{"id":380346,"date":"2021-01-28T16:15:00","date_gmt":"2021-01-28T21:15:00","guid":{"rendered":"https:\/\/admin.rushlimbaugh.com\/?p=380346"},"modified":"2021-01-29T16:18:36","modified_gmt":"2021-01-29T21:18:36","slug":"gamestop-story-illustrates-what-ive-told-you-about-the-elites","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2021\/01\/28\/gamestop-story-illustrates-what-ive-told-you-about-the-elites\/","title":{"rendered":"GameStop Story Illustrates What I\u2019ve Told You About the Elites"},"content":{"rendered":"

RUSH: Hey, folks, welcome to — psst, psst — welcome to Radio Free America. Don\u2019t shout that. Don\u2019t want to call attention to what\u2019s going on here. It might become our new call sign, our new identifier. We\u2019re one of the few remaining places, apparently, where the truth can be told, and for how long, we don\u2019t know.<\/p>\n

\"\"Anyway, it\u2019s great to have you. Rush Limbaugh back at it here on Thursday of treatment week. Telephone number, 800-282-2882 if you want to be program. The email address, ElRushbo@eibnet.us.<\/p>\n

Let me go over some things here just to set the table, give you some things that are gonna shake out today that we\u2019re gonna be talking about. There\u2019s a fascinating thing — it is the most fascinating thing that\u2019s going on out there a long time. Have you heard the story? Do you know the details of what\u2019s going with GameStop?<\/p>\n

Folks, it\u2019s 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 using – (interruption) I\u2019m gonna explain it. I\u2019m gonna take the time necessary to explain this. You\u2019re damn right. I\u2019ve been studying it all morning. And the best thing I can tell you is that whatever you think is going on in politics — the Washington establishment, the deep state, what have you — it\u2019s the same thing in finance. There are those who are allowed to make all of the money and those of you who aren\u2019t.<\/p>\n

\"\"<\/p>\n

And if you figure out how to make a lot of money and if you\u2019re like Donald Trump and you figure out how to get elected, you figure out how to beat the deep state, they\u2019re gonna come out and they\u2019re gonna wipe you out; they\u2019re gonna destroy you. That\u2019s what\u2019s happening with GameStop. A bunch of people on Reddit figured out how to game the system. They figured out how to turn the system into a profit-making device for themselves.<\/p>\n

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, and they\u2019re not. And they\u2019re begging other hedge funds to bail them out. So, yes, I\u2019m going to explain this. It\u2019s not gonna take a long time, but folks, it\u2019s fascinating. And the reason that it is fascinating is now it\u2019s not just politics.<\/p>\n

Now they\u2019re not just calling us racists, sexists, bigots, homophobes in a way to control us, in a way to shame us. Now they\u2019re actually making it clear to anybody who has the ability to notice that you\u2019re not allowed to use the stock market the way they do. You\u2019re not allowed to profit. You\u2019re not allowed to make the kind of money they do.<\/p>\n

\"\"<\/p>\n

The elites — now, I have attempted to explain this over the course of many busy years here on the EIB Network. The notion of being an elite, of being a member of the deep state, the Washington establishment, what is it? It\u2019s many things. Among those many things are perks. And the perks are the ability to guarantee your kids\u2019 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.<\/p>\n

And it extends to far more than just political things. It\u2019s like the Never Trumpers. The Never Trumpers fashion themselves as elites. The Never Trumpers, they played the dutiful losers, lost with honor. The Never Trumpers, the Republicans who hated Donald Trump \u2019cause he came in and screwed up their position as accepted elites. So they had to fire back at him. And they had a role to play, and for that role, they were rewarded. Banks lent them money or financiers bankrolled their stupid little magazines that nobody read and their cruises and all that, and they were guaranteed a financial foundation. And Trump came in and threatened all of that. He had to go.<\/p>\n

But this GameStop business now makes this something that is understandable beyond the political world, and that is its value. It\u2019s not just political anymore. It\u2019s not just that you can\u2019t think for yourself on issues and matters of politics. You know, everything is rigged in favor of the elites, and this has come along and upset that rigging. You know, if everything doesn\u2019t benefit the establishment, then it has to be censored, right? Your speech, your attitude, if it doesn\u2019t benefit the establishment, it\u2019s gotta be censored. It\u2019s gotta be canceled. It\u2019s gotta be silenced.<\/p>\n

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 and can\u2019t do with your money. Not only what you can and can\u2019t think, but it\u2019s now what you can and can\u2019t do with your money.<\/p>\n

