Fake Populist Elizabeth Warren Begs the SEC to Protect Wall Street from Small Investors After GameStop Stock Rush
Senator Elizabeth Warren has sent a letter to acting chair of the Securities and Exchange Commission (SEC) Allison Herren Lee to request information on their plan to prevent “market manipulation” by small investors following the surge in GameStop’s market value.
“Casino-like swings in stock prices of GameStop reflect wild levels of speculation that don’t help GameStop’s workers or customers and could lead to market instability. Today I told the SEC to explain what exactly it’s doing to prevent market manipulation,” Warren tweeted Friday morning along with screenshots of her letter.
Casino-like swings in stock prices of GameStop reflect wild levels of speculation that don’t help GameStop’s workers or customers and could lead to market instability. Today I told the SEC to explain what exactly it's doing to prevent market manipulation. https://t.co/NWaZe1jFVb pic.twitter.com/MAbjHcq47i
— Elizabeth Warren (@SenWarren) January 29, 2021
The five-page letter can be read here. In it she claims investors driving up the market value of GameStop and other stocks are “treating the stock market like a casino, giving little consideration to the companies, communities, workers, and consumers that may be affected by these risky bets.” She also called on the SEC to review recent trades, clearly define what constitutes market manipulation, and commit to identifying gaps in existing laws in order to better enforce anti-market manipulation practices.
Many left-wingers partial to Elizabeth Warren told her in the replies how bad of a take this was, especially for someone who often purports to be a populist that takes on billionaires and Wall Street.
Nooooo, you were my favorite in the primary but this is the wrong take!!! Don’t attack working class retail investors, go after the hedge funds that were over shorting Game Stop in the first place!!!
— David Evans (@sfldwe) January 29, 2021
I usually support you, but this is ridiculous. This is the people using what the market makers do against them. We're fucking with the system. This will only lead to further oppression of the people.
— Steven E.A. (@steveneathay) January 29, 2021
Absolutely the wrong take Liz.
This was the American people coming after hedge funds, who constantly manipulate the market at the expense of these buisinesses. Profiting on their downfall.
Don’t defend the rich and powerful when the poor figure out the games they play.
— BLACK LIVES MATTER (@Music1996Man) January 29, 2021
Turns out Elizabeth Warren is just as much of a populist as she is an American Indian. Be wary of those who put on a populist act when it’s convenient but side with oligarchs against the people when the chips are down. This lesson applies to both left-wing and right-wing populists alike.