I see quite a few people piling into $GME, largely to ride the gains and sell, pre or post squeeze. It’s a free market, you do you and well done if you do well, sorry if you don’t. But I don’t see much talk about the (what I believe is) Wallstreetbets’ core motive - to fuck these hedge funds, profits or no profits (they are no strangers to loss).
For this I have so much damn respect for the people at wallstreetbets. To be clear, “YOLOing” ones life savings into a speculative stock or anything of the sort isn’t my cup of tea - but, on the other hand, their motives behind this short squeeze I can absolutely get behind.
2008 is very much imprinted in my memory; it changed my life. I also have friends and family whose lives were ruined by the the financial crisis. And there are/were many at fault, (Credit rating agencies, regulators, Banks, etc) but hedge funds played their own part (e.g. buying -sometime’s with ordinary folks’ money- CDOs; the mortgage bundles, leveraged to high-heaven) . The pisstake is that none of these bigwigs/fat cats ever got punished in any meaningful way. Even now, the hedge funds go to great, dirty lengths to cover their own asses (e.g. short ladder attacks, telling the media they’ve covered their shorts when they haven’t, etc)… it infuriates me to no end.
So I salute the ‘degenerates’ at WSB and their ‘diamond hands’. If they pull this off, it’ll be a small taste of justice for all the regular people who lost their homes, jobs, etc in 2008. It is beautiful irony that the same risks they blew up the global economy with are the same risks that could ruin them. I hope it sends wallstreet a very clear message that retail investors are a force to be reckoned with.