This reddit/hedge fund cage match is everything about green (almost) rolled into one! It’s almost too much (get it?):
Wall Street hedge funds are scrambling, and it’s all because of a online investing forum that has more than 4 million members who self-describe themselves as “degenerates.”
Reddit’s WallStreetBets forum has surged in popularity after retail investors within the group successfully staged a gravity-defying short-squeeze in GameStop at the expense of hedge funds that were betting the physical video-game retailer was on its last legs.
A short-squeeze occurs when investors who are betting against the stock are forced to close out their position by buying the stock, further adding fuel to the fire.
As of Thursday morning, GameStop had a year-to-date gain of more than 2,400%. The rally in GameStop crushed Melvin Capital, a roughly $12 billion hedge fund that has suffered a more than 30% decline due to its short position in GameStop.
OMG, shorter all hedge fund doods: Stop doing what we do all the time because you’re not qualified to run a casino like we so definitely aren’t running, not at all, nosiree!
via Yglesias, the folks who makeup the political opposition to the climate bill have been working nights and weekends, but luckily they’re not coming up with much:
Seven months after first trying to re-brand congressional climate change legislation as an “energy tax,” Senate Republicans were back at it today with a new report and op-ed that attempts to expose the climate bill as a “$3.6 trillion gas tax.”
Sens. Kay Bailey Hutchison (R-TX) and Kit Bond (R-MO) gathered outside the Capitol today, flanked by aides wearing black stickers imprinted with the slogan “CAP & TRADE = GAS TAX,” to promote a new report [PDF] that presents their “gas tax” assertions.
There’s plenty of reasons at the link why this re-branding is lame, wrong and just might work (hey, there’s slogan!). But holy Chateau D’ what If, batman, what if that proposition was granted? That even though the numbers don’t support it, what if the climate bill was construed as a gas tax ( you know, the gas tax that’s actually needed)? Now, Bailey, Hutchinson et al are doing it simply on the basis of knowing that Amur’cans will reject any tax out of hand, especially a gas tax. But, and this is where we could really use the guile of Edmond Dantes, the only way we’re going slip the chains of present usage and wastage is if the price of energy – and the cost of wasting it – goes up. Land use and urban planning will follow, not lead, this curve. So their ploy might be doubly-ingenious, and may be we protest too much by rejecting it out of hand. Look at the arc of the health care bill; can the lies permeate and end up producing a stronger bill?