‘It’s Making Me Sick’: Fox Business Host Crucifies Hedge Funds Complaining About GameStop Stocks
Fox Business Making Money host Charles Payne blasted Wall Street investors who are losing their minds over GameStop’s stock values, which have exploded after Redditors beat hedge funds at their own game of “shorting” the struggling retailer’s shares.
“Well, Neil, first of all, I gotta say, I recommended many of these stocks on January 11th or before. I got the report in my hand that I sent out to my subscribers,” Payne told Neil Cavuto on Tuesday evening.
Before he identified some of the companies he recommended buying into, Payne absolutely destroyed the hypocrisy of the ultra-wealthy investor class:
All of this nonsense, all of this noise, all this whining by Wall Street, it’s making me sick. One hundred forty percent of GameStop was short. I didn’t hear one person on TV complaining about Wall Street trying to crush GameStop 140 percent short. I told my subscribers, ‘buy this stock,’ and they made a fortune. I also told them to buy Virgin. We took profits on that today. Fizz [National Beverage Corporation], that’s up huge. Tangers is up huge.
Neil, you can’t allow Wall Street to short 75 percent of a stock and nobody says anything, crush these companies into the dirt, and then when the individual investor makes money, everyone’s up in arms. ‘Oh, they’re gonna lose their shirt!’ Don’t you think people are trading if they traded 80 billion shares a day? People are ringing a register. I have a kid who bought a house, he made fifty thousand dollars and bought a house.
The time has come for the everyday trader to win:
So yes, some people are going to lose it, some are going to win. But if you want to change the rules of the game now because the general public is making money after decades of the shorts crushing thousands of stocks into the dirt, I’ve watched stocks being crushed completely to zero and no one ever whispered anything, because those stocks didn’t have Wall Street sponsorship. They were small names, maybe they went public to a reverse takeover.
It is what it is:
Whatever it was, the shorts have had their way with the market for decades, no one’s ever complained about it, so I am thrilled. If you were going to try to destroy a company by shorting 140 percent of a stock, you have to accept the fact that individual investors are playing the same game that you’re playing and now you’re losing.