The language used on #wallstreetbets shows a convergence of any number of trends - a distrust of "experts", an attempt to reclaim power from institutions, burn-it-down mentality, nihilism, a disregard of the norms of capitalism AND a desire to push it to its logical endpoint...
The reaction & language used on #wallstreetbets to the CNBC breaking story that #melvincapital is closing out its position on #GameStop will be very familiar to anyone who tracks politics.
This profound insight brought to you by the person who thought the Dem primary would end up in Bloomberg vs. Buttigieg. #GameStop#wallstreetbets
"driven by righteous anger, about generational injustice, about what they see as the corruption & unfairness of the way banks were bailed out in 2008 without having to pay legal penalties later, & about lacerating poverty and inequality" #GameStopbloomberg.com/opinion/articl…
I made this point yesterday on how the tone & language of #wallstreetbets#gamestop mirror what we have seen in politics over the last few years. Anywhere the system can be attacked, it will be.
Those trying to analyse what is happening with #WallStreetBets#GameStop from purely markets perspective are misuderstanding the psychology at play. This bears more in common with a populist movement -- it's anti-establishment & collective against an elite.