S522 - Wall Street In PANIC MODE, Trading On GameStop And AMC Halted As Plebs NUKE Elite's Hedge Funds
Wall Street In PANIC MODE, Trading On GameStop And AMC Halted As Plebs NUKE Elite's Hedge Funds. The move by WallStreet Bets could totally destroy billion dollar hedge funds.It took Democrats and Republicans months to negotiate a stimulus package and now the government is being hoisted by their own petard.Many people are dumping bits of their stimulus into stocks that will "short squeeze" wealthy elites trigger a massive wealth transfer from the wealthy to the working class.But Wall Street is clever and special interests put a halt on trading of the stocks that would damage the billionaires pocketbooks. Several trading apps froze trading privately trigger calls for boycotts.The plebs have found the systems weakness and the power of online forums
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The story of Wall Street bets and GameStop is kind of a complicated one.
So let me give you the simplified version before we get started.
Regular people are rising up and with their combined power through a decentralized network on the internet, are taking down massive hedge funds.
And perhaps, maybe the first time in history, we are seeing a transfer of wealth from Wall Street to Main Street.
Hedge funds who bet against companies planning on their demise are now being crushed with near infinite losses and are becoming desperate.
How?
A bunch of people on the internet were sick and tired of market manipulators and corrupt media playing crony games, making money off our backs, shorting, taking money from regular people with manipulation, with panic, with fear, And so they just all got together and bought some stonks.
I'm not cool enough to understand what stonks is all about.
Just a meme, I guess.
Even Elon Musk is tweeting about it.
Let me try and make it really, really simple before we read this so you can generally understand what's going on.
GameStop.
I'm sure you've heard.
Their stock is worth an absurd amount of money right now, and a lot of people think it makes no sense.
Some people are saying GameStop should be worth less than like, you know, 10 bucks, maybe 50 bucks, but it's currently trading at like $300, and it is just skyrocketing.
Endlessly.
And the reason?
Well, a bunch of people just got checks for $600.
A bunch of people might get a check for $1,400.
And while most people probably need that to pay their bills, there are a decent amount of very bored people, very angry with the system that is stripping wealth away from the working class, who banded together to destroy hedge funds that were betting against some of these companies.
Let me read a little bit of what's happening with Business Insider and try and make sure you just really understand this.
But to put it simply, Occupy Wall Street had the wrong strategy.
Showing up to physical Wall Street and waving your sign around?
Let's be real.
Even back then, about 9 years ago, almost 10 years ago, most of this training was being done online.
It was shifting, and now it's just an online environment.
Physically protesting in New York wasn't going to change anything.
I mean, people protested all across the country, but it's not going to have a real impact.
Waving a little sign and saying, rabble, rabble, rabble only does so much.
Then they injected identity politics into it.
Everybody started fighting.
Now I'm seeing right-wing, left-wing, Bitcoiners, Libertarians, Anarchists, Antifa, everybody cheering on WallStreetBets, a forum on Reddit that is destroying Absolutely destroying these hedge funds.
Now there's reports that like Nasdaq wants to stop trading.
There are people on CNBC are saying this is dangerous what they're doing!
Aw, poor babies, you're gonna lose all your money?
You know Nancy Pelosi bought a bunch of Tesla stock?
Something like that, it was like long calls.
I'm not, I'm not super, you know, stock, I'm not a stock kind of person, so I can't tell you all the details.
But suffice it to say, Nancy Pelosi placed a big ol' bet on Tesla, and now Joe Biden's announcing that he's swapping out the entire fleet for electric cars.
Oh, surprise, surprise.
Now look, I'm not here to accuse Nancy Pelosi of, you know, knowing what was going to happen.
I think it's fair to say a bet on Tesla was probably good.
But we're also seeing Elon Musk, owner of Tesla, tweeting out game stonks, cheering this on.
And one thing I saw was that people were saying the reason Elon Musk is doing this is because these hedge funds called Melvin Capital, I think it's Melvin Capital, shorted Tesla.
So when you short, it's basically like this.
You ever go to a casino?
And play craps?
Maybe you haven't.
I know a lot of people haven't.
Craps is so much fun.
But there's something called the pass line and the don't pass line.
So when you walk up, typically the first bet people are gonna make is on the pass line.
When you make that bet, you are saying, I think the dude rolling the die is going to win.
It's a decent bet.
It's almost 50-50, but there's a better bet.
You could bet on don't pass.
And that means you're betting the shooter, the guy rolling the dice, I think that's what they call it, is gonna lose.
And it is a better bet, but people get really mad when you do it.
Could you imagine, like, you're having a good time and someone walks up and says, haha, you're gonna lose now.
You'd be like, dude, you're killing the vibe, you know what I mean?
But you can make the bet.
The way short-selling works, and I'm not a complete expert, but what's happening is, these hedge funds are betting on these companies losing, and that's what they do.
Then they go on TV and they say, all these companies are failures.
When regular people panic sell, and it kills the stock, that's when they make their money.
Recently, my friends, we saw Bitcoin skyrocket.
Hit $40K!
And I've had some Bitcoin for a long time.
I'm not Bitcoin rich.
Some people are claiming that I'm probably Bitcoin.
I wish, dude.
I've known about Bitcoin since 2011.
I could have bought it at $0.70 and I just never did.
I saw these stories claiming that Bitcoin was gonna crash and people would lose everything.
And they always do this.
You know why?
Because regular people don't know.
And they get scared.
And those that control the media, manipulate what you think, make you panic.
And then you sell.
So I had people telling me, when it hit 40k, it started to fall down, hit like $34,000 per Bitcoin.
And I'm like, dude, everybody who's got Bitcoin knows its value.
Or I shouldn't say not everybody, most people promoting Bitcoin know that it's going to be way, way bigger.
And I saw a bunch of people saying, it's gonna collapse.
You're stupid, you're buying at the top, don't do it, don't do it!
Bitcoin's down a bit today.
And I said, no.
I'm not dumb.
Look, don't take advice from me, because it is down, but this is not financial advice, do not listen to me in terms of, you know, make your own decisions, but the point I'm making is, The media manipulators will tell you that something bad is happening so you panic and sell and lose money.
When Bitcoin hit $20k before, people were like mortgaging their homes to buy it.
Not a smart thing to do, mind you.
But then when it fell down to like $7k, people were like, oh no, I've lost everything and they sold out.
What happens then is the manipulators, the wealthy, the people with assets to throw around, because they don't care if they lose a million here or there, bought it all up for pennies on the dollar, and now it hit 40k and they laughed all the way to the bank.
They used the media to manipulate you.
Let me read a little bit of the story, and I'll read you where we are so far, but let me just say, Reading this news, there's a lot that I probably don't understand about this, so Wall Street bets, with all due respect, I'll try my best, but I'm probably going to get some stuff wrong.
But it is incredible to see that these dudes, these people on the internet, have essentially got the right and the left cheering and clapping.
We are of, for, and by the people.
I mean, whatever this group is, we believe in the working class and the regular people, and now for the power of the internet!
We can band together and we are more powerful than the media manipulators and the elitists who would steal from us.
I have been complaining all year about the largest transfer of wealth from the working class to the upper class through this COVID lockdown.
And this is some reprieve, I suppose.
Let me see how Business Insider breaks it down.
They say, Like Bitcoin, Tesla, and the SPAC IPO, Wall Street bets grew exponentially in 2020.
In the first weeks of 2021, the forum discovered just how strong it had become.
The subreddit subscriber count ballooned by 133% to 1.8 million members over the course of last year.
Growth accelerated further this month, and the forum's 2.2 million current members now drive one of the platform's most active pages.
Members have spent the past three weeks bidding up GameStop.
Okay, GameStop, I'm sure you know, it's a brick-and-mortar game store.
I personally don't think they're gonna, you know, survive the transition.
Most people don't.
Maybe this now is an opportunity to do so because they probably just made a ton of money.
And some people actually think, to be fair, That if GameStop figures out how to enter the digital marketplace using their brand power, they will become the premier gaming location.
Now, my personal opinion?
I think, for one, GameStop should create something like Steam, an online game portal system.
They better get started soon.
It might be too late, but...
With these brick-and-mortar shops, I think they should do straight gaming events.
The opportunity is not selling products to people at this point, it's memberships, and it's events.
Having people come in for competitions, having people come in to play with their friends, meet new people, that's where it's at.
Culture building, GameStop, that's your opportunity.
If you don't do it, I will!
Assuming COVID ends.
I'm not really gonna... Well, actually, I might do it.
That sounds fun.
Really.
But imagine if you went to GameStop and they had a gaming area with video games, card games, board games, and you were going there to party and hang out and have a good time with your friends, building culture.
They can still sell products, they can now sell impulse items, and they can make money off memberships and gaming events.
Not the most lucrative thing in the world, but you combine that with a digital presence, something like Steam, an online gaming portal, then I think they've got a real opportunity to make some money.
Maybe they'll do it here, but let's, I digress, let's keep reading.
They say, shares of GameStop have skyrocketed more than 1,200% since Wall Street bets first piled on January 11th.
Their overwhelming bullishness has fueled billions of dollars in losses for short sellers.
Now, my friends, let me explain something to you.
