Silicon Valley Lawmakers Weigh in on GameStop Controversy

Wall Street became the biggest news of the week thanks to an army of online edgelords besting some of the financial market’s biggest players at their own game.

To vastly simplify what happened: a bunch of Redditors managed to meme a fortune into existence by rallying behind a past-its-prime videogame company that hedge funds were betting would fail. The trolls-against-the-machine brought Melvin Capital to its knees, forcing it into a multibillion-dollar bailout, and ignited intense debate about an apparent double standard over market manipulation and regulatory oversight.

Now, local lawmakers are weighing in.

Congressman Ro Khanna (D-Fremont) today joined a bipartisan call for a probe into Robinhood and TD Ameritrade apps after they banned small investors from buying shares of small companies in hopes of curbing the frenzy.

On Twitter today, AOC—a member of the stock market-regulating House Financial Services Committee—called Robinhood’s decision to block stock buys “unacceptable,” saying she’d “support a hearing, if necessary.” Republican Sen. Ted Cruz, of Texas, retweeted her remarks, saying, “Fully agree.”

Sen. Elizabeth Warren (D-Mass.) echoed the demands for an investigation.

“It’s long past time for the SEC and other financial regulators to wake up and do their jobs,” she wrote in a prepared statement. “And with a new administration and Democrats running Congress, I intend to make sure they do.”

Added Khanna: “We’re done letting hedge fund billionaires treat the stock market like their personal playground, then taking their ball home as soon as they lose.”

Whether Congress moves forward with an inquiry into the GameStop situation remains to be seen. When asked about the GameStop shorts at a press conference today, House Speaker Nancy Pelosi (D-San Francisco) merely replied, “Interesting, isn’t it?”

There’s plenty of illuminating explainers about the mechanics of what’s become known as Gamestonk, but perhaps none as entertaining as The Daily Show’s, which features host Trevor Noah’s face superimposed over a bubble bath-luxuriating Margot Robbie from 2015’s financial-crash period piece The Big Short.

“Basically, there’s a group of people on Reddit who don’t use the stock market to invest, they use it to gamble,” Noah-as-soaped-up-Robbie begins in the viral clip. “And, yeah, that’s what a lot of serious investors do too, but these guys on Reddit are more honest about it and they love to troll the people who aren’t.”

Though pundits balked at the GameStop surge, experts generally agree this was no pump-and-dump scheme, which involves people colluding behind the scenes to hype up and artificially inflate its share price before selling at a profit. Rather, the whole plot unfolded in the open, on r/WallStreetBets , a corner of Reddit that shot up in popularity amid a pandemic-inspired trend in day trading.

There doesn’t seem to be any law preventing a group of investors from organizing the way they did around GameStop, even if it was to stick it to the powers-that-be responsible for the 2008 financial collapse. Or, even if it was for the LULZ.

Khanna called the fiasco a symptom of broader societal problems—and proof of the stock market’s disconnect from most reality for most people.

“American inequality is at new levels of extreme,” he wrote this morning in a lengthy statement to reporters. “The top .01 percent of Americans hold nearly the same share of American wealth as the bottom 90 percent. Nearly half of American families aren’t even invested in the stock market. However, this entire episode has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures.”

That apps like Robinhood prevented amateurs from trading while hedge funds continued apace, he added, highlights the need for more regulation and equality in the market.

“Instead of investing in future technologies to help America win the 21st Century, Wall Street poured billions into shorting this stock to crush this company and put workers out of business,” Khanna said. “The future of this country lies in that access and equality across every sector of our economy.”

Jennifer Wadsworth is the former news editor for San Jose Inside and Metro Silicon Valley. Follow her on Twitter at @jennwadsworth.

44 Comments

  1. folks you are about to see a magic trick

    wall street and hedge funds own Biden & Co.

    pacing and leading – phase 1

    this is why they say the Dem party is where progressive ideas go to die

    San Jose is like a university seminar in everything wrong with democracy and public school

  2. SJ Kulak,

    As the saying goes, “free advice” is as valuable as how much it costs. The reality is that all of the so-called “review” pages have been rigged for decades. Companies PAY people to post false reviews on products and services. In most cases using a “alias” to prevent detection. The reality is that this was the first REALLY BLATENT example of it being used for this purpose. Gamestop had so many Youtube videos demonstrating their bad business practices, this youtube channel has many of them (https://www.youtube.com/watch?v=2AkekOnVoMo&list=PLOfNUyZrlqj60EDXAjk9oa6HDS0kuCTyv) so they weaponized Reddit.

    It is time to purge the internet of the garbage, being defined as postings that lack substantiation where “interests” create a “circle of artificial trust” via collaboration of those with a conflict of interest. from

    Oh what a minute you use an alias too. which is a violation of the Commentary Policy of this website stated here:

    “Comments Policy

    We encourage commenters to use their real name or social media profiles to create a healthy and accountable debate.”

    Please stop violating the Commentary Policy?

