Episode 47: Stonk Wars with WallstreetBets

Published Nov 17, 2021, 10:00 AM

For years, Wall Street giants considered themselves masters of the universe. They pretended to hold the keys to financial success, shutting normal people out through a veil of sophistication. But no longer. For this podcast, Anna speaks to Jaime Rogozinski, the man leading the movement to level the playing field and give all of us access to the stock market — a system that for too long has been manipulated to work against countless hardworking Americans. Jamie is the founder of WallStreetBets, the Reddit group that earlier this year ran up the price of GameStop as a bunch of big-shot hedge funds were trying to short the stock. Jamie relives what happened with GameStop and how he and others are leading a revolution in finance to turn Wall Street on its head.

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For years, Wall Street giants considered themselves masters of the universe. They pretended to hold the keys to financial success, shutting normal people out through a veil of sophistication. But no longer. Today we hear from the man leading the movement to level the playing field and give us all access to the market. This is Luna Talks with On a Paulina. Welcome back to today's episode of Luna Talks with Me, your host on a Paulina Luna. You know, over the weekend we had some pretty comical stuff happened. But wow, in those last seventy two hours, did you guys hear about Heather curtain Bach. Yeah, that's right me neither. We're gonna get into that in a second, followed by one of the main highlights about the Kyle Rittenhouse trial, and then moving forward on to covering stock wars. If you don't know what they are, maybe you'll remember a term Wall Street Bets, which was a Reddit group that basically turned Wall Street on its head. But before we really dive into that conversation with Jamie, I want to address who Heather curtain Boch is. So this is a pretty comical I guess accident that happened in the last seventy two hours at the White House while Kamala Harris was actually getting ready to give an address. Of course, and this is to be expected out of this administration because it seems like everything that they do is completely disorganized and backwards. But as she's literally at the podium, okay, like you would figure that there are people who know who she is, especially being at the White House, they introduced her as Heather current Boch. I don't even know who that is. Check this out and check out the awkward laugh. I mean, it's so embarrassing in a moment, please have a scene, And I mean it's kind of funny, right, Like you would never expect that to happen, especially at the White House. But I think that, you know, at a more serious concerning reasoning, I mean, what is going on it there? It just seems like everything that they're doing, from legislation to the statements that they're making, to how literally absent they've been at the border. I mean, it's it's really alarming. I just saw actually headline today from Newsweek saying that now again, of course, that migrant caravan that's on its way up here is expecting ten thousand people and they're heading to the Arizona border, basically at the US Mexico border. So that's something that of course we've been following. But the point is is that you have this type of stuff happening at the White House, it doesn't leave a lot of confidence for the American people, hence the polling and approval rating of this administration. So to kind of segue off of that and really how the media I think has been complicit and covering for this administration and then also too at the same time, really working to completely smear conservatives, especially younger conservatives, or people that are simply just you know, standing up for their belief system. We saw this exact same thing happen with Nick Sandman, that Covington's kid from the Catholic high school, that basically was completely he just smeared by the media. In fact, I do believe he actually was given a private settlement that they did not disclose for not just his lawsuit against CNN, but also to with the Washington Post. This is probably the youngest multi millionaire that we have in the country after these settlements. But they did the same thing to Kyle Rittenhouse and I say that because obviously you might have seen some of that viral footage about how he's breaking down testifying in court. Clearly, this guy, like you look at what he did. I think he was, you know, going to school for nursing. He obviously had a medikit on him. I mean, I don't believe that this is a bloodthirsty killer. And ultimately you had members of the view going after him. You had multi multiple media outlets actually saying that he was guilty of murder before the trial was even over. Then they of course retracted those statements. And then you had Joe Biden calling him a white supremacist, which is completely wrong. He's weighing in on this, calling him a white supremacist for what reasoning, Joe. I think that's something that we're all asking. So you see this trial, you see a lot of the defense, you see a lot of the prosecution. I mean, these people were nasty, nasty, nasty to be expected, especially when it's such a politicized trial. But the prosecutor, the guy that's literally trying to convince people to put away this kid for life because he was defending himself, he literally takes up an air fifteen and he's holding it and flagging the entire core room with his booker hook on the trigger, meaning his finger was on the trigger. I mean, this is a guy that's supposed to be lecturing the jury and the judge basically on why this guy deserves life in prison and he doesn't know the first thing about weapons safety. I mean, I would argue, and that would be my defense, is that this guy is intimidating the jury when he's pointing a firearm at people in court shoulders rifle literally and then points the firearm at people. If that doesn't explain the irony about this entire situation, I don't know what. Well. Anyways, I tried to actually for work do a posting on the