So yes, Mr. Snerdley, I will explain this as the program unfolds. Look. It\u2019s more detailed. Let me give you a couple paragraphs as a stopgap until we get into it as the program unfolds. Some hedge fund managers shorted GameStop\u2019s — now, what is GameStop? What the hell is it? GameStop is a company. This has not been widely explained because the elites don\u2019t take the time to explain this. But let me tell you what it is. GameStop is a company that sells physical copies of video games in dying malls. I mean, they\u2019re an out-of-fashion company. It\u2019s another thing that ticks off the elites. This company is way behind the times. They\u2019re selling physical copies of video games next to all the other dying stores in malls.<\/p>\n

\"\"<\/p>\n

But right now GameStop has become the most highly traded asset in the United States. GameStop\u2019s stock price was $4 last summer, $20 at the end 2020, is now worth close to $300. And here is a passage from an elitist publication describing it.<\/p>\n

“Essentially, many normal-ish people have made a huge bet against gigantic [hedge funds] financial institutions and are currently winning. In practice this means we are seeing one of the -” and here is the rub of it, folks. “We are seeing one of the largest wealth transfers from the financial ruling class to the middle and middle-upper classes in recent memory.” And it\u2019s not been authorized, you see. It\u2019s just happening within the normal ebb and flow of the market. Some normalish people figured out how to earn a hell of a lot of money using the establishment\u2019s own methods against them.<\/p>\n

This is all about “short squeezing” and “short selling,” and if you don\u2019t know what those terms are, hang on, because I will explain those as the program unfolds. But the key to this is the reason why this is a story, the reason why you\u2019re watching — and you know what else is funny?<\/p>\n

Snerdley had to ask me, “Are you gonna explain it?” \u2019cause you\u2019ve been watching cable news, and the people in charge of explaining it don\u2019t know what they\u2019re talking about, right? (interruption) Because they only know the establishment view of finance. They only know the elite view, because they think of themselves as elites.<\/p>\n

\"\"The financial people at CNN, financial people MSNBC, they\u2019re really woefully ill-educated on this kind of stuff. So I did a test today. I tried to watch the infobabes at a couple of cable networks explain this. They don\u2019t know what they\u2019re talking about. They\u2019re reading whatever somebody\u2019s written for them on the teleprompter, and they\u2019re using odd facial expressions to make it look like they know what they\u2019re talking about.<\/p>\n

But the key to this is what has happened: We are seeing one of the largest wealth transfers from the financial ruling class to the middle and upper classes in recent memory, and it\u2019s not authorized. Sometimes the upper class authorizes a transfer of wealth with certain new policies, certain new regulations. This is totally unauthorized. This came about because of the understanding of the system and how to game it by normal people.<\/p>\n

Right here it is in this story: “Many normal people” have made a huge bet against them, and they\u2019re winning, and because this has been a massive transfer of wealth, it is understandably the only thing anybody\u2019s talking about \u2019cause it\u2019s unauthorized. “A group of Reddit users who grew up playing video games from GameStop,” that\u2019s how old they are, “decided to beat Wall Street at its own game.”<\/p>\n

They got together, banded together, and began buying GameStop stocks. That drove the price up. Other regular traders saw the price increase; they began buying, and some real momentum was created. But now the hedge fund guys who sold short are losing their shirts. The hedge fund guys, the elites had planned to sell GameStop short. That means they are counting on GameStop losing money. They only win if GameStop loses.<\/p>\n

Well, the GameStop stock price was $4 last summer, $20 at the end of 2020, $40 two weeks ago. It was worth $100 on Monday and Tuesday, and today it\u2019s $300. The hedge funds are taking it in the shorts. I mean, big time they are. They\u2019re being wiped out to a certain extent, and they don\u2019t like it. These normal people have figured out a way to do it, and they don\u2019t like it.<\/p>\n

\"\"<\/a>So they\u2019re asking other hedge funds to bail them out and to stop trading. Like Facebook and Google stop you from commenting, they\u2019re asking other apps that allow this kind of trading activity to stop it. They\u2019re using their power to prevent normal people from trading, from short selling and from taking advantage of the fact that the elites are short selling and short squeezing.<\/p>\n

So, if you are an elite hedge fund and your position is that you are selling short on GameStop and their stock price has gone from four bucks to 300, you are losing your shirt. You\u2019re losing your pants, you\u2019re losing your underwear, you\u2019re losing your scrotum. You\u2019re losing everything out there. So there is, ladies and gentlemen, an app called Robinhood.<\/p>\n