These hedge funds, Wall Street, those who use the market, in my opinion, to manipulate and steal from your retirement funds, oh, they're in trouble.
They're in so much trouble, and it is so glorious.
I'm not into suffering of anybody, but it's about the little guy, okay?
Now, I'm sure there are people who can correct me if I'm wrong.
My general understanding of a short sell is there's long calls, there's short sells, there's buying stock.
So, when you buy a stock, when you buy a Bitcoin, you buy anything.
You're hoping it goes up in value.
So, if I buy one share of GameStop for, say, $10, Because I think GameStop's going to pull through and become more valuable.
People are going to rush to try and buy that stock because the company is going to go up in value and they're going to generate more revenue.
And then I'm not sure exactly how GameStop works, but essentially you get dividends on some stocks, so you might actually start getting money out of this.
So you're thinking, for $10 it's worth it.
Well, a week goes by, the company succeeds, now that share is worth $20.
So then you say, great, I sell it, $10 profit.
A short sell is my understanding, and guys, again, correct me if I'm wrong, where you basically are lended shares.
So you say, hey, lend me your share to sell, and then I'll pay you at a later date.
So I borrow your share, sell it to John for 10 bucks, and then I wait, thinking the share's gonna lose value.
So I make $10 off that sell.
Then a week goes by, and the share goes down to a dollar, and I laugh, and I say, hey, remember that share I borrowed from you?
Here's your dollar.
Congratulations.
So it is a bet that a stock will fail.
Now the person lending that share is essentially making a bet the stock's not gonna fail.
So here's the crazy thing.
Look, if you spend 10 bucks on a share, and then it becomes worth $1, you can only lose the value you put in.
Short sellers, on the other hand, are in very serious trouble.
Because I borrow a share from you.
So let's go back in time to the start of this fiasco with GameStop.
I borrow a share from you to sell for $7, thinking GameStop's gonna crash.
Then I'm gonna pay for those shares to you for $5 when I sold it for $7, so I make a ton of money.
Whereas it happens.
I borrow your share, sell it to John for $7.
Uh-oh.
Now the shares are worth $10.
Now I've lost $3.
Okay, okay.
Well, I'll wait a little bit.
Maybe it'll go down.
Then Wall Street Bets comes into play.
These people go on the forum and say, F you!
Everybody buy!
I wake up one day and the share is worth 300 bucks.
I just lost $293.
And now I'm going, yeah.
Because every day that that stock goes up in value, I owe the dude I borrowed from.
There is a near infinite bottom.
So apparently these hedge funds are set to lose billions of dollars.
Some of them might go bankrupt.
And these short sales has the people on Wall Street Bets saying, do not let go.
Keep buying.
Again, no financial advice.
All right.
Or any shares of GameStop or anything like that.
But it looks like Wall Street bets going for the kill.
Figuratively and corporately, literally, I guess.
They want to destroy these hedge funds.
They want to destroy them.
And they post in the forum about how these are people who are exploiting you through the media with corrupt allies and media lying to you.
And they think it's happening right now.
I hope I gave you the gist of the story properly.
It's not super easy to completely understand.
But they do mention on Business Insider that Wall Street Bets has done this before.
Options-obsessed members have boasted about trading everything from newly bankrupt car rental giants to now-delisted Chinese cafe chains.
They're particularly big fans of electric vehicle stocks.
Tesla enjoys unique enthusiasm on the forum.
It's amazing.
Well, check this out.
Melvin Capital.
Hedge fund targeted by Reddit board closes out of GameStop short position.
Check.
This is amazing.
Okay.
So apparently, I don't know where they bought in, like $6.
They tried shorting it when it was, what, at six bucks or something?
And then they sold out their position at $90 for every share.
That would be $84 on top.
Imagine if they had a million shares.
Apparently they had more than that.
But hold on, this may be a trick.
Let me read.
CNBC says, Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss.
The hedge fund manager told CNBC's Andrew Ross Sorkin.
Could he be lying?
GameStop's hedge fund's most hated stock was targeted by an army of retail investors who marshaled forces against short sellers in online chat rooms.
In the Reddit forum WallStreetBets, more than 2 million subscribers, rookie investors encouraged each other to pile into GameStop's equity and call options, creating massive short squeezes in the stock.
CNBC could not confirm the amount of losses Melvin Capital took on the short position.
Citadel and Point72 have infused close to $3 billion into Gabe Plotkin's hedge fund to shore up its finances.
Oh, man!
On Wednesday, Squawkbox, Sorkin, and Plotkin told him that the speculation about a bankruptcy filing is false.
GameStop shares have more than doubled this week, a loan to nearly $150 apiece, driving its January gains up 685%.
piece, driving its January gains up 685%.
The stock was worth just $6 four months ago.
Amazing.
Shares of the brick-and-mortar video game retailer gained about 60% on Wednesday's pre-market, trading about $93 after popping more than 100% in earlier future markets.
Dude, I'm pretty sure it's in the pre-market right now.
I'm recording this before the opening.
I think it's like $300 a share.
So let me break it down for you.
Let's say these people did get in, short selling, at $6, thinking it was going to go down and they were going to make money.
No, it's at 300 bucks.
That's a lot of money to lose!
I don't know.
Maybe this will result in another 2008-style market crash, or maybe this is the people's revenge.
It took some time, but the populist people found their power.
On Reddit.
They say GameStop was the single most traded name in the US stock market on Tuesday, topping Tesla and Apple, even though they're 81 and 233 times larger in market cap terms according to Deutsche Bank.
They're now saying, on these forums, they want this to break Amazon's market share.
GameStop, you know, people who held GameStop shares, who were probably like, well, I don't know where this company's going, are probably crying with joy.
They probably sold out a long time ago.
Now, there is a bottom to this.
Look, I'm not an expert, but I imagine it's still a game of hot potato.
If you personally buy into this, again, I'm not telling anyone what to do, this is not financial advice, but I wouldn't want to do this out of fear that if I put in, say, 300 bucks right now, then what?
Tomorrow, when these hedge funds are destroyed, and then people are like, that was fun, and they start selling, I lose that value?
It's a game of hot potato.
However, again, I am not giving anyone financial advice.
My personal opinion, if you could spend money and it would send a message to the elites in the establishment, like if I could spend 300 bucks buying a billboard that said, we don't like you establishing, I'd probably do it.
You know what I mean?
You lose the money, but because you spent it.
So look, I'm not telling you what you should or shouldn't do.
And honestly, there are concerns, you know, people are outraged saying some of this might be illegal.
Some people are saying it's not illegal at all.
Some said a coordinated effort by an organization to destroy a stock and destroy a company is a certain crime.
And then others have pushed back saying that, actually, a random forum where random people give their opinions on what they want to buy and why is totally legal.
They're saying they closed out, right?
Okay, check this out.
This is Wall Street Bets.
They say, warning, more manipulation.
This is a post on the forum saying, call me a suspicious Randy MF.
But right as GameStop started going down, going down A-H, although they think that blip matters, CNBC announces Melvin has closed out.
This was then followed by a ton of suspect baby accounts posting with brain-dead comments to try and create FUD.
Automod cleaned a bunch of them already, but watch the F out.
I think they knew people are thinking about taking profit once Melvin is out.
Not only are there a lot of other shorts I'm calling effing BS on, CNBC caters to them, not us.
They fed the media the fake story, put boys on the board, and took what's left of their dying fund to drive the price down, and made their last stand hoping to reclaim anything.
Well guess what, Melvin?
F you and eat my A on your way out!
What they're saying is, They're accusing these hedge funds of trying to manipulate the market to drive the price down, convincing Wall Street bets, it's over, you've won, oh no!
When in reality, it ain't true.
I don't think Wall Street bets cares anyway.
I think these people are just like, dude, keep buying, why not?
So in their final, uh, they've posted this nine hours ago called the GME Endgame.
The Bull Thesis, they say, To date, the GME play has been pretty simple.
Buy and hold, and wait for the squeeze, whether that comes in hours, days, or weeks.
Try not to have a heart attack during the intermittent gamma squeezes.
Keep your hands diamond strong during the manipulated downward spikes,
and buy, baby, buy.
It's rapidly becoming apparent that we will soon enter the GME endgame.
Before you can come up with an exit strategy if you're still on the fence, decide whether to jump in, you need to form an opinion about GME Bowl Thesis without considering the short squeeze.
Your thoughts on the Bowl Thesis will dictate how you play it from here.
So what they basically say is...
Based on the actual revenue, times revenue, you know, valuation, they think that GameStop should be around $64.
But it was trading way down, like $6.
So, they're actually thinking it should have been way better.
Which is interesting considering these hedge funds were short-selling GameStop.
You see, what you need to understand is that there are people who play dirty games.
They'll come out and say, I think, you know, everyone's gonna lose their money on Bitcoin.
And then when Bitcoin tanks, they buy it up.
If they're, or they bought shorts and then said, I think it'll tank.
And then when people panic and sell, they make a profit.
It's all a media manipulation game.
So here's what they're saying.
Exit strategy one, just along for the ride, is that maybe you don't care about GameStop's balance sheets or the Cohen's plan turnaround.
You bought a couple shares on a whim to be part of a unique movement.
