GameStop: Rush Limbaugh lauds 'Wolves of Reddit' who beat 'elite' Wall Street, compares them to Trump
After shares of GameStop went up by 1,700 percent in just four weeks, radio personality Rush Limbaugh could not control himself from commenting on the whole scenario. The 70-year-old applauded the scandal for angering "the elites" and compared the bunch of Reddit users reportedly responsible for it to Donald Trump getting elected as president. Reddit users caused an unexpected stir on Wall Street after buying shares of beleaguered businesses like GameStop, Blackberry, and Bed Bath & Beyond, which investors had bet against and as a result cost hedge funds billions. Fox News reported that Limbaugh labeled it "the most fascinating thing" to take place.
On Thursday, January 28, the conservative political commentator said, “Folks, it’s not just political now. The elites are bent out of shape that a bunch of average, ordinary users have figured out how to make themselves billionaires. I’ve been studying it all morning and the best thing I can tell you is… whatever you think is going on in politics, Washington establishment, the Deep State, what have you, it’s the same thing in finance." He continued, “If you figure out how to make a lot of money, and if you’re like Donald Trump and you figure out how to get elected, you figure out how to beat the Deep State, they’re gonna come and they’re gonna wipe you out. They’re gonna destroy you, and that’s what’s happening with GameStop."
Trading apps such as Robinhood, that were used by the Reddit investors, announced that users will not be able to trade in handful of stocks, including GameStop, Nokia, Blackberry, AMC, and American Airlines, due to “recent volatility.”
Limbaugh then went on to say how a group of Redditers -- the so-called "Wolves of Reddit" -- converted the stock market into a "profit-making device for themselves". He explained, “In the process they are harming the intended winners in this financial circumstance and that would be the hedge funds out there. The hedge funds are supposed to be the ones making a lot of money. They’re not and they’re begging other hedge funds to bail them out.” The Trump supporter also stated how elites only think of themselves and their profits as he added, “Now they’re actually making it clear to anybody that has the ability to notice that you’re not allowed to use the stock market the way they do, you’re not allowed to profit, you’re not allowed to make the kind of money they do.”
Limbaugh said the "elites'' expect many perks and “the perks are, the ability to guarantee your kid’s financial future. The ability to guarantee yourself a financial future, the ability to guarantee yourself a position of some power, depending on who you are in the establishment, the club of elites, whatever you want to call it, and it extends to far more than just political," Limbaugh said. "This GameStop business now makes this something that is understandable beyond the political world and that is its value. It’s not just political anymore. It’s not just that you can’t think for yourself, on issues, and matters of politics… everything is rigged in favor of the elites and this has come along and set that rigging."
In addition, Limbaugh also accused the establishment of banning and canceling anything that does not provide any kind of advantage to the high society. "Well now, with this GameStop story, and the revelations contained in it, the elites, the same people that were hell-bent on getting rid of Donald Trump, the same people are now trying to tell you what you can or can’t do with your money," he added.