  3. Work90, and SJOUTSIDETHEBUBBLE,

    Just understand that if you want to be given the “authority” you expect, your going to have to disclose who your are. The facts are you are not a “real” person, with credentials we “cannot” verify, or provide consideration of the expertise you CLAIMS or simple personal attacking or insulting others.

    I will remind you of this upon any comment you make moving forward, it is not and abuse of my Commentary Policy to point out your lack of CANDOR.

    But thanks for pointing out you will never be honest about yourselves, and thus we have the right to make sure the readers understand it.

    If you expect anyone to be considering your poins

  4. It’s no surprise he’d do the wrong thing, including what else, seek new taxes.

    Why is he defending little activist dirtbags engaging in market manipulation?

    And ignoring the bubbles in stocks with these “new” things similar to day trading during the original Dot-Com era and mutual funds decades older when it comes to “democratizing” investing? Is it that it’s on today’s mobile apps, instead?

    (His behavior befits typical “progressives,” that’s why.)

    Meanwhile, there should be brakes on upturns just as much as on downturns.

  5. Hillary Clinton isn’t the only liberal and Democrat graduating to benefit from Wall Street’s friendship as well as sharing elitist tendencies among many there.

  6. Wall Street is happy with an establishment full of amenable politicians.

    https://www.cnbc.com/2020/10/28/wall-street-spends-74-million-to-support-joe-biden.html

    Then there’s the on-going known insider fun and “consulting” with Blinken.

    (Flournoy somehow wasn’t Chosen and there’s not a lot of reporting why.)

    https://prospect.org/world/how-biden-foreign-policy-team-got-rich/

    Think of all the federal spending planned as well as any money supply boosts.

    Big Tech wants a lot of fun in (and money from) Washington, too.

  7. https://www.youtube.com/watch?v=DYZHtF-tV0k

    phase 2 – once you’re in front of the story, run the story

    Subpoenas and Russia-Russia-Russia. First Putin destabilizes our “democracy” now they are destabilizing our “free market” he is killing everything sacred! Reddit and discord were private/down on reddit and discord for “hate speech”

    any of this sound familiar?

    You Dems and your high-tech/wall street overlords aren’t even hiding it anymore and they know you’re so dumb they aren’t spending cycles on imagination or novelty. You’ll just believe, like you always do.

    https://www.msn.com/en-us/news/politics/e2-80-98dark-money-e2-80-99-helped-pave-joe-biden-e2-80-99s-path-to-the-white-house/ar-BB1d1oDe?ocid=uxbndlbing

    Who do you think makes “Dark Money” donations? Red-neck Trumpocrats from West Virginia? C’mon man.

    How can you vote in these people when they stole the primary from Bernie TWICE, stole it right out from underneath California’s nose? You have no integrity, you’re just partisan lemmings.

    https://www.vox.com/2020/3/12/21156258/california-primary-winner-bernie-sanders

    In a week 17 Intelligence Agencies will conclude these wallstreetbets white males are domestic terrorists. And AOC and Ro will be at the press conference announcing the investigation.

    When will you wake up to the fact you are OWNED? Cog Dis is a difficult band gap to jump so maybe keep taking that blue pill and you won’t feel a thing.

  8. San Jose Inside, when are you going to enforce the Commentary Policy you posted? This commentary from SJ Kulak is clearly a violation of:

    “Comments Policy

    This is a moderated forum, meaning comments are reviewed before they are posted. As a result there will be a delay before your posts appear on the site. It can be within an hour or take several hours, depending on what time of day you post your comment.

    We will not post racist, sexist or sexually explicit comments, obvious commercial promotion, OFF-TOPIC COMMENTS OR COMMENTS THAT CONSTITUTE A SLUR AGAINST A PERSON OR GROUP.

    We will not publish personal attacks or comments that deride a person or group of people for their physical characteristics, and WE WILL NOT POST COMMENTS FROM “CYBERBULLIES.””

    This is exactly what was posted by SJ Kulak posted here:

    “Subpoenas and Russia-Russia-Russia. First Putin destabilizes our “democracy” now they are destabilizing our “free market” he is killing everything sacred! Reddit and discord were private/down on reddit and discord for “hate speech”

    any of this sound familiar?

    You Dems and your high-tech/wall street overlords aren’t even hiding it anymore AND THEY KNOW YOU’RE SO DUMB THEY AREN’T SPENDING CYCLES ON IMAGINATION OR NOVELTY. YOU’LL JUST BELIEVE, LIKE YOU ALWAYS DO.”

    This is not a constructive conversation. This is a person in fact insulting just about anyone he or she can. If this is not a slur on the readers, it goes even further to be by definition a “cyberbullying” act.

    If this is not corrected soon, it will violate Section 230, and possibly either you or your hosting company will be in trouble for it.

