So social media was all up in arms today about the ongoing saga surrounding Gamestop.

Apparently, many of the small traders and investors who’ve been buying Gamestop stock during this buying frenzy do so through the Robinhood app.  Many others do so through Interactive Brokers.

This morning, both took steps to quell the frenzy, making it difficult to trade in Gamestop and some of the other stocks the Wall Street Beats sub-Redditors have been targeting.

Some are suggesting that Robinhood took the step because much of its order flow is executed through Citadel Securities, a division of hedge fund manager Citadel.

Citadel was one of two major hedge funds that stepped in to bail out Melvin Capital, the hedge fund caught in the Gamestop short squeeze.

Citadel has indicated that it had nothing to do with the actions undertaken by Robinhood.

Anyway you look at it, the entire situation stinks.

Many people already have little faith that the markets aren’t rigged.

Well, guess what.  The system IS rigged.

It has been for years and years.  Everyone knows this, so why are so many people crying now?

In my view, this particular event is nothing compared to situations we’ve seen in the past where the little guy gets squashed.

Let’s just go back to the housing market bubble 15 years ago.  It was because the system was rigged that the bubble was created in the first place.

Then, when the bubble burst, who was left holding the bag?  Why the little guy of course.

And, who got those bailouts?  The big banks.

Then, just a few years later, MF Global blows up, and just like that, $3 billion in customer accounts gone.

At the time, MF Global was run by former New Jersey Governor and U.S. Senator Jon Corzine.  Previous to those positions, Corzine was a big wig at Goldman Sachs.

A Democrat, Corzine was a huge money raiser for Barack Obama.

So, Corzine had built up a huge position in the debt markets of Greece, Portugal and Spain, thinking they had seen enough selling.

The problem is, he was so damn greedy, he used customer funds of MF Global, a futures broker, to build his position.  That’s a big no no.

$3 billion lost.

Guess what happened to Corzine?  Nothing, zip, nada.

We all know the system is rigged.  But, what do we do about it?

We keep re-electing the people who created the system… Joe Biden, Nancy Pelosi, Mitch McConnell and Chuck Schumer.

We get what we deserve.

So, either quit voting for your fucking team, and get more involved in the process at the local level, or accept the reality that nothing will change.

Just because the system is rigged doesn’t mean you can’t achieve success of any kind.

I actually laugh at the people bitching about the Gamestop saga.

The reality is this… if you were buying Gamestop stock after January 13th, you were an absolute fool.

Why that day?  Because the stock broke out that day from a trading range dating back to mid-December where the high was just over $22.  I can understand buying the stock on a breakout above that level.

But on January 13th, when it did breakout, it traded all the way up to $38, finishing at $31.40.

Therefore, your stop loss would have to be extremely wide to accommodate the new volatility.  You’re just gambling at that point.

So, if anyone loses money after buying any time after January 14th, well, I have no sympathy for you.  You were playing a fool’s game, trying to get rich quick.

Eventually someone gets left holding the bag.

Yes, the system is rigged.  Learn to live with it, or do your best to change it.  In the meantime, quit your bitchin.