You don't intend to be a long-term GameStop shareholder, nor do you really care if you miss out on the highest peaks, so long as you make a few dollars and get to say you were part of the squeeze.
If I were this person, what would I do?
I'd pick a number between 0 and 3 that I feel represents my confidence in the retail market's current expectation for Cohen and GameStop, multiply it by 128.
I'd submit a limit sell order for all my shares at that share price.
I'm not a stock guy.
I don't play games with stocks for the most part.
Probably should have some, not really.
So I don't really know what, you know, I don't take any of this.
Don't take my advice, don't take their advice.
You need to get your own financial people.
Exit strategy two, pants-essing fear.
You got a handful of shares, maybe some options, and you're up big.
You don't know much about squeezes or fundamentals or Greeks, and every time there's a dip in the stock, it's halted, you S your pants, and your fingers hovers over the sell button.
But then the price jumps up and you wipe the drenching sweat off your face.
If I was this person, what would I do?
I'd sell all my options that expire sooner than 30 days at market to open, uh, market open to reduce the number of pairs of pants I'm going through.
Sure.
And then it says exit strategy three, diamond hands.
You got bigger balls than most and this isn't your first time dumping a significant fraction of your net worth into a company whose financials you've never looked at.
You want to ride it to the peak if at all possible, and you want to impress the pants-essers and the weak-kneed with your maximum gains.
You're okay with increasing your cost of basis to squeeze out extra tendies on the way to the top.
If I were this person, what would I do?
I'd sell all- I'd sell my weeklies on Open Tomorrow and immediately plow every dollar.
Just keep buying, I guess.
And then I guess strategy four is, you slash deep effing value.
If he's still in, I'm still in.
This dude apparently posted like, I don't know, what is it, like $20 million gains off this?
Some people are saying that they think they want to drive GameStop to like $5,000 per share.
That's what I've been seeing.
And if that happens, a lot of people are going to get very, very rich along the way.
And eventually, some people will lose out some things.
But what if that money just comes from the hedge funds, who are forced to pay up?
Lose billions of dollars, and declare bankruptcy.
That could be the case as well, I suppose.
I'm not a stock person, and I can't tell you.
All I can really say is, I'm sitting here watching this as more of a stock layman, seeing what Wall Street Bets is doing, challenging the man, calling out the corrupt media, and I'm seeing populists left and right, clapping and cheering it on.
I'm seeing the Bitcoiners, the Libertarians, the Progressives, the Commies, the Socialists, the Libertarians, the Ancaps, the Conservatives, laughing as it all goes down.
It's really quite amazing, to be completely honest.
So, I wake up seeing the news, and it's getting crazier and crazier.
If you have the stones to get those max tendies, then you should focus on listening to the emerging news about Melvin Capital and Citadel, rather than watching the price.
Sell when they're covering, and not a moment before.
That will be the peak.
Jeez, man.
I don't know if they can do it.
Can they really defeat billion-dollar hedge funds?
They might.
I've seen some statements that they may have already squeezed out like ten billion dollars and completely destroyed these funds.
Maybe.
I hate the whole system.
I've always hated the system.
I hate the idea that there are people who just extract value from the system.
Like, there are people who have access to our resources who do nothing but buy a stock, wait on it, and then sell it.
Now, to be completely fair, trading is fine.
I'm not mostly complaining about that.
What I'm complaining about is someone who buys a stock and then games the system so that you, the working class individual, buys into it, then they claim it's disastrous, you sell, and they steal your money.
It's the name of the game, baby.
Remember that famous story?
It was like during the Napoleonic Wars.
Some dude, like, rode on horseback to Britain and said, oh no, Napoleon won!
And then when all the stocks crumbled and collapsed, he bought them all up.
Oh, I mean, actually, he lost.
And then the stocks skyrocketed and he owned them all.
It's the name of the game, man.
When you have access to the media and that power, then you can just rip off the poor people.
A regular working class, you know, Joe Schmo, who says, you know, I want to protect my money.
So they put a hundred dollars in a stock that's worth like five bucks and they're happy with it and they're like, you know, now my money is outside of, you know, the dollar.
And then some guy goes on TV and lies or manipulates and says, that stock is going to crash.
Now this dude gets scared and says, oh no, I'm gonna lose my money.
And he sells at a 20% loss.
To this guy.
To his friends.
They make money off of you.
They sell it to you at a premium, make you panic, and then buy it up when it goes down and then it pops right back up.
It's not too dissimilar to how they used to do blockbusting.
You know what blockbusting was?
It was when, it's super racist, they would go to like an affluent white neighborhood, and then the real estate companies would buy a house, and they would move minority families in, and then they would go, oh no, look, your neighborhood!
And then when everyone panicked, they'd buy up the houses for dirt, Wait for the lease to expire for the minority family, because people were racist and they were racist, and then they would own all the houses at a premium.
Jack up the price, sell them all again.
It's disgusting.
These people, look, I'm not trying to say that the hedge funds are racist or anything like that, I'm just trying to say, that happened.
So now think about what they're doing.
You buy these stocks, they convince you it's gonna collapse, and you better sell, and you're gonna sell at a loss.
They buy it up, jack the price up, and they make money off your back.
Never been a big fan of how the system works.
We'll see how things play out.
The hedge funds seem to be in very serious trouble, so... I don't know, maybe a lot of people are gonna become millionaires off this, and the money's gonna get stripped from the hedge funds.
Maybe Wall Street bets will keep doing this.
Maybe the reality is the system is broken, you know?
Because if, you have to imagine, if this keeps happening, things like this keep happening, the market just doesn't work.
You know, I woke up today and I have some stock, like, some random, and I'm just like, it's like spiked straight up, and I'm like, uh, what?
I think people are now, because of this, desperately looking for companies that are doing bad, that are at risk of being shorted.
And they're buying them up hoping that Wall Street bets will announce they're going to go after the hedge funds who are shorting, you know, these other markets.
So they're talking about like AMC and Bed Bath & Beyond or something or BlackBerry.
We'll see how that plays out.
I don't know.
You do you.
Don't take my advice.
2.8 million people on Wall Street bets.
That is one of the most powerful systems we've ever seen and it is going after these hedge funds and it's going to revolutionize everything.
I'll leave it there.
Next segment's coming up at 1 p.m.
on this channel.
Thanks for hanging out and I will see you all then.
Wall Street is in full-on panic mode as several stocks have been halted and some major trading platforms for stocks are restricting the trade of certain companies like GameStop, like AMC.
Why?
Because the system is broken.
For too long, the wealthy elites, the hedge funds, have found a way to strip the value from the working class and make billions for themselves.
And finally, a group of internet forum users decided enough was enough.
This is an update on a story I covered earlier this morning, but for those that aren't familiar, a subreddit called WallStreetBets decided that they were tired of the media and market manipulation, corrupt journalists propping up and shooting down stocks to steal money from regular people, and they decided to squeeze out these hedge funds.
They bet against GameStop.
And so these forum users says, okay, you want to bet against retail?
We're going to invest in it for no reason, essentially.
Sending the value to the moon.
Well now, the establishment cronies and elites, these trading platforms are outraged, calling it market manipulation that must be stopped, demanding regulation.
The White House says we are monitoring the situation.
Why?
Because when the plebs find a way to use your system to make money and get rich, they panic.
When the hedge funds are the ones who lose billions of dollars.
Well now it's an emergency.
Just you wait.
I'm willing to bet that following this GameStop price surge, Wall Street hysteria, you're going to see Congress act so fast your head will spin.
When it comes to getting the American people a stimulus check, they need to survive.
Because I see this story about people saying, yo, we found a way to exploit your system.
There's risk involved, mind you.
Don't take any of this as financial advice.
Some people might get hurt from this.
Regular people.
But they finally find a way.
We're going to game the system.
We're going to play this game.
And people are just giving their opinions.
Just buying stocks they think are going to go up.
And so what happens?
Wall Street intervenes.
The trading platforms intervene to protect, essentially, hedge funds.
How is it that our country can send billions of dollars overseas, yet we hear from the left, teachers don't make enough money.
And that's true.
We hear about the pipes, the water in numerous cities, not just Flint, but other cities.
We hear about our crumbling infrastructure, yet they send billions of dollars overseas.
Our value, the wealth of the working class, I'm not saying they're wealthy, I'm saying the value they hold is being stripped away and transferred upward.
The largest transfer of wealth in history, and now we are seeing the inverse?
And what do they do?
They will stomp you out.
They will use the system against you, as they often have.
The moment you find a path forward, the moment these people revolt, the rules get changed.
And they halt your trades.
Listen.
There's real risk involved here.
Regular people who are playing this game may lose a lot of money.
But I'm seeing posts from people who don't care.
You know why?
As the game stock skyrockets for seemingly no reason.
As the stock of several companies seems to skyrocket for no reason.
Like there's no movement within the companies and their value is just going up.
A lot of people who are buying into this might end up holding that hot potato.
When the game stops and the price tanks, maybe it'll happen, those people will have lost their investments.
But I tell you this, when one person says, I'm gonna risk my stimulus check, maybe only half of it, 300 bucks, what's their worst case scenario?
They lose 300 bucks, might be bad for them.
