the insider crap.

 

[Gomez Adams]

It wont. Well, it will in the short term, but just like before it will blow over and the instant it does the usual suspects will be right back at it as if nothing ever happened.

 

[Zeedox]

Ever play Simcity? I did this all the time.
When people started whining about no parks, I reduced the police budget and gave them parks.
When they whined about rising crime, I bolstered the police by reducing fire protection,
When they cried about fires I bolstered the fire department, and reduced ongoing road maintenance.

When they cried about the roads I closed parks because they had forgotten about the parks by now...

 

[Grimhogun]

Ever play Simcity? I did this all the time.
When people started whining about no parks, I reduced the police budget and gave them parks.
When they whined about rising crime, I bolstered the police by reducing fire protection,
When they cried about fires I bolstered the fire department, and reduced ongoing road maintenance.

When they cried about the roads I closed parks because they had forgotten about the parks by now...

I hated that damn game. Never could get people to stop bitching.

 

[Gomez Adams]

Rather quietly, Gamestop stock has climbed back up to 263 dollars per share.

 

[Zeedox]

She was $330 something around midnight.

 

[Gomez Adams]

Are you still riding that roller coaster or did you get off?

 

[Zeedox]

I never hopped on. One son did in a single partial share - not sure what happened. I'll have to ask. His main side-investment is cannabis stocks.