(Kelen McBreen) “Both sides of the political aisle are united on this one thing because money sort of takes the politics out of it.”
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by Kelen McBreen, February, 3rd, 2021
Appearing on “Tucker Carlson Tonight” Monday, the inspiration behind “The Wolf Of Wall Street” film, Jordan Belfort, shared his views on the current internet-driven run on stocks being shorted by hedge funds.
The former stockbroker explained the Reddit economic revolution is a result of new technology and platforms where the average Joe can trade on the stock market while communicating with his peers online.
“Both sides of the political aisle are united on this one thing because money sort of takes the politics out of it… These people are mad. They have something they want to prove. It’s not really about money, I mean they want to make some money, but they’re angry as hell and they’re sick and tired of being stomped out by Wall Street.”
Asked what this means for the economic future of America, Belfort said, “What these people on Reddit, and my hat’s off to them by the way, I mean it’s brilliant what they did. They found the real inefficiency in the market and a gap where something had been dramatically over shorted and they can actually get enough buying power and they did that.”
He also warned that Wall Street is now aware of the consequences of shorting stocks too much and said he’d be shocked if hedge funds created a situation where a similar short squeeze could take place.
“I believe this is a paradigm shift right now,” the Wall Street insider added. “The little guy finally is equipped. Information travels instantly now. It used to be only the big guys… So, now the little guy finally has the ability to play that same game, at least somewhat, and there is going to be a radical change. It’s not going to be the same.”
Belfort expects the stock trading app Robinhood to go out of business, telling Yahoo Finance Live, “I really believe the lawsuits are going to be very problematic.”
“What they did by completely eliminating buy and sell that was a bit of a red flag to me that there might be some other more nefarious things about like getting pressure from the people who are short,” he noted.
Will anyone be held accountable, or will America’s ruling class continue to rip off the working class without repercussions?
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