Eamon Javers is right that the r/WallStreetBets and GME battle is the latest round of the class war. Just like Trump, GME is an effect not a cause of the ongoing disruption of America's class system.

Josh Holmes spent much of Wednesday in Washington watching the populist uprising over GameStop in the stock market with fascination - and a growing sense of familiarity.

He has seen this movie before.

Holmes, president of the issue management firm Cavalry, is best known as the former chief of staff to former Senate Majority Leader Mitch McConnell, R-Ky. Holmes has spent his career among the Republican establishment, which has spent the past five years getting steamrolled by the populist force of Trumpism - a grassroots movement that stormed the ramparts of the GOP, ousted the establishment and remade the party in its image.

Almost no one in the party saw it coming. When it did, few of the establishment players understood just how vast the force was that suddenly lined up against them.

On Wednesday morning, as GameStop shares continued to surge, Holmes took to Twitter and typed out a simple message: "Wall Street, welcome to our world."

Trump didn't cause the political realignment he benefited from -- he was just willing to ride it faster and harder than anyone else. Trump was an effect. Similarly, the self-described "retards" and "smooth brains" at r/WallStreetBets didn't cause the resentment between hedge funds and retail investors. The GME squeeze is yet another manifestation of the class war.

The old coalitions were (broadly) centralization/populist Left and Democrat vs. liberty/elitist Right and Republican. If the realignment continues, the new coalitions will be liberty/populist Right and Republican vs. centralization/elitist Left and Democrat. Basically, the populists and elites are swapping sides. Of course each individual is more than a simple category, which is why so many people feel "politically homeless" right now.

The parties are also in flux because they aren't sure what combination of positions will yield a winning coalition. The Left seems to be exerting itself to enforce uniformity on its members, while the Right seems to be opening itself up to socially-liberal libertarians and populists. Who knows how this will shake out.

0 TrackBacks

Listed below are links to blogs that reference this entry: r/WallStreetBets and GME Is Another Battle in the American Class War.

TrackBack URL for this entry: http://www.mwilliams.info/mt5/tb-confess.cgi/9184

Comments

Supporters

Email blogmasterofnoneATgmailDOTcom for text link and key word rates.

Site Info

Support