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Headline Roundup January 29th, 2021

Financial Establishment Criticized from All Angles Amid GameStop Saga

Summary from the AllSides News Team

Voices from throughout the political spectrum are criticizing Wall Street elites this week for purportedly rigging the stock market against common investors. Small-scale stock traders, mostly by organizing on the forum-based platform Reddit, took on major hedge funds and investment firms in a trading frenzy this week centered around video game retailer GameStop. Widespread market volatility then prompted some brokerage services to limit certain trades and other functions. The limitations were supposedly meant to protect common investors, but many expressed outrage and accused the establishment of cutting off market access because financial elites were losing money. Among those speaking out against the alleged rigging were Donald Trump Jr., Rep. Alexandria Ocasio-Cortez (D-N.Y.), conservative pundit Rush Limbaugh and comedian Jon Stewart. Media on all sides of the spectrum covered the saga closely, as well as the many criticisms of Wall Street from public figures.

Featured Coverage of this Story

From the Center
Rep. Maxine Waters to Hold GameStop Hearing as 'First Step' to Stop 'Abusive Practices'
Rep. Maxine Waters to Hold GameStop Hearing as 'First Step' to Stop 'Abusive Practices'

Newsweek

News

Democratic California Representative Maxine Waters, Chairwoman of the House Financial Services Committee, has pledged to convene a hearing to examine "short-selling" and other stock market practices that have recently affected the video game retailer GameStop and other stocks.

This week, members of the subreddit r/WallStreetBets undermined hedge fund and investment firm short-sellers who had betted on GameStop's stock falling. Instead, subreddit members invested heavily into its stock, increasing its value by over 700 percent during the past week and causing the firms to lose billions.

"As a first step in...

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From the Right
Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting
Rush Limbaugh: GameStop saga mirrors politics as elites attempt to prevent regular people from benefiting

Fox News Digital

News

Radio host Rush Limbaugh called the on-going GameStop story "the most fascinating thing" to happen in a long time because it mirrors politics with elites trying to prevent ordinary people from benefiting – just like the political establishment has tried to hold down average Americans.

Robinhood, TD Ameritrade and others restricted trading on Thursday and Wednesday, respectively, following an unexpected surge in trading volume of shares of GameStop, AMC Entertainment, Bed Bath & Beyond, BlackBerry and others. Limbaugh feels the move was made to protect hedge fund billionaires.

"Folks, it’s...

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From the Left
'This is unacceptable': AOC, Ted Cruz and others side with retail investors, slam Robinhood and Wall Street amid GameStop mania
'This is unacceptable': AOC, Ted Cruz and others side with retail investors, slam Robinhood and Wall Street amid GameStop mania

Yahoo News

News

The battle between the financial establishment and small individual investors is heating up, and the situation is already becoming political β€” in some cases providing some interesting common ground.

The anger is bipartisan. Rep. Alexandria Ocasio-Cortez (D., N.Y.), Rep Ro Khanna (D., Calif.), Sen. Ted Cruz (R., Texas) and even Donald Trump Jr., eldest son of the former president, have all called out the situation as unfair for individual investors.

As Robinhood and other brokerages halted buying of Gamestop (GME), AMC (AMC) and other stocks Thursday, only allowing users to...

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