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How a Reddit group exposed the hypocrisy and elitism of Wall Street

Alankitassigments | Wikimedia Commons

Consistently, working-class people have been told they are doing something wrong and are at fault for their economic struggles.

“Pick yourself up by your bootstraps,” “invest more in the stock market” and “have a millionaire’s mindset,” are all mantras perpetuated by the wealthy elites.

However, one Reddit group called Wall Street Bets exposed the façade of these mantras and revealed what Americans knew for a long time — the wealthy in the United States are no better nor unique than the rest of the population, and tools such as the stock market mostly serve to expand the assets of the top 1%.

Wall Street is losing the current economic battle between it and everyday people.

Hedge fund managers betted millions of dollars that GameStop’s stock, GME, and AMC Theaters’ stock, AMC, would decrease in value.

In retaliation, small investors from Wall Street Bets collectively invested in these companies, and the stock skyrocketed. This rise caused the hedge fund managers to lose millions of dollars.

Melvin Capital, an influential hedge fund, was “down 30 percent in the first few weeks of January alone,” according to The Wall Street Journal.

These turns of events have exposed Wall Street’s hypocrisy, since now the same hedge fund managers who advocate for a free market are demanding the government to intervene in this matter.

Some stock trading companies have taken the ticker symbols of GME and AMC off their platforms, most notably Robinhood.

Robinhood, an app that claims to “democratize the stock market” is exerting totalitarian control over the way its consumers trade stocks. It is doing the bidding of Wall Street instead of standing with the consumers that made it the prosperous industry it is today.

The irony in the name is outstanding as well. Robinhood, a character that redistributed wealth from the rich to the poor, should no longer be allowed to label this trading app.

There has been a class action lawsuit placed against Robinhood for its decision to take away the ticker symbols of the recommended stocks.

Robinhood should be held accountable and lose all the wealth it has accumulated along with its reputation.

The Robinhood situation is one that united the entire political spectrum, as U.S. Sen. Ted Cruz, a prominent member of the Republican Party, and Rep. Alexandria Ocasio-Cortez, a vocal member of the Democratic Party, both agreed in investigating how the app can restrict stocks for its members.

People were proud that two members from the opposite ends of the political spectrum were agreeing on something. However, there are suspicions to be had.

Since Ocasio-Cortez has been a critical voice on putting regulations on Wall Street and the top 1%, her opinion on this matter is not surprising.

Cruz, on the other hand, has always leaned on the idea of a free market without regulations and has consistently voted with that principle in mind. Cruz also changes his opinions on issues frequently, as seen from his past.

He disapproved of former U.S. President Donald Trump highly in the beginning of the 2016 election and now he is an avid supporter. He will do whatever is convenient to gain political capital, especially after the raid at the U.S. Capitol.

Siding with the people against Robinhood is an effortless way to do just that.

Some people are investing instead for a more significant message rather than profit. Due to the continued growth of income disparity in the United States, there is a growing sentiment to regulate America’s wealthy class. This sentiment actualized in the 2008 movement of Occupy Wall Street.

Some critics are pushing for regulation because they believe the collective investments from everyday people could lead to a market crash.

Additionally, there are worries of people taking out loans or putting all their savings into the recommended stocks. When the stock crashes, these will be the people who will be the most harmed by the stock situation.

The concern is understandable in terms of people putting their savings into an unstable stock. This is a warning given to many first-time investors. However, when it comes to regulation on the stock market, it’s hypocrisy.

When the working class takes collective action and invests, it’s called market manipulation, even though it is copying the tactics Wall Street investors have done for years.

The public has called for regulation and taxes on the rich, but instead it has been given constant tax breaks and bailouts for the country’s wealthiest citizens.

Reddit v. Wall Street is the public redistributing the wealth with their own hands and making justice happen. This is the perfect opportunity to bring Wall Street to its knees and teach elites that the people have power when they act collectively.

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