  9. Oh my. Shut The Front Door, will ya please.

    There is someone who should be blocked from posting on here, its not kulack.
    It’s a whining, passive aggressive, stalking bully who is hurt by any opposing points of view that are not his own. Who’s only recourse now is to prevent anyone who he does not agree with from being able to post at all.

    Crazy Town. But i guess there were plenty of people who loved Vladimir Lenin, until he killed them because they were only useful idiots to him.

  10. Work90 you wrote:

    “Oh my. Shut The Front Door, will ya please.”

    Everyone KNOWS what you really are saying, isn’t it also a violation of the Commentary Policy of this website? Please I don’t even say this kind of thing, I may use the statement “and you know it”. But is that even close to the same, of course not. This is “We encourage commenters to USE THEIR REAL NAME or social media profiles to CREATE A HEALTHY AND ACCOUNTABLE DEBATE.”. I am following the policy to the letter, and people like yourself simply throw insults. So when you wrote:

    “There is someone who should be blocked from posting on here, its not kulack.”

    Actually, there might need to get more “assertive” moderation to be enacted since the Commentary Policy does state:

    “This is a moderated forum, meaning comments are reviewed before they are posted. As a result there will be a delay before your posts appear on the site. It can be within an hour or take several hours, depending on what time of day you post your comment.” And:

    “We will not post racist, sexist or sexually explicit comments, obvious commercial promotion, OFF-TOPIC COMMENTS OR COMMENTS THAT CONSTITUTE A SLUR AGAINST A PERSON or group.

    We will not publish personal attacks or comments that deride a person or group of people for their physical characteristics, and WE WILL NOT POST COMMENTS FROM “CYBERBULLIES.”

    So you wrote:

    “It’s a whining, passive aggressive, stalking bully who is hurt by any opposing points of view that are not his own. Who’s only recourse now is to prevent anyone who he does not agree with from being able to post at all.”

    Cyberbullying is defined as :

    “What Is Cyberbullying in California?
    Harassing, intimidating, or annoying another person via electronic communications is considered “cyberbullying.” Cyberbullying is a crime in California under certain circumstances they are defined as (https://www.criminaldefenselawyer.com/resources/cyberbullying-laws-california.htm).

    “Criminal Cyberbullying California law makes two types of online or electronic conduct crimes.

    POSTING PERSONAL INFORMATION TO CAUSE FEAR Any person who electronically posts or transmits:

    PERSONAL IDENTIFYING DATA OF ANOTHER PERSON, or a HARASSING MESSAGE ABOUT ANOTHER PERSON

    with the intent to cause the other person to reasonably fear for his or her safety or the safety of family members commits a misdemeanor crime in California. (Cal. Pen. Code § 653.2.)”

    Since I am dealing with an “FAKE PERSON” there is NO POSSIBLITY of me to cause fear of these posters’ safety. So really, who is being the “bully” here, since I am using MY REAL NAME? It almost is be default that I can claim that conduct by SJ Kulak, Work90 and SJOUTSIDETHEBUBBLE is “cyberbullying”, SINCE I use a REAL IDENTITY, and they don’t. So that doesn’t work It goes on to say:

    “Use of Electronic Device to Harass Any person who uses a telephone or any electronic means of communication to contact another person and:

    USES OBSCENE LANGUAGE, or MAKES A THREAT TO INJURE THE PERSON OR PROPERTY OF THE OTHER PERSON OR A FAMILY MEMBER

    with the intent to annoy the other person commits a misdemeanor crime in California. (Cal. Pen. Code § 653m.)”

    Since I don’t use “obscene language” like you and your friends have done and you use a “fake name” it appears that I cannot possibly qualify as violating this conduct, but in reality, you and your friends are possibly crossing that line because I do use my REAL identity. Again, so far, my conduct is not even close to that definition, and again since we are talking about people using a “FAKE” name I cannot be defined as a bully, but your conduct is clearly falling into place. It goes on to say:

    “How is Criminal Cyberbullying Punished in California?

    Both types of cyberbullying outlawed in California are misdemeanors. A PERSON CONVICTED OF A MISDEMEANOR IN CALIFORNIA FACES A SENTENCE OF NOT MORE THAN ONE YEAR IN JAIL, A FINE OF NOT MORE THAN $1,000, OR BOTH. (Cal. Pen. Code § 653.2.)”

    Maybe I should be contacting the district attorney, maybe they may want to investigate this conduct by SJ Kulak, Work90, and SJOUTSIDETHEBUBBLE? Probably not anyway, because the website in reading this information might warrant it to give you and your friends a warning, that continued conduct like this will require them to suspend your postings. If they don’t maybe I could contact the attorney because the website is enabling a criminal act. So when you said:

    “Crazy Town. But i guess there were plenty of people who loved Vladimir Lenin, until he killed them because they were only useful idiots to him.”

    Maybe it is actually that your conduct is the questionable kind? I just “fact check” and you and your friends cannot “tolerate” it, so you insult anyone that does it and then try to “play the victim” when it is you run out of ideas to support your position.

