GameStop Shares Are Collapsing, Pelosi Says "Will Be Reviewing Issue"
Raising margins, restricting access, blocking position-building, and widespread condemnation appears to have done the trick... for now.
GME is halted down 56% this morning after topping $500 briefly in the pre-market...
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So, is it over?
Speaker Pelosi spoke up as the shares crashed saying that "she understands the Biden admin is looking at Gamestop" and added that she will be "reviewing the Gamestop issue."
Somebody had to rescue the hedge funds from widespread liquidations...
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And the potential for that liquidation to expose the fallacy of the entire market's foundations.
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It is not clear why Mz Pelosi is ranting about something that should be investigated by the Justice Department, since I would wager that laws were broken someplace during this mess. Of course it could also be that somebody administered an antidote for clear thinking, and the herd simply ran away. What is becoming clear is that when there is a stampede, many will suffer.