S523 - Wall Street PANICKING As Losses Top $70 Billion, GameStop Rebellion WINNING And Nuking Manipulators
Wall Street PANICKING As Losses Top $70 Billion, GameStop Rebellion WINNING And Nuking Manipulators. Unity between Democrats and Republican shutters as AOC starts playing culture war politics with Ted Cruz.Wall Street firms colluded with big tech to rip off retail investors fighting back against big fund manipulators. This caused a huge price drop but WallStreetBets is standing firm.Celebrities, politicians and personalities left and right united yelling HOLD THE LINE. "DO NOT SELL" was even trending on TwitterBut some were insistent on distracting people form this historical moment, the GameStop Rebellion, with people like AOC pushing people to target Ted Cruz instead of the establishment
Support the show (http://timcast.com/donate)
Learn more about your ad choices. Visit megaphone.fm/adchoices
Probably enough to scratch the surface and maybe make some very simplistic explanations that require corrections.
I don't have a whole lot invested in anything.
I just like to buy some things that I like or that I believe in.
The first thing I ever really bought was SquareStock, the payment processor, because some billionaire guy told me to do it.
I just put a little bit in and it turned into a good investment.
But for the most part, the other stocks that I have are just things that I've seen in the news and I'm like, I kind of like that.
I kind of like that.
One of those things that I kind of like was Nokia.
You know why?
Well, for the longest time, there was a meme about Nokia phones being indestructible.
These old candy bar phones seemingly could never be destroyed.
And I like the idea.
I'm not gonna invest in Google or Apple or any of these big companies, but I do love technology and I am constantly buying the latest updated phones and exploring the new tech.
And during my years on the ground covering all this news and stuff in various cities, various countries, the latest technology was the most important thing to me.
So when I saw this news about GameStop and everything, I'm like, dude, I'm not gonna do it.
Like, I almost did buy some stock.
I totally get what everyone's doing, and a lot of people are making a lot of money off it, but for me to comment on it, I thought it would be more appropriate if I didn't buy GameStop or AMC.
However, I really do like Nokia.
I do.
They make phones, and there's funny stories about their phone stopping bullets.
There's a really funny story about this, I shouldn't say funny,
a journalist who got hit with a sniper bullet, like a legit serious round,
probably a 308 or something, and it got lodged in his cell phone.
I don't think it was a Nokia, but there is a story about the Nokia phone
stopping the bullet.
So whenever I see some of these stories and they talk about a stock,
usually I just ignore it.
The Nokia thing, I'm kind of like, oh, that was pretty cool.
So I put a little, I just bought a little bit.
I didn't buy a whole lot.
And I was like, eh, I'll buy a little bit, whatever.
And then I wake up to find out that Robinhood, the trading app that people are using,
has frozen purchasing of Nokia shares, which is driving the price down.
They've frozen GameStop, AMC, Nokia, and some other stocks, which is direct collusion, in my opinion, with these hedge funds because they're mad that regular people are playing the game and making some money.
I didn't buy Nokia thinking I'd make a whole lot of money, and I didn't talk a whole lot about it, because I don't want to, in any way, encourage anyone to do anything.
I don't want to advise any people on anything.
I just genuinely like Nokia, and I liked the idea of, eh, that's something I can invest in, I guess.
Now...
I wake up, and I hear the news.
Robinhood—this is breaking.
They halt support for Reddit-driven GameStop and AMC stocks.
There's also some other stocks that aren't even being pumped.
Nokia was down.
It was not being pumped.
I just bought something because I liked it, and now it's frozen.
So what?
I can only watch the price collapse?
The little bit of money I put in?
I get to lose now?
Is it the game you play?
That's what Robin Hood does, and they made this personal.
So I am really, really pissed off.
I just wanted to buy something I thought was silly and fun.
Something I actually liked.
I read a report not that long ago about Nokia actually should be doing better.
And now here I am.
They have kicked the hornet's nest.
They have smacked the hive in the face.
And let me tell you how I feel about this.
First, here is the story so you get the news.
Robinhood, the popular stock investment app, has stopped supporting the purchase of new shares on a handful of stocks.
Robinhood messages posted to various company pages like GameStock, AMC, and Nokia inform you that the stock is not supported on Robinhood or not available for purchase.
Some are allowed to sell.
Robinhood has not issued any guidance on the halt and it's unclear how long it will last.
This has to do, so maybe a lot of you are not familiar with what's going on.
WallStreetBets, a subreddit, has been telling everybody to buy GameStop.
They basically, let me give you the gist of it as far as I can tell, as far as I know at this point.
These big hedge funds that make money off of our backs, off the working class people by tricking them, by short-selling, by all these tricks.
They can bend the rules, they can break the rules.
When they win, they're good.
When they lose, they demand bailouts.
Alright, here's what happens.
Apparently a few months ago, somebody posted on WallStreetBets that GameStop was undervalued because the stock of GameStop will go up when consoles come out.
Everyone runs full speed to GameStop to buy consoles.
I'm simplifying it.
The general idea was, they were like, it's trading at around like four to six bucks, but it should be like ten.
So they said, let's buy.
Here's the problem.
These hedge funds shorted the stock.
They were betting the stock would fail, and they wanted it to.
So a lot of people realized, these hedge funds are trying to exploit us, trick us into devaluing certain companies that don't deserve it, when the company's actually worth more than they're claiming, so they can make a quick buck stripping the company of value.
Well, the stock started to climb.
People started to YOLO.
You only live once, they say, and dump their money into it.
Now what we're seeing is the stock recently hit an after-hours trading like $450, up from like $4.
You know what that means?
The short sellers who bet it would fail are on the hook for billions of dollars, and they could tank because of it.
Now, I don't want to play that game.
You know, it seems weird.
I don't want to say anything that could encourage anybody.
I don't want to tell anybody to do anything.
I've actually warned against dumping your money in this stuff because you could risk losing it.
I'm just some regular guy, okay?
I guess it's probably unfair.
People are going to yell at me for saying that.
Okay, I'm a dude on the internet with a bunch of followers and I talk about my feelings, alright?
That's why I want to be very careful and I don't want to tell people what they should or shouldn't do because I do think people will lose money on this one.
I think, you know, a lot of people kind of expect to and we'll get into this.
For me, I just saw these news stories, it kind of put Nokia in my mind, and then I started reading and I started laughing and I'm like, yeah, I want to buy some.
I like it.
I don't put that much in, you know?
Here's my point.
My point is, when the news broke about what Wall Street Bets was doing, a ton of regular people jumped on board.
And this went viral.
People everywhere.
So when they heard Wall Street Bets was sticking it to the man, the left and the right, You got Bernie Sanders leftists and Trump-supporting right-wingers all cheering and high-fiving each other.
I love it.
Yeah, well, the establishment doesn't.
So Robinhood freezes these stocks.
You can't buy them.
You can sell them.
You know what that means?
It means the price on... It's a driving factor to make sure the price can only go down.
Because you can't buy, so people are just gonna offload and then that's it.
I'm not.
I like Nokia.
I do.
I'm not gonna sell.
I'm pissed off.
People like me.
I'm laughing about what's going on.
I think it's hilarious.
I think for too long these establishment elites have been ripping us off.
But a lot of people put some money into this to send a message.
And then Robinhood colluded.
TD Ameritrade colluded.
They colluded with the wealthy elites to screw us all over.
A bunch of regular people who got involved in this probably for fun, some probably for greed.
No joke.
I'm sure there are a lot of people when they saw the price of GameStop skyrocketing, they threw some money in, thinking this is not going to stop.
It's a game of hot potato and I'm willing to get in and get out as fast as I can.
Robin Hood just slapped them in the face and said, too bad, forcing them to effectively lose everything.
It's dirty.
It is corrupt.
And it shows you how broken the system is.
Dave Portnoy, man.
He said, so this is the guy from Barstool Sports, a big trader.
He trades a lot, he talks about stocks.
Somebody's gonna have to explain to me what in the world Robinhood App and others literally trying to force a crash by closing the open market is fair.
They should all be in jail.
Bro, I agree.
But he said one I really love, but he's got a bunch of tweets.
He said, oh, did he get rid of them, maybe?
He tweeted one thing saying that he was going to burn down Robin Hood and maybe he got rid of it because it was, uh, yeah.
Well, he does retweet this from Polt.
Who is going to be the first to file a class action suit against Robin Hood at?
You know what, man?
Send me the message.
Send me the email.
Let me know.
I am not doing this to send a message, like the Nokia thing.
I didn't want to buy GameStop or AMC.
I'm just a regular dude, and I saw the news, and it made me look at Nokia, and it made me think, sure.
You know, it's like, out of sight, out of mind, and the inverse is kind of true.
I bought a share of, like, Snapchat back in the day, just because, like, I see it in the news, and I'm like, oh, that's a stock.
That's it.
And now they want to screw with me?
I'm so sick of these people and these dirty games, man.
Robinhood sends market volatility warning to brokerage app users.
That's the name of the game.
They can strip our value, they can rip us off, and they get away with it every single time.