  11. It’s simple.

    “Successful behavior is repeated”

    Corollary. Unsuccessful behavior WON’T be repeated.

    Selling short one hundred and fifty percent of the stock float was an unsuccessful behavior. It won’t be repeated.

    The regulators arrived on the scene after all those who might possibly have benefited from regulatory protection had been wiped out.

    Regulation is no substitute for brains and common sense.

  12. SJOUTSIDETHEBUBBLE,

    This is a little bit of Stocks 101 here. The Corporation of GameStop doesn’t actually benefit from a stock share purchase purchase AFTER the initial sale of the stock. Once it gets resold to another person, the corporation does not get any bonus if the stock price goes up.

    Now, if the corporation is BORROWING money based on stock as collateral that will make it potentially stronger. BUT, the corporation would have had to BUY its own stock to use as collateral to convert it to liquid assets. In effect the BORROWED money is the liquification. But this is the RISK that happens in that case.

    Say it turns out after this “PUMP” the cycle finally closes, because the fact that GameStop has not actually been a good performing corporation. In other words, it has a negative cash flow in operations. Then the “PUMP” will stop because investors are expecting it to perform good enough to meet a reasonable price to earnings ratio. When shares of stock prices vastly outpace earnings, then the stock will be evaluated as “over-priced” and that is when the “institutional” investors will start a systemic sell off.

    In February 2021 Gamestop will report its year ending Annual Income Statement (https://news.gamestop.com/financial-information/fundamentals/income-statement), The last Annual year February, 2020 year ending it succeeded in getting a NET INCOME of NEGATIVE $470.9 million. That is a LOSS of almost half a Billion dollars. That was PRE PANDEMIC.

    The history is that in 2016 it made a NET profit of $402.8M, in 2017 it made a NET profit of $353.2M, in 2018 it made a NET profit of $34.7M, in 2019 it made a NET LOSS of $673M and 2020 it had a NET LOSS of $470.9M. In the last two years it wiped out more than 3 years of profits. This means that they had no money to BUY BACK stocks.

    In fact, what has happened is that GameStop has closed 462 stores in 2020, which means that those stores do not provide any income. It closed 1,462 stores in the last 2 years they are reporting. They currently have 5,509. Which means they HAD 7151 stores in 2018 and closed 22.9% of them.

    There are times in history where a corporation even with stock selling will STILL DECLARE bankruptcy. In this case GameStop is on the “short list” of retail corporations expected to do so VERY soon. Upon doing so, those share AUTOMATICALLY become worthless, even if they are at $300.00 per share.

    This is why there are SEC rules and regulations, because if you look at this information, the investors in this case have been in fact buying a terminally ill horse, if you do any basic research. This is the classic “PUMP AND DUMP”, and it is in fact an illegal market practice. And someone will eventually get hit.

  13. Goldstein:
    You demand people who publish their opinions to use their real names.

    You portray yourself as so very brave for doing so. In an era where conservative thoughts and voices are being silenced and there are calls to ‘re-educate’ people for wrongspeak, can you not understand some trepidation others might have? People have been fired for having the wrong political views.

    This very magazine is owned by a man who was arrested for DUI and bragged about his close relationship with Sheriff Laurie Smith. Did that get him off? Not sure, the story seems to have been buried.

    Also, you demand people not hide behind an alias when this very magazine publishes unverified stories as ‘The Fly’. That’s so very rich.

    I’m very curious as to who owns and operates this fine magazine. SJI takes great pain in not disclosing who they are. Why?

    SJI’s friendly rival, San Jose Spotlight, at least has a page that introduces you to their team. Not so, here.

    Spotlight features Valley Water’s very own Rick Callender on their Board of Directors. Valley Water’s legacy of corruption and graft makes this an odd choice. Yet, here we are.

    Trust in the media is non existent. Do you wonder why?

    I have two very personal issues with SJI:
    They refuse to do any follow up to the Bob Harden murder that features, a still unidentified body in the back of a Prius, that crashed near my home.
    They also report on the Sheriff Smith CCW corruption case without being up front with how close to it they are. They know what’s going on, yet refuse to disclose or even do honest reporting. They are clearly protecting someone. Why?

  14. WILLIAM ASHBLESS you wrote:

    “Goldstein:

    You demand people who publish their opinions to use their real names.

    You portray yourself as so very brave for doing so. In an era where conservative thoughts and voices are being silenced and there are calls to ‘re-educate’ people for wrongspeak, can you not understand some trepidation others might have? People have been fired for having the wrong political views.”

    Actually if you see the news, people are FIRED because their CONDUCT does damage to the brand of the business they work in. Like the man that threatened a Costco customer for pointing out the man was not wearing a mask. And the group of people being identified at the capitol assault. Like Mike Lindell that falsely believes that he has the right to force other companies to sell his products.

    There are grounds established in many work contracts that an employee signs that explicitly consents to accountability for this conduct, they are typically called a “morals” clause. These people were given the rules PRIOR to their conduct, and knew full well they were going to violate them. Thus, you are not making a good point.

