Wolff Responds: GameStop, Old Speculation Exposed Anew 

been waiting for his take on this

"this is where things get very sexy" Richard Wolff

Love the videos. Can we get a take on Jeff Bezos stepping down? Or how the promise of 2000 checks went to 2000-600= 1400.

Thank you, Professor Wolff, I always learn something new in every video I watch. Your teaching skills are extraordinary! You explain Economics in a simple way. A good teacher, makes difficult things look simple.A bad teacher, makes simple things look complicated.

Nobody, I mean nobody can explain the real Capitalism that Professor Wolff does. Marxian super Quarterback.

Looking very sharp, professor

TY Professor Wolff!

"now this gets really sexy"

Thanks prof. Wolff you explained it to me perfectly the news outlets never explain anything that I can understand.

The brilliant Richard Wolff. He explains parts of what is not well understood, for everyone’s benefit so it is understood.

This GameStop issue poked a MASSIVE hole in the logic of capitalism. It definitely raised public consciousness about the injustices of our economic system. But the scary thing is it raised the capitalists’ class consciousness, and they ALWAYS have solidarity when it comes to pushing back against the working class. We see them a little more clearly now but that doesn’t stop them from having all of the power and using that power to amass more wealth and more power at the expense of the little guy. They are already retaliating publicly. What they do behind closed doors is much more frightening.

Informative as always

Wolff is one the greatest thinker in this era.

FINALLY!!!

I was waiting for your response on this matter! Thank you for creating this!

Thank you Sir .

The stock market continued to go up because cheap debt was available thanks to the fed. It was cheaper to take on debt and pump your stock to have it grow faster then the debt required to pay back.

Love this guy

GREAT TALKING POINTS MR WOLFF

We don't judge a sports team or even a league by the amount of gambling going on by fans. Why do we do it for the economy of countries and the world with stock markets?

excellent!!! the common mentality of sumission is habituated to pass this as democratisation , but thousand times for said well as it is, this is SPECULATION of the boys around rich that thought will have been laid to take a piece of cake, wrong, only short time and are out there from where they incoming from.

Thank you Richard for this clear explanation, kinda think we should do something about speculant anomalys

The stock market is basically like this.. one minute you making tons of money you can buy your son to GI Joe grip ..then you can buy your wife full of jewelry.. and on the next there come to repossess your Bentley to and then foreclosed on your nice house and your wife leaves you ..now you're on the street as a bum because you made the wrong choices or gambling.. that's what the stock market does to people..

Bernie suggested a speculation tax to pay for Medicare for all.

Unionize GameStop

As always, Richard Wolff explains it best. Finally, after hearing three other "experts," I'm beginning to understand what shorting is. Not clear what the stock lender gets out of this deal. But the disconnect between this game and the real world couldn't be more clear.

Francis Bacon - Idol of the Marketplace!

"Shape an environment in which he can sell". And thus leading us down hill ever since.

Short and simple

stock market is basically a host gambling Casino basically that's what that is.. the only downside to this is they back on companies to go up or down some drinks to destroy companies while they line up at Pockets with tons and tons of money.. greed of course..

The free market will save us Meanwhile flies buzz over my decaying body god bless murica

Dear Prof. Wolff, as someone who knows Janet Yellen personally, could you please tell us if she knows how to tie her own shoes? Or does she have to hire someone for that?

He forgot to explain "squeezing the shorts", the whole point for reddit.

Profiteering is the soul of Capitalism.

