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What The GameStop Controversy Has Revealed About Wall Street

Sonali Kolhatkar speaks with Doug Henwood about th3 Gamestop insanity.

Wall Street hedge fund managers are deeply rattled over a Reddit collective beating them at their very own recreation in inventory purchases of the video-game chain retailer GameStop. Small buyers over a number of months collectively purchased up sufficient shares of the corporate whose inventory costs have been quickly falling partially attributable to hedge funds’ “short selling” the inventory. But the collective inventory buys by members of the “Wall Street Bets” group on Reddit drove costs as much as a whole lot of {dollars} a share. Hedge funds that had wager on GameStop failing now owe billions as many small-time buyers have seen their fortunes rise.

The story has revealed a deep effectively of public anger at Wall Street buyers who’ve lengthy gamed the system to their very own ends however are actually balking at small buyers banding collectively. Senator Elizabeth Warren echoed this anger saying, “For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price.”

Read Doug Henwood’s article on the Jacobin known as, ‘The GameStop Bubble Is a Lesson in the Absurdity and Uselessness of the Stock Market,’ HERE.

Rising Up with Sonali is a radio and tv present that brings progressive information protection rooted in gender and racial justice to a large viewers. Rising Up With Sonali was constructed on the inspiration of Sonali Kolhatkar’s earlier present, Uprising, which grew to become the longest-running drive-time radio present on KPFK in Los Angeles hosted by a girl. RUS airs on Free Speech TV each weekday.

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Doug Henwood
Free Speech TV
Insider Trading
Market Manipulation
Rising Up with Sonali
Short Charges
Sonali Kolhatkar
Stock Market

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