Robinhood bills themselves as “democratizing finance for all.” Securities by Robinhood Financial, Crypto by Robinhood Crypto. That\u2019s the app that people are using to bring about this transfer of wealth. So the elites are leaning on Robinhood like Google and so forth leaned on other news organizations to censor conservatives, to wipe them out, to not give them a forum.<\/p>\n

The same thing has happened. That\u2019s what\u2019s amazing to me about the story: The educational value it has, the informative value it has. It\u2019s not just your political opinions and your political thoughts that are under scrutiny and are essentially being censored. No. Now it\u2019s the way that you invest your money. Oh, yeah! And I can\u2019t…<\/p>\n

You know, the circumstance here is such a valuable teaching moment. So we will get into this. There\u2019s a little bit more detail to this that I will explain as the program unfolds. Now, the other regular traders that saw these price increases, they began buying. Some real momentum was created. Now the hedge fund guys that sold short are losing their shorts and everything.<\/p>\n

\"\"The Reddit users where all this started — the Reddit users, Robinhood — did nothing illegal. It\u2019s important for you to… No matter what you hear on the news, they have done nothing illegal. They played the same game that hedge fund managers play every day to make a lot of rich people even richer. Yet the markets are now shutting down trades.<\/p>\n

Like I just explained to you, they\u2019re shutting down trades in GameStop in order to protect the elites. They\u2019re even getting blocked on social media. But when you design and use a system to benefit yourself, don\u2019t complain when it gets used against you, and that is what\u2019s happening here with GameStop. Folks, it\u2019s not some obscure thing involving what young kids are doing.<\/p>\n

The teachable moment here is how this censorship that we are experiencing from tech media, the tech oligarchs, is not confined to your political thoughts. It\u2019s not limited to who you vote for and who your political friends and enemies are. No, no, no. It extends to money: How you earn it, how much you earn, how much you\u2019re not permitted to earn. It\u2019s not just politics when we\u2019re talking about this leftist attempt at unity.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Now, this GameStop thing all started with some random guys on a message board on Reddit. That message board on Reddit is called WallStreetBets. They discovered that there was a massive short selling of GameStop by hedge funds. “Short selling,” again, is where you\u2019re betting on the stock price to go down. You have to have the money in a short sell.<\/p>\n

You have to have the money and put it up to back up your “short.” You just can\u2019t go in and bet that it\u2019s gonna go down and then not put up any money. Like, a regular trade you can bet it\u2019s gonna go up without putting up any money. But a short sell, you have to put up the money. It leaves your back pocket. It leaves your account. So these hedge funds were betting big on GameStop losing value.<\/p>\n

These random guys on the message board on Reddit discovered this massive short selling — and when you discover it, you can thwart it by betting on the stock price to go up. So they started to buy it, and that raises the price. Enough of them bought the stock that it started going way up. The hedge funds could not buy shares to cover their short positions.<\/p>\n

\"\"<\/a>Remember, you have to buy the totality of your position when you sell short. It\u2019s a Wall Street rule. And what happens is, when they don\u2019t have the money to cover their short positions, that causes the stock to skyrocket. This is called a “short squeeze.” So if you see the term “short squeeze,” Mr. Snerdley, and you\u2019re watching cable news financial experts try to explain it?<\/p>\n

It\u2019s when people selling short do not have the money to cover what they are betting will happen. You\u2019ve got to fully expose your position on the short sell — and if you can\u2019t, you\u2019re being “short squeezed.” That\u2019s the term. That\u2019s the definition of it. So at this point the hedge funds went to the media and said, “These little guys are not playing fair. These little guys…”<\/p>\n

And they sort of characterized them as a bunch of hayseed hicks, renegades doing damage. It\u2019s exactly what they say about conservatives in the realm of politics, that they\u2019re unfair, that they\u2019re stupid. “They don\u2019t know what they\u2019re talking about! They have to be shut up. They have to be silenced.” The same thing was played here in terms of these Reddit users. It went to the point where the hedge funds were losing some billions of dollars; they were needing bailouts by other hedge funds.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: And, lo and behold, Robinhood has his shut down trading of GameStop. Lo and behold, just like they shut down Parler, just like they shut down any other conservative attempt at free speech on the World Wide Web, so has the big hedge fund people have come along, “Stockbroker Service Robinhood Shut Down in the Midst of Trading GameStop.”<\/p>\n