This, I hope, what Robinhood has done, this app screwing people over, I hope this lights the whole thing up 100-fold.
I hope each and every one of you who see this story, tell everyone you know.
And I hope more and more people find out what they're doing, why they're doing it.
I hope this strikes and affects 100 times.
I don't know what anyone should or shouldn't do.
I'm not trying to give anybody advice.
But I tell you this, they're trying to claim the people at Wall Street Bets who are saying, screw the hedge funds, are alt-right.
No joke.
Check this out.
This is from WallStreetBets subreddit.
The Financial Times are attempting to link WallStreetBets with the alt-right.
Do not let mainstream media villainize our community and push this narrative.
Look what they say.
It would be tempting to dismiss the Reddit bros, some of them alt-right supporters, as dumb money, and their frenzied buying as Ponzi scheme.
Instead, this is a cautionary tale of how social media can be co-opted to attack the financial establishment.
Reddit may be changing Wall Street in a way that Twitter and Facebook changed politics.
That's right.
That's right.
The people are sick of it.
Alt-right.
That's the game they play.
They banned Wall Street bets from Discord.
Discord is a server where you basically... It's a website, it's an app, where... It's a chatroom.
That's all it is.
Now, they banned it for hate speech.
That's the game.
And Wall Street Bet said, we had auto word filters.
Words would automatically be removed.
Oh, but what's that?
Somebody used ASCII text and Icelandic text to make offensive statements, and Discord used it as an excuse to pull their server, so that people can't communicate anymore.
I'll tell you what it really is.
When they first came out and said, you can't do this, this is illegal.
And then everyone started laughing saying, what's illegal about people on a forum talking about why they want to buy stock?
There's no coordinated or concerted effort.
It's a hive mind of people just seeing something.
You're going to criminalize 3 million people?
Oh, probably they'll try.
So then, TD Ameritrade and some other places were like, we're gonna put a hold real quick on some of these stocks.
Temporary restriction, let it cool down.
Then we saw the stock exchange circuit breakers.
This grew too fast, we gotta stop it from being able to be sold.
They kept trying, they kept trying.
And then it didn't work.
So then what do we get?
Well, that's hate speech!
You're hate-speeching!
Shut him down!
The crony establishment elites who are stripping value from the working class use the hate speech excuse to shut this down because they found your weakness.
Now what do they do?
They just kick the stocks off the app.
Try and buy it now, says Robin Hood.
I tell you this, what's to stop anyone from just saying, okay, here's the next stock.
Everybody dump your stimulus check into this one.
Nothing.
The system is broken.
Alright?
And if, at the very least, people can go online and say, hey everybody, buy this stock, and that causes problems for your system, that's on you.
Your entire system is broken.
If some dude, some dude named like, you know, throwawayaccount41 can just sign up and be like, I'm gonna buy Apple stock, and then Apple skyrockets and goes nuts, Is that a problem?
Apparently it is for these people.
But, you know, the problem isn't so much Apple.
People like Apple, right?
The point is that there are some stocks that aren't doing so well and they think the companies should collapse or will collapse, so they bet against them.
And it's, you know, a lot of people don't like it.
They call it illegal, whatever.
These companies want to make this money, and when they take the risk, and when they win, they clap and they cheer.
Off the back of the working class, off the back of regular people.
And when they lose, they cry, and they collude with CNBC and their media cohorts to smear people as alt-right, to get them banned for hate speech.
You see, first, people tried the soapbox.
They stood up and said, we're sick of this.
Twitter, Facebook, YouTube, etc.
They ban all those people.
Now they're trying the stock box.
Now they're going the financial route.
Now they're saying, we have concerted effort.
We have a community.
And they're doing everything in their power to shut it down.
My friends, let me tell you something truly powerful.
First, when they say alt-right, let me show you this.
Judd Legum writes popular.info.
And I've had, you know, I've talked about this guy in the past because he pretty much is a left-wing guy who targets the right wing in the culture war.
Well, right now, I gotta say, Judd, rock on, brother, because we can complain about policy and politics all day and night, but I think the left and the right are unified on this one at the very least.
Judd Legum Showing the alt-right narrative.
B.S.
You cannot.
It will not.
It won't work.
This guy is a lefty.
He says, if you turn on CNBC, you'll hear a narrative that reckless retail investors from Reddit are destabilizing the stock market by driving up prices for GameStop and other stocks.
It's BS.
Market instability was created by hedge funds and other sophisticated investors that shorted more GameStop than was even available for sale.
It's what you need to understand.
Basically, The way the short works is that you borrow a stock from somebody and then sell it, and then later you gotta give that stock back, so you gotta buy it up.
They're hoping that they can sell it high, then buy low, and then give that stock back, having made a profit.
Well, what happens when you sell it and then someone else keeps shorting it?
Essentially, I read, I'm not entirely sure about this, but I read that, like, The stock was shorted 140% more than the stock even was available.
So this is on them.
They're playing a dirty game.
They were involved in the scheme.
And when it backfired because the people found out, they went crying.
You gotta regulate this.
You gotta shut them down.
Judd Legum says, The primary victim of the retail investors, hedge fund mogul Gabe Plotkin, worked SAC until 2013.
What happened in 2013?
SAC pleaded guilty to insider trading and paid a $1.3 billion fine.
Plotkin then left to start his own firm.
Plotkin made massive returns by doing a lot more shorting than most hedge funds, and no one complained.
But this week he was bailed out by his old boss, SAC founder Steve Cohen, another hedge fund mogul, Citadel's Ken Griffin, to the tune of $2.75 billion.
Cohen and Griffin now own a significant piece of Plotkin's firm, so they have an interest in Plotkin navigating out of this current predicament.
They also may have exposure themselves.
He says, We now see retail trading platforms including TD Ameritrade, Schwab, and Robinhood restricting trades of GameStop and other stock.
Why are they doing this?
They say it's to protect their customers, but what's really going on?
Restricting trading on these stocks will make it easier for Plotkin and his new investor Griffin and others to get out of the jam.
Griffin is paying these platforms tens of millions of dollars for the right to handle their order flow.
When retail investors want to make a trade, these platforms let Griffin fulfill it.
Citadel Securities account for 40 of every 100 shares traded by individual investors in the U.S., making it the number one retail market maker.
So Griffin is both a major business partner with these platforms, and potentially will benefit from their current actions restricting the trading of this stock.
This warrants further investigation.
Griffin, who recently purchased the most expensive home in America, is only in business because of government bailouts.
In 2008, he had massive exposure to AIG and relied on Morgan Stanley for lending.
He survived only because they got bailouts.
It's a free market until the hedge fund moguls start losing money.
Then someone needs to do something.
He says, here's Robinhood acting in a way that benefits Griffin and its other business partners.
We need to explore why they are doing this.
Judd says, I'm just a journalist, so don't take it from me.
Here's a financial expert making the same point.
Meb Faber says, Robinhood isn't the good guy in this story.
They're the Sheriff of Nottingham.
They sell customer order flow to shops like Citadel, who also invest in Melvin.
The only people guaranteed to make big money here are the HFTs and the brokers.
I'm so mad, my friends.
I am so mad.
They made it personal.
I want to show you this right here.
An open letter to Melvin Capital, CNBC, Boomers, and Wall Street Bests.
83,569 upvotes.
Three thousand five hundred and sixty nine up votes.
Speak brother.
User Sauron says I was in my early teens during the 08 crisis.
I vividly remember the enormous repercussions the reckless actions by those on Wall Street had in my personal life and the lives of those close to me.
I was fortunate.
My parents were prudent and a little paranoid, and they had some food storage saved up.
When that crisis hit our family, we were able to keep our little house, but we lived off pancake mix and pottered milk and beans and rice for a year.
Ever since then, my parents have kept food storage, and they keep it updated and fresh.
Those close to me, my friends, and extended family were not nearly as fortunate.
My aunt moved in with us and paid what little rent she could to my family while she tried to find any sort of work.
Do you know what tomato soup made at a school cafeteria ketchup packets tastes like?
My friends got to find out.
Almost a year after the crisis, crisis is low, my dad had stabilized our income stream to help out, and to help out others, he was hiring my friend's dads for odd housework.
One of them built a new closet in our guest room.
Another one did some landscaping in our backyard.
I will forever be so proud of my parents, because in a time of need, even when I had no doubt money was still tight, they had the mindfulness and compassion to help out those who needed it.
To Melvin Capital, this is one of the hedge funds.
You stand for everything that I hated during that time.
You're a firm who makes money off exploiting a company and manipulating markets and media to your advantage.
Your continued existence is a sharp reminder that the ones in charge of so much hardship during the 08 crisis were not punished.
And your blatant disregard for the law made obvious months ago through your, he says, for the Melvin lawyers out there, alleged illegal naked short selling, and more recently your obscene market manipulation after hours that you haven't learned a single thing since, oh wait, and why would you?
Your ilk were bailed out and rewarded for the terrible and illegal financial decisions that negatively changed the lives of millions.
I bought shares a few days ago.
