What a mess Wall Street has made of itself.
Our country’s most powerful economic insinuation has been beaten at their own game by a number of certifiable weirdos on the internet, who are now exploiting the system to make hedge funds bleed cash into a stock that should be dwindling in value – not rising my more than 1700%.
But while analysts and contributors over at CNBC are pulling out their hair, the White House continues to sit on the sidelines.
Asked about the market volatility during Friday morning’s press briefing, White House press secretary Jen Psaki punted on the question and directed reporters to statements by the Securities and Exchange Commission.
“They are closely monitoring this situation but it is under their purview at this point of time,” Psaki said, declining to speak specifically about the situation.
It came a day after Psaki — during Thursday’s briefing — also refused to answer directly about the contoversy. The chaos started when a Reddit group called WallStreetBets banded together to squeeze short-sellers out of their positions by buying up stock in video game retailer GameStop and other flailing companies.
The major fiscal raiding of these hedge funds, whose entire business is based on betting on how fast a stock will define, is being hailed as a populist revolution by many who’ve long been completely and utterly pillaged by Wall Street and the billionaires among us.
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