wall street bets

Sun 1.31.21

      Big week for the guys at Reddit; we are talking serious money here.  For those who don’t know what happened, a group of retail, (meaning small-time,) traders who hang out on Reddit to talk about the trading business, tips on what the market is doing, important stocks and so forth, decided to pump up a stock, #GME, from a company named Gamestop, a video game, consumer electronics, and gaming merchandising retailer. 

Gamestop was developing trouble because their mall stores were folding in most countries, as were the malls themselves. Knowing this, the hedge funders for whom the market is rigged in their favor, decided to short this stock i.e., they are betting that the stock value will drop and want to make a profit by it.  The Redditors expected it and set their trap.  You have to think of Wall Street as a gambling casino, some bet that a stock will rise in value while others go the opposite route.  Remember 2008?  So did the traders at Reddit, many seriously hurt by it.  They decided to scam the big traders by bidding up the value of Gamestop shares.  The stock went from $20 plus to $325 per share.  You can imagine the disaster that followed.  We are talking billions.  The big Wall Street players lost everything and could in no way cover their bet.  They had profited from the subprime fiasco during the 2008 recession knowing all along the mortgages were worthless.  It was payback.  The money taxpayers dished out to save the companies that were “too big to fail” was being distributed to the retail traders at Reddit.

I was one of the people ruined by the Great Recession of 2008 and I wrote a book about it titled “The Tenant’s Tale: Bearing Witness to the Great Recession of 2008”.  It’s an analysis of what happens to a person when the bubble she’s created bursts and reality sets in.  What I found most interesting is that one’s self knows and contributes to the crash on some level.  So Robinhood Markets, probably the biggest loser of the Gamestop bubble on some level saw the indicators, but did not rectify the situation to prevent its bursting.  Hubris?  Maybe.  It’s called a market correction, but this market is playing for much higher stakes then the financial stability of homo sapiens.

That’s when the nagual spirit, that which we spend our lives discounting, some people call it karma, indicating revenge, but that’s not what’s happening, steps in with its pointed needle. PAAF!!!  It’s all planned and we either acknowledge and acquiesce, or blame something or someone for it.

 The favorite essay this past month has been Nagual