Now, here\u2019s the simplest way to understand it in terms of dollars and cents. This is from the article the New York Post<\/a> did on this: “Discord, a communication tool similar to Slack, said it pulled a server associated with r\/WallStreetBets -” that\u2019s on Reddit “– for continuing to allow ‘hateful and discriminatory content after repeated warnings. The server has been on our Trust & Safety team\u2019s radar for some time due to occasional content that violates our Community Guidelines, including hate speech.'”<\/p>\n

So they\u2019re accusing these people, these normal people who were engaging in buying GameStop because it was going up in value, they have now accused them of the same things they have now accused you of engaging in on social media, hate and discriminatory content after being warned to stop it. You have been given guidelines that you are violating if you are using this server. You\u2019re engaging in hate speech. You\u2019re glorifying violence. You\u2019re spreading misinformation. This is being used to justify shutting down trades in GameStop, trades that show it gaining money.<\/p>\n

\"\"Now, the financial hit to the hedge fund people who were engaging in short selling. And again, it\u2019s key to understand that if you\u2019re gonna short tell, you have to put up the totality of your position, unlike if you\u2019re betting on a stock to go up, you just bet on it to go up, and you hope and pray; and if it goes up, then you collect your winnings, roll them over — you gotta provide the money if you\u2019re gonna short sell.<\/p>\n

The reason this is bad for the hedge fund guys is that they were selling future options, which means that they have to now buy the stock that they thought they would get for $4 a share at $4,000 a share. That\u2019s how much this stock has gone up since the summer and basically in the past week. So they\u2019re having to buy this stock — they thought they were gonna be able to buy it at four bucks a share. Now it\u2019s costing them their future options $4,000. Maybe 400 a share. But regardless, it\u2019s a tremendous amount of money that they don\u2019t have or they don\u2019t want you to think they have. They\u2019re asking to be bailed out. If it\u2019s $400 or 4,000, it doesn\u2019t matter, it is a huge amount of money that they didn\u2019t expect to have to come up with.<\/p>\n

They expected to be getting away with selling short at four bucks a share and cleaning up. And now Robinhood\u2019s been shut down for allowing trades. It\u2019s identical. And the thing is, this is the elites moving in to control what they want everybody to believe is a free market. The elites in the Democrat Party, they want everybody to believe there\u2019s a free market in speech, there\u2019s a free market in political opinion, we got a First Amendment, you can say what you believe, you can think what you want to think, but you can\u2019t. If you disagree with them, if you violate what they agree with, what they think, if you are in opposition to them, they shut you down. They make it impossible for you to get traction beyond your own oral cavity, your own voice, your own mouth.<\/p>\n

Now they\u2019re showing that the same thing is gonna happen with money. If you go out there and you find a way in the system they run to earn big money and cause them to lose big, oh, are they gonna come after you. And they are coming after these people. And all they are, by definition, normal people on Reddit. Normal people who saw this big, gigantic short sell of a company that was actually starting to make money, so they drove the stock price up, which is fair and free and totally legal to do. But they\u2019re gonna be published. They\u2019re gonna be shut down, they\u2019re gonna be maligned, they\u2019re gonna be call racists, bigots, they\u2019re gonna be called people engaging in hate speech, \u2019cause that\u2019s how you shame them. That\u2019s how you get people to shut up. Nobody wants to be a racist. Nobody wants to be somebody who hates. Nobody wants to be accused of any of this.<\/p>\n

Republicans have proven it\u2019s not worth fighting back, so this is what they\u2019re now engaging in, in the realm of money. And so you see, folks, strip this all down, put Donald Trump back in the mix and you\u2019ll see why he had to be destroyed. It wasn\u2019t just his political agenda. Donald Trump was enabling average, ordinary Americans to do well financially. They were benefiting from a tremendously growth economy. The first three years of Trump\u2019s administration before the virus hit, look at what he had done. The unemployment numbers for African-Americans, Hispanics, and women. And look at the amount of money that they were earning, the wages were increasing left and right.<\/p>\n

\"\"None of that\u2019s permitted. That\u2019s not supposed to happen. It\u2019s the left that is in control of what people earn. And it\u2019s the left, by the way, for 50 years that has been promising these minorities that their fortunes are about to turn. The Democrats are gonna take care of \u2019em. The Democrats are gonna fix \u2019em. The Democrats are gonna make sure that their lives turn out better. But they never do. The Republicans, meanwhile, remain racist, sexist, bigot, homophobe hatemongers. Democrats on the left remain well-intentioned, compassionate, understanding, tolerant, wonderful people trying against all this hate speech of the Republicans.<\/p>\n

