I have always thought that an entity's ability to short should be limited to the number of shares they hold long. Shorting is a very valid mechanism for hedging against future downside. The day they allowed this to become a technique for generating wealth was the day the market stopped being about business and started being a game for the wealthy. I am aware of the arguments that shorting helps liquidity. I eschew them. The practice of making money on someone else's misfortune should never be glorified or encouraged.

Anyone who has ever had their small cap business destroyed by shorting and forced into a nightmare spiral of toxic financing knows what I am talking about.

Maybe now is finally the time that some Congress critter will have the moral courage to try and stop this hideous practice?

For up to date info, go to Reddit WallStreetBets or WSbets.win.

As for broker: Use Fidelity. The remaining brokerages restricted trading on GME. Fidelity also has instant deposits

Another broker that didn’t restrict is Vanguard.

All future put options are not dead.

The problem with GME is that these fuckers shorted 140% of the total number of shares resulting in illegal naked shorting, and got caught by WSB Autists.

WSB Autists realized that they could perform a counter maneuver call “short squeeze” against the hedge funds, and bankrupt them.

Then what happened was WSB Autists realize that what they did was so success with such a large magnitude that they had the numbers that they could literally crash WallStreet.

Because hedgefunds have agreements with brokers who agreement with clearing house who have agreements with another financial intitution who has agreements with another financial institution and so on.

The agreement basically states that I have to cover losses that the financial institution below me cannot cover because they don’t have the assets to do so.

What this results.

If hedge funds owe WSB 100 billion, WSB will get 100 billion one way or another.

if hedge funds can’t pay the full amount, the broker will cover remaining. If broker can’t cover remaining, clearing house financial institution has to cover remaining, etc.

And to further show the economic damage.

In order to pay WSB the 100 billion owed, All these financial institutions would have to cause a simultanous sell off of thier assets in order to obtain cash, leading to an systemwide economic crash, because there would be too many sellers and not enough buyers.

And WSB realized the fact that WSB could do this from a single short squeeze pissed them off because this is the risky behavior that WallStreet does that cause economic crisis like 2008 crisis.

In 2008, 50 billion dollars worth crash in the housing market alone cascaded into all the other markets resulting in a economic collapse requiring a 700 billion dollar bailout for the financial industry.

So far, hedgefunds have lost 30-40 billion dollars.

And this fact is what is causing the media, the potiticians, and White House, etc to basically pressure the SEC to shut down trading on GME, because if WSB gets thier way, this could potentially cascade into a widespread economic crisis

WSB is pissed because it is suppose to be the SEC who stops hedgefunds from doing these shitty things that can cause economic collapse

WSB is pissed off the not a single fucker went to prison for 2008 economic crisis.

WSB is pissed off at WallStreet that they don’t care if WSB potentially cause an economic crisis as long as WallStreet goes bankrupt.

WSB is pissed off because suddenly tactics traditionally used by hedgefunds and WallStreet fuckers against retail investors like WSB are now being used against the hedgefunds by WSB yet the brokers are shutting down the ability to buy/sell in order to protect the WallStreet fuckers

They are so pissed off that they are risking thier entire life savings in order to sentence the Wall Street fuckers to death by a million papercuts