But when we're talking about millions of people potentially playing this game, one hedge fund could lose substantially more because the higher this goes, the more indebted they become.
I am seeing people say that they don't care they're going to lose a couple hundred bucks if it means they're sticking it to the man.
Let's go through this.
Let me show you what's going on with the rules being set.
Look at this.
GameStop AMC trading is being restricted at TD Ameritrade and it's not just there.
It's even just trading in general getting halted because the rules are set up.
So the plebs aren't allowed to win.
Whenever you get close, this is what happens.
Let's read this.
This is gonna be fun.
This is crazy stuff, man.
Before we get started, head over to TimCast.com and become a member.
Listen, my friends, I am not playing a crazy stock game.
I don't have a lot of stocks.
I have some.
I'm not expecting to make millions and millions of dollars like some of these people have already done.
Some people have made millions of dollars.
No joke.
One dude apparently turned 50k into tens of millions of dollars.
It's risk.
I'm not here to advise anybody.
I'm here to run a regular old YouTube business.
If you want to support that business, then please go to TimCast.com and become a member.
We got exclusive posts.
We talked yesterday about Tulsi calling CIA's John Brennan and Adam Schiff domestic enemies.
Rock on, Tulsi.
That's amazing.
And there's real risk to my channel getting banned.
And a lot of people don't seem to think so, but it can happen.
My Facebook has already been restricted for seemingly no reason.
In the event that I get nuked, if you're a member, you'll still be getting content from me in some capacity, so, and maybe then it'll be a bit more fun.
But I'm running a regular old business here.
If you guys want to play that game with the stocks, you do you.
I do me.
Thanks for supporting me.
Don't forget to like, subscribe, share, hit the notification bell.
Let me show you this news, breaking news, what's from earlier today.
MarketWatch reports at least one major retail-focused brokerage house is starting to respond to a frenetic surge in shares of companies that have been attributed to rabid buying of mom-and-pop investors on social media platforms.
On Wednesday, TD Ameritrade said it was restricting trading for GameStop up 127% and AMC up 238%.
127% and AMC up 238%
Mwah, it's so crazy, dude Look man, there are people who bought in a couple bucks put
a couple hundred bucks and now they got thousands of dollars
It's a risk.
It always is.
I don't like messing around with the stock market.
I don't put a lot of money into it or anything like that.
But look how crazy this is.
Quote, in the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in GME and AMC and other securities, a spokesman for TD Ameritrade told MarketWatch, referring to the ticker symbols for the companies.
We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors.
The game is broken.
The system is broken.
Why is the stock market skyrocketing when our economy is in serious jeopardy during the COVID lockdown?
Why?
Because the stocks are just traded.
It's just that.
It's a game of hot potato.
Wall Street bets, they figured it out.
One guy, I think the guy who started the subreddit, wrote a book saying boomers created a digital casino for millennials.
There's no rhyme or reason to it.
GameStop should not be worth this much.
It's trading.
Here we go.
Right now, as of recording, look at this.
All throughout the past year, trading around $4, and then just right now, from like $18 at the start of the year, to $328 right now.
Imagine if you put in $10.
$10 a year ago.
You'd be up hundreds of dollars.
Let's say if it was at $8, you'd be at $326.
It's just nuts.
The system is broken.
GameStop shouldn't be worth this much.
But people finally realized the system was broken, and the market is how they manipulate and steal wealth.
It's really, really simple.
You know what they do?
They go, oh no!
This stock is failing!
Oh man, people should sell!
Then they do.
You'll get these corrupt media personalities, journalists telling you to panic, to get out while you still can, and then when you panic sell and the value drops, these big funds swoop in, buy it up, and the value goes right back up.
You know, you scare people to cause the market to collapse.
You buy it up and the market expands.
Then when you're rich, you sell for more cash.
Then the market collapses.
You buy low.
You sell high.
You keep doing it.
And for the longest time, it's been the wealthy elites in control of the system.
Now the system is shattering right before their eyes.
And we see stuff like this.
Somebody posted this.
YOLO.
I've hit a million.
GameStop.
To the moon.
And a bunch of little rocket emojis.
And they're showing.
They're up $762,000.
Now mind you, this is somebody who had a couple hundred thousand to put in as it was.
It says, exercised my $30 April calls and sold my weekly $160 calls, $3,000.
Hand shares, yada yada.
I'm not a big stock person, I can't tell you exactly, but I can tell you this.
The panic is real.
Okay, so in my previous segment I explained this, and it may be redundant for those listening on the podcast, but I'm just going to explain it again very quickly.
What you have are hedge funds.
It's Marvin Capital or Melvin Capital, I'm not sure, and another company.
I thought I had it pulled up.
I have it pulled up somewhere, but basically, these companies were gonna bet that GameStop would fail a retailer who's doing poorly right now.
Here's the idea.
Instead of just buying a stock, like if you buy a stock, okay?
Say you spend ten bucks.
You run the risk of losing $10.
Let's say you buy a stock for $10 and tomorrow it's worthless.
You lost $10.
But you can short sell, which means you're placing a bet the stock will fail, and you can make money if it does bad.
It's confusing, right?
It's actually kind of simple.
I go to you and say, I'll tell you what, lend me that share, I'll pay you back at a later date.
Sound good?
Okay.
Then I sell that share for ten bucks, and now I got a ten dollar bill in my hand.
And I wait for the stock to tank.
Then, once the stock is worth a dollar, I go back to you and say, remember I said I'd pay you at a later date?
Here's your dollar.
I made nine bucks.
What happens if that stock goes up, though?
When you borrow a bunch of shares and sell them for $10, yeah, you're holding $10.
But then what happens if that stock goes up to $330?
Now you owe that dude $330 and you only got $10.
So here's what's happening.
These hedge funds had shorted the market a ton of different companies.
So regular people on the forum, Wall Street bets, have said, we are going to target what you shorted And we're going to drive the price up to destroy your company, to destroy your fund, essentially.
My favorite, there's a meme where there's people saying, it's dangerous, you're putting yourselves at risk.
And then it's like an IQ bell where like the dumb people are like, lol, it's going up.
And the smart people are like, we can remain irrational longer than you can remain solvent.
And what that means is, You've got a ton of people.
You've got millions of people on Wall Street bets.
The risk to one person buying one share at $300 is $300.
But when every single person does it, it becomes a kind of economic distributed denial of service attack on a single hedge fund.
For them, the risk is a couple hundred bucks.
But for the hedge fund, every day that price goes up, they're losing money when those get called back in, essentially.
When people say, you gotta pay up.
Can they really afford to give up billions of dollars?
This could be the end for many of these companies, which is why we're seeing the markets react We're now seeing calls from regulators saying we should put a halt on this.
You are going to see the establishment elite cronies in politics act faster.
You're so fast your head will spin.
Check this out, GameStop.
$330 today.
Check this out, AMC.
Check us out.
AMC, $16 up 236.36%.
NASDAQ CEO Friedman says the exchange will halt trading in a stock if they link unusual
activity to social media chatter.
Here it comes, baby.
They're coming for you.
The regular person who wants to get in on the game.
Everybody knows the risks.
It's extremely risky.
Let me explain something to you, right?
It's possible that these irrational stocks... There's no reason for GameStop to be at $3.30, in my opinion.
I'm not giving financial advice.
Me?
The only reason I would buy it, which I have not done, is because I know people are, you know, essentially just buying like crazy, and this frenzy is leading to a massive bubble.
It makes no sense.
But many people are doing it because they know they're sticking it to the hedge funds and to the establishment elites.
Some people might be willing to spend 300 bucks just to make that happen.
That's the only real reason I think anybody might actually buy.
It's possible at a certain point when the hedge funds are squeezed out and are bailed out or shut down or on the verge of collapse or totally collapse, then the price will start going down as people sell.
And there's no real reason to buy into the stock so the value could plummet.
You might be someone who bought a couple hundred shares at 300 bucks, a lot of money, maybe your savings, and then when it drops out, that money's all gone for you.
But the issue I see here, people just got a $600 stimulus check.
Some of these people don't need all of it, and some of these people are bored, so they're like, whatever, throw it in.
What happens when that $1,400 drops?
We are looking for, we are looking at the third stimulus check.
When could you get a $1,400 check?
My friends, it is going to be biblical.
When this $1,400 check comes in, you are going to see people on WallStreetBets and just on the internet being like, you know what, man?
Let's roll with it.
Some people might just throw it into the game.
Walk out doubling their money.
That's why it's called WallStreetBets.
And that's why they refer to it as gambling.
I don't want to play that game.
That's just me.
But some people might feel like they have no choice.
Some people might just be like, I don't need the full $1,400.
I know a lot of people do.
A lot of people need more than this.
A lot of people were demanding $2,000.
Maybe they gotta pay their back rent.
Maybe evictions are coming.
But you look at these stories where this guy claims to have made a million bucks.
One dude posted that he put in a couple thousand, made like fifty thousand.
Maybe you bail out.
As long as the demand is there, the price doesn't go down.
So what happens if the demand never stops?
What happens if people really want to drive this stock up to a ridiculous proportion like five grand?
It could happen!
Because it's not rational.
It makes no sense.
The system is broken.
That's why NASDAQ is saying, oh, if you talk about this on social media, we'll come for you.
