Name: WallStreet's Response to Gamestop Frenzy
Uploaded: 2021-01-30T18:41:35.000Z
Description: Watch the stand-up comedy video 'WallStreet's Response to Gamestop Frenzy' from PowerfulJRE on Comedy Buff. Published 2021-01-30. Transcript available.

Watch the stand-up comedy video 'WallStreet's Response to Gamestop Frenzy' from PowerfulJRE on Comedy Buff. Published 2021-01-30. Transcript available.

- The Joe Rogan Experience.
- Dude, we live in a weird time, man.
Are you paying attention to all this stock market shit
with GameStop?
- So I heard a little bit about it, what's happening?
- We covered it a little bit yesterday.
My friend Sagar Imjedi from Rising The Hill,
he covered it and we played some of his shit.
What basically is going on is these people
who are speculators on Wall Street,
you know, they short stocks,
meaning they are gambling that a stock
is gonna lose value.
And so then these Redditors,
these smart dudes on Reddit are like,
you know what, fuck these people.
Let's just buy a bunch of this stock
and jack that price up.
And so they all got together, thousands of them,
and they bought a shitload of that stock
and the price went fucking flying,
like went way up.
- Yeah, yeah, yeah.
- And so then all the hedge fund people
that were gambling on it, losing money,
they lost billions of dollars, like instantly.
And Wall Street started panicking.
And so then these Redditors realized they can do this,
so they started dealing with other stocks,
like movie theater stocks.
And so then this app called Robinhood,
which is an app, which is,
Robinhood is supposed to be,
steal from the rich, give to the poor.
That's the story of Robinhood.
Instead, they are protecting all these hedge fund people
by stopping people from doing this.
So they're stopping all the sale of these stocks
that these Redditors all get excited about.
So these people, even if they buy the stock,
now they can't sell it.
Or now they, is that what it is?
Or they can't buy it?
They can't buy it, they can't buy it.
They can't buy it anymore.
They can sell it, but they can't buy it.
So they've essentially tried to do what they can
to stop this scam.
And everyone is furious at them.
So much so that I sent you an article
that Google removed over 100,000 one star reviews
from their app store,
because they were saving this application
from having one star in the Google app,
because everyone was so mad at them.
But meanwhile, that's a legit,
that's a legit criticism.
Like here it is.
Google salvaged Robinhood's one star rating
by deleting nearly 100,000 negative reviews.
Unhappy users have been review bombing the app.
So that's what's going on.
What basically is happening, Jamar,
is that all these people forever
have been manipulating the stock market
and making a shitload of money doing it.
Hedge funds, all these billionaire Wall Street people.
Now, regular folks on Reddit
are starting to do the exact same thing,
and they're making millions of dollars,
millions of dollars in the apps with stocks,
and they're trying to figure out a way
to stop these people from doing this,
'cause they don't want them to be able to do it.
They want Wall Street to be able to do it.
- Normal people are--
- Yeah.
Normal people are being penalized
for figuring out a new way to hack the system
that Wall Street has been manipulating forever.
- I need to tell my--
- Is that accurate?
What I said, that's an accurate way of describing it?
- Basically.
That's a very good, simple way to describe it, yeah.
There's more levels to it.
- Sagar did a much better job of it.
Go to, you can go to his, their YouTube page,
Crystal Ball and Sagar and Jetty.
It's called Rising The Hill.
It's my favorite political talk show,
'cause there's a person, Sagar's on the right,
and Crystal's on the left,
but they're both honest and objective,
and they discuss how fucked up this is,
and how crazy it is.
- It's gone on, so after yesterday--
- It's still going on today?
- Yeah, so after yesterday went on through the stock market.
Because the shutdown happened,
I think people's attention was like,
well, if they're gonna do that to us,
let's take it over the crypto market.
And so now the Dogecoin,
which started as a complete joke,
has skyrocketed to, not a joke anymore.
It hit an all-time high of almost 10 cents yesterday,
but it was so minuscule,
you wouldn't have understood
why you have millions of shares in this.
- Didn't Elon tweet that too?
- So Elon has been adding to this,
like he'll tweet something,
and it'll make something spike.
He added Bitcoin to his info, I think his bio.
- And also that gentleman
who's running for governor of California,
how do you say his name again?
- I don't know if he's actually running for,
'cause I saw him get asked that,
he's like, is this real?
And he was like, well, technically,
recall Gavin Newsom,
I don't think he's officially,
he's not following paperwork or anything.
- He's having fun.
