It’s a sad state of affairs when a government agency like the SEC is actively working to protect the financial interests of one group by financially harming another group.
Here’s the background of what happened:
- r/wallstreetbets users decided to start a short squeeze on the GameStop stock to fight back against the massive short sellers, such as Melvin Capital, that were using their power to try and put GameStop out of business. Nothing was illegal about what they were doing, it was just people posting about an investment opportunity. The populist revolt against the financial elite had begun and was off to a strong start.
- The oligarchy struck back. GME was reaching astronomical heights, the short squeeze finally putting funds like Melvin Capital out of business, when sketchy deals were done and Robinhood halted trading of GME. Short sellers and other major funds were allowed to adjust their positions, either buying or selling, betting short or long, while retail investors were shut out of buying. As a result, the share price fell precipitously. It appeared that the oligarchs were saved.
- Trading of GME was allowed again. GME rocketed higher.
- On Friday, February 26th, the SEC began halting trading on certain securities (GME was not included). According to the Street, the 15 securities that can no longer be traded are “Bebida Beverage BBDA; Blue Sphere BLSP; Ehouse Global EHOS; Eventure Interactive EVTI; Eyes on the Go AXCG, Green Energy Enterprises GYOG, Helix Wind HLXW; International Power Group IPWG, Marani Brands MRIB, MediaTechnics MEDT, Net Talk.com NTLK, Patten Energy Solutions Group PTTN, PTA Holdings PTAH, Universal Apparel & Textile DKGR, and Wisdom Homes of America WOFA” and “The U.S. Securities and Exchange Commission on Friday halted trading in [them as] an effort to protect investors from a “coordinated attempt” on social media to “artificially influence their share prices.”
- ? It’s yet to see what’s next. We’ll see if trading in GME is halted.
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Now, perhaps the SEC had honest motives. Or, more likely, it was trying to protect its hedge fund buddies from getting hammered by retail investors.
Were these normal times, it would be concerning, but not overly so, for the SEC to temporarily halt trading in certain circumstances. But these are not normal times. The past months have put the fight between the little guy and Wall Street on full display.
And how does the little guy fight? By discussing potential speculative ideas on social media and forums like reddit. GME was the most obvious example of that, but there are others, such as AMC and BB, that were also discussed on social media. Guess who doesn’t do that, and is, therefore, behind the times. The oligarchs. And now the SEC is halting trading in securities discussed on social media. A bit suspect, if you ask me.
These 15 companies are just the first few. This is likely an attempt by the SEC to position itself in a way that will let it halt trading once again if necessary to protect the hedge funds that donate to the Biden Administration. Be worried, the government is actively working against you if you’re not an elite. The SEC is supposed to protect the little guy from the predations of bad actors and oligarchic elites. With this news that it’s halting trading of highly discussed securities, it looks like those corrupt bureaucrats are doing just the opposite.
By: Gen Z Conservative