    There are no people being taken into custody to be brought to the Ministry of Love to be “re-educated”. They are “FREE” to do or say what they want. BUT, if what they say causes a CRIMINAL act, that can be grounds for a CRIMINAL sanction. And yes, if they are PROSECUTED successfully, that might result in CIVIL sanctions too. BUT this is the ACCOUNTABILITY that is the result of “FREEDOM OF EXPRESSION”.

    Freedom of speech and expression, is not absolute, and limitations to freedom of speech are when it becomes libel, slander, obscenity, pornography, sedition, incitement, fighting words, classified information, copyright violation, trade secrets, food labeling, non-disclosure agreements, the right to privacy, dignity, the right to be forgotten, public security, and perjury. Justifications for such limitations are the harm principle, proposed by John Stuart Mill in On Liberty, when “the only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”

    As far as the rest, I have no interest in the internal workings of this publication, but I do find it interesting that San Jose Inside and San Jose Spotlight appears to publish almost identical news stories.

  15. Half of Americans aren’t invested in the stock market because it’s an unsafe gamble. Don’t believe the constant “get rich quick on the stock market” claims.

  16. > Freedom of speech and expression, is not absolute, and limitations to freedom of speech are when it becomes libel, slander, obscenity, pornography, sedition, incitement, fighting words, classified information, copyright violation, trade secrets, food labeling, non-disclosure agreements, the right to privacy, dignity, the right to be forgotten, public security, and perjury.

    Oh, and you left out “hate speech”.

    Sounds like “freedom of speech and expression” is pretty much a myth in “progressive” America.

    The right to be forgotten?

    Dignity?

    Where to I go so sue to recover the right to my “dignity” from the ignorant clods who defamed me to the world by proclaiming I was wrong for asserting that Dominion Voting systems could be hacked?

    I want my dignity back AND I want punitive damages so the ignorant clods learn their lessons.

  17. SJOUTSIDETHEBUBBLE you wrote:

    “Oh, and you left out “hate speech”.”

    No I didn’t, because it was defined by other terms” and you know it. It can be defined as “libel, slander, obscenity, sedition, incitement, and fighting words”. You wrote:

    “Where to I go so sue to recover the right to my “dignity” from the ignorant clods who defamed me to the world by proclaiming I was wrong for asserting that Dominion Voting systems could be hacked?”

    When you provide EVIDENCE that either satisfies the Federal Rules of Evidence or any State Rules of Evidence to PROVE your claim, I will be happy to apologize. But the mere ALLEGATION without any EVIDENCE is just that. You simply didn’t prove there is ANY evidence to support your claim that would hold up in court. Since it is ONLY an ALLEGATION, and in fact is PROVEN false so far, I cannot be accused of defamation. The ABSOLUTE defense of defamation is the TRUTH. You wrote:

    “I want my dignity back AND I want punitive damages so the ignorant clods learn their lessons.”

    I am not responsible for your “loss of dignity”. You are reminding me of the character CHOZEN from the Karate Kid Part 2, who claims it is an “insult to his honor” for being caught acting in less than honorable ways. Your own writings caused your own “loss of dignity”.

  18. People? Top “progressives” politicians are behind San José Inside and San Jose Spotlight. Look at the financial contributions of San Jose Spotlight. The same people lobby San José Inside and San José Spotlight. Those the same contributors lobby those politicians. The Fly can be any one! The Watch Dog of Government DOES NOT exist anymore. Try harder, you will see who I am taking about. My understanding is that San José Spotlight is “non-profit” and San José Inside for profit. Khanna is a financial “contributor” for San Jose Spotlight. In return he gets PR benefits. The information is there. It just takes lots of time to do the research which the media is not doing because it is not convenient!

  19. At least the opinion or political remarks (in this case by Khanna) were confined to the news article about him, and quoting him could permit anything he says to be published. A lot of “reporting” by so many news sources and “journalists” is full of opinion, editorializing, and left-wing politics. These sister (or brother?) publications can report more than other sources on various subjects, too.

    (Example pair of articles here, with good imagery, too)

    https://staging.sanjoseinside.com/news/early-missteps-on-diridon-stations-21st-century-redesign-may-risk-derailing-the-project/

    https://staging.sanjoseinside.com/news/vta-fiercely-denies-wrongdoing/

    (Examples about San Jose’s pension fund follies)

    https://staging.sanjoseinside.com/news/report-lambastes-city-for-poor-investment-performance/

    https://staging.sanjoseinside.com/news/fee-for-all-private-wealth-managers-siphon-san-joses-pension-reform-savings/

    Cheers.

  20. Fexxnist,

    I understand your opinion, but it by simply saying “your a conservative, your opinion doesn’t matter to me”, or “your a liberal your opinion doesn’t matter to me” is not a discussion. What is a discussion is when people write down what knowledge based on good evidence or proof, and others are encouraged to either disprove the evidence or produce a better alternative.

