What the GameStop-Robinhood-Congressional Circus Means for Wall Street

We’re going to keep this one short and sweet: The GameStop-Robinhood-Congressional hearing is a load of BS. 

Of course, as soon as we’re done covering the GameStop saga and are moving onto current issues like inflation and the pot stock crash, it’s back on the front page. And something isn’t sitting right.

On Thursday, Feb. 18, the GameStop-Robinhood-Congressional circus began as it was revealed that Keith Gill, the man behind the social media movement on the short squeeze, is a licensed securities professional. Who would have thought?

In response, the House of Representatives Financial Services Committee is questioning all the major players in the story, determined to get to the bottom of it.

So who’s ready to meet the cast of this circus?

Who’s Involved in the GameStop-Robinhood-Congressional Hearing BS

• The Committee, namely Chair Maxine Waters: Who decides who gets on this committee? None of them are qualified in the slightest and none of them know anything. Ten years ago, Waters spent 10 minutes berating the wrong guy for swindling his customers.
• Keith Gill, aka Roaring Kitty: The man under fire for this lawsuit. He was supposed to be the hero who organized a movement for the little people and turned out to be an “evil finance” guy… Neither is true.
• Gabriel Plotkin, Melvin Capital founder: Plotkin is supposedly the big, bad hedge-fund guy that WallStreetBets was coming after. He’s not a bad guy. He’s just a hedge fund guy that didn’t cover himself on tail risk and got short squeezed.
• Vlad Tenev, Robinhood CEO: If there was a bad guy in all of this, it would be this guy. During his testimony he tried to say that everything the company did and is trying to do is for the little guy… Also not true.

The main point here is the first player on our list. The ineptitude of this committee to find up from down means they aren’t getting to the bottom of anything and this whole thing is ridiculous. 

That doesn’t mean there won’t be some regulatory fallout. So what’s going to happen?

Check out the video below to see what we think of the GameStop-Robinhood-Congressional hearing and what kind of backlash we expect.

Feel free to email your trading questions to jeff@joyofthetrade.com and make sure to stay ahead of the markets and subscribe to my YouTube channel.

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