I dumped my savings into GameStop, paid my rent for this month with my credit card, and dumped my rent money into more GameStop.
Which, for the people here at Wall Street, I would not recommend.
And I'm holding.
This is personal for me, and millions of others.
You can drop the price of GME after hours.
120 bucks, I'm not going anywhere.
You can pay for thousands of Reddit bots.
I'm holding.
You can get every mainstream media outlet to demonize us.
I don't care.
I'm making this as painful as I can for you.
To CNBC, you must realize your short-term gains through promoting institutions' agenda is just that.
Your staple audience will soon become too old to care, and the millions of us Not just Wall Street bets, but every person affected by the 08 crash that's now paying attention to GameStop are going to remember how you stuck up for the firms that ruined so many of us and tried to tear down the little guys.
To the boomers and the people close to that age just now paying attention to these millennial blog posts, you realize that even if you weren't adversely affected by the 08 crash, your children and perhaps grandchildren most likely were.
We're not enemies, we're on the same side.
Stop listening to the media that's making us out to be market destroyers and start rooting for us.
He goes on to praise Wall Street bets.
But I want to show you another comment.
I want to show you a very serious and real comment.
In response to that, user JY Tusky says, OP please read and know we are with you.
He goes on to say, well said my man and woman.
Moving down, they gaslight us into thinking they know what's best for us.
This is not stocks, this is a financial revolution never seen before.
And let's be honest, the outcome will be a governing revolution.
He says I YOLO'd $54,000 yesterday and set a buy order for another $12,000.
Look at my history.
I am not a money man.
I lost my job in February last year and used my severance and took a risk.
Thanks to my military service and entering the market in the middle of the COVID S. I am fortunate enough to be in my last semester for a chemistry degree.
I don't want to live the life of Wall Street.
I just want to live my life.
My kids will learn the value of hard work and honesty.
Hopefully with less pitfalls than I've experienced.
Prior to this, I invested for personal gain.
This YOLO money I am truly willing to lose in pursuit of changing the system.
I will hold beyond the peak.
Not because I am stupid, but because I know we have a better chance of breaking the system if we force the shorts to cover everything.
Every last effing cent.
I effing mean it.
I love this stonk.
Dollar sign, people all in.
Amazing.
This is a revolution.
This is a real riot, and it's being done peacefully and legally through the system they built.
It's the kind of stuff I'm talking about.
I'm not telling anybody to do anything.
I'm not advocating for anything.
But I'm sitting back and I'm watching it happen.
And now they've made it personal for me.
Wall Street Bets has 4.48 million readers!
Regular people flocking to this message, this viral moment, and saying, enough.
I remember the 08 crash.
I was a young man.
I remember not being able to work.
I remember sleeping on floors.
Why?
Look, you guys know that I work hard, that I'm quite studious.
Perhaps the left doesn't think so, but I work hard.
I try.
I believe in rolling up your sleeves.
I used to do manual labor.
I used to lift bags at airports.
50,000 pounds per day, loading planes.
I know the value of hard work.
When I was young, during this crash, there was no work.
I would play guitar on the subway, and I would make okay money, and I got by doing it.
I was lucky.
But I remember going into these stores, and I told this story the other day.
I'm trying to be a dishwasher.
And I remember seeing a guy in a suit standing right next to me.
And I'm like, wow.
It was bad.
It was really bad.
And I remember Occupy Wall Street.
And I remember how they divided us.
I remember how they used critical race theory.
And I remember how regular people were sick and tired of revolving door politics.
The big fat cats who work for these major conglomerates, then leaving and getting a job in the government to regulate the company they just worked for.
Or pushing for a war and then giving no-bid contracts to the company they used to represent.
We've all seen it.
And we're all pissed off.
And now these people are pissed.
I bought Nokia.
Not because I thought I was going to make a ton of money.
I did not buy that much.
I bought it because I thought, I kind of like Nokia.
I like the memes.
I like the idea of, this is not some, you know, Nokia is not in the position of Google or Apple or Samsung.
And so I was like, I was seeing the news.
It wasn't the big focus.
Nokia is one of the stocks people were talking about, but it wasn't being pumped or anything like that.
Like, it jumped up a little bit.
And I was like, okay, you know, I'll buy some of that because I like the brand.
I won't buy GameStop.
I don't want to buy AMC.
For everybody else, I totally get it.
For me, with a YouTube channel, I don't want to tell people what to do.
I cannot give you advice, because I'm... I... just... I don't know what I'm doing.
I just wanted to express my opinion, and I thought it would be... you know, like I said, I liked Nokia.
I read a report from a couple months ago that actually said Nokia should improve, and they've got some stuff coming out, and I was like, oh, that's cool.
Alright, that makes sense.
And again, I like it.
And then they smacked me in the face.
How many regular people are watching this go down?
How many regular people are watching this go down?
And they put in a little bit just into the stock because they were like, it sounds good to me.
And then Robinhood spat in their face, started laughing all the way to the bank.
I'm not having it.
I am livid.
They have made this more than personal.
It's remarkable.
I'm seeing more and more messages from people saying they are going to flood the stock market on purpose, even if they lose money, to destroy hedge funds.
This is crazy.
The people have found their power.
And they're starting to use it.
How long until you think Wall Street Bets gets nuked?
They already banned it on Discord for hate speech.
You see the name of the game?
You can't threaten the establishment.
You can't threaten the system.
They won't allow it.
When you find out how to play their game, ooh, they get mad.
Well, I tell you this.
When GameStop was trading at like four bucks, and a bunch of these people said, I know the game, and they bought in.
Many of them are now worth millions of dollars.
And you know what?
They're not selling.
One dude who's increased his standing like 20 million dollars or some ridiculous number, I think, I could be wrong, he said, nope, I'm in forever.
You know why?
You know what the worst case scenario is for everybody?
There is one researcher who said, why is everyone buying this?
GameStop, according to the research, should only be at $16.
Oh, what's that?
No, could you not?
That's what I was reading, some article that said that.
Well, if that's true, And a lot of people bought in above $16.
You have serious risk.
No joke.
I think people need to be serious about it.
This guy's saying he doesn't care.
He'll let it all go.
But a lot of people who got in under 16, when they were trying to short the stock lower, below where it's supposed to be, doesn't that tell you exactly what was going on?
The stock was undervalued.
And these shorts were BS.
Some of these people who are up millions are like, my worst case scenario is we bottom out at $16 or $60.
And they still make a profit.
So why leave?
They're good.
It's not going to fall to $4.
So look, don't take anything from me.
None of what I'm saying is advice.
Everyone always says this in every video because there is serious and tremendous risk in all of this.
This guy's saying he's ready to lose $54,000.
Not everybody can do that.
Most people can't.
But I tell you, man, I remember Occupy Wall Street.
That rage never went away.
A lot of it got sent into Bernie and to Trump because they divided us.
They did that on purpose.
Bernie and Trump.
It was not intentional on the part of either Bernie or Trump, in my opinion, but it was the easiest way to divide and conquer.
Yeah, well now that's falling apart, isn't it?
This is a revolution, my friends.
People have showed up with their digital pitchforks in the form of dollars, and Robin Hood locked the gates.
This is on you now, Robin Hood, because this is going to Streisand effect.
People are going to find out what you did, and it's going to make the news even bigger.
I'll leave it there.
Next segment's coming up at 1pm.
I'm going to be tracking this story.
I see all these people, I see like Rachel Maddow, everybody talking about white supremacy and it's all their garbage, and I'm like, who cares?
This story's not about GameStop.
I don't care.
Bring it on.
I'll see y'all at 1pm.
Thanks for hanging out.
I'm reminded of the movie The Patriot with Mel Gibson.
It's an amazing movie, you gotta see it.
And I remember that scene, I tweeted it, where it's General Cornwallis and he's watching the Continental Army, the American, you know, independence effort.
They're marching up and he goes, if I'm not mistaken, I believe I see militia forming at their center.
Thinking it was a weakness, but it was a trick.
And then you got that scene where Mel Gibson's like, hold the line!
And then he runs in with the flag, you know, and he runs in or whatever.
Ja Rule tweeting, yo, this is an effing crime what Robin Hood app is doing.
Do not sell.
Hold the line.
WTF.
You saw my earlier segment.
Ladies and gentlemen, this is the GameStop Rebellion.
It is massive.
And I am confused when I see so many people on Twitter tweeting about other things.
When I see so many stories popping up about other things.
I'll tell you what else I don't like.
Seeing a lot of people trying to manipulate this like, oh, maybe you should buy this stock, or that stock, or maybe you should buy this thing.
I'm like, yeah, you're trying to distract people because something truly profound is happening.
A spike through the system, penetrating the armor of a corrupt establishment machine.
And now people are saying enough.
To give you some very, very important context before we get started.
Robinhood is a trading app for stock.
It's supposed to be democratizing trades.
So that regular people could open the app, put a little bit of money and buy a stock.
Just like all those sophisticated investors.
