One of the main elements of the narrative mainstream and other pro-establishment journalists want to create about GameStop investors' rebellion is the apparent lack of fundamentals behind the increasing price of GameStop stock. In other words, they claim that the struggling video game retail company, affected by the spread of online video game distribution and COVID-19 woes, simply doesn't justify the price inflated by Reddit investors. They try to paint latest event as bubble that must end in tears.
In doing that, they are missing major point. What GameStop saga has revealed is something that many that had followed trends om US and global economy already know – fundamentals don't matter. Last year, USA has probably the worst economic crisis in last 90 years – tens of millions without jobs, countless businesses ruined, people waiting hours for free food, murderous riots on the street. And, somehow, despite that, stock market was booming like nothing has happened.
Embracing the crippled company like GameStop and making it into stock market behemoth wasn't the bug. It was a feature. Or, it was, consciously and subconsciously, choice to made against Wall Street predators. They had to show that fundamentals don't matter and that stock market doesn't have any connection with reality of rationality. This very lack of fundamentals, which made Wall Street bigwigs thrive while the ordinary people suffered, is now used as a weapon against the system. Reddit investors' action is both attempt to take money from the rich and protest against them. The same principle is currently being applied to ruining short-sellers on Bitcoin and humiliating pro-establishment no-coiners with Dogecoin price push.
Blog in Croatian https://draxblog.com
Blog in English https://draxreview.wordpress.com/
Original Hive blog (Film & TV) https://hive.blog/@drax
Minds profile https://www.minds.com/drax_rp_nc
Uptrennd profile https://www.uptrennd.com/user/MTYzNA
Noise Cash profile https://noise.cash/u/drax
Rising Star game: https://www.risingstargame.com?referrer=drax
BTC donations: 1EWxiMiP6iiG9rger3NuUSd6HByaxQWafG
ETH donations: 0xB305F144323b99e6f8b1d66f5D7DE78B498C32A7
Posted Using LeoFinance Beta
Yay! 🤗
Your post has been boosted with Ecency Points.
Continue earning Points just by using https://ecency.com, every action is rewarded (being online, posting, commenting, reblog, vote and more).
Support Ecency, check our proposal:
Ecency: https://ecency.com/proposals/141
Hivesigner: Vote for Proposal