    I agree that anyone posting under a name like “The Fly” simply has not given the public any good reason to trust the content of the article. Unless the reader is using his writing to learn more information on their own.

    I think the “over simplification” of “left and right” politics has started a toxic problem in this country, so when people disagree, some resort to insults and other paths instead of trying to work out amicable resolutions to the issues. Which really took hold once of all things President Obama took office, but it was stirring ever since Ronald Reagan. It was the frog in the pot problem, it was cold water at first, but the politics slowly turned up the heat so the frog was not even aware it was being cooked.

  21. > When you provide EVIDENCE that either satisfies the Federal Rules of Evidence or any State Rules of Evidence to PROVE your claim, I will be happy to apologize.

    In other words, truth exists only if a Federal Court admits the evidence. Correct?

    And if a Federal Court denies a citizen his day in court, the case was without merit. Correct?

    And if Democrats expand the Supreme Court until the majority of justices are Democrat appointees, then truth is what the Democrat dominated court system will allow to be heard. Correct?

    The Democrats are a “political party”. Correct?

    So in the Steven Goldstein world, there is no objective truth, only politics.

  22. Stock shorting and put options are as valid as buying on margin and call options.

    Any brakes on trading on the downside should be matched by upside brakes.

  23. Buying puts and calls are decent hedges, writing calls is a pretty good way to augment dividends. Force functioning a company out of business is part of it, but these dudes know how exposed they are, and took the risk.

  24. SJOUTSIDETHEBUBBLE you wrote:

    “In other words, truth exists only if a Federal Court admits the evidence. Correct?”

    Actually, if you are going to claim you are telling the truth, you have the BURDEN of the PERPODERANCE of EVIDENCT to be able to claim the TRUTH. Without the evidence, you have nothing but an unsubstantiated allegation. You went on to write:

    “And if a Federal Court denies a citizen his day in court, the case was without merit. Correct?”

    That is NOT a default statement, BUT most of the cases including Trump Judges DID state there was NO MERIT to these ALLEGATIONS, so in fact that state4ment still rings true. You wrote:

    “And if Democrats expand the Supreme Court until the majority of justices are Democrat appointees, then truth is what the Democrat dominated court system will allow to be heard. Correct?”

    I am not going to get involved with this except to say that having 9 people given the almost unrestricted power over the rule of laws once a proper case is brought to them is a bit scary. Since they rule over 330,000,000 people their numbers might not be strong enough to represent the diversity of the country. I am not saying anything other than that. You wrote:

    “The Democrats are a “political party”. Correct?”

    So are the “The Republicans” what does that have anything to do about this? You wrote:

    “So in the Steven Goldstein world, there is no objective truth, only politics.”

    There is TRUTH, and the fact is you are playing politics, because you have not provided the BURDEN OF PROOF to PROVE your claims of what the TRUTH is. Only yelling about unsubstantiated allegations.

  25. Steven, I have always been a Centric Democrat pro all the people and enemy of corrupted people and systems. If the “journalists” do not provide evidence on what they “report,” why should I be required to do that? It is their full-time job not mine. As one of the readers pointed out, we not even know who owns San Jose Inside. Pay attention to the circunstancial evidence. San José Inside is hiring the tangible pieces!

  26. San José Inside, it does not take much education and training in Journalism to at least use different pictures for your differ “reporting.” The same patrol picture use for all police incidents, the same picture for COVID vaccine up date…HELLO!

  27. FEXXNIST you wrote:

    “If the “journalists” do not provide evidence on what they “report,” why should I be required to do that?”

    If you’re trying to say there was “fraud” that is a crime, and it requires evidence. A “journalist” is not a prosecutor, nor a judge, or a jury. They simply report what they see. But when writers make an allegation without evidence like a prosecutor, the courts are likely to throw out that complaint. The writers here are not judges either. Now they are potential jurists, but if they are influenced by evidence or other information NOT presented in the court, and get caught, they are dismissed, and the jury decisions have been vacated as a Judgement notwithstanding verdict. You wrote:

    “It is their full-time job not mine. As one of the readers pointed out, we not even know who owns San Jose Inside. Pay attention to the circunstancial evidence. San José Inside is hiring the tangible pieces!”

    Circumstantial evidence is generally used in a very limited way, but most importantly it still must undergo the standards of proofing before it can be presented in court. In fact, in general if the ONLY evidence that exists is circumstantial, a guilty verdict is likely going to be reversed on appeal. Normally only where there is collaborating evidence is it even presented in courts.

    Now I understand that people can question the “integrity” of a journalist, but if for example a journalist is charged with Libel and Defamation for publishing a story, IF they have properly documented research that indicates that either what they wrote IS accurate, or if the source of the information WAS proper, that will in most cases be enough to provide the AFFIRMATIVE DEFENSE and absolve them of the torts. But to just put a reporter down in say a discussion like this, it also in effect becomes an unsubstantiated allegation.

