The Oligarchy Used Corporatism to Counter-Attack
Well, it couldn’t last forever. Amateur day traders, as I wrote about in my article on the populist revolt, had defeated the oligarchy of elite hedge fund managers that were gambling recklessly and trying to drive GameStop out of business for no reason other than wanting a few points of investment returns.
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Or, perhaps almost defeated the American oligarchy would be the better phrase. The scene was set on Thursday for the reddit crowd to defeat the Lamborghini-driving, New York-based, hedge fund crowd. Then those elites did what they always do. They called in favors and limited their losses not by being smarter, but by being better connected. The aristocracy of pull fought to retain its noble privilege over the common man.
You see, most of the day traders were using Robinhood, a stock trading app that lets you make trades without paying commissions on them. Robinhood makes most of its money from a company called Citadel. Citadel is a major backer of Melvin Capital, which was the main hedge fund hammered by r/wallstreetbets. When GME (GameStop’s stock ticker) looked poised to blow through the roof and do some serious damage to the elites, namely Melvin Capital and Citadel, Robinhood betrayed its customers, perhaps at the behest of companies with which it has financial ties.
Shortly after the market open on Thursday, Robinhood halted trading of GME. It also forced some of the people who owned the stock to sell by liquidating their holdings without their consent. Trading of AMC, BlackBerry, and Nokia was also temporarily halted.
The result was that the oligarchy repositioned and the elites were able to protect themselves and the retail investors suffered. Hedge funds were able to sell their shorts and reposition themselves financially while retail investors were unable to keep buying, which meant that the price was depressed and the hedge funds took lower losses than they otherwise would have and retail investors were left in the lurch.
As a quick summary, it looks like Robinhood halted trading of GME, of which trading was not restricted on the open market, because its financial backer, Citadel, told it to do so. Here’s what a (supposed) former of Robinhood had to say:
Whatever your opinion of the fight against the hedge funds is, that should be shocking and highly disturbing. It shows the power the mainly leftist elites have over our society.
Hedge funds can make money in the markets, but you can’t. Leftists can chat about whatever they want on social media, but you can’t. Democrats can protest, but you can’t.
It’s ridiculous and highly disturbing. What we are witnessing is an authoritarian, corporatist moment in America. Tech companies, such as Robinhood and Twitter, have unprecedented power over society. If something is happening that they don’t like, they can shut it down. The “tech bros” can control anything and everything they desire to.
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If they don’t like a discussion, they can shut it down. If they don’t like a particular stock trade because it is hurting the oligarchs, then they can shut it down. If anything is happening that goes against the will of the elites, then they can make it stop.
Leftists often accused Trump of creating a “banana republic” for…reasons. Never was that charge explained, but they stated it with all the vigor that they could muster. Of course, they were all made up. Trump was not a tin pot dictator.
The left, however, seems to be doing its utmost to create some sort of abominable dictatorship. They’re building a wall around the Capitol, stationing thousands of troops in D.C., censoring and silencing conservatives on social media, shutting down apps they disagree with, and now working to devastate retail traders in the stock market. The oligarchy protects its own.
This isn’t a call to buy GME. That would be ridiculous, that stock is bound to plummet sometime soon, as will AMC, BB, and NOK. But it is a call to wake up to what is going on. This battle is no longer purely a right-left one. It is now a battle between the elites and the populists. The American oligarchy struck back this week. We need to fight back against it and defend our rights. Just think about this as you do so:
By: Gen Z Conservative