All that glistens is not Silver. Are markets efficient or rational? Of course not

Do we really need a stock market? How on Earth did humans evolve without it? (Sarcasm)

Hello and Good Day Prof Wolff, would you please give us your opinion/explanation of "Stakeholder Capitalism" and how it could or more likely not help us create a more sustainable and "fair" ;-)) ha ha, system of capitalism. Is there such a thing? Seems to us that we just need to end capitalism but how to we get there ... the Soviets failed big time and created a huge mess. China is an economic powerhouse but it seems they do it with state controlled capitalism ... where do we go from here? what do we do with this? at least we will need more gardens, community gardens and small livestock herds in every neighborhood ... We appreciate you, for all our Relations, Turtle

What the Wall Street Bets folks did on Reddit was to leverage the information they gleaned from financial data readily available in the public discourse about the GameStop stock and in real-time engaged in game theory with these hedgefunds in Wall Street. Financial market arbitrage/manipulation is the name of GameStop pun intended, where in this situation information most definitively equates to power in order to move markets

👍🏼

In short: the stock market is a glorified casino, and people need an ethical way to fund businesses.

He forgets to say people are unemployed because the government is mandating the closure of business. 🤦

Best at 1.5 speed.

The religion of the Invisible Hand of the Market takes for granted that EVERYONE has PERFECT information. That, of course, is not the case. We can choose to call it market inefficiency, but that would be overly kind. Those with more/better information (and who happen to be in the position to make use of it) use the market to transfer wealth from everyone else -- this goes WAY beyond just the stock market and those who hold stocks.

4:09 pretty much sums up his beliefs about why free market capitalism doesn't work

Wonder what Prof. Wolff thinks of Bitcoin's place in this situation?

" the stock market is not a thermometer of economic well being " .. ...

Thank you for your videos . Any thoughts on the Silver Market ??

Buy GME and hold forever!!!

Richard, you only touched on the basic concept of shorting. What was happening here is that GameStop was shorted more than 140% of its outstanding shares. How do you explain that? And don’t you think that the small investors who are trying to short squeeze this big boys to teach them a lesson had every right to do that? And yet somehow the big boys managed to bring the price back down by playing more with these “counterfeit” ( by borrowing non existent shares and doing even more naked shorts) to screw them despite all that. And not to mention the dirty tricks of not allowing the small investors to buy more shares yet allowing anyone who wanted to sell shares to continue to do so. Disgusting.

Who seriously downvoted this? What could possibly be wrong or bad in this analysis?

“Now this gets really sexy” 😳

When a person, within a FEW SECONDS, can make more money gambling on whether a business will fail (i.e. shorting a stock) , than someone who endured years of education to save lives in a hospital emergency room can make in a decade, underscores better than any other observation that America is NOT a meritocratic society.

He is always between two lamps that aren't on in every video. Symbolism?

why people starve,and farmers go bust...

My biggest problem is that these guys are betting on a company losing and even influencing them to lose. They don't care that a business is losing, they just wanna get rich because of it. At least when they're betting on a company's stock going up, they can invest in it and help the company do better.

Wolf in sheeps skin.

