One of the more intriguing recent developments has been the whole GameStop story and how a bunch of neophyte traders on Reddit spanked the greedy hedge fund pirate plutocrats of Wall Street and beat them at their own game.
We won’t go into depth on explaining what happened. We’ll let this article explain the proceedings. Or you can let Tom Tomorrow at This Modern World explain it in cartoon format. But in a nutshell, a group of investors on Reddit, a group called WallStreetBets or WSB, decided they were going to teach the greedy hedge fund managers a lesson. One tactic hedge fund managers use is to short sell stocks. They look for stocks that are failing and basically bet that they’ll continue to die. So they borrow shares to sell and buy all the stock at a lower price before paying off their lender and usually make a fortune. GameStop is a brick-and-mortar video game retailer whose days are numbered because of online video gaming and the pandemic, so they were on the hedge funders lists of future profits. But WSB stepped in and bought stock so that the stock price rose precipitously, which means that the hedge fund managers, who were betting that the stock prices would fall, lost money, BIG TIME. We’re talking billions of dollars. The trend continued for other failing businesses like AMC, Bed Bath and Beyond, and Blockbuster, whose stock price rose 3,990% in a week.
If you say this sounds like rigging the system like that of a casino, you are absolutely right. The WSB people showed that the hedge fund managers have been using Wall Street as a casino for years to get filthy rich with absolutely no repercussions. Of course, now that WSB did the same thing, plutocrats are crying foul and proclaiming that there needs to be regulations in place. You see, only plutocrats are supposed to win money on the stock market, while the rest of us working stiffs just work our asses off making these avaricious assholes richer. So, the greedy corporatists are fine with no regulations until they’re beaten at their own game and then they cry like babies.
We’re looking forward to see what kind of regulations Senators like Elizabeth Warren and Bernie Sanders have in store for the greedy fat cat capitalists in the next couple years. It could get interesting, folks.
One of the big pieces of news recently outside the ever expanding vortex of the House impeachment inquiries is the announced candidacy of Michael Bloomberg running for President as a . . . wait for it . . . a Democrat. Yes, that colossal, egotistical billionaire plutocrat. former Democrat-Republican-Independent-Democrat mayor of New York City and corporate media mogul has decided in his infinite wisdom that only another plutocrat with a gargantuan ego can possibly defeat America’s CEO/Dictator and megalomaniac man child Donald Trump. He’s already bombarding the Internet, television stations and all other media outlets with salvos of ads touching all the Democrat’s talking points and, like Trump, has a bottomless pit of money to spend on the campaign.
Manafort is up for sentencing this week for his other charges linked to conspiracy and illegal lobbying related to the Mueller investigation. Hopefully, the judge, U.S. District Judge Amy Berman Jackson, will throw the book at this greedy piece of dung and let him rot the rest of his ‘blameless’ life in jail.
United States District Court Judge T.S. Ellis boldly mollycoddles blameless fraudster and ostrich suit aficionado Paul Manafort by finally giving a poor, white plutocrat some justice.
The new members of the Senate and House have been sworn in and with it an old familiar face is back on the American scene. Utah’s ‘new’ Senator replacing useless, senile fossil, Orrin Hatch, is none other than Spiff Romney, 2012 GOP presidential candidate and used car salesman extraordinaire. The Spiffster dominated our Conathon 2012 coverage with his gleaming white Pepsodent smile and promises to serve the people, and by people we of course mean corporations.
As if on cue, the corporate media announced that Romney and Nebraska’s Ben ‘Sassy Boy’ Sasse are the GOP’s new ‘mavericks’. Really???!!! And people still think the corporate media is liberal in bias? Only conservative entities would brand these two stick in the muds as ‘mavericks’. So we’re wagering that in the next two years both Romney and Sasse will be promoted as ‘sane’ alternatives when the S.S. Trump eventually sinks and corporations are looking for new lackeys to promote the Republican, plutocrat and corporate media mantra of ‘tax cuts for the rich, screw all others’. Ahhhh! The capitalism con game continues!
Former GOP candidate and new feckless Senator, Spiff Romney, proclaims himself to be the new Jeff Flake who will bloviate against and then boldly cave in to every demand of America’s CEO/Dictator Donald Trump.
Spiff Romney made it official Saturday as he selected Wisconsin Representative Paul Ryan to be his vice presidential running mate in the cruel joke that is…Con-a-thon 2012. Media pundits on both side of the aisles are ‘energized’ by the picks, which means that there’s going to be plenty of BS thrown around for the final three months of this election, that just won’t seem to end. The pick pretty much proves that the ol’ Spiffer doesn’t give a rat’s ass about the middle class or moderates and if he and Mr. ‘Starve the Guvment, Feed the Rich’ Ryan get into office, we can look forward to reliving those glorious years of the Middle Ages when feudalism held sway over humans everywhere. Remember… your corporate overlords know way more than you do. So just shut up and let them run the country.
America’s corporate, elite, plutocrats approve the selection of ultra conservative, Paul Ryan, as Spiff Romney’s Vice Presidential GOP running mate.
Author John Steinbeck famously observed that “Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.” We think this insightful comment best explains why anybody in the United States would vote for putting Republicans back in charge of the country after eight disastrous years of Bushonomics (tax cuts for the rich, spend the country into bankruptcy and the middle class foots the bill). Oh, that’s right. Spiff Romney is rich and he’ll make us all rich, too. Ah, the trickle down myth lives on!
A couple of temporarily embarrassed millionaires contemplate their march to grandeur under a Spiff Romney presidency.
Republican Presidential candidate Mitt(or Spiff, as we at the Bucket call him) Romney was heckled, jeered and hooted at in Iowa the other day when he said in a speech that ‘corporations are people’. We applaud this fine gesture but we think, since there are many farms in the Hawkeye state, the people should have also heaved some manure at the ol’ Spiffster.
Speaking of heaving crap, in 2010, the Supreme Court said basically that ‘corporations are people, too’ when they ruled that corporations should not be limited in the amount of money they can contribute to political campaigns. So this means that corporate America can use their immense wealth to greatly influence elections so that lackeys(Teabaggers anyone?) who support their agenda(tax cuts anyone?) will get elected. This kind of government is called a plutarchy, which is a combination of plutocracy and an oligarchy. And a plutarchy pretty much means the average citizen is royally screwed.
Depending on your source, it’s estimated that 50-60% of corporations pay no income taxes. In 2009, companies like GE, Bank of America, Citigroup and Valero paid no income taxes whatsoever while making billions of dollars in profits. Now that’s patriotism! So much for that saying ‘with great power comes great responsibility’. Well, we say if ‘corporations are people, too’ then they can start paying more taxes. Teabaggers keep blathering about returning to the good ol’ days of the ’50s. How about the 90% tax rate that the top tier paid during the Eisenhower(Republican) administration for starters. That would surely jump start a lot of infrastructure projects. But then again our corporate overlords wouldn’t get their million dollar bonuses and we absolutely need our tycoons happy or else they won’t create jobs for us peons. The Corporate States of America: for the corporation by the corporation, with liberty and justice for plutocrats.
Supreme Court Justice John Roberts wears the new NASCAR inspired logo robes which will now be worn by all conservative justices.