Limbaugh: There Are Those Of You Who Are Allowed To Make Money And Those That Aren't, "Everything Is Rigged"
RUSH LIMBAUGH: Let me go over some things here just to set the table, give you some things that are gonna shake out today that we’re gonna be talking about. There’s a fascinating thing — it is the most fascinating thing that’s going on out there a long time. Have you heard the story? Do you know the details of what’s going with GameStop?
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 using – (interruption) I’m gonna explain it. I’m gonna take the time necessary to explain this. You’re damn right. I’ve been studying it all morning. And the best thing I can tell you is that whatever you think is going on in politics — the 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.
And 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 out and they’re gonna wipe you out; they’re gonna destroy you. That’s what’s happening with GameStop. A bunch of people on Reddit figured out how to game the system. They figured out how to turn the system into 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, and they’re not. And they’re begging other hedge funds to bail them out. So, yes, I’m going to explain this. It’s not gonna take a long time, but folks, it’s fascinating. And the reason that it is fascinating is now it’s not just politics.
Now they’re not just calling us racists, sexists, bigots, homophobes in a way to control us, in a way to shame us. Now they’re actually making it clear to anybody who 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.
The elites — now, I have attempted to explain this over the course of many busy years here on the EIB Network. The notion of being an elite, of being a member of the deep state, the Washington establishment, what is it? It’s many things. Among those many things are perks. And the perks are the ability to guarantee your kids’ 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 things. It’s like the Never Trumpers. The Never Trumpers fashion themselves as elites. The Never Trumpers, they played the dutiful losers, lost with honor. The Never Trumpers, the Republicans who hated Donald Trump ’cause he came in and screwed up their position as accepted elites. So they had to fire back at him. And they had a role to play, and for that role, they were rewarded. Banks lent them money or financiers bankrolled their stupid little magazines that nobody read and their cruises and all that, and they were guaranteed a financial foundation. And Trump came in and threatened all of that. He had to go.
But 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. You know, everything is rigged in favor of the elites, and this has come along and upset that rigging. 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.
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 and can’t do with your money. Not only what you can and can’t think, but it’s now what you can and can’t do with your money.
So yes, Mr. Snerdley, I will explain this as the program unfolds. Look. It’s more detailed. Let me give you a couple paragraphs as a stopgap until we get into it as the program unfolds. Some hedge fund managers shorted GameStop’s — now, what is GameStop? What the hell is it? GameStop is a company. This has not been widely explained because the elites don’t take the time to explain this. But let me tell you what it is. GameStop is a company that sells physical copies of video games in dying malls. I mean, they’re an out-of-fashion company. It’s another thing that ticks off the elites. This company is way behind the times. They’re selling physical copies of video games next to all the other dying stores in malls.
But right now GameStop has become the most highly traded asset in the United States. GameStop’s stock price was $4 last summer, $20 at the end 2020, is now worth close to $300. And here is a passage from an elitist publication describing it.
“Essentially, many normal-ish people have made a huge bet against gigantic [hedge funds] financial institutions and are currently winning. In practice this means we are seeing one of the -” and here is the rub of it, folks. “We are seeing one of the largest wealth transfers from the financial ruling class to the middle and middle-upper classes in recent memory.” And it’s not been authorized, you see. It’s just happening within the normal ebb and flow of the market. Some normalish people figured out how to earn a hell of a lot of money using the establishment’s own methods against them.
This is all about “short squeezing” and “short selling,” and if you don’t know what those terms are, hang on, because I will explain those as the program unfolds. But the key to this is the reason why this is a story, the reason why you’re watching — and you know what else is funny?
Snerdley had to ask me, “Are you gonna explain it?” ’cause you’ve been watching cable news, and the people in charge of explaining it don’t know what they’re talking about, right? (interruption) Because they only know the establishment view of finance. They only know the elite view, because they think of themselves as elites.
The financial people at CNN, financial people MSNBC, they’re really woefully ill-educated on this kind of stuff. So I did a test today. I tried to watch the infobabes at a couple of cable networks explain this. They don’t know what they’re talking about. They’re reading whatever somebody’s written for them on the teleprompter, and they’re using odd facial expressions to make it look like they know what they’re talking about.
But the key to this is what has happened: We are seeing one of the largest wealth transfers from the financial ruling class to the middle and upper classes in recent memory, and it’s not authorized. Sometimes the upper class authorizes a transfer of wealth with certain new policies, certain new regulations. This is totally unauthorized. This came about because of the understanding of the system and how to game it by normal people.
Right here it is in this story: “Many normal people” have made a huge bet against them, and they’re winning, and because this has been a massive transfer of wealth, it is understandably the only thing anybody’s talking about ’cause it’s unauthorized. “A group of Reddit users who grew up playing video games from GameStop,” that’s how old they are, “decided to beat Wall Street at its own game.”
They got together, banded together, and began buying GameStop stocks. That drove the price up. Other regular traders saw the price increase; they began buying, and some real momentum was created. But now the hedge fund guys who sold short are losing their shirts. The hedge fund guys, the elites had planned to sell GameStop short. That means they are counting on GameStop losing money. They only win if GameStop loses.
Well, the GameStop stock price was $4 last summer, $20 at the end of 2020, $40 two weeks ago. It was worth $100 on Monday and Tuesday, and today it’s $300. The hedge funds are taking it in the shorts. I mean, big time they are. They’re being wiped out to a certain extent, and they don’t like it. These normal people have figured out a way to do it, and they don’t like it.
So they’re asking other hedge funds to bail them out and to stop trading. Like Facebook and Google stop you from commenting, they’re asking other apps that allow this kind of trading activity to stop it. They’re using their power to prevent normal people from trading, from short selling and from taking advantage of the fact that the elites are short selling and short squeezing.
So, if you are an elite hedge fund and your position is that you are selling short on GameStop and their stock price has gone from four bucks to 300, you are losing your shirt. You’re losing your pants, you’re losing your underwear, you’re losing your scrotum. You’re losing everything out there. So there is, ladies and gentlemen, an app called Robinhood.
Robinhood bills themselves as “democratizing finance for all.” Securities by Robinhood Financial, Crypto by Robinhood Crypto. That’s the app that people are using to bring about this transfer of wealth. So the elites are leaning on Robinhood like Google and so forth leaned on other news organizations to censor conservatives, to wipe them out, to not give them a forum.
The same thing has happened. That’s what’s amazing to me about the story: The educational value it has, the informative value it has. It’s not just your political opinions and your political thoughts that are under scrutiny and are essentially being censored. No. Now it’s the way that you invest your money. Oh, yeah! And I can’t…
You know, the circumstance here is such a valuable teaching moment. So we will get into this. There’s a little bit more detail to this that I will explain as the program unfolds. Now, the other regular traders that saw these price increases, they began buying. Some real momentum was created. Now the hedge fund guys that sold short are losing their shorts and everything.
The Reddit users where all this started — the Reddit users, Robinhood — did nothing illegal. It’s important for you to… No matter what you hear on the news, they have done nothing illegal. 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.
Like I just explained to you, they’re shutting down trades in GameStop in order to protect the elites. They’re even getting blocked on social media. But when you design and use a system to benefit yourself, don’t complain when it gets used against you, and that is what’s happening here with GameStop. Folks, it’s not some obscure thing involving what young kids are doing.
The teachable moment here is how this censorship that we are experiencing from tech media, the tech oligarchs, is not confined to your political thoughts. It’s not limited to who you vote for and who your political friends and enemies are. No, no, no. It extends to money: How you earn it, how much you earn, how much you’re not permitted to earn. It’s not just politics when we’re talking about this leftist attempt at unity.