(Part 2)PRACTICAL WAY TO CREATE JOBS, AND REDUCE LOCAL TAXES , WITHOUT PRINTING MONEY. If the USA want to create jobs in every state, and reduce local taxes, States must pass a bill, designed to oblige Educations institutes, that deals with pupils over 14 and students, to implement specific projects, aimed to attract billions dollars in every state and create more than 70k jobs.in less that 7 months. Unfortunately, even Harvard, Stanford, and the most notorious Universities all over the USA, does not have the expertize, that shall permite them to reach such an objective. That is evident. If you scrutiny the Economic and Financial USA Universities alumni, you might be shocked. They teach students dozens useless economic models, that right from the beginning are wrong. Can you beleave that? The respective economic model, does not include in their mathematics and financial equation parameters as , abroad revenue , pollution, interest rate, inequality, and dozens other metrics, that are linked to the 5magic Ts( Talent, Tradition, Tourism, Tech Transfer of know how). Surprisingly, in the rest of the time, they teach students, how to deal with speculative economy and ignore crucial aspects of the productive economy. Because of that, we do not find experts, in the USA, with the right expertize about what shall be done to help the USA reduce its DEBT, DEFICIT, and the negative trade balance it has with all its G20 competitors.Almost all the discussion are focus on speculative Business. If you ask them for an effective solution to fix a problem they will say immediate increase taxes, print or borrow money. That is obvious.They did not teach students how to be creative , and oppen a business with zero money. They do not teach students how to make specific partenership that shall permite them to reduce costs so that they can compete in the global market. They do not teach students that the only effective and healthy way to finance an economy, is thought abroad revenue. Instead they educate them, to beleave that the only way to start a business is to borrow money from banks . In terms of financial, admnistration and governance, they do not teach them how to obtain all the resources they need through abroad revenue. Instead they students learn that any budget must have a deficit Why? Because like that, banks and speculators will win money. Because of the situation gravity, I decided to present, in this doc, details, related to an experize that shall permite states to attract billions from other Nations, create millions of jobs and reduce local taxes with more that 70% That is obvious. If a State is able to obtain all the money they need, they can afford to reduce local taxes. Unfortunately, neither the DEMOCRATS nor REPUBLICANS , will like to hear that. Remember, taxes is a resource that shall be controlled 100% by politician and they are used to nutrish corruption. Because of that Educations institutes do not teach students that resources , shall be obtained integral through abroad revenue. Did you realize why they do not like that? A Nation, might attract trillions as abroad revenue, and yet politicians might have ZERO chance to control the respective resources. The good news about the expertise, I tend to bring to light is that , the projects does not consume extractive resources and create pollution. In terms of research the question is "How the USA shall attract, trillions of dollars, from other Nations, thought activities, that do not consume extractive resources and create pollution." In addition, millions of jobs shall be generated in short term, because several of the respective projects I am about to underline, are based on activities, where money invested Monday, will start to generate revenues Friday and create jobs. Unfortunately, USA Educations , do not have such an expertize, because, what they teach their students, is more related to speculative economics than to the productive one. Because of that , States must pass a bill designed to oblige their education institutes that deals with pupils over 14 and students to achieve the following 8 objectives, that I tend to present. 1) Publish they work, obtain millions of dollars from other Nations and the same time, trigger global investors, tourist and students, the desire to invest , visit and study in the USA. 2) Organise in different weekend, academic events and invite partecipants from other Nations.In such purpose, they shall concept a a know how transfer event , combined with a tourism or educational programme, and sale it, with more than $3000 , ( 3 days in weekend) 3) Implement precisly educational and academic programmes, both in urban and rural area, with the purpose, to valorise cities , and counties 5 Magic Ts ( Talent,Tradition, Tourism, Tech, Transfer of know how) 4) Concept precisly educational programmes, that shall motivate parents from other Nations, to travel with their kids partecipate in the respective events and pay more than $3000 for the service. 5) Pay pupils over 14 and students, who shall partecipate, in the respective educational programmes, at least $1700 per month. How is that possible? Remember, the money will come from abroad .Therefore, the Educations institutes, shall afford to pay such amount of money, for a relative huge number of pupils and students. In such a purpose, the States shall established a quota. For example ; Educations institutes must be obliged to attract a certain amount of money from aboard, so that they can afford to pay $1700 per month , to 2300 pupils and students. If they can not reach that objective, both the teachers, professors and the Educations institutes stuffs, must go to jail.In terms of political marketing, all electors spectrum blue, red, unregistered, and independent voters will love that. 6) Implement given projects that shall permit pupils and students, to stay 4 days a week, in rural area . Like that, they will spend a big part of the money, in rural area and help create new business opportunities and jobs. This is an effective way, to reduce inequality, poverty and motivate people, to move from crowed cities to rural areas. 7) Create a platform that shall be able to trigger foreign pupils, students and their parents, the desire to , study in the USA , travel to partecipate in specific educational programmes.Until then the respective platform shall generate millions of dollars on the following mode. Foreign pupils and students can purchase &100- 200 click credit. Like that, they do not need to use their credit card, to pay ever time they access the platform, listen to a podcast, view a video , comment.etc The platform will install a program, that will collect the money from the credit, they bought.Why that is possible?China pupils are extremely interested to study in the UK, Australia, Singapore, and the USA. They love to pay money to interact. This is why, they tend to become in their adulthood the potential casino consumers.In other train of thought, USA Universities, must create specific programmes, that shall permite education institutes, to compete with the UK , Australia, Singapore and attract China students. After that, they shall create specific programmes that will permite China students, to be in the flash light and publish the respective contents in the platform. Did you observed the beneficial picture? Chinese students will promote the respective insights in their mother land . As a positive facts dozens millions of Chineses will buy the credit click, access the platform and interact. 8) Make partenership, with Singapore and Australia Universities, designed to organise, both endowments and know how transfer events in Singapore, Australia. Like that, they can obtain billions from China and help the Nation to reduce its DEBT, DEFICIT and negative trade balance, it has with all its G20 competitors. Can you believe that? A single bill that States shall pass, will solve grave problems that have been affecting the Nation for more than 40 years. As I already said, the rules must be clear and straightforward If professors and the Universities stuffs, are not able to help the Nation, to achieve such important goals , they must go to jail.. THIS IS HOW, THE USA SHALL START TO BUILD, BACK, BETTER. I mean implementing projects that permit the Nation to attract trillions of dollars from other Nations, and avoid printing money.

