GameStop, Reddit, and hedge funds, oh my! It's the upper middle class vs. the rich and we just can't wait to see who wins this class war! Maybe it'll be ordinary Americans if the SEC can actually start regulating the market?As always, Bee and her writers have the most distinctive takes on an issue of all the late night comedians. I'm glad she examined the good government angle of regulating the markets instead of just laughing at both Wall Street and Reddit. Speaking of which, I'll get to Elizabeth Warren's comment about the SEC not knowing if what the stock market traders on Reddit did was legal later. Right now, I'm sharing Trevor Noah explaining Here’s How Wall Street Has Always Manipulated the Markets.
Day traders took down a massive hedge fund by artificially inflating GameStop stock, and now, Wall Street is whining about it. But Wall Street manipulating the market is nothing new.Good lord, JP Morgan's manipulation of electricity prices reminds me of Enron. That's a name I haven't mentioned here for 10 years. Back then, I recommended "Enron: The Smartest Guys in the Room" as a documentary for my students to watch. Since then, I've moved on to other suggestions, but I'd still accept a review of the Enron documentary for extra credit if they submitted it. Also, manipulating aluminum prices (hey, Trevor, there is no "ium" in the name of that element on this side of the Atlantic, so I'm pleased that you got with the program), is a new one on me, but I'm not the least bit surprised. Anything to make a buck.
Both Bee and Noah concentrated on Wall Street's bad behavior in their monologues, while Legal Eagle looked at the actions of the traders on Reddit as well in Illegal Trading on GameStop? or WallStreetBets: The Stonkening.
Did the hedge funds illegally manipulate the market? Did the redditors of Wallstreet Bets? STONKSAs Elizabeth Warren said in the clip Bee included in her monologue, the SEC doesn't know if what went on with GameStop was illegal, so as Legal Eagle says, "it depends." I bet the traders on Reddit hope it isn't. Otherwise, the SEC will say to them what Legal Eagle says to his viewers to close his videos: "I'll see you in court."