But when the people at WallStreetBets, a subreddit, discovered an exploit, essentially, When they decided to short squeeze the billionaire hedge funds, the people who bankrupted this country all so long ago.
When they figured it out, Robinhood intervened and they shut it down.
This is a personal slight to me.
I know many of you may know this because you may have seen my earlier segment.
Just to clarify for those who may have missed it.
I bought some Nokia stock.
It's not the main player.
It's not GameStop or AMC, but it is like on this list.
But I bought it because I like phone companies.
I like technology.
I know technology.
I don't know a lot about movies or video games in terms of their business dealings, but I understand mobile technology.
So I was like, I like this one.
And it's not like the main front and center thing.
Robinhood freezes the stock so it can only be sold and the money goes down.
I'm pissed off, but I'm not selling.
To me, this isn't a game.
You know, I know a lot of people are charging in, they're storming through.
I'm kind of just here for the ride.
To be completely honest, I'm not personally putting money in because I don't want to be... Look, when I'm telling you about this stuff and GameStop and AMC, I want to remain as unbiased as possible to the best of my ability, but let's be real, I'm totally biased.
What they're doing is incredible.
I'm not here to give anybody advice.
I think a lot of people are going to lose a lot of money off this.
I think a lot of money.
I think regular people are sinking their money in and they're saying they don't care.
Right now.
Something truly incredible is happening.
Bipartisanship.
Unity.
I just said thank you to Rashida Tlaib.
Not the first time either.
She's the one, I believe, she came out and said impeach the mother effort.
And I've never been a big fan.
But she recently tweeted that we shouldn't let the federal government expand their national security powers over the riots at the Capitol.
And I'm like, here, here, absolutely.
I think it was dumb to storm the Capitol, same as basically everybody.
But we shouldn't let the government take more power.
Well, she recently tweeted about what was going on With Robinhood restricting the buying of stock, but not the selling.
And I completely agree.
I said, thank you.
She's calling for congressional hearings.
Not that I think they'll do much, but I'm stoked to see the unity.
Let me explain something.
Right now, we got something really crazy happening.
There's massive sell-offs happening.
Let me see if I... So I got a bunch of these tweets.
I don't know.
Here we go.
GME huge amounts are traded now.
12,000 shares in just one trade.
All right.
I'm not a stock guy, okay?
But I'll try to explain it to the best of my abilities.
You have basically people listing prices for like when they want to sell.
So let's say you have a stock, you buy it $10.
You can put in an order to say sell at $12.
You'll make some money.
So if the value goes up, you sell.
What happens if everybody sells is that they start selling for lower and lower prices because it's supply and demand.
It's very simple.
So if someone sells 12,000 shares in one trade, that's going to start hitting all of the numbers going all the way down as people start selling for whatever they can get for it.
It lowers the price.
The goal, in my opinion, of what Robinhood did by stopping the ability to buy but not the ability to sell means, who are you selling to if not users on Robinhood?
That's right.
Robinhood says democratizing trading, right?
No.
The little people can't buy.
Only people on other platforms, only the funds, only the firms, they can buy.
They have direct access.
They cut us off.
They cut the people off.
Oh, we can sell.
And we can see our shares drop in value and watch, and we can't buy the dip like the big companies do.
When you only allow selling, you are forcing the price down.
This is collusion.
Should be illegal.
Maybe it is.
Let me show you.
We got Dave Portnoy.
He says, I own AMC, Nokia, and Naked.
I bought them with the understanding we live in a free market where people can buy and sell stocks fair and square and at their own risk.
I will hold them till the death as a reminder that Robinhood app founders must go to prison.
Hear, hear.
Me too.
You know what?
I'm looking to buy more.
That's just on me.
I'm not giving anybody advice.
I'm just telling you what I think, what I want to do.
I saw this post from some guy.
I brought it up in the previous segment.
He said he sank $56,000 into GameStop, knowing he may lose it all, and he doesn't care.
He's gonna ride it all the way to the end as an FU to the machine, the system.
Robinhood has rigged the game to protect the elites.
Well, you know what?
It ain't gonna work.
Let me show you something.
So that's the quick context, right?
GameStop, as of the recording of this video, we can see, actually let me hit the refresh button on this.
GameStop stock, look at this.
You see the trick here?
At around 11.30am Eastern Time, GameStop was down from $469 per share to $153.
They wanted you to freak out.
They wanted you to panic.
They wanted you to dump your stock at a garbage rate so that you'd lose.
GameStop said you can sell, but you can't buy.
We're doing it to protect you.
Lies.
If you sold when you were down, that was a lie.
Right now.
Not even an hour later, it's back up $273.
What if there was someone who bought in at $250?
Not super sure what's going on.
And Robinhood goes, we're so worried about you, you unsophisticated investor.
You could lose everything.
You can only sell now.
Then it drops to $153.
And these poor people panic.
And they go, I don't want to lose any money, man.
I better sell.
And then when they do, what happens?
The fat cats buy it all back up, and the price starts recovering.
It's a scam.
It is a scam.
You can only sell?
There's something called buying the dip.
When you know the price is gonna go up, then people say, wow, the price dropped from $469 to $153?
A lot of people would immediately start buying up as much as possible.
But Robinhood blocked this.
Why?
I don't know.
I'll tell you what the people over at Wall Street Bets think.
Wall Street Bets, they believe, I don't know if I have it pulled up.
Check this out.
They say, read this if you're scared.
We will go up again before the day is over.
Let me just stop.
I don't know if this is true.
Just some random guy on the internet.
This is not something that should be advice to you.
You gotta talk to your people.
Let me point out, Wall Street Bets right now is 4.7 million readers with 1.4 million active right now.
Here's what they said.
The most important thing you will read all day.
It's unlikely anyone here is selling.
This is a short ladder.
It only looks like the stock is selling off.
In reality, it's not.
Hedge funds sell back and forth with one another at lower and lower bids, in rapid succession, tricking algorithms into thinking there is a mass sell-off when there actually isn't.
They do this to scare off retail investors to engineer a sell-off.
Once the attack is over, the stock will normally go back up due to its demand.
Then they will rinse and repeat their attack, each time hoping to chip away more and more retail investors.
Most people in here know this.
So if retail investors are selling, it's unlikely that it's anyone at all.
Edit.
I am not a financial advisor, and my reason for investing is that I just like the stocks.
I don't own GameStop or AMC, but I do own a little bit of Nokia.
And as I've stressed before, it's because I'm a tech guy.
You know, I've always been into mobile phones.
It used to be a big part of my thing.
I had the Google Glass thing from Turkey.
That's why I didn't buy into GameStop or AMC.
I understand what people are buying and holding.
Some people think they're just going to make a lot of money, and some people won't.
For me, it was actually about, huh, this is really funny, you know.
I'll pick up some Nokia.
I like the idea.
It's really simple.
My logic was this.
Google, Apple, Samsung, they're way too big.
They're way too popular.
And I like the idea of, you know, I think Nokia, I like the brand.
They're not perfect, but I think they have, you know, my personal opinion without any expertise on anything, just like, I don't know.
I thought it would be worth it.
I don't expect to make a ton of money.
I didn't invest that much.
They're playing dirty games with us.
But anyway, I digress.
Here's the point.
What they're saying.
They are saying, essentially, this sell-off is fake.
These big hedge funds, these people with tons of money, they can play dirty games.
They create things called walls, where... So, again, I'm not an expert on this stuff.
I'm sure people in the comments correct me.
But I remember back watching, like, Bitcoin markets and stuff.
What would happen?
People with billions of dollars Would put up tons of a token or a stock or a crypto at a certain price so that it could never move past that price.
Because if someone wanted to buy and was listed at, let's say you got something listed at a dollar, but I put up a million, then until a million dollars are passed through, that wall won't change.
The price won't go up.
And you can do, so that's a general idea.
Again, I'm not an expert on this stuff.
What we're seeing here, what they're claiming, I'm again not an expert, is that the hedge funds are trading with each other rapidly and reducing the price between each other to trick the system into dropping the price.
That way you panic and Robinhood has rigged the game so you can only sell.
Then when you do sell, you lose.
The people who are in it to win it, they're not selling.
Because look at this.
Like I mentioned, if you would have sold at $11.30, it's already at $2.90.
It's already back up to $2.90.
It's already back up.
And it's going to keep going up, in my opinion.
I am not telling you you should buy.
In fact, I will warn you.
Don't take any advice from me, but I think a lot of people are going to lose money.
Now let's talk, let's take a quick look at AMC, because AMC is down as well.
Let's refresh this.
AMC Entertainment's up at $9.51.
So you see there was this big dip.
Now it's starting to come back.
You see, here's what I think happened.
When Robinhood disabled, and in my opinion this should be criminal, these people should go to prison like David Portnoy said.
When they did that, a lot of people didn't know how to buy.
Outside of Robinhood.
Started exploring their options.
Now they're going to other platforms that will allow them to trade.
Legitimately.
Robinhood, not so much.
My friends, I bring you.
This is the GameStop Rebellion.
And we have unity.
