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GAMESTOP: Former trader says don't get excited, few will actually benefit - Gary on AJ+

February 03, 2021
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[Music]

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[Music]

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[Music] and<00:00:03.919> i<00:00:04.000> think

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and i think

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and i think ordinary<00:00:04.799> people<00:00:05.120> are<00:00:05.200> starting<00:00:05.440> to<00:00:05.600> see<00:00:05.839> well

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ordinary people are starting to see well

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ordinary people are starting to see well here's<00:00:07.120> an<00:00:07.279> economy<00:00:07.680> where<00:00:07.919> the<00:00:08.080> ordinary

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here's an economy where the ordinary

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here's an economy where the ordinary worker<00:00:08.800> is<00:00:08.880> losing<00:00:09.120> their<00:00:09.280> jobs

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worker is losing their jobs

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worker is losing their jobs losing<00:00:10.000> their<00:00:10.240> income<00:00:10.639> and<00:00:10.800> yet<00:00:10.960> stock<00:00:11.200> prices

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losing their income and yet stock prices

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losing their income and yet stock prices are<00:00:11.599> doubling<00:00:14.920> trebling

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are doubling trebling

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are doubling trebling [Music]

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[Music]

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[Music] i<00:00:26.000> think<00:00:26.160> in<00:00:26.320> reality<00:00:26.640> it's<00:00:26.800> more<00:00:26.960> complicated

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i think in reality it's more complicated

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i think in reality it's more complicated than<00:00:27.519> that<00:00:27.680> and<00:00:27.760> there<00:00:27.920> probably<00:00:28.240> are

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than that and there probably are

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than that and there probably are sophisticated<00:00:28.960> investors<00:00:29.359> on<00:00:29.439> both<00:00:29.679> sides

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sophisticated investors on both sides

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sophisticated investors on both sides but<00:00:30.800> people<00:00:31.039> love<00:00:31.199> that<00:00:31.439> story<00:00:31.679> because

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but people love that story because

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but people love that story because people<00:00:32.480> listen<00:00:32.800> especially<00:00:33.200> since<00:00:33.440> the<00:00:33.520> 2008

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people listen especially since the 2008

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people listen especially since the 2008 crisis<00:00:34.399> i've<00:00:34.559> seen<00:00:34.800> it<00:00:34.880> you've<00:00:34.960> seen<00:00:35.200> it

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crisis i've seen it you've seen it

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crisis i've seen it you've seen it everyone's<00:00:35.680> seen<00:00:35.840> it<00:00:36.000> the<00:00:36.160> rich

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everyone's seen it the rich

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everyone's seen it the rich stock<00:00:36.960> markets<00:00:37.280> go<00:00:37.440> up<00:00:37.520> and<00:00:37.680> up<00:00:37.760> and<00:00:37.920> up<00:00:38.000> and

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stock markets go up and up and up and

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stock markets go up and up and up and ordinary<00:00:38.480> people's<00:00:38.719> wages<00:00:39.120> just<00:00:39.360> flatline<00:00:39.920> on

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ordinary people's wages just flatline on

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ordinary people's wages just flatline on the<00:00:40.160> floor

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the floor

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the floor and<00:00:40.879> people<00:00:41.120> want<00:00:41.280> to<00:00:41.360> turn<00:00:41.760> people<00:00:42.000> want<00:00:42.079> to

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and people want to turn people want to

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and people want to turn people want to turn<00:00:42.320> the<00:00:42.840> tables

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turn the tables

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turn the tables [Music]

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[Music]

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[Music] so<00:00:58.000> what<00:00:58.160> happens<00:00:58.559> is<00:00:58.640> the<00:00:58.719> government<00:00:59.039> prints

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so what happens is the government prints

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so what happens is the government prints new<00:00:59.520> money<00:01:00.079> they<00:01:00.239> give<00:01:00.399> it<00:01:00.480> to<00:01:00.640> ordinary