Social media-driven trading frenzy, GameStop, AMC Entertainment, Sparks calls for scrutiny.
That's what we heard from the NASDAQ chief, but check this out from Barron's.
GameStop trading should be halted for 30 days, says state securities regulator.
The top securities regulator in Massachusetts at the New York Stock Exchange should halt trading in GameStop for 30 days so it can cool down.
Retail traders often using options have helped propel the stock more than 1,000% this year, more like in the past couple of weeks.
On Wednesday alone, shares were up more than 100%.
Quote, I really think at this point it calls upon the regulators, in this case the New York Stock Exchange, to consider simply suspending it for a month and stop trading it.
William Galvin, the Secretary of the Commonwealth of Massachusetts, told Barron's, these small and unsophisticated investors are probably going to get hurt by this.
These poor rebel are going to lose their money.
Let me stress for you again, my friends.
I'm not here to give you advice.
Do not take any advice from me, because I got no idea what I'm talking about.
I am not a stock trader.
I'm not a financial advisor.
But let me just say, simple math, if one person put in 300 bucks, they lose 300 bucks.
Is that all?
I mean, it's bad, don't get me wrong.
Your stimulus check, you might need it.
But that's it.
We're not talking about people losing hundreds of thousands of dollars.
Unless, of course, they made that as the stock skyrocketed and then it goes away.
They never had it in the first place.
But let me explain something simply to all of you.
Most of you, probably not rich.
Let me tell you how it works being rich, okay?
You got a regular working class Joe.
He gets a mortgage on a house.
Let's say it's a $200,000 house.
He's got a family, and he's getting by.
That house that cost $200,000 over his lifetime, 35 years mortgage, he's probably going to pay double what that house is worth, giving money to those banks.
Here's the thing.
When he buys that house, his net worth goes down.
You know why?
Well, there's closing costs.
So here's how it works.
Let's say you're going to put down 10%.
You saved $20,000 for a $2,000 house.
You say, I'm putting down 10%.
Some people want to put down 20.
Some people put down 5.
Maybe you can't afford it.
With closing costs, he's actually going to lose money and then accept a mortgage debt of $200,000.
His working class Joe's net worth declined when he bought the house.
He's hoping the value of the home will go up in the long run, but he's ultimately going to be spending more than the home's worth off his mortgage because you gotta pay an interest rate.
That means, even when you buy property, you are still in debt.
But there's a threshold, there's a barrier.
Eventually you become rich, right?
Now listen, poor people, or I should say non-wealthy people, because it is not just, you know, poor people, but even people who make a decent amount of money, maybe even a six-figure salary.
When you spend money, that money's gone.
When you get a loan to buy a car, you have debt.
That's not how it works for the rich people.
When the rich person has a million dollars, and then they buy a $200,000 house in cash, they don't lose that money.
That money goes right into that property, and they retain that value.
Their net worth doesn't go down.
I mean, they're still closing costs, mind you.
But for the most part, they got no debt.
So it's like, if they need to, they can sell it.
When they have that money, they can just buy things, and it doesn't really impact their net worth all that much.
All that much.
Now, to be fair, when the dude buys the house, he has the net worth of the house and the debt of the house, so his net value doesn't really change all that much.
The same is true for rich people, but they don't accrue debt.
They can just make a bunch of money, spend it, and their value is stored, whereas those loans eat at you.
There's a famous viral post from this dude who talks about, he said, being poor charges interest.
Don't take care of that tooth now because you can't afford it?
Well then you get an abscess.
Now it's gonna cost you ten times as much.
You got some back pain because you couldn't afford a good bed?
Well now you gotta go to the doctor with severe chronic back pain.
It's true.
So that's why I can't stand this stuff.
I was shocked when I learned, and this was true for a while, I think this may have changed under Obama, that if you make under a certain amount of money, they didn't allow you to invest in companies, because they have to protect the plebs.
We can't have you risking your money.
The rich get richer, man.
That's always been the name of the game.
The divide in this country has always been class-based.
That's why I always stress it so much.
That's why I can't stand the critical race theorists, but I'll tell you this.
I don't care if you're a critical race theorist right now.
I see many of these lefties standing up and calling out the Wall Street big banks who want to regulate and shut down the people finally standing up for themselves, and I'm like, nah.
Uh-uh.
When the left comes out and they say, I agree, I agree, we all agree, congratulations.
So let me clarify in case I just misspoke.
These people are coming out saying, unsophisticated investors are going to get hurt by this.
No, you're going to get hurt by this.
Your broken system is going to get hurt by this.
The exporting of our assets and resources to other countries, that's what's going to be hurt by this.
Joe Biden says he wants to bolster manufacturing in the U.S.
Sounds pretty nationalistic.
I'm all for it.
Thanks.
Thanks, Joe Biden.
I mean it.
You want to help bring manufacturing back to this country?
Let's see it happen.
We see it happen, then I'll be glad it happened.
These people want to play like we should sit back and let our wealth be extracted.
The working class of this country, the non-elites, should have everything taken away from them.
And that we should be okay with it.
I have never been okay with the lockdowns, simply because they've been an extraction of the wealth from the working class to the upper class.
But I'll clarify.
In the early, in the beginning, when it was a two weeks to slow the spread, I was like, yeah, most people were.
And then when it went on to months, I'm like, you're destroying the lives of these people.
What little they have relative to the wealthy ultra-elites.
Now look, I know Americans are wealthy.
I talk about it all the time.
Relative to the rest of the world.
But again, like I often add in those bits, I don't want to see people be poor.
I want to see people come up.
I want to see people do better.
I want to see this country grow.
A rising tide raises all ships.
But for too long, our wealth has been extracted from the elites.
And the moment that people strike back, and it's becoming a meme and a trend and everyone's laughing and cheering it on, they step in and say, time to regulate.
GameStop, BlackBerry, AMC stocks see trading halts as social media hype drives volatility.
So what?
You know what, man?
They play this game all day, every day.
They go on TV and they say, buy this one, and then everyone buys it, and then a week later they go, oh no, don't buy it, quick sell!
And then people panic sell and lose money, and they swoop and snatch it all back up.
They did it with Bitcoin.
I know I mentioned it in my previous segment, I'm gonna say it again for those that didn't hear it.
Bitcoin hits $40k, and all these articles pop up saying everyone's gonna lose everything, their life savings will be wiped out.
And then people panicked, and they sold.
And then when it dropped, these big, you know, the people who could afford it came in and snatched it all up at a low rate.
It's market manipulation all day, every day.
They convince people.
In my opinion, it's almost fraud.
But it's on a large scale, so I guess I won't make that bold of a statement.
The White House is paying attention.
Asked about GameStop stock, White House Press Secretary Jen Psaki says Treasury Secretary Janet Yellen is monitoring the situation.
If these stimulus checks go out, $1,400, and then people who are bored and can afford to do it just dump it into a random, you know, shorted stock because Wall Street bets said to do it, or because people just started talking about doing it, it will be biblical, like I was mentioning.
And what can the government do?
Are they going to regulate everything?
Are they going to shut it all down?
Sorry, man.
You can't play this game of print, print, print, print, print, devalue our currency, ship it overseas, and then not think there will be consequences for you.
I warned about this.
I warned about the mass printing of money.
And I'm not the only one.
I'm not the smartest guy in the world.
I'm not an economist.
I'm not a stock guy.
I'm not a finance guy.
What you're seeing right now on the screen is the M1 money stock.
And you are seeing how from, what is this, January 27th of last year to now in one year, it's gone up something like 66%.
Some insane, they're just printing money like crazy.
They're borrowing money like crazy.
It's a massive spike, and it's caused people to get really worried.
Now, some have said the M1 money stock doesn't track one-for-one with the actual economy and not to worry about it, but others say, look at that.
It's unprecedented.
We can go back to what?
Where does it start?
1975 till today.
It's never happened before.
This massive amount of money printing.
And so I kept saying, what do you think's gonna happen?
You are going to see economic instability.
You just gave all of this money to all of these people in this country after shutting everything down and you have destroyed that system and it's your own fault.
This one's on the elites.
For too long they've extracted our wealth and now people were just handed a check from the government And they're dumping it in stocks, which is nuking these establishment elites, these hedge funds, and their own system.
And they're angry about it.
And they're going to call for regulation about it to make it stop.
But what do you do?
The internet is here.
People can just download an app and click a button.
Boom!
They traded.
Now some of these apps are trying to block these trades.
That's the name of the game, I guess.
Rules for thee, but not for me.
Let me show you something, my friends.
I want to show you this image.
This, uh, A. Pompliano tweeted, Yep.
Check this out.
See this image?
The people don't know their true power.
For those listening, it is a plank going off the edge of a cliff.
It's another example of why the game has always been rigged in favor of the elites.
When you lose, it is okay, but when they lose, the game is turned off.
Yup.
Check this out.
See this image?
The people don't know their true power.
For those listening, it is a plank going off the edge of a cliff.
Hanging over the edge of the cliff is a politician at a podium, speaking with a dozen or so people
standing on the cliff.
See, the people are holding the plank up, and as one person walks away, the other person
The plank will begin to fall.
And once everyone walks off that plank, that politician will fall off the cliff.
