Radio host Rush Limbaugh compared the surging GameStop shares and the latest frenzy on Wall Street to the political battles between the establishment and everyday Americans.
The “Rush Limbaugh Show” host told his listeners Thursday that the surge in trading volume in GameStop’s stock price that skyrocketed thanks to a group of Reddit users was “the most fascinating thing” to occur in a while, noting the similarities between today’s political landscape and the way platforms such as Robinhood and Interactive Brokers stepped in to restrict trading.
“Folks, it’s not just political now. The elites are bent out of shape that a bunch of average, ordinary users have figured out how to make themselves billionaires,” Limbaugh said on Thursday.
“I’ve been studying it all morning and the best thing I can tell you is… whatever you think is going on in politics, Washington establishment, the Deep State, what have you, it’s the same thing in finance. There are those who are allowed to make all of the money and those of you who aren’t,” he added.
“If you figure out how to make a lot of money, and if you’re like Donald Trump and you figure out how to get elected, you figure out how to beat the Deep State, they’re gonna come and they’re gonna wipe you out,” he said. “They’re gonna destroy you, and that’s what’s happening with GameStop.”
He noted that there are now consequences for the Reddit users who found a way to “game the system,” using the stock market as a “profit-making device for themselves.”
“In the process they are harming the intended winners in this financial circumstance and that would be the hedge funds out there. The hedge funds are supposed to be the ones making a lot of money. They’re not and they’re begging other hedge funds to bail them out,” Limbaugh said.
RARE bipartisan unity when financial app Robinhood for ‘everyday investors’ cuts off trades amid GameStop surge https://t.co/oxFG6Ftn9O pic.twitter.com/YNWAxpQbgs
— Conservative News (@BIZPACReview) January 28, 2021
According to Fox News:
GameStop Corp. shares have risen by more than 1,900% since the start of this year, hurting market short-sellers. Shares soared from $17.08 a few weeks ago to $347.51 at Tuesday’s close. GameStop’s stock had been struggling for six straight years before a slight surge in 2020 and its most recent explosion.
“Now they’re actually making it clear to anybody that has the ability to notice that you’re not allowed to use the stock market the way they do, you’re not allowed to profit, you’re not allowed to make the kind of money they do,” Limbaugh told listeners.
“And the perks are, the ability to guarantee your kid’s financial future. The ability to guarantee yourself a financial future, the ability to guarantee yourself a position of some power, depending on who you are in the establishment, the club of elites, whatever you want to call it, and it extends to far more than just political,” he said.
“This GameStop business now makes this something that is understandable beyond the political world and that is its value. It’s not just political anymore. It’s not just that you can’t think for yourself, on issues, and matters of politics… everything is rigged in favor of the elites and this has come along and upset that rigging,” he continued.
The radio legend called out the move to restrict shared trading, pointing out how it mirrors the way Big Tech companies have amped up efforts to silence certain political speech.
“Well now, with this GameStop story, and the revelations contained in it, the elites, the same people that were hell-bent on getting rid of Donald Trump, the same people are now trying to tell you what you can or can’t do with your money,” he said.
“You know, if everything doesn’t benefit the establishment, then it has to be censored, right? Your speech, your attitude, if it doesn’t benefit the establishment, it’s gotta be censored. It’s gotta be canceled. It’s gotta be silenced,” Limbaugh said.
The radio host noted that the whole episode can be a “teachable” moment on just how deep the deep state is, contending that the regular people trading the stocks had done nothing wrong.
“They played the same game that hedge fund managers play every day to make a lot of rich people even richer. Yet the markets are now shutting down trades,” he said.
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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