Alexandria Ocasio-Cortez says, gotta admit, it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino.
Yup.
Don Jr.
says it took less than a day for big tech, big government, and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street.
This is what a rigged system looks like, folks.
Dare I say unity?
Now, I don't care if AOC and Don Jr.
don't like each other.
I'm sitting back and saying, I agree with both of them.
We don't gotta like each other, but we can agree.
Check this one out.
Rashida Tlaib.
This is beyond absurd.
FSC Dems need to have a hearing on Robinhood's market manipulation.
They're blocking the ability to trade to protect Wall Street hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades.
Preach!
Thank you, Rashida, for calling this out and calling for a hearing.
Ted Lieu?
Why are brokerage firms like Robinhood restricting trading in GameStop?
Looks to me like a fear of too much profit going to ordinary investors.
Can you explain Robinhood at- Preach, brother!
Ted- Ted Liu.
Bravo, good sir.
My respect.
Let me see.
Okay, so we got a bunch more.
So we got Motherboard tweeting about more than half of all Robinhood users own at least some GameStop stock.
They are now unable to freely trade it.
The app is only allowing users to close out, AOC says.
This is unacceptable.
We now need to know more about Robinhood app's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.
As a member of the Financial Services Committee, I'd support a hearing if necessary.
Get stronger, AOC!
I agree with you.
I respect this.
Thank you for calling this out.
Please, call for more!
Not if necessary.
Do it!
These people are criminals in my opinion.
Dave Portnoy tweets, Enemies make strange bedfellows.
Lock em up!
Here, here, brother.
I'm enjoying every last minute of it.
So we got just some more of Dave Portnoy's tweets.
He's had quite a bit.
Jail, he says, in one retweet.
Extreme volatility, my A. Citadel is short on those stocks.
And they also happen to be the market maker on those stocks.
This is a bald-faced market manipulation.
Do not sell.
It's trending right now.
Hold the line.
You heard it from David Portnoy.
You heard it from Mel Gibson.
Wait a minute, did Mel Gibson say hold in more than one movie?
We got, this is I believe Braveheart, where he's yelling hold.
Then we had The Patriot, where he's yelling, I believe he was yelling hold the line, and he's running back, and you know, militia was forming at the center, but it was a big trick or whatever.
Great movie.
You go on Twitter right now.
Bridget Phetasy says, do not sell.
This is market manipulation, and if it's war they want, it's war they shall get.
Ja Rule leading the charge.
Hold the line.
I'm loving it.
I'm here for every last minute.
Manny says, me yesterday.
Yesterday.
This GameStop stuff is crazy.
Me today.
Do not sell your stocks, my brothers and sisters!
That is what the enemy wants!
You know, when I saw this kicking off, I wasn't 100% on board.
I was laughing.
I was like watching, wow.
I thought I'd buy some Nokia.
I did not buy enough to where I'd break the bank or win the lot or anything like that.
I don't look at his get-rich-quick schemes.
I thought it was funny.
And like I've mentioned now 50 billion times, I apologize, but I like technology.
And then I woke up to find out that they were destroying the value of Nokia to screw me over.
You see that one we talked about in the IRL podcast.
How Trumpism explains GameStop.
I hope more people get wind of what's going on.
I hope more people see all of this.
Look at this.
What's happening?
Trending.
Dave Portnoy.
Do not sell.
Shares of AMC Entertainment surge more than 200%.
Because the people have found your weakness.
Tori Bedford says, someone on NPR just compared the Reddit stock market stuff to Gamergate because of the harassment of hedge fund managers.
Here it comes, baby.
They banned the Discord because... hate speech.
I got this tweet from Robert Wright.
I don't know, this guy's usually not a fan.
He says, if Redditor's rallying GameStop is unacceptable market manipulation,
what would you call it when greedy Wall Street bankers gambled away our entire
economy in 2008 and faced no consequences? I'm loving the unity.
We might disagree on policy.
We might not like the same people, but right now, people I'm normally critical of, I am cheering for.
And that's the scariest thing the establishment.
Because we've long talked about it.
If the left and the right finally realized that they have more in common with each other about the problems in this country than the proposed solutions, Well, there would be change.
When you see people like this, Robert Wright, when you got AOC, when you got Don Jr., when you got Dave Portnoy, people like me, and I'm clapping and cheering for all of them, this is unity.
It reminds me of, you know, like, it's just everybody's standing side by side, normally don't like each other, but there's an attack on the establishment machine, the cronies, who would rip us off and lie and cheat and steal.
So I got one more, check this out.
Hillary Sargent says, this is just going to be Gamergate but with stocks, isn't it?
Cringe.
You know what the cringe is?
They're trying to use this.
They're trying to distract you.
They want you engaged in the culture war.
Now I get it.
When I would see people like AOC tweet out the critical race theory stuff, and we would see that stuff pushed, that's stuff I disagree with.
That attacks me on a principled level.
I say I don't agree with that.
And you know what?
We'll still have those issues to work out, truth be told.
But I believe that was an attempt to shut down Occupy Wall Street.
It's not about the politics of Occupy Wall Street.
It's about the initial idea.
The big banks ripped us off.
And the people have found a way to rip them back.
The bailouts went to these companies.
They went to these funds.
They paid no consequences.
They destroyed the economy.
And now the people have found a way to fight back.
And the machine is angry.
They'll change the rules.
They'll lie, cheat, and steal.
Now, it's interesting to see Rashida Tlaib AOC.
Ted Lieu.
How long do you think it's going to take for people like Pelosi to go nuts and then propose some insane regulation?
Biden will sign off it to protect their buddies.
Conair Barra says, we like the stocks.
And Hillary responded, good.
And I think most people are driven by things other than anti-Semitism in this.
I don't doubt that at all.
You see the game they are playing?
Mark Cuban even joining in.
So are Robinhood App and IBKR ending trading in Wall Street Bets stocks because they are losing their A on these trades?
Or maybe they don't have the cash to enable the trades at this scale.
Anyone have any insight on their economics?
I don't know, man.
I just think things are getting crazy, and I think that so long as people hold the line, the value is going to recover.
So we've been talking for a minute.
GameStop has been bouncing around a little bit.
It's up in the past five days.
This morning, I couldn't believe it.
I checked my app pre-market.
$470 per share.
That's apocalyptic for these people.
You think that the people who lie, cheat, and steal to rip you off, to strip the value from your labor, do you think they're going to just sit back and watch this happen?
No, they're going to pull out all the stops.
They will burn it to the ground.
And they did.
With Robinhood, they've exposed themselves.
They've burned down their own system in a desperate bid to save some cash.
In order to stay afloat, they had to reveal the game.
In doing so, with blocking trading and colluding with big tech, they've exposed themselves for what they really are.
In their desperate bid to save the cash, they've burned themselves to the ground figuratively.
It's a pyrrhic victory, to say the least, but the war is far from over.
They can try, but this won't be the end of it.
Wall Street bets has inspired something in a lot of people.
Some people are greedy.
They know that they can ride the train and then sit on it at $100, sell at $200, double their money, perhaps.
But a lot of people are saying they don't care.
They're going to buy and they're going to hold forever.
I'll tell you what my plan was.
When I bought Nokia, I wasn't planning on paying attention to this.
I was just going to buy some shares, and I'm probably going to leave them.
I bought shares at a few other companies previously that popped up in the news, and I just ignore it.
I buy them because I just see it in the news, and it's something I like.
It's usually like a technology thing or communications thing.
And I'll just ignore it.
I just ignore it.
And then maybe one day I'll come back.
Because my thing is, I'm not a day trader.
I don't like playing this game where you go in and try and bounce it around and sell high and buy low and all that stuff.
Finding a sneeze.
That's not my thing.
My thing is, if there's something I like, I'll buy into it.
If I lose out, then I lose out.
Fine.
Whatever.
In this instance, what we're seeing now is a lot of people fighting the system.
And the hedge funds doing everything in their power to rip you off still.
I don't think it's going to work.
I think the people are going to keep doing this.
Apparently American Airlines is even being driven up.
So here's what I see.
I'll keep covering this throughout the day.
This is the biggest story.
You're going to see desperate bids by grifters.
People who can only make money off of certain rage bait issues.
And they'll focus on that.
And they'll keep tweeting about that.
Sure.
I do find it questionable, but to be fair, you know, there's more to talk about than just GameStop.
This is history, though.
This is the GameStop rebellion, my friends.
This is going to be in the history books, what's going on today.
And the crazy thing is, it can be repeated over and over again.
Robinhood can ban these stocks, but it's not like it's only four or five stocks that are being shorted.
Wall Street bets could simply be like, after GameStop, we're going to target these stocks.
And then the hive will just keep directing all of their energy in a decentralized strike against these hedge funds, and they'll never survive.
This is a revolution, my friends.
Profound.
We'll see how it goes.
I'm gonna keep following the story.
I'll have more updates and probably another segment on this.
Maybe.
Like I said, to be fair, you know, there's only so much that can be said about what's going on until more developments happen, so there might be issues pertaining to foreign policy war and, you know, stuff that I might talk about.