He's only being supported by the people.
I said the con only works when they have control.
When the people realize their power and panic sets in, they pull the plug.
I don't think it'll be enough.
You can't stop people from trading.
People have TD Ameritrade.
People have Robinhood.
People have, you know, fund managers and have their own money managers.
They're not super wealthy.
And when they see the trends and they see what's happening, they can make those calls too.
If they really do block or put a halt on GameStop for 30 days, it will be just another nail in the coffin.
The system is in chaos and it's been in chaos all the past year.
What's remarkable now is we're starting to see Democrats lift the COVID restrictions, which should help the economy recover, which leads to a question.
Either COVID isn't that bad, these new variants aren't that bad, they're saying it's really, really bad, and we can, you know, open everything up and we're improving, or it was all a sham in the first place.
Maybe it wasn't really that bad, and maybe it was a mistake.
But ignorance or malice, take your pick.
Hanlon's razor suggests we never attribute to malice that which can be explained by incompetence.
And therefore, I'll just roll the die and say the lockdowns were complete incompetence, and it's sheer coincidence now that they're opening up right after Joe Biden gets inaugurated as president.
Sure, whatever.
Believe what you want to believe.
Regardless, now they're coming out and telling us things are going to improve and get better.
I don't think anybody cares.
I think we have a generation of people who grew up with a financial crisis.
We have millennials now who have experienced two financial crises.
And it's no surprise then why you see people who are socialists or communists.
You know, I've long said that you have millennials who grew up going to school, institutionalized learning facilities, being told to college, they've never had their own jobs, and so when they get out naturally they're just waiting for an authority figure to tell them what to do, and I think that's true.
I also think it's fair to say that millennials have now lived through two financial crises.
From the 2008 market crash to when they were young adults looking for work.
I remember it.
I remember when I tried going to a hole-in-the-wall little restaurant.
And I was like, I'm desperate, man.
And I said, I will do, I will wash dishes.
And standing behind me was a guy in a suit who was probably ten years older who said, I'm here for the dishwashing position.
I didn't get the job.
Now sometimes people are overqualified, don't get me wrong.
But when it came to allowing millennials to enter a professional marketplace, you know, to find that job, the economic crash forced people who are overqualified to desperately search for anything they could get.
And that made it much harder for millennials.
Then you had the COVID crisis.
Now most of them are just saying, dude, UBI, Universal Basic Income.
The games they've played with extracting wealth are finally falling apart.
Now look at Gen Z. They're coming into this world for the first time seeing a broken and fractured system.
School debt is through the roof, schools don't even get you anything, and they're becoming twisted.
Not all of them, but enough of them turning in their family and posting GoFundMes to make hundreds of thousands of dollars.
They're depraved because the market is fake, the system is broken, and we can see it now.
And the people are playing that game back.
So of course Wall Street's in revolt.
They're not gonna let it happen.
I wonder what kind of regulation Congress will rush to produce.
They'll say, economic instability is the enemy of this country, and the volatility of these markets is hurting the working class people, these poor, unsophisticated investors who don't know what's happening.
I mean, there are famous stories from Wall Street bets.
Some dude, you know, I guess he, he, he got a, essentially borrowed money, and then lost 50 grand, and now he's in massive debt.
Yeah, it happens.
And that's true.
Let me just stress that, man.
A lot of people are playing with fire with this, and they could get hurt from it.
I think a lot of people don't care.
I mean, the comments I'm seeing on social media on Twitter about this are people saying, so what?
I'm seeing people say it.
They don't care.
They see that they're now going to be targeting these hedge funds and the elites are finally getting some kind of comeuppance.
The mass printing of money is finally negatively impacting them.
And some people have said that this is, for the first time, maybe a transfer of wealth from the elites to the working class.
And it's not through communism.
It's through their own stock exchange.
I'm not an expert.
I'm not a financial advisor.
I don't know what's going to happen here.
I just know that when they step in and put a stop in and say, we must protect the poor and unsophisticated.
Nah, I call BS on that.
Because they manipulate all day every day.
They always have.
I was so, so sickened when they wrote those stories saying Bitcoin investors could lose everything.
A disgusting lie, in my opinion.
I tweeted I was buying the dip.
Don't take advice from me.
It is down, alright?
The point is, in my opinion, based on what I know, I look to Max Keiser.
Smart dude.
Been in this industry longer than I've been alive.
And he's saying Bitcoin.
And if I had listened to him six years ago, I'd be extremely wealthy.
But I didn't.
And I know Bitcoin's technology.
And so I was... I'm confident in Bitcoin.
I'm not saying anyone else should be.
I could be wrong.
But then I saw these people just telling everyone.
What they do is they don't give you advice.
They don't say, here's what you should do.
They just go, wow, look at all these dumb people.
They're gonna lose all their savings, remember?
I remember what happened last time.
And I'm still angry about it.
Bitcoin shot up to like 20k.
People took out loans, people put their savings into it.
And then the media came out and said, oh no, it's so bad, you gotta sell, you're gonna lose everything, and then it tanked.
And then people panicked, and they sold, and they lost half their money.
Some people, like we mortgaged our home, and then Bitcoin collapsed, and I've lost everything, it was so dumb of me.
And if they only waited, Bitcoin shot way back up to 40k, they could have doubled their money.
I don't know exactly what they should have done.
Don't look at me.
I had Bitcoin.
I sold it 200 bucks.
I wish I didn't, but it felt like a smart move at the time.
So don't take advice from me.
I'm going to say that a million times.
I'm just going to say this.
The people in the media try and scare, they try and freak people out.
They want to manipulate you into buying and selling at certain moments.
They want to manipulate perception.
Well, like everything else, they've lost control as the internet has emerged.
Don't be surprised if YouTube strikes this video, if you start seeing social media crack down on these conversations, because they don't like it when their system is threatened.
It was political, now it's financial.
And I tell you this, you hit them in their pocketbook, people get mad.
But we'll talk more about this tonight.
8pm live at youtube.com slash TimCastIRL.
We're gonna talk more and more about this.
It is becoming too big to ignore.
And I gotta tell you, I've been laughing.
I've been laughing a whole lot.
Comeuppance, it feels like.
Karma, it feels like.
I'll leave it there.
Next segment will be live at the TimCastIRL podcast.
YouTube.com slash TimCastIRL.
Don't forget to check out TimCast.com.
Become a member for exclusive members-only podcast segments.
Some of these are like 20 minutes long.
It's good fun.
And we swear because, you know, we can.
There's no censorship.
But I'll leave it there.
Thanks for hanging out.
And I will see you all tonight Now, he wasn't informing on the Proud Boys.
He was informing on other criminals.
According to the story, Enrique has denied this or denied recalling any of it, so we're gonna be honest.
Sounds legit.
But a lot of questions being raised, and a lot of people want to know whether this is a smear or not, because think about it.
If people believe that Enrique Tarrio is an informant, was, or may be, they might not trust being a member of the Proud Boys, which is why the smear might be great for the establishment.
You'll get a bunch of Proud Boys scared to talk about, you know, how they really feel.
Maybe there's some FBI investigation.
Maybe some things can be taken out of context.
No one's going to want to associate with an FBI informant, especially with the way Trump supporters feel about the FBI.
So it could be a smear.
However, the grand conspiracy is much more interesting, albeit there's not much evidence to suggest it, but that Enrique Tarrio and the Proud Boys are...
Well, on purpose!
Part of the Deep State!
All that good stuff.
I don't believe it because there's, you know, I think there's tens of thousands of Proud Boys and they all just choose to be part of the Proud Boys.
I guess the general idea is that Enrique Tarrio is leading the Proud Boys to an extent to make the right look bad.
I don't know if that's plausible in any sense of the term.
I don't think it's true.
But there are some concerns people have brought up.
Because Enrique was conveniently not at the storming of the Capitol in D.C.
How about that?
Now, look, I've interviewed Enrique Tarrio.
I don't know much about his past.
I know that he was arrested.
I believe he went to prison.
And it is what it is.
I think grand conspiracies are a bit absurd to think that, you know, the feds, you know, or the D.C.
police arrested Enrique for having these... So hold on, let me slow down.
When Enrique went to D.C.
the night before, I believe it was the night before the Capitol riot, he got arrested and was told not to come back to D.C., to stay away from D.C., and then some people ended up getting arrested.
Some people associated with the Proud Boys got arrested in the riots.
So there are some people basically suggesting that it was awfully convenient.
He got pulled out and had no choice but to leave.
Nah, I think it's silly.
I think it's silly.
I think they found a story about the dude who was, you know, Enrique was probably informing.
It probably helped him with his sentence or something like that.
And he's probably legitimately involved in the Proud Boys, but it is what it is, man.
I'll tell you this.
If he was on the left, they would be screwed.
Screaming!
I knew it!
And this guy would be burned in all leftist activist groups.
There might actually be some Proud Boys being like, oh, that's cool.
He was working with law enforcement.
Maybe.
Let's read the story and then we'll see a bit of an update on what's going on with a lot of these people, the accusations made against the Proud Boys, you know, for those aren't familiar.
Canada recently voted to have their government label the Proud Boys a terroristic entity.
We'll see if that actually happens.