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new money they give it to ordinary

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new money they give it to ordinary people<00:01:01.199> who've<00:01:01.359> lost<00:01:01.520> their<00:01:01.680> jobs<00:01:02.079> and<00:01:02.239> then

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people who've lost their jobs and then

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people who've lost their jobs and then ordinary<00:01:02.800> people<00:01:03.039> use<00:01:03.199> it<00:01:03.359> to<00:01:03.520> pay<00:01:03.680> their

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ordinary people use it to pay their

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ordinary people use it to pay their bills

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bills

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bills and<00:01:04.479> that<00:01:04.640> goes<00:01:04.879> to<00:01:05.439> and<00:01:05.680> to<00:01:05.760> pay<00:01:05.920> their<00:01:06.159> rent

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and that goes to and to pay their rent

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and that goes to and to pay their rent that<00:01:06.720> goes<00:01:06.960> to<00:01:07.040> richer<00:01:07.360> people<00:01:07.680> who<00:01:07.840> own<00:01:08.000> the

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that goes to richer people who own the

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that goes to richer people who own the assets

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assets

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assets and<00:01:08.960> then<00:01:09.280> because<00:01:09.600> richer<00:01:09.920> people<00:01:10.080> cannot

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and then because richer people cannot

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and then because richer people cannot spend<00:01:10.720> in<00:01:10.799> kobe<00:01:11.439> it<00:01:11.600> means<00:01:11.760> the<00:01:11.920> money<00:01:12.159> just

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spend in kobe it means the money just

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spend in kobe it means the money just builds<00:01:12.720> up<00:01:12.880> in<00:01:12.960> their<00:01:13.119> bank<00:01:13.360> accounts

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builds up in their bank accounts

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builds up in their bank accounts i<00:01:14.159> know<00:01:14.320> what<00:01:14.400> rich<00:01:14.640> people<00:01:14.880> do<00:01:15.280> when<00:01:15.439> they

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i know what rich people do when they

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i know what rich people do when they have<00:01:15.759> lots<00:01:16.000> of<00:01:16.080> money<00:01:16.560> they<00:01:16.720> buy<00:01:16.960> stocks<00:01:17.280> they

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have lots of money they buy stocks they

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have lots of money they buy stocks they buy<00:01:17.600> shares<00:01:17.920> they<00:01:18.000> buy<00:01:24.840> property

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[Music]

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[Music]

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i<00:01:43.520> just<00:01:43.920> want<00:01:44.079> to<00:01:44.159> tell<00:01:44.399> people<00:01:44.640> to<00:01:44.799> be<00:01:44.960> careful

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i just want to tell people to be careful

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i just want to tell people to be careful and<00:01:45.680> don't<00:01:45.920> think<00:01:46.159> that

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and don't think that

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and don't think that you're<00:01:47.119> gonna<00:01:47.439> become<00:01:47.680> a<00:01:47.759> millionaire<00:01:48.079> from

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you're gonna become a millionaire from

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you're gonna become a millionaire from an<00:01:48.320> internet<00:01:48.640> messaging<00:01:48.960> board<00:01:49.200> because<00:01:49.520> the

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an internet messaging board because the

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an internet messaging board because the truth<00:01:50.000> is

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truth is

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truth is 75<00:01:51.119> of<00:01:51.600> people<00:01:51.920> who<00:01:52.560> gamble<00:01:52.880> stops<00:01:53.119> on<00:01:53.200> the

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75 of people who gamble stops on the

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75 of people who gamble stops on the internet<00:01:53.520> lose<00:01:53.680> money

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internet lose money

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internet lose money and<00:01:55.119> you<00:01:55.280> know<00:01:56.159> those<00:01:56.399> who<00:01:56.560> don't<00:01:56.799> are<00:01:56.880> often

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and you know those who don't are often

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and you know those who don't are often professional<00:01:57.520> investors

