Reporting on this story, it is clear that the 2008 financial crisis — no one going to jail for breaking the global economy, the rich getting richer — has been the defining event in shaping young people's cynicism about the financial world
The tone on WSB has dramatically evolved over the last week.
It was always about making money (which is still true) but now there is this sense of moral righteousness, that holding on to GME is revenge for 2008
It was always about making money (which is still true) but now there is this sense of moral righteousness, that holding on to GME is revenge for 2008
We don’t know who the posters on WSB making Braveheart memes about holding $GME are, and we definitely do not know what their actual financial positions are.
WSB is flooded with posts about penny stocks —which the site says is against its rules — that can be easily manipulated in pump and dump schemes. That's literally what Wolf of Wall Street was about
https://twitter.com/jonsarlin/status/1355283943319343108?s=20
Reddit tells me that the subreddits devoted to penny stocks are allowed as "discussion of stocks is allowed as long as communities and users are abiding by our policies"
1 million members are joining WSB AFTER the $GME surge looking to get in.
If you were Jordan Belfort in 2021, what are you thinking when you see those million people looking for a gold rush joining WSB
If you were Jordan Belfort in 2021, what are you thinking when you see those million people looking for a gold rush joining WSB
At least Stratton Oakmont had to cold call people
I should clarify: 1 million people are joining the site every day.
Late to the party and looking to cash in.
Late to the party and looking to cash in.
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