Reuters reports Enrique Tarrio, leader of the Proud Boys extremist group, has a past as an informer for federal and local law enforcement, repeatedly working undercover for investigators after he was arrested in 2012, according to a former prosecutor and a transcript of a 2014 federal court proceeding obtained by Reuters.
I just gotta stress again, if he was an informer for local law enforcement, I kinda think the Proud Boys would like that.
Maybe not the FBI, but I don't know, whatever.
They say in the Miami hearing, a federal prosecutor, an FBI agent, and Tarrio's own lawyer described his undercover work and said he had helped authorities prosecute more than a dozen people in various cases involving drugs, gambling, and human smuggling.
I mean, The human smuggling part, that's like, that's kind of a good thing on Enrique Tarrio's part, right?
Now, drugs, I kind of roll my eyes, like, what was the case about in terms of drugs?
Someone selling to kids?
Okay, maybe that's not a good thing.
You shouldn't be allowed to do that, and good on him for stopping it.
If it was someone minding their own business, that's probably dumb.
Considering the severity of these cases, sounds like he was doing mostly some good stuff.
I don't, I don't, I'm not a big fan of prosecuting gambling.
I think if people want to gamble, they should be allowed to, but human smuggling?
You mean to tell me that Enrique Tarrio, chairman of the Proud Boys, did undercover work to stop human trafficking?
That's good!
Bravo, I guess.
Is that supposed to be a bad thing?
I don't know.
It just, it is what it is.
I don't know any of this, he said.
When asked about the transcript, I don't recall any of this.
I gotta stop right there.
others.
Quote, I don't know any of this, he said.
When asked for the transcript, I don't recall any of this.
I got to stop right there.
When people say I don't recall, OK, come on, you don't recall.
That's typically, and you know, maybe I'm just being a little biased here, maybe I shouldn't, but in my opinion, when people say, oh, I don't recall, it's their way of saying, I'm trying to deny it without getting in trouble later when it's proven to be true.
So they'll ask you like, did you buy that six pack of beer before the party?
I don't recall.
Because if you say I didn't, you're lying.
You get in trouble.
And if you say you did, you admit to something that may incriminate you.
So I just don't remember.
I don't know, man.
Enrique, you don't remember if you were in court?
I don't buy it.
They say law enforcement officials and the court transcript contradict Tarrio's denial.
In a statement to Reuters, the former federal prosecutor in Tarrio's case, Vanessa Singh-Johannes,
confirmed that, quote, he cooperated with local and federal law enforcement to aid in
the prosecution of those running other separate criminal enterprises, ranging from running
marijuana grow houses in Miami to operating a pharmaceutical fraud scheme.
Okay, a pharmaceutical fraud scheme, I think, may have been him.
He got charged with that?
I guess he was, like, relabeling something?
I don't remember what he said.
Stopping, you know, if somebody's growing pot, I'm not a fan of people getting arrested for non-violent offenses.
Like, if some dude wants to, like, I just think it should be illegal, you know?
So, I don't think people should be cooperating with the feds in, you know, when it comes to victimless crimes.
They call them crimes.
They say Tario's a high-profile figure who organizes and leads the right-wing Proud Boys in their confrontations with those they believe to be Antifa.
Oh, I love it!
Antifa beats anybody they deem a fascist.
The Proud Boys rarely, relative to Antifa, get into serious fights.
They get into fights, though.
Sometimes it's their fault.
It happens.
But it's totally imbalanced.
Antifa is way worse.
Like, substantially worse.
So please, they believe to be Antifa.
Sure.
They said the Proud Boys were involved in the deadly insurrection at the Capitol January 6th.
That's true.
And what's interesting is that Enrique got arrested the night before and told to leave.
And then he wasn't there.
The records uncovered by Reuters are startling because they show that a leader of a far-right group now under intense scrutiny by law enforcement was previously an active collaborator with criminal investigations.
Washington police arrested Tarrio in early January when he arrived in the city two days before the Capitol riot.
He was charged with possessing two high-capacity rifle magazines and burning a Black Lives Matter banner during a December demonstration by supporters of former President Donald Trump.
The D.C.
Superior Court ordered him to leave the city pending a court date in June.
Though Tarrio did not take part in the Capitol insurrection—the insurrection, I love it—at least five Proud Boys members have been charged in the riot.
The FBI previously said Tarrio's earlier arrest was an effort to preempt the events of January 6th.
The transcript from 2014 shines a new light on Tarrio's past connections to law enforcement.
During the hearing, the prosecutor and Tarrio's defense attorney asked a judge to reduce the prison sentence of Tarrio and two co-defendants.
They had pleaded guilty in a fraud case related to the relabeling and sale of stolen diabetes test kits.
The prosecutor said Tarrio's information had led to the prosecution of 13 people on federal charges in two separate cases and helped local authorities investigate a gambling ring.
Tarrio's then-lawyer, Jeffrey Feiler, said in court that his client had worked undercover in numerous investigations, one involving the sale of anabolic steroids, another regarding wholesale prescription narcotics, and a third targeting human smuggling.
He said Tarrio helped police uncover three marijuana grow houses and was a prolific cooperator.
Yeah, I'm not a fan of the Grow Houses stuff.
I think people should be allowed to, you know, it should be illegal, but it is illegal, so I don't know what you'd expect from somebody who's in prison and they're trying to stop crimes.
It's a challenge.
He did it.
I don't, you know, is the left supposed to now associate law enforcement with the Proud Boys?
I mean, dude's been arrested.
Proud Boys are being arrested.
I don't know if there's much to this story other than, aha, look at this, a guy who got arrested once cooperated with police.
They say in the smuggling case, Tarrio, at his own risk in an undercover role, met and negotiated to pay $11,000 to members of that ring to bring in fictitious family members of his from another country, the lawyer said in court.
Stopping human smugglers, man!
That's good.
Sorry.
Human trafficking is not good.
It is unsafe.
Many people get caught up in this.
They think they're gonna be brought to this country, and they are not.
A lot of people on the left, they ignore this, and it's insane.
If Enrique Tarrio, at great risk to himself, stopped human smugglers, Wow, that's impressive.
In an interview, Feiler said he did not recall details about the case, but added, An FBI agent at the hearing called Tarrio a key component in local police investigations involving marijuana, cocaine, MDMA, or ecstasy.
Miami FBI office declined to comment.
They say there is no evidence Tarrio has cooperated with authorities since then.
In interviews with Reuters, however, he said that before rallies in various cities, he would let police departments know of the Proud Boys' plans.
It is unclear if this is actually the case.
He said he stopped this coordination after December 12th because the D.C.
police had cracked down on the group.
Look, the Proud Boys are pro-cop.
I believe it. If they were if Enrique was helping cops and if he wasn't letting the cops know they
were coming and it's it's almost like they found they're trying to find a way to smear Enrique
Tarrio because they're leftists who are like, oh look he was an informant and then people on the
right are going to be like uh-huh like they like cops. I guess not so much anymore. I don't know
what the point is. Maybe the idea is to smear Enrique so that people think that what the Proud
Boys is doing is all part of some government operation or whatever. I don't know. They say
Tarrio on Tuesday acknowledged that his fraud sentence was reduced from 30 months to 16 months
but insisted the leniency was provided only because he and his co-defendants helped investigators clear
up questions about his own case.
He said he never helped them investigate others.
That comment contrasts with statements made in court by the prosecutor, his lawyer, and the FBI.
The judge in the case, Joan A. Lennard, said Tarrio provided substantial assistance in the investigation and prosecution of other persons involved in criminal conduct.
As Trump supporters challenged the Republicans' election loss in often violent demonstrations, Tarrio stood out for his swagger as he led crowds of mostly white Proud Boys.
It's so hilarious how they have to do that because Tarrio himself is not white, but everyone else was.
Confrontations, brawls, blah blah blah.
They go on to mention, you know, Proud Boys founded.
We get it.
Tarrio, based in Miami, became the national chairman of the group in 2018.
In November and December, he led the Proud Boys through the streets of D.C.
after Trump's loss.
Video shows him on December 11th with a bullhorn in front of a large crowd.
To the parasites both in Congress and in that stolen White House, you won a war, you got one.
The crowd roared.
The next day, Tarrio burned the BLM banner.
I don't know if he actually did.
Somebody did.
He claimed credit for it, but I don't think you can tell if it was him on video.
He was just saying it.
I guess because they were trying to say it was a hate crime, and then he argued that, you know, he's black.
I gotta tell y'all, DC doesn't operate that way, right?
So, I recently did a segment about this Pepe the Frog thing.
Someone did a mural of Bernie Sanders, someone else came later and turned Bernie into Pepe.
It's kind of funny.
DC's investigating is a hate crime, and a bunch of people on the right were like, that's ridiculous, but let me explain something.
In DC, politics is considered a protected class.
It means if someone's wearing a Trump hat, and you attack them for the Trump hat, that is a hate crime.
The reason for this is D.C.
is where people have to do work, and political parties often don't like each other.
So they passed this law, and I'm not a fan of criminalizing intent.
I think if it's illegal to punch someone, it's illegal to punch someone.
But you gotta understand that when they were investigating the Black Lives Matter thing as a hate crime, it wasn't so much about the race in Black Lives Matter, it was about the politics of it.
