Thursday, January 28, 2021

Game Stop, Robinhood, Reddit, and Fake News

On January 27, 2020, Game Stop was caught in a classic short sellers squeeze which forced the stock price of Game Stop to soar and the market to "crash" as short sellers covered their positions. I'm not going to go into any of the details concerning this. Its very complex. What I will touch on, is the reaction of a financial pundit. In exacerbation he sarcastically remarked (paraphrased): "Where where the fact checkers"!!!

The financial pundits reaction was monumental. First, in publicly recognizing that the social media platforms can be utilized for market manipulation. Second, that a person who would normally be considered "outside" the world of hypercritical political hysteria would actually reference the atrocious use of "fact checkers" by social media platforms to suppress conservative thought, even to the point of de-platforming Parler.

The financial pundit's remark was sarcastic. I speculate that it was an extension of social media platforms use of questionable "fact checkers" repressing conservative speech under the claimed auspices preventing, as some examples: "fake news" and "misinformation".  "Fake news" and "misinformation" are the "bread and butter" of those participating in stock market manipulation. In conclusion, the financial pundit was highlighting the absurdity of social media platforms using "fact checkers" to suppress conservative thought, but then allowing stock market manipulation to occur through the use of their platforms without "fact checking" content control supervision. A double standard.

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