The whole thing is exactly 180 degrees out of phase. Donald Trump caused these people to panic exactly like the panic we\u2019re seeing in the financial markets here, and he also demonstrated that it was about money as well. If people became more financially self-reliant, if people became more financially secure, then they needed less and less government. They needed less and less assistance.<\/p>\n

This is impermissible. He had to go. And of course the Republicans in the establishment, such as the Never Trumpers and the Romneys of the world, the Cindy McCains and these people, they have a position in the establishment. They are to lose with honor and they do that now and then, occasionally win. When they win, they don\u2019t really do anything with it, right? When they win they almost act like they need to be forgiven and start talking about power sharing and stuff like that.<\/p>\n

So, folks, it\u2019s a gold mine of information. It\u2019s 400 bucks a share, I thought, not 4,000. Four hundred bucks a share that the hedge fund guys now have to come up with when they were expecting four bucks a share. So, anyway, this is — well, what is it gonna mean?<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Short sellers “are sitting on estimated losses of $70.87 billion” from their short positions on the United States and companies therein” on the stock market so far this year, $70.87 billion. The vast majority of that was chalked up during this GameStop business: $70 billion and climbing — $70 billion the hedge funds have got to come up with in cash if they want to maintain their positions.<\/p>\n

BREAK TRANSCRIPT|<\/p>\n

RUSH: We got Ryan here in Wichita, who was part of the Reddit group that was driving the price up on GameStop. How are you doing, sir? Great to have you here on the program.<\/p>\n

CALLER: I\u2019m doing great, Rush. Great to talk to you. I\u2019ve been listening to you since I was a little kid. My dad had me listening to you as a little kid. Now I\u2019m 41 years old and —<\/p>\n

RUSH: Let me ask you: How surprised were you when you heard me discussing GameStop today?<\/p>\n

CALLER: I turned the on radio on my drive to work, and I\u2019m like, “I gotta call Rush,” and I called about 30 times and got through — and, like, “Today\u2019s my day.”<\/p>\n

RUSH: There it is.<\/p>\n

CALLER: Yes, sir.<\/p>\n

RUSH: Okay. So tell us. What\u2019s the scoop?<\/p>\n

CALLER: Okay, the scoop is I got involved about a week ago. I kind of found out… I\u2019m big into Bitcoin. I\u2019m on the Bitcoin page on Reddit, and they were talking about WallStreetBets. I get over to WallStreetBets; I joined the group, did a lot of reading, a lot of research. I found out about the GameStop deal, looked into it, saw the short position. I kind of understood what was gonna happen. I got in last Wednesday around $38.<\/p>\n

RUSH: K, wait, wait, wait, wait, wait, wait. Now this is important for people that don\u2019t follow this stuff. You got in at $38 a share.<\/p>\n

\"\"CALLER: Correct. Yes. It started to move up and it got a little wild, and I\u2019m a day trader so I was in and out of it a few times, and it just kept going up, and it just turned into a wildfire, and it was really… There was more than GameStop too. BlackBerry and AMC were two other ones that were on fire, too, and then it all came to a screeching halt this morning because Robinhood, TD Ameritrade and Schwab all blocked those users from buying. They were allowing them to sell, not buy.<\/p>\n

RUSH: Exactly. Schwab, TD Ameritrade, and —<\/p>\n

CALLER: And Robinhood, yes.<\/p>\n

RUSH: — and Robinhood all suspended trading in GameStop.<\/p>\n

CALLER: They didn\u2019t suspend. They would let you sell but it they would not let you buy, which is why the price has plummeted this morning. All the while, I guarantee you the hedge funds are shorting the thing to death \u2019cause they can do whatever they want.<\/p>\n

RUSH: So you are living, breathing, testifying evidence that the stock market is rigged for the big boys —<\/p>\n

CALLER: Absolutely.<\/p>\n

RUSH: — just like the political market is rigged for the American left.<\/p>\n

CALLER: Absolutely. It just reaffirmed something. My dad has been telling me for a long time that it\u2019s been rigged for the big boys, and this morning… I\u2019ve been trading stocks since I was 17 years old. My grandma left me money in her will when she passed away, and I put it in the stock market, and I\u2019ve been playing ever since. I\u2019ve done well over the years, but today I sold everything. I sold everything. There\u2019s cash in the account, and I don\u2019t know what I want to do.<\/p>\n