    Don’t get me wrong, there are MANY journalists out there that do “abuse” their position to simply promote the interests of either the news organizations they work for, or the people sponsoring them. And I am on your team in saying that this is not “news” but is “commercial activity”. But you better have sound “SUBSTANTIVE” evidence to prove it before going off and attempting to call someone out on it. I find a LOT of FOX NEWS to be questionable to myself, but I simply have not enough INSIDE information to say they are being in effect “DISHONEST”. In fact I have used some of their reporting to support my opinions from time to time. I will leave that to the “COURTS” if they cross that line of misinformation. You wrote:

    “San José Inside, it does not take much education and training in Journalism to at least use different pictures for your differ “reporting.” The same patrol picture use for all police incidents, the same picture for COVID vaccine up date…HELLO!”

    That is called “stock” photos, and it is used in many news organizations, especially those with “limited” budgets. These two publications are so small, it can be excused. As long as it is not used to be proof of any particular news story

  28. What is good about this story is that this may be the final time that the people in this country will understand that the “stock” market is NOT a measure of the economy. It is nothing but “MOB” psychology running amok.

    The use of stock “buy-back” and other “market manipulation” has gone all the way back to the Great Depression. And it still occurs because even after the Great Recession, when the same rules that were put in place after the Great Depression were reinstated, they were removed because the “market” said it learned it’s lesson.

    The facts are we will make the same mistakes over and over again because the “stock” market is not based on actual performance of a company or industry, it is how those who “market” them can con those into working the “pump and dump” that seems to never be fixed

    As I pointed out, GameStop is not benefiting from the “stock” in the market, and we are days before what may be the last annual report it will ever issue. Since it issues them in February.

    Alan Greenspan did warn us the the “efficiency” of the markets ability to correct or represent TRUE values is clearly more proven today. Maybe you all should see a film called “The Flaw”. Alan Greenspan testified for Congress disclosing that his “model” of the economy was defective because of this part of the formula.

    But will the U.S> ever fully understand this? It looks like we are slipping into the state showed to us in the movie “Idiocracy”. Even with all the “information” technology, our “group” intelligence is slipping away.

  29. > I am not going to get involved with this . . .

    Of course you’re not.

    > “And if a Federal Court denies a citizen his day in court, the case was without merit. Correct?”

    > . . . . BUT most of the cases including Trump Judges DID state there was NO MERIT to these ALLEGATIONS, so in fact that state4ment still rings true.

    In other words, the perfect circular argument.

    “The federal court denied your case because we think it has no merit. And since you’re case was never heard in a federal court, that’s confirmation that it has no merit.”

    And, by the way, there are no other forums for deciding merit. Only the federal courts.

    Do you actually have a job? I’m wondering who would hire you, and for what?

  30. SJOUTSIDETHEBUBBLE you wrote:

    “In other words, the perfect circular argument.”

    WRONG, because I did not make an argument, I disclosed the JUDGEMENTS of the cases. There is not argument at this time, there are no more appeals, nor any more cases on file, the cases are CLOSED. You wrote:

    “The federal court denied your case because we think it has no merit. And since you’re case was never heard in a federal court, that’s confirmation that it has no merit.”

    WHERE did I say that? It certainly was not on this topic. Did I ever discuss any case you are a party to? I cannot because I don’t know who you are. This is another FAKE posting when you find yourself lost regarding what to argue. You wrote:

    “And, by the way, there are no other forums for deciding merit. Only the federal courts.”

    With regards to federal complaints, that is correct. There WERE state complaints but they also were resulting in either NO EVIDENCE or NO STANDING. In either case, with regards to any LEGAL actions yes, the COURTS are the ONLY process. You cannot storm the courts like they tried to regarding the Capitol. You wrote:

    “Do you actually have a job? I’m wondering who would hire you, and for what?”

    Need I remind you again as well as this publication:

    “This is a moderated forum, meaning comments are reviewed before they are posted. As a result there will be a delay before your posts appear on the site. It can be within an hour or take several hours, depending on what time of day you post your comment.” And:

    “We will not post racist, sexist or sexually explicit comments, obvious commercial promotion, OFF-TOPIC COMMENTS OR COMMENTS THAT CONSTITUTE A SLUR AGAINST A PERSON or group.

    We will not publish personal attacks or comments that deride a person or group of people for their physical characteristics, and WE WILL NOT POST COMMENTS FROM “CYBERBULLIES.”

    Keep it up, you’re not “winning” like Charlie Sheen did with regards to “Two and a half Men”

  31. The constant violations of the Commentary Policy by SJOUTSIDTHEBUBBLE are getting serious. WHEN are you going to either issue a warning, or suspend this person’s ability to post comments? You polcy states:

    ““This is a moderated forum, meaning comments are reviewed before they are posted. As a result there will be a delay before your posts appear on the site. It can be within an hour or take several hours, depending on what time of day you post your comment.” And:

    “We will not post racist, sexist or sexually explicit comments, obvious commercial promotion, OFF-TOPIC COMMENTS OR COMMENTS THAT CONSTITUTE A SLUR AGAINST A PERSON or group.

