Photo courtesy SheerPost.
PBI Chair Ellen Brown in her latest article on SheerPost has written her take on the GameStop short squeeze that brought a mighty hammer down on the billionaires’ club. Ellen writes:
Wall Street still owns the country. Millions of people have been forced out of work, while billionaires have doubled their money in the stock market. But a new generation of “retail” stock market traders is fighting back. … Occupy Wall Street succeeded in raising awareness of the issues and putting a spotlight on the villains: the chief fault for the subprime crisis and 2008 crash was not with the defaulting homeowners but was with the banks. The Wall Street bankers, however, were not much fazed by the protests on the streets outside their windows. Not until January 2021 was Wall Street actually “occupied,” with millions of small traders landing a multibillion-dollar blow to at least a few of the mighty Wall Street hedge funds. GameStop was the most heavily shorted stock on the market, and the losing hedge funds were on the short end of the stick.