GameStop, the stock of the year 2021, is soaring up. Because some internet dudes thought it would be kind of nice to beat some rich Wall Street dudes at their own game. And so they did.
The retail company “GameStop” has been struggling in the last few years. Their retail stores lost in traction and people are switching more and more to online shopping and game sales.
Their “stock price”, in simple terms, has always been quite on the lower end. A subreddit called “r/WallStreetBets”, a place filled with self-proclaimed “autists”, “Reddit Bros” and “retards”. Their motives are usually on the rather speculative side with a lot of “trolling” involved and, from a conservative investment standpoint, extremely risky. However, and this shows what a unified community of people can achieve, are certain about their enemies.
The enemy being various Hedge Funds, like Melvin Capital, who set out to devalue GameStop more than it already was. These Hedge Funds agreed to “short” GameStop and bet on the stock price falling even more … and r/WallStreetBets got wind of it.
Mainly, WallStreetBets went in “YOLO” in a reckless manner, invested and pushed GameStop as best as they could. Regular “main-stream media” caught on, the stories of it are running now in the TV and the masses try to join to get a slice of the pie.
Some are even talking about “Redistribution of Wealth” on the subreddit. But that, however, is misleading.
Why is it misleading?!
The main problem lies in the fact that only those profit that have any money to invest. The poorest of people with no money at all, who should benefit from a redistribution of wealth, cannot join in.
Think about it this way. A lot of people are struggling to barely make ends meet. It’s often every cent that counts. If they’re not already in substantial debt, they barely scrape by and save ten or twenty Dollar each month. That’s the rigged low-wage sector in every capitalist country that keeps the poor poor.
An investment in the stock market to even “game the system”, like WallStreetBets is currently (so far successfully) pulling off, is nothing the really poor people can do. I see investments of hundreds of thousands of Dollars that most people can only dream of achieving in the first place. A poor person would not get a credit for sums in that magnitude to multiply their savings. And, even more so, the risk to undertake such an action is so substantial that no sane “Redistribution of Wealth” should require such action.
Furthermore, the “gains” and profits are always relative. A poorer person, in relativ terms, might invest $1000. If it works well and they gain “1000%”, they’ll end up with $10000. A fair sum to have, of course! However, if they could invest 1 million$, their “1000%” would result in 10 million$.
Well, the hedge fund managers loose their money, of course. But the money is just being differently redistributed to a certain amount of other, already comparatively rich, people. Every single person, especially the poorest of the poor, should profit from a proper “Redistribution of Wealth”.
How we should, instead, redistribute wealth.
Tax the rich and treat them like everyone else. Simple as that.
Is that too outlandish to demand?
What grinds my gears mostly is that hedge funds, banks and major companies are often “bailed out” for their own, self-induced, misconducts. They get the benefits that the regular person does not get because they are in a position of power solely determined by their bank account.
A poor person lost their job? Well, too bad, they should’ve worked harder or look for a new job. A hedge fund goes bankrupt? Quick! Ask the politicians for a bail-out, we are boosting the economy and make jobs, so we need that help after we ruined ourselves once again.
Why is this mentality still present that money makes you a better person? Often you seem to be above the law if you are just wealthy enough. If you can’t afford your fine, you go to jail. And if you’ve inherited your wealth and never worked for it, you’re above everyone else. But if you’ll never inherit anything and play morally fair, you’ll stay poor — maybe “well-off” if you’ll land a good job. But will you ever have a million in your bank account? Most likely not!
Furthermore, it’s the poor that pay a tax on every penny they have and need to pay even more fees when they’re out of money whereas the rich place all their money in some tax havens overseas. Now, tell me, why is that legal again? Why don’t the poor people have the same rights as the rich and the rich the same duties as the poor people?
This is unjust and needs to change. The WallStreetBets subreddit is not the change we need nor the change we deserve; it might shake things up a little, but no more. Nothing will change, only a few people will become broke and a few others will be rich now. The other people, the majority, made a few bucks too small to even make a dent in their finances. Full-rich lost their wealth to the semi-rich and the poor people are still poor, being left out completely.
Tax the rich. Tax big corporations. Treat them as everyone else. Make the world a better place.