RUSH: Right.<\/p>\n

CALLER: I\u2019m just gonna pull it.<\/p>\n

\"\"RUSH: See, you started to earn too much, you and your compatriots on Reddit. You started to earn too much, and you were earning it from the elites —<\/p>\n

CALLER: Yes.<\/p>\n

RUSH: — who thought they were in control of the game.<\/p>\n

CALLER: Just as you were saying, it\u2019s a big transfer of wealth, and that\u2019s not the game. The game is the big boys get bigger and the middle class stays poor forever. That\u2019s the game.<\/p>\n

RUSH: Or static, one or the other. Exactly. You\u2019ve nailed it there. So here\u2019s a guy playing the game. Here\u2019s a guy who got in at $38 a share. Now the users of the apps are not being allowed to buy GameStop. It\u2019s been shut down by TD Ameritrade, Schwab, and Robinhood.<\/p>\n

Those are the three ways that you had of buying stock — going long, going short, however you wanted to do it. So he sold everything today and got out after realizing he had topped everything. He wasn\u2019t gonna be able to anything because they were now limiting his upward expansion, mobility.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Aberdeen, South Dakota, Ryan. Great to have you on the program. Hello, sir.<\/p>\n

CALLER: Hey, mega dittos, Rush. Thank you for taking my call today.<\/p>\n

RUSH: You bet, sir. Great to have you here with us.<\/p>\n

CALLER: I thought your explanation of short selling and its relationship to the GameStop situation was brilliant. But I was kind of hoping to be able to attempt to expound on it a little bit.<\/p>\n

RUSH: Sure. Go ahead. Does this mean you really didn\u2019t think it was brilliant, you\u2019re just saying that to soften me up for what you want to say that you think I should have said and didn\u2019t?<\/p>\n

CALLER: (laughing) Well, the important thing to remember about short selling is that essentially it\u2019s a promise to borrow against current stock price —<\/p>\n

RUSH: Exactly. And you\u2019ve gotta have the money for it.<\/p>\n

CALLER: — future stock price. The day traders know that every outstanding margin call out there is a promise to buy. So what happens when you have a lot of margin calls, a lot of promise to buy, there\u2019s anticipation that on the strength of those margin call purchases, the stock price will go up. My point in bringing this up is simply that what happened to those hedge fund managers, the big, elite boys in Wall Street —<\/p>\n

RUSH: Yep.<\/p>\n

\"\"CALLER: — in my considered opinion is squarely on their own shoulders. They were leveraged. They leveraged themselves so much into those margin calls, there wasn\u2019t even enough stock to cover all of those margin call purchases. And the day traders realized that. The short squeeze was virtually inevitable given that situation with that leverage.<\/p>\n

RUSH: Exactly. There was no way to avoid the short squeeze. It was gonna happen by virtue of the Reddit guys continuing to drive the stock price up.<\/p>\n

CALLER: But if it wouldn\u2019t have been the WallStreetBets, Reddit guys, it would have been someone else. There are hundreds of thousands of day traders out there that practically do it for a living.<\/p>\n

RUSH: Okay, true. That part is true. But the Reddit people are the ones that did it. I didn\u2019t mean to impugn anyone else nor praise the Reddit guys. They\u2019re simply the guys that did it, made it happen.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Whatever you think is going on in politics — the Washington establishment, the deep state, what have you — it's the same thing in finance.<\/p>\n","protected":false},"author":49,"featured_media":380367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[12,1],"tags":[],"yoast_head":"\nGameStop Story Illustrates What I've Told You About the Elites - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2021\/01\/28\/gamestop-story-illustrates-what-ive-told-you-about-the-elites\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"GameStop Story Illustrates What I've Told You About the Elites - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Whatever you think is going on in politics -- the Washington establishment, the deep state, what have you -- it's the same thing in finance.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2021\/01\/APP-012821-GameStop-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"George Prayias\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/www.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2021\/01\/28\/gamestop-story-illustrates-what-ive-told-you-about-the-elites\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2021\/01\/APP-012821-GameStop-2.jpg\",\"contentUrl\":\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2021\/01\/APP-012821-GameStop-2.jpg\",\"width\":640,\"height\":360},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2021\/01\/28\/gamestop-story-illustrates-what-ive-told-you-about-the-elites\/#webpage\",\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/2021\/01\/28\/gamestop-story-illustrates-what-ive-told-you-about-the-elites\/\",\"name\":\"GameStop Story Illustrates What I've Told You About the Elites - 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