But we'll leave it there.
Next segment's coming up at 4 p.m.
over at youtube.com slash timcast.
Thanks for hanging out, and I will see you all then.
The GameStop Rebellion continues.
My friends, you are witnessing history.
The people are rising up in the only way they can.
The only way they know how right now to actually make some change.
Challenging the billionaires, but the machine is fighting back.
Desperate to stave off billions of dollars in losses, they're colluding in the open with big tech firms to restrict the ability of the little guy to buy stock.
But they'll let you sell so the stock crumbles.
Right now, the latest reporting is coming from Reuters.
Losses on short positions in U.S.
firms top $70 billion.
70 billion dollars.
Oh, the pain's coming.
They're rigging the game.
They're trying to stop the people.
But I don't think it's gonna work.
The shills are still out and about, however.
Those trying to distract us from what's going on.
Those pushing rage-bait garbage issues, distracting everyone from what's really going on right now.
We can see them for who they really are.
But boy, do we have a lot happening.
A reoccupying of Wall Street may be upon us.
And I mean this literally.
One group saying they will lead a protest to Zuccotti Park in New York to protest, to reoccupy.
And these are Republicans.
These are young Republicans saying we've had enough of bailing out these companies.
My friends, we are also witnessing two major lawsuits being filed against Robinhood, the app that suspended the ability to buy stock, but will allow you to sell it.
That way the price tanks and they save their hedge fund billionaire buddies.
This, my friends, is history.
The GameStop Rebellion.
We can see a lot of developments moving on.
So for those that are missing a lot of this context, I've done two other segments earlier in the day already over at YouTube.com slash TimCastNews.
And this is more of just an update because I am tracking this breaking news as it happens throughout the day.
I'll try to include as much context as possible without getting a bit too redundant.
Before we get started, head over to TimCast.com.
Become a member!
I'm not a get-rich-quick kind of guy.
I'm not playing the stock market.
I'm just running a regular old business.
So if you want to help support this business, becoming a member gets you access to exclusive content for members only, as well as upcoming events.
We did a segment recently about the gorilla t-shirt scandal we have with Jason Whitlock.
It was a lot of fun.
Become a member in the event that we get nuked.
And my friends, let me just say, as we talk about these big companies, as I do on this show, as I do an IRL podcast with my friends, Now this is what's really scaring the machine.
You know they like it when we play culture war politics.
They like it when AOC rags on some Republican and the Trump supporters fight with the Bernie supporters.
They don't like it when the Bernie supporters and the Trump supporters come together.
And start going after their billionaire hedge fund buddies over on Wall Street.
And that's what's happening now.
And I'm covering it to quite a great extent.
If anything would get me banned, I'd imagine it would probably be this.
Though it's really tough to do, but we're watching them collude in real time.
We're watching them shut down trading in real time.
They've exposed the system for what it really is.
If you want to support my work in that, in the event the ban comes, TimCast.com.
Otherwise, like, subscribe, hit the notification bell.
Let's read this news from Reuters.
They say...
Short sellers are sitting on unestimated losses of $70.87 billion from their short positions in U.S.
companies so far this year.
It's only been 28 days, my friends.
Data from financial data analytics firm Ortex showed on Thursday the hefty losses come as shares of highly shorted GameStop jumped more than 1,000% in the past week without a clear business reason.
Not true.
That's not true.
Forcing short sellers to buy back into the stock to cover potential losses, defined as a short squeeze, while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders rippling across U.S.
markets in Europe.
Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S.
firms.
Its data also showed that estimated losses from shorting GameStop at $1 billion year-to-date, while those shorting Bed Bath & Beyond were looking at $600 million.
Ortex said the figures are based on the change in trading prices between the start of January to Wednesday's close, and the number of short positions the company sources short interest data from submissions by agent lenders, prime brokers, and broker-dealers.
Let me go back.
They say there's no clear business reason.
That's not true.
When this all started, my understanding is that there was a post from someone who said GameStop's stock was low because the stock is truly, it goes up when consoles get released, when new games get released.
Then people rush to GameStop and they'll do better revenue-wise.
Thus, they felt that there was actually a good position with GameStop because they were selling low.
The stock was undervalued.
There's a clear business reason.
The stock should have been higher.
That's it.
That people believed GameStop, this place where you can buy video games and knickknacks and trinkets, should have been doing better.
Not to mention COVID restrictions.
COVID hurt a lot of retail.
Thus, people thought, probably gonna go up.
But the funds, the hedge funds, in my opinion, they saw an opportunity because, look, GameStop is a brick-and-mortar shop during a pandemic, and online retailers are doing better.
GameStop apparently is not very successful there, so they felt, we can short this one easily.
What do they do?
Well, in many circumstances, my understanding is, They make a bet the stock will fail, causing a panic, and then once that panic happens, they clear their bets and they make money.
I'm not going to go over exactly how short sales work again because I'm not 100% on them and I've said it like 50 times.
Suffice it to say, they were betting the stock would fail.
But now that the stock isn't failing, and it's not at $4 and it's at $300, well right now I think it's like $200 and something, They're set to lose a billion dollars and 5,000 firms are set to lose 70.87 billion dollars!
Amazing.
A transfer of wealth from Wall Street to Main Street.
So what are they saying?
Well, Bloomberg, of course.
Bloomberg, of course, being Michael Bloomberg's outlet.
But they said, good morning!
A stock market insurrection goes global.
The EU has a falling out with AstraZeneca and the US tech titans disappoint.
Here's what's moving the markets.
A stock market insurrection.
Apparently there's one post where somebody said, here we go, I have it right here.
Phil from All That Remains says, the Capitol riots were bad.
The GameStop thing is good.
I'm a spoon.
Hey, that's a user on Twitter, not me saying I'm a spoon.
Tweets, someone on Bloomberg said the GameStop thing is, and I quote, as bad as the Capitol riots, I almost spit my effing drink out.
It is.
To them.
Hashtag Gamestonk is trending.
Stonk, of course, being a meme for stocks.
It's the revolution, baby.
And it is happening.
Check this out.
Let the people trade.
Reoccupy Wall Street.
Sunday, January 31st at noon.
Zuccotti Park.
It's not even been 10 years, my friends, and we have a legit call for another occupation of Zuccotti Park.
Well, New York's in lockdown.
Good luck.
I'm not confident, but the New York Young Republican Club... Let me just stress that for you.
The New York Young Republicans are calling for Occupy Wall Street to come back!
This is the GameStop Rebellion, my friends.
This is what it is.
And everybody's on board, left to right.
So this is from Gavin Mario Wax.
He says, The New York Young Republican Club will be staging a protest in Zuccotti Park to re-occupy Wall Street.
We are sick and tired of bailing out the fat cats and hedge funds for their own mistakes while they stomp on the little guy for trying to make a buck.
This is not capitalism.
He's right.
Ron Coleman responding with a popcorn eating gif.
There you go.
Over at Wall Street Bets, they've announced this.
We are preparing a class action lawsuit against Robinhood.
Now, for those that are listening on the podcast or have checked out my other segments, you're probably going to hear some of the same stuff over again because not everybody sees all of the segments, but Robinhood is a very popular stock trading app for regular people.
You know, I have some stocks there.
I go there just a little bit.
I don't have a whole lot in there.
And I trade here and there.
I buy things.
I don't really trade.
I'll go and I'll buy stuff and I'll forget about it.
Robinhood this morning suspended the meme stocks that people are calling GameStop, American Airlines, Nokia, AMC, etc.
You could sell, but you couldn't buy.
Effectively forcing a crash.
Stealing money from regular people.
So it was only a matter of time before people announced they'd be suing.
And they already are.
Now WallStreetBets, this is the subreddit where it's all taking place, said, Hey everyone, we all just got screwed by Robinhood's screw up here.
I'm friends of the lawyer who says we have a good case for a class action lawsuit.
Everyone comment here if you have or had shares or calls in GameStop held by Robinhood at market open.
Let's show these guys the system can't F with us.
He says everyone take screenshots of Robinhood's app saying you can't buy or blocking your orders.
And then he goes on to say, woo lads, let's get on it!
I'll go through all these private messages and comments this afternoon with my lawyer friend, keep him coming.
OMFG guys, I'm getting thousands of private messages.
It'll take a while to sort through them all and reply, but keep messaging and sharing.
Also if you were using Webull or some other brokerage and got blocked, You might as well join too.
It's not just going to be Robin Hood, my friends.
It's moving.
Here it is.
Lydia Moynihan, Fox Business, reports, class action complaint against Robin Hood has been filed in the Southern District of New York.
But wait!
Of New York.
But wait!
There's more.
Robinhood customers sue over removal of GameStop and others.
Here's the report.
They say, Robinhood Markets was hit by at least two customer lawsuits after restricting transactions on stocks including GameStop Inc.
following a frenzied run-up driven by Reddit-inspired traders.
Robinhood was named as the defendant in federal lawsuits filed in Manhattan and Chicago on Thursday.
