Gamespot
Various shenanigans to manipulate the stock price of Gamestop have made it into the news of late. (I assume my readers are at least vaguely familiar with those shenanigans.) I have opinions!
1) The hedge fund that started these shenanigans is merely trying to exploit the stock market to make a quick buck. They have no interest in the underlying business of Gamestop. The hedge funds who are stepping in to bankroll their counterparts are also in it for themselves. In short, I will shed no tears for any of the hedge funds.
2) Although the small investors who've jumped in have wrapped themselves in the banner of Robin Hood, I've seen more than a few self-proclaimed Gamergate dudes leading, or at least trying to lead, this parade. I'm reluctant to associate myself with Gamergate. (The smell is unpleasant and hard to get off.)
3) The fact that the hedge funds are running to every live TV camera they can find asking for the government to do something is yet more evidence, were any needed, that people who support free markets only do so if they are making money in the market. Once they start losing money, well then "we the people" are expected to bail them out.
4) I have a bad feeling that a lot of small investors are going to find themselves stuck with massively overpriced stock at the end of this mess. They may have cut their noses off to spite their faces.
Allegedly Dick Cheney said of the Iran - Iraq War that "It's a shame somebody has to win this war." I suspect that there will be no winners in this war. This entry was originally posted at https://chris-gerrib.dreamwidth.org/751799.html. Please comment there using OpenID.
1) The hedge fund that started these shenanigans is merely trying to exploit the stock market to make a quick buck. They have no interest in the underlying business of Gamestop. The hedge funds who are stepping in to bankroll their counterparts are also in it for themselves. In short, I will shed no tears for any of the hedge funds.
2) Although the small investors who've jumped in have wrapped themselves in the banner of Robin Hood, I've seen more than a few self-proclaimed Gamergate dudes leading, or at least trying to lead, this parade. I'm reluctant to associate myself with Gamergate. (The smell is unpleasant and hard to get off.)
3) The fact that the hedge funds are running to every live TV camera they can find asking for the government to do something is yet more evidence, were any needed, that people who support free markets only do so if they are making money in the market. Once they start losing money, well then "we the people" are expected to bail them out.
4) I have a bad feeling that a lot of small investors are going to find themselves stuck with massively overpriced stock at the end of this mess. They may have cut their noses off to spite their faces.
Allegedly Dick Cheney said of the Iran - Iraq War that "It's a shame somebody has to win this war." I suspect that there will be no winners in this war. This entry was originally posted at https://chris-gerrib.dreamwidth.org/751799.html. Please comment there using OpenID.