    We will not publish personal attacks or comments that deride a person or group of people for their physical characteristics, and WE WILL NOT POST COMMENTS FROM “CYBERBULLIES.”

    Here are examples:

    “Do you actually have a job? I’M WONDERING WHO WOULD HIRE YOU, AND FOR WHAT?”

    “Where to I go so sue to recover the right to my “dignity” FROM THE IGNORANT CLODS WHO DEFAMED ME to the world by proclaiming I was wrong for asserting that Dominion Voting systems could be hacked?”

    From another page (https://staging.sanjoseinside.com/news/san-jose-mayor-calls-for-sedition-charges-against-donald-trump/):

    “Section 230 protection:

    “In my opinion, STEVEN GOLDSTEIN IS A NEBBISH AND AN INADEQUATE HUMAN BEING.”

    If you’re going to claim that you uphold this policy, it is long time that you start enforcing it.

    If I WERE to be FIRED or not HIRED due to this posting, since it is in violation of the commentary policy and also is EXCEMPT of the section 230 protections of the federal laws, this website can be liable for any damages to me.

    Given that it is typical that employers GOOGLE names, this website is going to be brought up.

    I would STRONGLY urge San Jose Inside to get to work on their policy enforcement.

  32. > The constant violations of the Commentary Policy by SJOUTSIDTHEBUBBLE are getting serious. WHEN are you going to either issue a warning, or suspend this person’s ability to post comments? You polcy states:

    Steven Goldstein mansplains how to moderate a private social media forum.

    Jennifer, Janice, and Grace were apparently letting their maternal instincts get in the way and not keeping the patriarchy in check.

    Man up, girls! Time to crack down on those “constant violations of the Commentary Policy”.

    And Fexxy was getting pushed around by testosterone poisoned meanies and needed rescuing.

  33. SJOUTSIDETHEBUBBLE,

    Maybe you should read up on the attempt to restore Donald Trumps access to twitter, it went to court and the court said clearly that since Twitter is not an “open forum”, they have the right to terminate access.

    As you said, this is a PRIVATE forum, and the Commentary Policies are clear, and you continue to violate them even worse regarding the above statements:

    You tried to make my CONSTRUCTIVE comments to be in some way “gender biased” which is absurd.

    You then in effect insult three persons in your writings as well. WAY beyond the polices of this website.

    Simply put it wouldn’t make ANY difference if say I was a woman, and the website was managed by men, and you know it. The violations would still be identified accurately

  34. > You tried to make my CONSTRUCTIVE comments to be in some way “gender biased” which is absurd.

    > You then in effect insult three persons in your writings as well. WAY beyond the polices of this website.

    > Simply put it wouldn’t make ANY difference if say I was a woman, and the website was managed by men, and you know it.

    Sexist in denial.

  35. >> Simply put it wouldn’t make ANY difference if say I was a woman, and the website was managed by men, and you know it.

    > Sexist in denial.

    toxic masculinity on display.

  36. WOW, now off topic comments from the two partners in crime.

    I cannot wait to see what GameStop will report in the next few weeks.

    THe fact that one anaytical webpage here (https://www.marketbeat.com/stocks/NYSE/GME/price-target/) says there is a 94.7 percent risk of stock downturns really should be considered in this case last month it was 17.9% risko of stock downturn.

    THe indicated they intended to close 1000 stores in December 2020 by April, another 20% of their current stores., this is on top of the 22% they did prior to this report. Nearly half their stores in 3 years. That is not a good trend don’t you think?

    Unless they intend to be only an online store., but they will kill all “membership” programs, and also their electronics refurbishing and re-resale business. In effect they are removing product lines and services on top of the closures. Some were in effect pure profit because the “memberships” never paid off to the customers.

    In the end, it looks like the people that “pumped” the stock must be laughing their heads off.
    wyer is was

  37. GameStop is down 70% in 2 days.

    If you were lucky, you bought in early and sold early.

    BUT.

    That given this timeline might be a great indicator of INSIDER trading, where the Redditt, and WallStreetBets guys are likely going to be investigated. And even possibly charged with insider trading, given they were the source of the “pumping” of the stock in the first place.

    The idea that “short” sellers are the enemy was wrong, and this stock pump and dump is going to in the end prove they were actually correct. Shorting stocks ensures that they don’t create such artificially large “bubbles” that when the regular investor gets suckered into something like this they are not dramatically damaged as much.

    Shorting stock reduces volitivity which GameStop has proven the theory. But when you have people making claims regarding a company based not on actual performance, but simply out of thin air, this creates more volitivity. This is exactly what happened here.

    Does the movie “Trading Places” ring a bell? It was rife with illegal trading practices that simply should never have occurred in real life, it was just a movie.

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