In the New York suit, Robinhood user Brendan Nelson of Massachusetts said the company removed GameStop from its trading platform in the midst of an unprecedented stock rise, depriving individual investors of the ability to invest and manipulating the market.
The decision was a breach of its customer agreement and was in violation of financial industry rules, according to the complaint.
Think about it.
Here you are, watching a stock skyrocket, and you think to yourself, I would like to buy this rapidly increasing stock.
I know the risks.
I know why it's happening.
Everyone's been up front with why it's happening.
But these hedge funds, they're going to lose 70 billion dollars.
So Robinhood stops you from being able to buy.
They stop you from getting in and seeing your investment flourish.
They rigged the game, my friends.
They say in the Chicago suit, user Richard Joseph Gatz of Naperville said the halt of trading in BlackBerry, Nokia, and AMC theaters was to protect institutional investment at the detriment of retail customers and is in lockstep with other trading platforms.
This is so far beyond just Robinhood, man.
I'm not a lawyer.
I don't know how racketeering or re-coordinated stuff works, but come on, let's play a game.
Webull, Cash App, TD Ameritrade, Robinhood, all at the same time shut down specific stocks that regular people wanted to buy.
The truth is, the game was rigged from the start, but you can't hide it anymore.
We all see it.
It's all in plain sight.
You were so desperate to save yourself, you had to pull down the curtain.
So what's gonna happen?
Either these suits go through, and you eat it, or the people revolt.
But I'll tell you man, you know what?
I'm willing to bet all these firms, they're willing to eat a class action lawsuit, they don't care.
The hedge funds are gonna lose 70 billion dollars.
70-a-ba-billion, with a B.
So what?
What's the class action gonna do?
Millions?
They're willing to eat it.
They're willing to shut you down to save their own butts because the cost of a class action lawsuit is cheaper than actually losing out should the market continue growing and the short sellers suffer.
You see the game?
The game is rigged.
Quote, The halt of retail trading for these stocks has caused irreparable harm and will continue to do so.
Gatz said, Plaintiff is unable to get fair market value for his option contracts, and if the stocks are not allowed to be trading, it is likely that Plaintiff will take a financial loss solely due to the defendant's behavior and manipulation of their trading platform.
Robinhood didn't immediately respond to a request for comment on the suits.
A group of maverick, digitally-oriented traders who gather in Reddit's Wall Street Bets forum have forced hedge funds to back down from wagers that GameStop Corp shares would fall.
Their efforts sent shares of the video game retailer soaring, making millionaires out of some of them along the way, while inflicting major losses on the establishment.
Barstool Sports' boss, Dave Portnoy, blasted Robinhood for restricting trading on GameStop, AMC, and other stocks, saying he will burn the stock trading app to the ground.
So, we understand, you know, I explained everything that's going on.
I don't want to rehash everything.
He called for the founders of Robinhood to go to prison.
Well, over at Barstool Sports' emergency press conference, everybody on Wall Street who had a hand in today's crime needs to go to prison.
I agree, Dave.
I just don't think it's going to happen.
It's funny.
We talk about the wealthy elites.
Dave Portnoy is a wealthy elite, but he's not the kind of wealthy elite we're really talking about.
And what I mean by that is, Dave's an elite in the sense that he's the founder of Barstool, he runs a big business, he's very successful, he's wealthy, he's a great trader.
But he's not in the club.
You see?
He's not in the club.
He's playing by the rules, same as everybody else.
Now, there are some people who play by the rules who have become successful.
There are some people who play by the rules who are fairly wealthy.
But they're not the establishment elites who are lying, cheating, and stealing, and stripping away the value of the working class.
What do these people do when they manipulate the market through shorts?
When they steal the value from your stocks, from your investments, from your savings?
They're not providing anything to anybody.
They're just manipulating the system.
Now, the socialists say that is capitalism at its worst.
People on the right are saying, no, cheating the system to control the economy is socialism at its worst.
And I'm just like, yo.
It's corruption, plain and simple.
I'm not going to point the finger at anybody.
I'm going to say, yo, socialist bros, you hate these big-wig Wall Street guys, right?
Alright, alright, wait right there.
Yo, right-wing dudes, capitalists, you hate the rigged economics.
Okay, we're all in agreement.
I don't care what you call it.
It's corruption.
Manipulation.
And for a while, we were seeing some unity.
Seems like the corporate shills are out.
But check it out.
Dave says it's very clear that Robinhood app and hedge funds like Citadel are saying we'll take our chances with class action lawsuits and white collar crimes and paying people off to stay out of prison rather than their firms going bankrupt.
That's it.
He nailed it.
That's what I was saying.
But Dave said it.
They know.
They can bribe their way out of prison, it's white-collar crime, some people might get minimum security, and it's gonna save them billions of dollars.
Reminds me of Fight Club so much, doesn't it?
So many of these scenes.
I am Jack smirking revenge.
Or the end when, you know, the buildings collapse, when you reset the debt record, everything goes to zero.
And in this one, it reminds me of that scene where he's in the plane.
If you've seen the movie, amazing movie, 20 years ago, man, 22.
He's in the plane explaining to the person sitting next to him.
If the cost of a lawsuit for a car accident is lower than the cost of a recall, they don't recall.
That means these car companies, in the movie, wink, I guess, they know that some people may die and be burned alive.
But if they only gotta pay a couple million bucks for those lawsuits, as opposed to a hundred million for a recall, why bother recalling?
And then people get hurt.
I'm reminded of something I was told about New York City.
They don't do hardcore training for the NYPD in terms of guns.
They give them basic training, just like a very simple pass-fail kind of thing, where it's like, okay, go to the range, you pass the test, congratulations.
So they're not really that good at shooting.
Why?
The amount of money they pay in lawsuits for accidental shootings from the police is cheaper than if they were to actually train the police.
That's horrifying.
Now the left says it's an element of capitalism.
Sure, I think it's an element of the government and the manipulation, and I don't think there's... We can just sit back and say the whole thing is broken, the whole thing is corrupt, and the whole thing is wrong.
But that's the name of the game.
I think they're like, sue us.
We'll pay the 10 million dollars, the 20, the 30, the 40, whatever.
You'll get a couple bucks.
We'll save billions.
Mike Cernovich.
Ah, he brings it up, doesn't he?
It's so sad.
Once you know the system and how it really works, you can see the future.
He said this.
Occupy Wall Street was a populist revolt that was ultimately brought down by identity politics.
He's correct.
I was there.
I was there for almost all of it.
Except for the first few days.
I got there on like day three or four.
And then I was there from that point on till it eventually fizzled out and ended well after the occupation in the park.
Identity politics destroyed it.
He says, I know the guy who hired the social justice activists.
Yes, they were paid.
Beware of letting anyone hijack the GameStop discussion.
They are 100% on payroll of Robin Hood and Citadel.
And then what's this?
AOC?
What happened?
Earlier, I was just praising Ocasio-Cortez.
I was saying thank you to her.
But she's exposed herself for the shill that she is that I have long criticized her to be.
Ted Cruz responded to her tweet.
So AOC tweets about Robinhood saying, this is bad and we'll call a committee if we have to.
I said, do more!
Rashida Tlaib says, you know, we have to do it.
Ted Cruz and I agree.
And her response?
I am happy to work with Republicans on this issue, where there's common ground.
But you almost had me murdered three weeks ago, so you can sit this one out.
Happy to work with almost any other GOP that aren't trying to get me killed.
In the meantime, if you want help, you can resign.
S.H.I.L.L.
Corporate S.H.I.L.L.
AOC is not legit.
She is not a populist.
She is a careerist, manipulating people, and this should tell you everything.
And you know what, man?
You can see the typical figures going, yeah, Slay Queen, you tell Ted Cruz.
I don't care about Ted Cruz.
I don't care about AOC.
It's a distraction.
It is.
I'm here to call out those that would distract you from what's really going on with Wall Street funds.
Let me remind you, my friends, 5,000 U.S.
firms are going to take losses in excess of $70 billion.
They have played with our lives.
They have stripped our value.
Are you on the left?
Do you like AOC?
Hear me out.
Hear me out.
You do work.
You build a birdhouse.
You sell the birdhouse.
You provided value for someone.
That's your labor.
And in exchange, you get access to some goods and some resources.
Are you on the right?
You like the idea too.
Hard work?
There you go.
These hedge funds don't do work.
They're rich off of stripping the value from your trade.
You see what happens is, before you can sell that birdhouse, They will manipulate the value of the birdhouse itself, so that your trade, the value you produce, becomes lower, and they get a piece.
I know it's overly simplistic, and it's not always true.
There is risk involved.
It's not like they have absolute control, but they've rigged the game enough to where they don't lose.
And when they do, they get bailouts.
When they do, they collude.
They cheat.
The way I see it.
There's a certain amount of money circulating in the system, and if it costs me a certain amount of money to buy the wood to build the birdhouse, but they start manipulating stocks and companies that produce the wood, changing the price for me, they are getting access to resources, to cash.
They then buy multiple boats and multiple cars, but they've not built anything for anyone.
