"The secret of the elites is that they're not all that smart so they need the deck stacked to continue the illusion that they are elite at all."
- Rob Peffer
This display of spontaneous group power by a bunch of previous unknowns has frightened the Really Smart People™ and led to reactions that will make things worse, not better. Some discount brokers started displaying warnings and limiting trades. Discord, a popular online chat service used by the r/wallstreetbets group, shut down the group’s service, offering the usual contemporary excuse that the group was engaged in “hate speech” and “spreading disinformation.” Uh-huh.
The freakout by our betters is real. Ironically, all the Really Smart People™ would have to do to make the problem go away is to stop throwing their weight around, stop condescending and start treating their fellow Americans as fellow citizens worthy of respect. At least, that’s what they would do, if they were actually really smart.
And this is why I won't really care all that much when it all burns down around them.
It’s likely not any evil manipulation scheme, but ordinary people acting — out of self-interest, but also out of sheer enthusiasm for one of the best reasons to do just about anything, because you can — on a few simple, powerful observations.
They’ve seen first that our markets are basically fake, set up to artificially accelerate the wealth divide, and not in their favor. Secondly they see that the stock market, like the ballot box, remains one of the only places where sheer numbers still matter more than capital or connections. And they’re piling on, and it’s delicious, not so much because they’re right, but because the people running for cover are so wrong, and still can’t admit it.
Buy the ticket, take the ride, nitwits. If you earned anything, it’s this.