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AOC discusses GameStop stock: Best moments from her Twitch stream (1/28) - YouTube
Channel: Washington Post Gaming
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let me see if i can hmm
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fix this fuzzy situation here
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so i think it's literally the obs so i'm
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gonna have to like
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this is an asmr channel now guys
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these newcomers they come to the
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platform they take up all the views dude
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partnered immediately come on yeah
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yeah i got it i it's a little easy sorry
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you guys had a
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had to actually earn things okay
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all right i think we're getting
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somewhere yeah
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we did it wow guys
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shout out to at thegunrun
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on twitter uh for
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showing me how to do this correctly
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let's review what happened this week so
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for those of you don't who don't
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know and aren't aware um
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there was all this volatility around
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game stock
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a great gamestop stock this week and
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a lot of people may not be sure about
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what was actually going on
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how did we get to a bunch of redditors
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squeezing hedge funds
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to the point where there's this idea
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that you know hedge funds might have to
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get bailed out
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so you can buy stocks right that lets
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you own a tiny piece of a company
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you can also bet against a stock and
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that's called
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shorting a stock and the way that that
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works operationally
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is you borrow that stock from somebody
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else you
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immediately sell it and then you hope
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that it goes down
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and if it goes down a lot you can buy it
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for really cheap
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you return it back to the person you
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borrowed it from and you get to keep the
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profit
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and so the sort of scheme i guess or the
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idea on wall street bets
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was to find stocks that they liked and
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thought were good
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that were very heavily shorted buy them
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tell everybody and all their friends to
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buy them and that would force the shorts
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to eventually give up
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and have to buy the stock back
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themselves which would only then raise
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the price
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even more so much of what has made this
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story
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i think really exciting people were
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really feeling
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like everyday people were finally able
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to collectively organize
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and get back at the folks who have
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historic historically had all the
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marbles on wall street
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and force one hedge fund um
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into an existential crisis and
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but unfortunately when volumes are high
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and they've hit record highs this week
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wall street prints money
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they were incredibly profitable in the
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pandemic when lots of people were
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trading
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i am sure they were incredibly
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profitable today this is what they do
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every day they trade in they trade out
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they don't care if the market goes up or
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down they make money on volatility and
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volatility is churn
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and so i think the larger question here
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is
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how do we want to design our economy
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y'all
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can we get i need some drum rolls
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we have one of the founders of reddit
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alexis ohanian coming on too no longer
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at the company i'd resign from the board
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back in
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june of last year but uh in these days
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i'm running a
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veteran firm i started called 776 and
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i'm happy we've got the stock guy here
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before i say i got to do this for legal
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reasons i am not a financial advisor
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everything i do is for entertainment and
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education purposes only then i thought
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hey if i could use some humor
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i could use some some some knowledge uh
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and uh and teach people some
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life-changing things that they
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really really need to know and they
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wanna they wanna watch me
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hey i'll do it uh everybody having this
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conversation is a
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hedge fund manager or a pundit or a
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billionaire well
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nobody asks the retail chair so i do
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appreciate the opportunity
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the blame starts way before wall street
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bets way before reddit way before any
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other forum
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anybody who is a retail trader who
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trades stocks who wants to make some
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money in an economy
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that they know they're never going to
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retire they're never going to own a home
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they're never going to have the way of
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life that their parents and grandparents
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had so they get an opportunity
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they get an opportunity and they see
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that opportunity
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to to to to get something first of all i
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always think it's very humorous when
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anyone tries to explain
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what reddit is on cnbc or
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or anywhere else what is it like
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watching something
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like this and could you ever in your
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wildest dreams
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however many years ago you were cooking
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up reddit
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in your dorm room um uh
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no chance no chance could any of this
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have been predicted there's not a
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singular
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monolith community of you know wall
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street bets just like there isn't a
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singular monolith one of the community
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of um k-pop fans
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or vegans i love seeing people make
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money because they start a business that
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business creates value for them for
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their employees
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for customers that to me feels like an
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honest american would make money so yeah
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if you ask me
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i actually think hedge funds or just
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even the practice of short selling is
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kind of it's a
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way to make money um and it was exposed
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by some random
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i mean someone named roaring kitty
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on youtube so he decided to make an
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investment and and
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you know buy into a gamestop hedge funds
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do this all the time it was one clever
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person
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roaring kitty with a youtube channel who
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told who
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shared his work with the world publicly
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and other people saw it and said yeah
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actually i think you're on to something
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i agree and then voted with their
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dollars and and did literally the same
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thing that these funds do
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behind closed doors in cigar filled
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rooms they did out in public what was
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happening
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here with robin hood and with with these
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trades
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were that everyday people were starting
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to be able to identify
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and exploit vulnerabilities in the
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system that has
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traditionally been cordoned off um
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and this is one huge example of that
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happening
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these politicians who are their biggest
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donors
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hedge funds banks billionaires who
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stands to gain the most or lose the most
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from this
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who writes the laws so now as a retail
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trader i have to look and say
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do i really think that my congressman
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and my center who are funded by these
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people
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are going to write laws to protect me
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and hurt them thank you to all of our
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guests
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um hopefully we'll be able to join on
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with some more
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but next time hopefully i'll be able to
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play a game i've been practicing my
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league a little bit
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i dusted it off i was a little too
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self-conscious to play league in front
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of you all without having played in a
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long long time
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but um maybe i will be
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[Music]
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at a level where i can at least not
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embarrass myself but that's okay
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um see you guys soon thank you so much
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you
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