can't hear what he is saying.

Without Speculation, there would be no Future Markets

Egg 🤤

I don't like this argument much. Rather than saying hardly any retail investors exist, I think you should say most of the money is not with the retail investor. With eToro and Robinhood, it won't be long before there are many many retail investors. It doesn't take much time for a retail investor to invest. It's just hard to grow the wealth quick enough when you have small amounts.

Virtually all wholesalers are speculators. but they do make commodities more available over longer time than without them.

Disappointed. Many statements without facts or logic as to why they would be true. Eg why shorting is bad, why it would create inefficient markets, etc. Many claims but no backup.

So one is prompted to ask, "What was the point of all that?" His voice modulations seem to indicate that he believes he is is describing somethin evil, but he never actually committed to what his opinion on stock speculation actually is. Well, perhaps we should just be happy that at least he didn't spout any ideologically motivated nonsense on the subject!

At the end of the day, if I want to speculate with my disposable income, then I should be able to do do without someone creating a situation where one party benefits immensely for no other reason than your buddies screwed up. Otherwise, shut up about "free markets" forever.

Short mortgage-backed securities, crash housing market. Do eet.

Really over simplified. The service they provided is credit. If you grow a crop and want payment before manufacturing needs it there are players who will buy. Instead of a fee they offer a low price. This happens every fall with commodities. The elevator wants to move beans first so they offer a premium. Farmers eventually found the difference so great they built bins to store grain while waiting. It seems the difference between speculation and store clerk is a numbers thing. Many stores sell items with a 400 to 1000% mark up. If you buy goods there its not just the manufacture cost its the entire storefront. The fact they got to be there working it 24/7. Buying and selling stocks is different. The short trader is looking to gain 5% on the stock. His contribution is to fund places where long term people want to invest elsewhere. Now the people doing evil are manipulating fear to try to get emotional trades happening. I've noticed it on yahoo finance. I find it good cause its mostly generic news mixed with obvious ads. They track my group of stocks quickly. The fraud I have noticed is market manipulation. Some days its all negative reports and negative openings at 7am. Problem is that is another hour and a half prior to opening. Articles like the dollar traded down. But that is on a market yet to open. Rarely are they wrong and the news follows by a bunch of red downs on the tickers. Careful look though and you see its down by .001 percent. But the phycology of negative wins the emotional trades. Guess what I can predict tomorrow the positive news will start before 6am and the markets move up. They use this to pay the bills. Most of investing is waiting but costs are consistent while waiting. So you run a minor scam to pay the rent. Problem is like many areas of price fixing is the government is in on it. I predict this is so big and the biggest players are in on it. To get this big and not be acted on is a blatant piece of evidence. Levels of government are deliberately looking away. If caught the damage caused by acting would put us into depression. This is the issue when companies outsize governments.