It's literally just posting a picture and a headline of the prosecutor how he was shoulding the shouldering the rifle and literally flagging the entire courtroom and of course TikTok, which is an app that a lot of younger generation younger kids are on that my work cousin accounts on. They try to post it and it gets like literally taken down and censored because they don't want the American people to see that, which is just of course, the point that I'm making is that the media is complicit and everything from not only pushing and protecting people to literally peddling wise and suppressing the truth when people try to come out with it. Hence why I have this podcast. But does that not just really tick you off? Right? It should take you off because everything that's happening to this kid has happened to multiple people before. If you're in politics, if you're a threat, they try to ruin you. They don't care what it does to you. They don't care if it means life in prison. They literally don't care. These are evil people. And with that, folks, I want to get into what happened earlier this year with stock wars, because I do believe that why should we allow them to stipulate to us things like what we're able to read on the internet, things like the way that we are able to make money or choose to make money. So I want to talk about Wall Street. You know, people look at Wall Street. It's obviously very very heavily regulated currently, but I don't think that those regulations are in place to really help the lower tier percentages of people that are trying to break into day trading or whatever is they might want to be doing in Wall Street. You know, it's heavily regulated in favor of these top one per cent that's basically controlling a majority of the stocks, and when you have the little guy get in and actually try to make a difference, they ultimately try to crush them. So, you know, earlier this past year, you may have heard about something called stonk wars s t o n k wars. Stonk wars was something that started by well, it was actually started by Wall Street Bets, which was a Reddit threat. So Reddit is a app similar to basically a chat board or chat forum, and basically this account Wall Street Bets, which has been around for I think upboards of nine years. But they basically got all these people together and said, you know what, we don't agree with what's happening with how these hedge funds are basically shorting these stocks to make money. They're basically hoping that these accounts that these businesses like game Stop and bed Bath and Beyond and MC we're they're hoping and they're betting that these companies will fail. So they basically decided to buy the stock, which essentially drove up the price of the stock and then the hedge funds in turn had to buy those stocks back. So robin Hood, which was the app that these people had traded on and is an app. You can download it on your iPhone and basically it makes it a lot easier than you know, signing online and going to Charles Schwab and doing it that way. So robin Hood halted the trading, which meant that these people could not buy which means that they're actually losing money, which is basic corruption because we find out later on that robin Hood, the app is actually owned by Citadel, which is a hedge fund on slash Wall Street corporation that was betting against Game Stop in an effort to basically hope that it would fail. Right Like, is that something that doesn't sound corrupt? Right Like? We know that when people go into Wall Street when they're playing the stock market, you're basically gambling. That's I don't know how to say it. Ultimately, my side, my viewpoint on this is that if you were an adult, if you are a man or a woman, and you decide to spend your money how you want in Wall Street, you can't complain about the rules When people use the same rules that Wall Street has been using against the American people against them. You can't complain about that, and you can't use your power to try to crush their ability to make the same money the way that you've been doing it for so long, right, Like? Is that not hypocritical? Is that not corruption at its finest? So I wanted to bring on Jamie to really break down what stock wars was, what Wall Street Bets is, and how he basically got involved, and I would say taking on Wall Street. We'll be right back with his interview after this quick break. Jamie, Welcome to Luna Talks. I'm very glad to have you on today. Thank you very much for having me so real quickly, Wall Street Bets obviously took Reddit and the world by storm. I know, just on some research about you that you've been at it for a minute. But if you can just explain to the audience that might not not necessarily be plugged in with Wall Street bets, what is Wall Street bets? What is stocks so wall Street bets? I guess it's most commonly referred to a group on Reddit, although now it's become this kind of an omnipresent philosophy where young people get together and they share trading ideas, investment ideas, gambling ideas with the stock market, or financial tools. Uh. And they're known for liking risk and liking exploiting their inefficiencies, and they try to find their own competitive edge. The most their most famou aole known for this year. Earlier this year, they ran up the price of Game Stop against a bunch of hedge funds that were shorting the stock, and the price balloon from like forty dollars a share to like five dollars a share. I mean, what's amazing about this is you really are I think it's like a David versus Goliath kind of personality because you really are giving normal people access to the market in a way that I believe was previously manipulated. Um, how did you get the idea to start Wall Street Bets? So? I started Wall Street Bets in my own situation. At the time, I was single, meaning I could afford to take risk. I didn't have any kids and night, and I was in my early thirties. I had a well paying job, and I decided to try and put my extra money towards a more aggressive I don't want to call it investing, but like certainly trading approach