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professional investors

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professional investors and<00:01:58.399> don't<00:01:58.799> risk<00:01:59.119> your<00:01:59.439> life<00:01:59.680> savings<00:02:00.000> or

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and don't risk your life savings or

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and don't risk your life savings or money<00:02:00.320> their<00:02:00.479> family

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money their family

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money their family needs

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needs

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needs [Music]

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[Music]

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[Music] you<00:02:05.840> know<00:02:06.000> the<00:02:06.079> truth<00:02:06.399> is<00:02:06.560> these<00:02:06.960> are<00:02:07.040> guys<00:02:07.280> who

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you know the truth is these are guys who

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you know the truth is these are guys who often<00:02:08.160> make<00:02:08.479> money<00:02:08.720> and<00:02:08.800> take<00:02:09.039> advantage<00:02:09.360> of

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often make money and take advantage of

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often make money and take advantage of the<00:02:09.599> regulations<00:02:10.000> as<00:02:10.160> they<00:02:10.319> are

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the regulations as they are

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the regulations as they are it's<00:02:12.000> a<00:02:12.080> bit<00:02:12.319> rich<00:02:12.640> of<00:02:12.800> them<00:02:13.040> to<00:02:13.200> be<00:02:13.360> calling

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it's a bit rich of them to be calling

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it's a bit rich of them to be calling for<00:02:14.720> more<00:02:20.840> regulation

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we<00:02:25.840> need<00:02:26.000> to<00:02:26.160> start<00:02:26.959> getting<00:02:27.200> the<00:02:27.360> richest

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we need to start getting the richest

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we need to start getting the richest people<00:02:28.480> to<00:02:28.720> contribute<00:02:29.200> to<00:02:29.280> our<00:02:29.440> system

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people to contribute to our system

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people to contribute to our system rather<00:02:30.400> than<00:02:30.560> simply<00:02:31.200> taking<00:02:31.440> from<00:02:31.680> it<00:02:31.840> and<00:02:32.000> if

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rather than simply taking from it and if

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rather than simply taking from it and if we<00:02:32.160> don't<00:02:32.400> do<00:02:32.560> that<00:02:32.800> if<00:02:32.879> we<00:02:33.040> keep<00:02:33.200> trying<00:02:33.360> to

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we don't do that if we keep trying to

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we don't do that if we keep trying to fix

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fix

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fix it<00:02:33.920> by<00:02:34.160> pouring<00:02:34.400> more<00:02:34.560> and<00:02:34.640> more<00:02:34.800> money<00:02:35.120> in<00:02:35.599> we

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it by pouring more and more money in we

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it by pouring more and more money in we will<00:02:36.000> get<00:02:36.160> these<00:02:36.319> sort<00:02:36.480> of<00:02:36.640> hugely<00:02:36.959> volatile

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will get these sort of hugely volatile

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will get these sort of hugely volatile stock<00:02:37.599> markets<00:02:38.000> if<00:02:38.160> we<00:02:38.319> really<00:02:38.560> want<00:02:38.720> to<00:02:38.800> make

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stock markets if we really want to make

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stock markets if we really want to make real<00:02:39.519> change<00:02:39.840> we<00:02:40.080> need<00:02:40.400> to<00:02:41.120> have<00:02:41.280> tax<00:02:41.519> reform

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real change we need to have tax reform

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real change we need to have tax reform on<00:02:41.840> the<00:02:41.920> wealthiest<00:02:42.319> people<00:02:42.560> who<00:02:42.720> often

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on the wealthiest people who often

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on the wealthiest people who often we<00:02:43.360> have<00:02:43.440> billionaires<00:02:44.080> paying<00:02:44.319> lower<00:02:44.560> rates

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we have billionaires paying lower rates

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we have billionaires paying lower rates of<00:02:44.879> tax<00:02:45.280> and<00:02:45.360> then<00:02:45.519> they're<00:02:48.840> cleaner

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of tax and then they're cleaner

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of tax and then they're cleaner you