this post was submitted on 16 Oct 2023
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Incorrect, multiple brokerages restricted trading: Robinhood, Interactive Brokers, Charles Schwab, Webull, Trading212, and eToro. And not just brokerages: "Other brokerages including Ally Financial Inc. and Public Holdings Inc., which runs social investing network Public.com, also said Apex Clearing halted all opening transactions on GameStop, AMC and Koss." So it appears that you are misinformed. The GameStop short squeeze revealed a systemic risk –– not just a fluke on a single panicked website.
'Our craze actually threatened multiple brokers!' is worse. You know that's worse, right? This runaway feedback loop over a meme stock flooded every trusting and newbie-friendly site you could find, that'd let you take a risky position on a dying retailer with their money, and you're appalled they weren't prepared to go out of business for you.
Some did anyway.
As @jersan said, you've got the wrong facts. In this thread, I corrected one of them –– with citations. Others have also replied.
None of them justify your assertions. Picking nits about how many companies got roped into this nonsense cannot change that it was nonsense. Nor was their inability to predict this flash mob any sort of threat to "the system" for any definition of "the system" that would be followed by ", man."
And for what?
Not a single god-dang one of you has anything to say in your own favor.
You, personally, have grasped for the relevance of famous dead people, which is cheap rhetoric with no place in a discussion about struggling video-game retailers. The other guy, the complete schmuck, feigned offense like I'd ignored an answer, immediately after smugly declaring they would not provide an answer.
I'm not convinced anyone replying to me even knows what an argument would look like. You've managed tiny corrections that don't make things better. You've got the format of an emotional appeal. But when pressed on why this stock isn't a waste of money: nothing. Or worse than nothing, lies; as if OP's 'lol it's fucked' headline isn't followed by OP's 'but I'm still in because mooooon!' body text. And when pressed on how that hot mess isn't cult-like devotion in the face of all evidence, that's when the emotional appeals come out. That is the wrong time for emotional appeals. Using emotional appeals in place of rational argument, is the exact opposite of what you should do, when someone says you're using emotional appeals in place of rational argument.
You're victim blaming in large part here.
The larger Wall Street complex is abusive and has been backstabbing the American and World public for decades upon decades. Your family is almost 100% financially less well-off and in worse health than they "should" be (given you've middle to lower class, statistically, and not some rich/wealthy person here for who knows what reason).
The fact of the matter is that the Wall Street incumbents have been with GameStop and others abusing loopholes and outright breaking the law when it comes to trading of securities and got caught with their hands in the cookie jar.
They've now been caught and called out and are covering it up through, in large part, regulatory capture and other means related to stock market complexity. Why is that so hard to understand?