where I could try and make that you know, turn that money and multiply it. Uh. And when it comes to you know, the types of people that come to Wall Street Bets, to the different social media platforms, they're looking to do basically the same thing, right, have some fun, make some money, and it is more accessible in the sense that there's been this veil of sophistication that's been lifted behind what traditional finance hides, behind these fancy words and terminology and just obscure LINGO. Well, the one thing that I noticed, and this is actually why I took a particular interest and why I wanted you to come on the show, is that I noticed that you guys were censored on Twitter. I guess kicked off of Twitter. The Wall Street Bets account on Twitter was banned. Oh boy, Pandora's box. Yeah, there's a so so, yes and no. So there's a lot of competing Wall Street Bets related uh, social media platforms. I own the trademark to Wall Street Bets, but I choose not to enforce it and let everybody use it wherever it is that they want to use it, because it is not you know, I would be uh, really pompous of me to assume that it's because of me. It's the people in the community itself that really makes this uh this really especial place and so on Twitter, as far as I've concerned, it hasn't been censored, like my my wall at Wall Street Bets account with the verified checkmark has not been censored. However, there's probably been a lot of copycasts that may have used the name allst Bets and then said things they probably shouldn't have been seeing and they got suspended off of it. I think it might have been one of those accounts. Um. The one thing I did think was interesting though, is like you were talking about earlier this year with game Stop, that the trading app robin Hood actually prevented people from being able to buy. I mean, I did my deep dive into that, and I realized that robin Hood was actually tied to a hedge fund that was betting on game Stop failing, which is completely wrong. Right they're trying to accuse you guys of market manipulation, they're actually the ones that are doing it. But I mean, what is your message to people that are saying, look, we want to get involved. We obviously, you know, like you said, read it kind of enabled many people to communicate typically that wouldn't be able to do that before I think in the past. So it is kind of this movement. But what is your message to them, because I feel like in a sense that you have started this movement that is really kind of leveling the playing field for your average Americans to actually have a shot at the American dream and have access that I think beating the system that's worked so hard against them. Yeah. Look, I mean you have a lot of things that come together and make this happen, right, this democratization of finance, the successibility. You have brokers that have become discount or free such as robin Hood, and there's a pretty much all the other ones that followed suit now allow free or commission free trading. And you have access to instant information right, you have the social media sources, traditional news sources, print TV, whatever it might be. So then all of a sudden people have all the tools, right, and also they've reduced minimum funding requirements. They have these things called fractional shares, which means you can just buy little bits and pieces of a share, so you don't really need a lot to get started. And then this this social media, this collaborative kind of uh generation that we live and where people come together and they share ideas and they learn from them from each other. That's that's really empowered individuals, you know, in the US and around the world to try and get their get get ahold of their own finances. I think that there was this you mentioned David and Goliath. There's this feeling of pent up resentment from the two thousand eight financial crisis where people occupied Wall Street, they complain and they set out there with their camping pence or whatever it might have been, and it didn't really get much resolution. World, you know, things moved on and the economy recovered, and I think that a lot of that is resurface for saying I don't need you guys for me to be able to invest or trade or gamble or whatever it might be. And that's what people have realized. I mean, you nailed it on the head. There's a ton of people actually have watched countless interviews that kind of give commentary on the Stone Corps is what they call, Like I found one that actually had a Star Wars intro, and so they're going through and their talk. I mean, I'm gonna read post with this as it's hilarious, but I mean, you're right, people do feel like that, and I think that you know, the fact is is that you, I think, really just put Wall Street on its head and a lot of people didn't anticipate for that to happen. But you know, kudus to you. We are in the United States of America. You're able to do whatever you want, and honestly, you're doing it legally. So what's the problem is what I say? Um, what do you have to say the legislators that say, oh, well, we need to regulate or we need to make this so that these guys can't do this because they're dangerous to the market, because that's what they're saying. Now, I you know, I look at what you're doing. I don't think what you're doing is illegal. I don't think that it's a problem. But what is your message to them? It's not. Look, the legislators are going to have a really hard time coming up with a lot. It just targets these individuals because guess what we're doing, right, We're behaving. Let's go ahead and just side with their nomenclasion and say we're behaving irresponsibly, you're being reckless, or whatever it might be. Those adjectives are the same ones that have been used for the banks for the financial system previously. They just use longer words with more syllables. Right when explaining their mortgage backed securities, we just say, oh, it's means the stock is going to go up. Whatever it is. There, they will be really hard pressed to say, you only the big banks can do this, but not the