Following the last several sessions of massive short squeezes in numerous stocks, including Gamestop, AMC Entertainment Holdings, BlackBerry Limited, among others, White House Press Secretary Jen Psaki addressed these issues with reporters on Wednesday afternoon, saying that the Biden administration, including Treasury Secretary Janet Yellen, are "monitoring" the situation in the stock market (which, needless to say, is a bit odd - the president rarely monitors the market when a cabal of hedge funds manages to ramp a stock 100%, 200%, or more, yet when retail investors do it... time for alarm).
Psaki reminded everyone that "the stock market isn't the only measure of the health of our economy."
White House @PressSec Jen Psaki says the Biden team is "monitoring" the surge of GameStop shares.— Bloomberg Quicktake (@Quicktake) January 27, 2021
"The stock market isn’t the only measure of the health of our economy," she said at a press briefing pic.twitter.com/AU7KiRU90B
This begs the question why is the government monitoring markets when retail traders are making hand over fist buying most shorted stocks, while hedge funds are getting crushed by their short positions?
And a better question: does the Biden admin realize that it was Yellen's policies for half a decade that enabled this market idiocy?
Below we present some of the best responses to this latest example of how the Biden nanny state will soon crash the last trace of capitalism:
Which is fine.— Donut Shorts (@DonutShorts) January 27, 2021
The real question everyone has is how is Pelosi playing this trade? https://t.co/RagZ5AYMlh
WHITE HOUSE SAYS MONITORING SITUATION INVOLVING GAMESTOP, OTHER COMPANIES— Quoth the Raven (@QTRResearch) January 27, 2021
Make sure to give 10% of all $GME gains to "The Big Guy"
To the folks who had "Janet Yellen is monitoring GameStop" on their 2021 Bingo card, my heartiest congratulations.— Peter Atwater (@Peter_Atwater) January 27, 2021
OMG I can't compete with this. https://t.co/FQ0kVBmCaQ— Rudy Havenstein, Gamestop is my Co-Pilot. (@RudyHavenstein) January 27, 2021
crazy stock market was men’s fault https://t.co/1YBUmeBY0B— GreekFire23 (@GreekFire23) January 27, 2021
Does anyone in this administration understand that it was Yellen's policies for the better part of a decade that enabled this shit https://t.co/iKZPiUVc0g— Quoth the Raven (@QTRResearch) January 27, 2021
Psaki just said the stock market doesn’t help middle and lower class families. Say that to the millennial with no job paying for $4,000 dog surgeries with GME stock— GreekFire23 (@GreekFire23) January 27, 2021