My God. Do you know how stupid you have to be to believe that daytraders executing a short squeeze against a few hedge funds while the rest of Wall Street makes money is a populist revolt against Wall Street?

Or that deregulating daytrading is a way to get back at Wall Street?
Glenn Greenwald thinks that socialists are sellouts if they don’t try to ally with fascists, because he’s a moron. This incredibly stupid GameStop saga is just another example of that.…
This, from @lionel_trolling, gets at the key dynamic of the Greenwald left. They’re just anti-Democrats who think their must be something to the far-right because Democrats hate them so much.…
Reddit sure taught those hedge funds a lesson!

Next time, they’ll think twice before hanging out surfing and snowshoeing, waiting for Elon Musk to set off such a frenzy that they could unload their shares on a bunch of bagholding meme investors……

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Matt O'Brien

Matt O'Brien Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @ObsoleteDogma

30 Jan
Matt Taibbi is another leftist reinventing right-wing liquidationism. You hate to see it.
Step 1: The Fed raises interest rates and stops doing QE despite inflation being below target and unemployment being above target

Step 2: …

Step 3: Socialist utopia!
Step 2, btw, is millions of people losing their jobs for no reason other than incompetent central banking.
Read 6 tweets
27 Jan
I know what WallStreetBets is doing seems pretty hilarious, but they’re just reinventing pyramid schemes.
Short squeezes can also be a good strategy—it’s made WallStreetBets a lot of money!—but going after short-sellers as a general matter isn’t good. Markets need them. Short sellers were the ones ringing the alarm bell about Enron and the housing bubble.
GameStop, like Hertz back in April, is an especially ironic bubble: everyone knows that it can’t last, but they just want to show that they can make it happen for the lulz (and make some money in the meantime).

Thinking you’re in on the con is the easiest way to get conned.
Read 4 tweets
15 Jan
Our minoritarian government aids and abets Republican extremism…
The way the system is biased towards Republicans—gerrymandering, the Senate, & the Electoral College all overrepresent rural/exurban voters who strongly lean GOP—is what Daniel Ziblatt calls “constitutional welfare.”

It short-circuits the reform process.…
Republicans have lost the popular vote in 7 of the last 8 presidential elections, a feat of futility unmatched in our history.

But instead of inspiring some soul-searching about how the party can win back the suburbs, Republicans have been busy spreading Trump’s Big Lie.
Read 4 tweets
14 Jan
There’s *a lot* to like in Biden’s $1.9 trillion rescue package, but $415 billion more for vaccines, testing, and tracing would have the most ridiculous ROI.

It’s literally impossible to spend too much on this.… Image
The Biden plan not only includes bigger checks—increasing them to $2,000—but also better- targeted checks that include adult dependents
The Biden plan will also have bigger and expanded UI, probably the most important thing right now other than the vaccine, and important boosts to the tax-credit safety net—the Child Tax Credit & EITC—that will hopefully become permanent
Read 4 tweets
7 Jan
I'm 36 years old. The two other times in my lifetime that a Republican administration committed serious crimes—Iran-Contra and torture—nothing happened. We looked forwards, not back, etc.

It's not good enough. How will elites learn there are consequences if there never are any?
Democrats need to impeach Trump again, and they need to impeach him today. Inciting a coup, no matter how pitiful it might have been, is as bright as bright red lines get. If Democrats *don't do anything* in response, then Republicans will try it again.
The President told his supporters to march on the Capitol and "show strength," they broke in, and tried to stop the counting of votes to overturn the results of the election. And Democratic leaders want to do ... nothing? I try not to curse here, but ARE YOU FUCKING KIDDING ME?
Read 6 tweets
2 Dec 20
Bitcoiners are taking a victory lap because its price is back to where it was three years ago. This supposedly proves that it's a better store of value than other assets that don't regularly experience extreme volatility.
It's worth pointing out, though, that the original pro-bitcoin arguments people were making years ago—either that it was a superior payment system, or that it would actually replace fiat currencies—haven't and won't come true.
If bitcoin really was going to change the world, it'd be in the middle of exponential growth right now. Instead, the number of transactions it's used for each day hasn't increased in the last three years.
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!