smaller ones. Right, Like we had, for example, a situation prior to Game Stop where these people on Wall Street Bids figured out how to take their um robin hood account and get basically infinite buying power from it by a series of clicks, and they posted it and they laughed about it, and whatever it might have been, that maneuver existed previously by other banks that they used it with. Like I said, you know, they called it these reverse repo whatever, really sophisticated collateralized whatever, and they did the same thing. So I don't know if they're gonna be able to succeed with that. And at the end of the day, look, a free market involves people coming in agreeing on prices, and that is what's the productive Uh, this price discovery process is what it is a productive process to society. Absolutely. And so you actually wrote a book on this, right, what's the name of the book. It's called Wall Street Bets. How Boomers made the world's biggest castino for millennials see, So that itself is literally the best title I think a lot of people. Again, I was on internet. I saw this meme you had like the Wolf of Wall Street. He's showing out cash and it was like boomers trying to figure out how the Strong Wars is going? You know. So you have really created a movement and it is amazing. Where can people find that book? Is it on Amazon, Barnes and Noble? Where that can they buy it? Yeah, they can buy and most of the stores. Amazon is the publisher, so that's the quickest way to get it. They can get on Kindle and then get it on paperback. Perfect. And so my last question for you is obviously you're doing amazing. You're basically the leader of the Strong Wars. What is next for Wall Street Bets. I saw an interview recently Idea that you talked about Digital World's acquisition dwalk Um I mean, what is next on Wall Street bets? And where can people go to run it? I obviously know the name of it both. Should they go to Reddit to follow your guys movement? I mean at this point, at this point, they can go to Reddit, they can go to Twitter, they can go to Instagram, Discord Telegraph. There's so many places, and there's different kind of niches, right, so some will focus more on crypto and some of the folkus more on stocks. Uh. And you know, with regards to what the next stock is, it's impossible to really tell. It's you know, it's community driven it. There's no individual that really decides on behalf of everybody else. Um. But I really believe that the worlds of cryptocurrencies and our crypto in general, and the world of finance are going to collide or they're going to blend into each other in a way that they're going to be even more powerful. I'm so glad that you're bringing that up because a lot of people when you talk about crypto, I think more people are waking up to what it is. But I think that you're absolutely right. I think it's heading in that direction. I don't think you know, there are some in power that don't want that to happen, I think for certain reasons, but I think it's going that way as well. So I know that you're probably gonna be talking about that more and more. I saw a couple of interviews where you're addressing it, um, So we look forward to covering that. And thank you so much for joining us to kind of introduce us to the stock Corps and we pray for your success. Thank you so much. I have a good time. Absolutely, Thank you. That was such an incredible interview with Jamie. Obviously, I've been following what they've been doing for a really long time, and it's kind of funny you actually can see on different you know, chat boards and also too. If you want to research this further, I would suggest heading over to a video streaming platform, whether it's Rumble or YouTube, and even doing your own homework on social media and on the internet on what stok wars really was, because he explained it in a way that I think most people can digest. I know, at first, when I first heard about it, I was looking at the memes and I saw everything on Reddit, but you know, to actually fully understand what he's talking about, I mean it's good kind of to do your own research and obviously to verify what I'm saying, but you know, to see them be able to do that and to realize that, you know, these big hedge funds that do control this massive amount of wealth. I think that what he explained about the whole democratization and access to the financial system, I think that that's really important because what we've seen in the past is that there was so much, so many layers to try to access that and to really have that open communication. Kudos to the Internet, kudos to places like read It. It really has opened up a whole new world of opportunity for a lot of people that typically just wouldn't have that access. And so, you know, I you might not agree with it, you might not agree with what he's doing, but I think that it's important. It's important for our democracy. I think it's important mainly because I don't agree with anyone class having certain rules that other people cannot play by because of the fact that they have more or less money. I don't agree with that. I think that that's everything that our country stands against. So kudos to the Stock Wars, kudos to the stock leader. I think They've called him Stonkwalker, which is kind of a Star Wars reference. I hope you've enjoyed today's episode and I look forward to chatting with you guys soon again on Linda Talks. Before we go, I want to thank Jamie Rogozinski again for such a great interview, and I want to thank you guys so much for listening. If you enjoyed today's show, please give us a review and rate us five stars on Apple Podcast. To her more of my episodes and get my weekly newsletter, go to Gingridge six dot com slash on a. You can also find me on Twitter, Parlor, Facebook, Getter, and Instagram at real Anna Paulina and especial thank you to our producers Robert Browsky, writer Aaron Kleigman, and executive producers Debbie Myers and Speaker New Gingridge part of the Gingridge The sixty Network part of the Gingwich Network

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