They just go in the media and scare people to strip value out of your assets.
Why?
Why should anyone build a boat for them when they did not build a boat in return?
A birdhouse.
The point is, I like the idea of legitimate capitalism.
I do work, I trade that work to you for something in return, and we're all happy.
What we're seeing with this is corruption.
You can call it crony capitalism, you can call it manipulation, a rigged economy, or, you know, centralized economy, whatever you want to call it.
It's corruption.
When I see AOC pulling this off, I don't trust her.
I just don't.
I love this one.
Jake Offenheart's tweets.
Listening to irate New York hedge fund billionaire Leon Cooperman on CNBC right now lamenting people sitting at home getting their checks from the government trading their stocks.
This fair share is a BS concept, he shouts.
It's a way of attacking wealthy people.
Is it?
Leon, you're rich, right?
Let me tell you something.
Dave Portnoy's rich.
He's right here.
Ted Cruz is rich.
He's right here.
I'm rich.
I'm right here.
We're cheering this on.
You know why?
Well, I'm not going to speak too much for Ted Cruz.
You know, you can like him or not, but he is still, you know, part of the political machine, and I can give respect to anybody standing up and calling this stuff out.
But I'm 100% with the people.
And I will always be with the people.
Because I believe in a capitalist system where you invent a lightbulb.
Everybody says, wow, this thing you made is awesome.
Can I buy it off you?
Yes, let me make more.
All of a sudden you're rich and successful.
Why?
Because people believed in your product.
Not because you cheated and stripped value from the system.
Dave Portnoy runs Barstool Sports and he trades.
I got no problem with trading.
I know I was ragging on trading for the most part, but when I talk about the people stripping value, I'm talking about those who are manipulating the markets and lying to steal the value from you.
Manipulation.
I'm not a big fan of trading, mind you, anyway.
But I recognize trading is a part of the system.
You can trade for what you want.
It's free.
It's when you use the power of the government and the media to rip people off.
That's the cheating.
You got a lot of rich people.
Ja Rule.
Elon Musk.
A lot of rich people are coming out and saying, this one's for the people, and the establishment has cheated for too long.
The elites, the politicians, have cheated for too long.
When AOC comes out and says, blah blah, culture war, culture war, Ted Cruz, I'm like, nah, you're distracting people, dude.
I'm not into that.
I think we gotta stay focused on what's happening here with this GameStop.
Game.
Stop.
Stuff.
The GameStop rebellion.
A lot of people who have done very well have done very well legitimately.
I'm not a stock trader.
I just work hard all day every day and I try and grow my business.
That's what I do.
And when I see the system trying to crush the little guy who wants to do the same, I reject that.
That's what I'm all about.
I'm actually pretty lefty on economic policy as much as people don't want to, you know, people on the left don't want to admit it.
I'm about freedom and I'm about, you know, left libertarian cooperative markets for the most part.
When I see people like AOC, Rejecting calls for unity against the hedge funds and Wall Street.
What's her cause?
Is she really on the left?
I don't think so.
Rashida Tlaib has stood firm on two things.
National security powers and calling out Robinhood.
I think, more and more, you know what?
I probably disagree.
I do disagree with Rashida Tlaib on a lot of things.
But I'm starting to think that she's probably legitimate in what she believes.
AOC, not so much.
These are the corporate shills that want to trick you.
They want to manipulate you.
They want to take from you.
They want to play these dirty games.
I don't buy it.
Anybody who's coming out now, in my opinion, who's trying to distract you from what's really going on, I find suspect.
There are some people who are tweeting endlessly about what they don't normally tweet about.
That's... I'm not talking about that.
You know, there are people who always go on about, you know, say Antifa, Critical Race Theory, or the Proud Boys, and I'm like, yeah, yeah, yeah, yeah, whatever.
But there are some people right now who claim to be on the left or claim to be on the right.
They claim to be about for the people, by the people.
But they're tweeting these generic culture war things.
And I'm like, is that all you have?
Are you not really principled in challenging the establishment elites?
Makes me wonder, doesn't it?
I can make videos talking about typical culture war stuff.
I don't do that.
Talk about what I care about.
Sometimes it's culture war stuff.
Right now it's about history being made.
That's what I'm concerned about.
That's what I think you should be focused on.
History being made right now as people challenge the system.
That's what it's always been.
Donald Trump was that in many ways.
I understand the people on the left didn't like him.
Trump was an imperfect avatar.
It's what I always say.
But now that energy that got Trump elected has been stripped of its avatar and it's pure, raw energy now.
The left and the right agree that anger is within both, you know, left and right populists.
AOC is not really for the people.
She's for herself and the machine.
And that's why she's playing this game.
If she really thought Ted Cruz was trying to murder her, wouldn't she, you know, I don't know, call the police or something?
Or file a report?
Not just clap back on Twitter to try and gain followers?
That's the thing.
You know, it's funny, a lot of people were saying that they thought she was gonna be, uh, they thought she was cool for about 20 minutes.
Philip DeFranco.
You know, a lot of people have said that, you know, he's kind of drifted recently, that, uh, he used to be the one to call it the establishment, but then he slowly started drifting into the establishment narrative.
Well, Philip DeFranco was asked, Will today's video be sponsored by the fantastic app Robinhood?
And Phil said, Robinhood is never getting an effing spot on my show again regardless of the offer.
Effing ridiculous.
I'm transferring all my stocks and money off Robinhood ASAP.
I've used them for years and am furious.
Phil, rock on, brother.
I've always been a fan of Phil.
I don't think he's perfect.
He got Covington wrong, but I get things wrong, too.
And a lot of people have been talking about how they're not fans of where he's gone.
I'm not into that.
I think Phil's cool.
I like the fact that he's fairly straightforward and neutral, and he's not particularly involved in the culture war stuff.
He's got some things wrong.
That's respectable.
But this right here?
Right call.
Much respect.
AOC.
This was the initial tweet while she was ragging on Ted Cruz.
I was going to show some of the responses.
I don't want to do that anymore.
I don't want to show that.
Majid Nawaz, closing out this segment, he says, I think what we could be witnessing here is a generational conflict for a right to sit at the table and redraw rules to suit a younger, fair-minded generation.
Yeah, maybe.
Maybe the solution isn't right-wing populism or left-wing populism, it's a little bit of both.
This idea that maybe we do need better rules to better suit the working class.
Maybe workers of the world do need to come together, but not for communism.
You know what I mean?
We come together recognizing there are people stripping our value, but we can still freely trade and respect liberties and not create communism and also not support crony capitalism.
There's a happy medium for everybody where we can grumble but agree, for the most part, getting rid of the worst problems.
This person said Wall Street will now lobby the government to regulate retail investing since they no longer have a monopoly on price manipulation and there will be less demand for their expertise.
As Leonard Cohen said, everybody knows the dice are loaded.
Everybody rolls with their fingers crossed.
Everybody knows the war is over.
Everybody knows the good guys lost.
Everybody knows the fight was fixed.
The poor stay poor.
The rich get rich.
That's how it goes.
Everybody knows.
Isn't that how it goes, huh?
My friends, the doomsday clock says we're about a hundred seconds from the apocalypse.
It's rather meaningless.
Just a bunch of scientists who, like, slowly move the thing towards the end, saying the end is nigh.
Maybe.
But maybe it's not a bad thing.
Maybe what they're talking about the apocalypse is just for the establishment machine.
What I'm saying is we don't want people running through the streets smashing things and screaming.
But what we're seeing with these stocks is a different kind of revolution and maybe it needs to happen.
Growing pains are here.
There's a fourth industrial revolution coming.
The information age has changed everything.
So get ready.
Because it's going to get crazy for some time.
As the people have now discovered how they can manipulate and destroy 5,000 different firms, or at least cause $70 billion in damage to them, they're going to keep doing it.
This is just the beginning.
Do you think that these four stocks, or these five or six, are the only stocks that people would target?
Short-selling is just a thing that exists and will target anyone.
And every time they do, what's to stop the hive mind from saying, oh, what's that?
You want to short-sell this company?
We'll buy it up.
And we'll just keep doing it every time.
And we will chase you to the ends of the earth.
No matter what stock you try to short, someone's gonna point the finger and say, hammer it on, pump that price, here's why we're doing it.
I don't think this is the end, I think it's the beginning.
And I think it's gonna be some kind of revolution.
So we shall see.
The next segment's coming up at 8 p.m.
live at YouTube.com.
I'm sorry, YouTube.com slash TimCastIRL.
Go to TimCast.com, become a member for the exclusive segments.
We're getting rave reviews because we cuss like crazy, apparently.
Like we do, and it's hilarious, and everybody loves that we do.
But it's just much more direct and much more open because it's less focused on family-friendly and news-oriented.
It's like the bonus stuff for the core fans.
Please become members if you want to make sure in the event we get nuked for talking about stuff like this.
By we, I mean you and me, but also the people who work with and for me.
It's possible.
We get purged.
TimCast.com become members, and we'll see you all tonight at 8 p.m.