- Yeah, I think so.
- Yeah, he's having fun,
but he tweeted about it too.
He was with Google or with Facebook?
- Google.
- But did he have anything to do with Facebook ever?
- Probably, probably.
- Find out if he did,
'cause I'm reading Matt Taibbi's book "Hate Inc."
- Senior executive of it.
- Yes.
- Earlier at Facebook,
maybe not Google, maybe it was Facebook then,
I'm sorry, instead of Google, correct?
- Okay, but he's basically explaining,
in one of his tweets recently,
pull that up,
'cause he was comparing Robin Hood to Facebook,
and he's saying that they pretend that you're a customer,
but you're not a customer.
In fact, you're the client.
And what you are is, you're the product.
And they pretend that they're doing you service,
but what they're really doing is,
they're taking all of your data,
and they're selling it, and they're getting rich.
And they're not giving you any of that money.
And that's the same thing with Robin Hood.
It's the same sort of scenario.
He laid it out in his Twitter,
but it's a situation where,
once this genie's out of the bottle,
where these regular people have figured out
how to manipulate stock markets,
and truth be told,
I don't know jack shit about stock markets.
I don't know anything.
I literally barely pay attention.
But they've figured out how to manipulate it,
and once they've figured out how to do this,
they can keep doing this.
And unless, I don't know how they're gonna stop it.
I have no idea.
How are you gonna stop Reddit?
How are you gonna stop these intelligent fucking people
with plenty of time that are organizing?
- I mean, so can like,
but you'd have to know how to actually do it,
'cause I was over here like,
maybe I should call my brother,
and tell him he should get in on this.
- But it's like a Ponzi scheme.
It's like a pump and dump, right?
The idea is like you get in early,
and then it gets to a certain point.
You gotta realize like,
okay, it's time to get out.
It's time to get out.
Like if you buy it a dollar,
and then it gets to $30,
and then you're like, shit,
this might crash soon.
Get out now.
I don't know what the number would be.
I'm just saying it.
- I think that's what a lot of people think,
but the understanding I have of this GameStop situation
is what makes it a little different
is that short squeeze situation
is where there's contracts,
which I think it just happened
'cause the market just closed.
Because those contracts exist,
someone has to buy that contract at the end of the day
when the contract comes to,
I don't know what we call it. - When does the market close?
- Four o'clock every day.
- Oh, four o'clock East Coast time?
- It just closed half an hour ago.
So that's what this big issue was,
was these contracts you could tell
were gonna close on the 29th,
which is Friday at 4:00 p.m.
and when that happens,
whoever holds that contract has to fill,
they have to fill the contract
so they'll find the shares.
- Oh, so that's why these hedge fund people are fucked.
So we'll see what happens after the next couple of days,
which like after hours trading,
it's not something a retail investor gets to do
and these hedge funds do get to do.
And that's what was happening maybe two days ago.
They were driving the price down
because they have the ability to do that.
They have abilities that retail investors don't have,
and that's really the big argument,
I feel like is going on right now.
It's like, they can do shit we can't do.
- It's all so weird
because the stock market has always been
this weird number thing that's based on confidence.
Like you can decide, buy, sell, where's it going?
Where's it going?
Sell it, sell, sell, sell.
- Sounds stressful.
- Oh my God.
I had a friend of mine that I used to do Taekwondo with
that became a stock market guy
and he was just into Coke and hookers.
And then he got into the stock market
and I ran into him once.
This is when I was doing standup.
I hadn't seen him forever.
He's like, not a guy that you would think of
being as a market guy.
He was a tank.
He was like 5'10", 220, big thick fucking neck,
always partying, just a fucking animal.
I think he was on steroids.
And I ran into him and he was just doing Coke and drinking
and telling me he's in the stock market now.
I was like, you're a stock, you're a stock broker?
He's like, bro, it's fucking fun, man.
I fucking love it, man.
We're selling stocks, we're making money.
Like he was an animal.
Like this dude was, I thought of a stock market analyst
as being a guy with like a pocket protector.
- Like Warren Buffet or some shit.
- Well, back in the day,
like I thought they had a calculator and a computer
and they really knew a lot about the business.
And they were just really calculated
about their investments.
And then I ran into this wild dude that I knew
from my fighting days.
I'm like, this guy's wild.
I'm like, you're a stock broker?
And he was like, dude, that's what we do.
- How long has he been in it?
This is, we're talking about a long time ago.
I just ran into him randomly at a comedy club,
but he had been doing it for a few years.
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