I’m sure you’ve heard about it already. The Reddit users that single-handedly used the stock market game against Wall Street itself and caused the Gamestop stocks to skyrocket. That act forced a hedge fund to go bankrupt and another to lose 6% of its value. At least that’s what I believe happened. I honestly am not super educated on the stock market and I’ve learned more about it this last week than I have in my entire life.
I can personally vouch for the fact that seeing billionaires on Wall Street go bankrupt is pretty satisfying. My family was affected in 2008 by the recession and the billionaires on Wall Street got bailed out. So a part of me wants to laugh and say “You did this to yourself” or “you got beat by your own game”. In fact, I already did. I definitely spent the whole day bragging about how the poor played the billionaires game and beat them. And in a way, the hedge fund managers screwed themselves over. Wall Street has a bad reputation of cheating their way into money. Hedge funds literally gamble on the failure of companies. (exhibit A: Gamestop).
While it might be fun to gloat about our enemy’s failures, gloating isn’t exactly the way I want to approach it. I understand how poor people and lower classes have been affected by the manipulation of the stock market. What we see when we look at hedge funds is a bunch of billionaires with multiple houses and boats who gamble on the success and failure of companies. It’s not like Elon Musk or Jeff Bezos who actually created something and earned that money. Those hedge fund managers are literally using the economy to fill their pockets. Now they complain and say there needs to be more regulation of the stock market because poor people are figuring out their scheme.
This entire situation gives us every right to gloat. It gives us every excuse in the world to throw it in their faces and mock them for being so ignorant or underestimating the lower classes. But is gloating really the way we should be looking at this? Does that make us better than them or does that just make us prideful? There’s no argument that they totally deserved it; But maybe (somewhere deep down) they’re still human beings.
This is in no way to diminish the success of the lower class. I’ve been poor most of my life. I get it. But behind these broken institutions and toxic systems, there’s people. Real people who have real emotions and real families. Just because we get caught up in something terrible, it doesn’t mean we aren’t redeemable. The second we forget their humanity is the second we become just like them. We give in to the same system they got caught in.
Revenge is known to have little to no benefits. Let’s not do what they did to us. Let’s not stoop to that level.
I’ll see you next week.