Asserting that certain politics are bad and burning it constitutes a hate crime in DC.
By all means, disagree with it.
I'm just informing you of that fact.
Former prosecutor Johannes said she was surprised that the defendant she prosecuted for fraud is now a key player in the violent movement that sought to halt the certification of Biden.
I knew that he was a fraudster, but had no reason to know that he was also a domestic terrorist.
Whoa!
Man, things are getting crazy.
All these people now, it's it.
And now that Canada has voted on this resolution, we'll see if it actually gets done at the federal level in Canada, if they actually issue the statement that Proud Boys are terrorists.
It's coming.
If the Canadian MPs succeed, they voted, it's there.
If the federal government of Canada agrees and does label the Proud Boys terrorists, that's going to have a very serious impact on the Proud Boys in the United States.
It theoretically should give the U.S.
government some enhanced powers based on the Patriot Act and things like that.
So check this out.
I'm going to show you just briefly this clip from Wall Street Journal.
Video investigation.
Proud Boys were key instigators in Capitol Riot.
I'm not going to play the video.
I think it's a bit over the top.
Just because there are people who claim to be Proud Boys and support the Proud Boys does not mean that there is an official organization that, you know, planned all of this.
Or that it's evidence, I should say, of one.
Or evidence Enrique Tarrio planned it or it was a setup or anything like that.
It's basically the narrative they're trying to go with.
The New York Times says Proud Boys under growing scrutiny in Capitol riot investigation.
Officials are trying to determine to what extent far-right groups planned the assault in advance.
Right.
So the Wall Street Journal can make that claim.
Let's see the evidence.
I think it's probable there were a lot of Proud Boys there.
I think it's probable, extremely likely, that many of the people who stormed into the building were probably Proud Boys.
Out of the several hundred, many doesn't, I'm not saying most or all, I'm saying a decent amount.
But does that mean that there was a meeting where the Proud Boys came together and they read their charter rules for speaking and then blew the conch shell and then planned all of this?
I honestly don't think that's all that likely.
I think it's just birds of a feather flock together.
A standalone complex.
In this instance, almost a conspiracy, right?
So, let me explain.
A lot of people, uh, you know, Antifa is organized in a certain capacity.
There are cells that identify as Antifa.
But at certain events, like the DC riots on January 20th, 2017, I think it was the 20th, they just show up, they wear all black, and then they just act in concert.
There's no conspiracy.
They didn't plan it, sort of.
So they actually tried charging Antifa with conspiracy in the DC riots back, you know, four years ago.
It didn't work, mostly because they didn't plan anything.
All they know is you show up and you wear black.
That's a common thing everyone knows.
You don't need to be told to do it.
Hence, this is more like a standalone complex, when individuals all act in a similar way, which creates the impression of a conspiracy, but there is no concerted effort.
I'm sorry, there is no conspiracy, there is a concerted effort.
So in this instance, a bunch of Proud Boys already have it within themselves to be in DC and go and do this, and then when it happens, they're like, ah, but did they plan it?
Then it's a conspiracy, and it's probably like...
No, but I wouldn't be surprised if they break into the messages of some of these people, find something to use to justify conspiracy, and then there you go.
Why?
They're throwing the book at these people.
No, they're not throwing the book.
They're throwing the bookshelf, maybe even the whole library.
They're going to lock them in the library.
They want to make an example out of these people.
Check this out from USA Today.
Capital riot inquiry grows to 400 suspects.
Feds expect to bring sedition charges.
Sedition is very serious.
They say the far-reaching investigation into the deadly Capitol siege January 6th continues to grow.
More than 400 suspects have been identified by federal authorities who expect to bring sedition charges against some of those linked to the insurrection.
We are working on those sedition cases, said Michael Sherwin, the chief federal prosecutor overseeing the inquiry, and officials expect the investigations to bear fruit very soon.
I love it!
You literally have months, a year of riots from Antifa, the destruction of buildings, things being burned down.
Where are the arrests?
You know, a lot of people are upset that the FBI puts their full weight behind a pole court in a garage for, you know, that guy Bubba over at NASCAR.
They put their full weight into the Capitol, and Antifa just romps about and runs them up.
Yeah.
But let me be honest with you guys.
I do think there's a bias, for sure.
There's a double standard, obviously.
But you gotta understand, when the Proud Boys got into a fight in New York City, with Antifa, and the cops eventually started questioning everybody, Antifa ran away.
The Proud Boys told them everything.
So then when the prosecutor said, we're charging all of them with gang violence, the cops said, well Antifa, they were wearing masks, we couldn't see their faces, and they're gone.
We don't know who they were.
Oh, these guys gave us all their information.
You don't talk to cops, man.
Not to be disrespectful, but you don't.
You don't do it.
It's funny, I was watching Law & Order the other day.
And in Law & Order, they basically always have a scene.
I don't care which Law & Order it is, they're all the same.
I mean, Law & Order is a great show, mind you.
But they're all basically the same, where the detectives will walk up to someone, ask them questions, and the person will answer the questions, and then they'll move on.
It's the stupidest thing you can do.
And I don't mean to be disrespectful to cops.
I understand their job.
But listen.
To a hammer, everything looks like a nail, okay?
Any lawyer worth their weight is going to tell you you never, under any circumstances, speak to a police officer.
And I'm not talking about if they're investigating something.
I'm talking about if you see Officer Friendly in the street corner and says, how's it going, ma'am?
You don't say anything.
You nod your head, you smile, and you wave.
People don't get it.
I don't think all cops are bad, but I do think there is a system and there's a reason why we have a Fifth Amendment, the right to remain silent, because you should.
And I know maybe it makes the job harder for the cops, well, too bad.
Anyway, I digress.
The reason why I think we see the Feds going after these people and they're going to bring these charges is because these people don't wear masks.
They don't... Look, Antifa knows what they're doing.
They're organized, strategic.
The people at the Capitol are a bunch of random people who just showed up and they did something dumb.
So they call it an insurrection.
They try and claim it was premeditated.
Oh, please.
If it was premeditated, these people would have actually done something instead of just wander around bewildered.
Some of these people did.
Some of them were nuts.
Most of the people there had no idea what was going on.
Sorry.
You don't actually have an insurrection or a revolution or 1776 when a few hundred people enter a building.
It was really, really dumb of these people.
Many of them now are facing the consequences.
It's really dumb of Antifa to do what they do.
The problem is Antifa's experienced organizers, leaders, going back decades, who tell them how to dress, what to do, where to go, who to call.
During Occupy, the National Lawyers Guild gives out their number.
Everyone writes the phone number really big on their arms.
That way, when they get locked up, if they're given the opportunity to place a phone call, because you're not always, they can call.
I think you're allowed to call your lawyer, and that's the point.
So they're all pre-planned.
The people get arrested at the Capitol, the people get arrested in right-wing events, they have no idea where they're going, what to do, no one can bail them out, and then they're just lost in the system.
You'll notice in many of these instances of the left protesting, watch a video of an arrest, and you'll hear something.
What's your name?
What's your name?
They'll ask over and over again.
And as the person is being dragged away, they'll yell their name.
That way, their allies in these non-profits and organizations can get them out of jail.
Conservatives don't get this.
They don't play that same game.
So, when they get arrested, it's gonna be a lot more harsh on them.
Harsher on them.
Whatever.
Long story short, when it comes to Enrique Tarrio, I don't.
I don't know.
I mean, I think he's probably informed to get a reduced sentence, and whatever.
It is what it is.
I don't care.
I'm sure the left already doesn't like him, so I'm not sure that matters.
And he's probably just carried on his personal business, and he's probably not involved in any of that stuff now, but he does.
He said himself, you know, tells the cops when the Proud Boys are coming in.
I think that's it.
I think that's it.
I think the big issue here with why they're cracking down so hard on the right is because they can.
Because the left is too slippery.
Law enforcement is bewildered and just, look, outpaced, outlapped, outranked, outskilled, all of their capacity.
The FBI is not capable, not smart enough.
I know there's a lot of people who are probably like, come on, the feds.
Dude, they're not!
When you have 500 people all wearing black, who have no phones on them because they strategized everything, and they show up, the DC police are like, what do we do?
We don't know!
We're stupid!
They don't know what to do.
They can't counter it.
Now when that Michael Reynold guy in Portland did his thing, they tracked him down.
They killed that guy.
There are a few instances where the Feds can figure it out, but for the most part, I think the Feds like the idea that people view them as this all-powerful entity, the FBI particularly.
They've got power, they've got spying tools, they can do nasty stuff.
But you'd be surprised how limited that actually goes.
The people who operate in Antifa do things like they use encrypted messengers and they put their phones in their freezers when they're talking about stuff.
They turn on water faucets to create white noise and then put their phones by the faucet and then talk about stuff.
They make it hard to be tracked.
It doesn't mean that the FBI is bad at what they do.
It just means that Antifa and the far left know how to create hurdles and it makes it hard for the feds and often the feds can't do anything about it because they're not good enough to.
Does the government really want to spend a million bucks tracking down one random guy in a black sweater who threw a brick?
No!
But what if they don't have to?
What if it's a proud boy who was walking around and they have a photo of him?
