WEBVTT - We're Not Leaving! 0:00:00.080 --> 0:00:02.360 Be sure to catch live editions of The Ben Maller 0:00:02.400 --> 0:00:05.560 Show weekdays at two a m. Eastern eleven p m Pacific. 0:00:07.880 --> 0:00:11.319 If you thought more hours a day, minutes a week 0:00:11.480 --> 0:00:14.840 was enough, I think again. He's the last remnants of 0:00:14.880 --> 0:00:18.520 the old republic, a sole fashion of fairness. He treats 0:00:18.560 --> 0:00:21.400 crackheads in the ghetto cutter the same as the rich 0:00:21.480 --> 0:00:25.840 pill poppers in the penthouse, to clearinghouse of hot takes, 0:00:25.920 --> 0:00:30.040 break free for something special. Fifth Hour with Ben Maller 0:00:30.200 --> 0:00:37.080 starts right now in the a everywhares we kick off 0:00:37.080 --> 0:00:40.400 the weekend and have some fun here on the podcast. 0:00:40.440 --> 0:00:42.919 He spin off. You know that by now he spin off. 0:00:42.960 --> 0:00:45.840 If you're new to the podcast, welcome of the Overnight show. 0:00:45.960 --> 0:00:49.800 Four hours a night clearly not enough. On the Overnight. 0:00:49.840 --> 0:00:52.400 We do some different things on the podcast. We don't 0:00:52.400 --> 0:00:54.520 stick to sports because we don't stick to sports on 0:00:54.560 --> 0:00:57.960 the podcast. Uh and hey, we do this eight days 0:00:57.960 --> 0:01:00.880 a week. So this is our Friday podcast. Saturday got 0:01:00.960 --> 0:01:03.560 a brand new Pipe and Hot podcast. It will come 0:01:03.560 --> 0:01:07.800 your way. And then the mail bag. The staple of Sundays. 0:01:08.040 --> 0:01:10.800 You know, people think on Sundays a day of leisure, 0:01:10.920 --> 0:01:12.920 day of rest. You might go to church or something 0:01:12.959 --> 0:01:17.560 like that. But the mail bag a large part of 0:01:17.600 --> 0:01:20.759 the conscience of America. But it is the fifth hour 0:01:20.840 --> 0:01:25.880 in UH. It's a spind the wheel of podcast sidekicks 0:01:25.920 --> 0:01:29.000 here and see round and round and round and round. 0:01:29.040 --> 0:01:31.960 Oh look at it. Look who's decided to leave west 0:01:32.000 --> 0:01:34.119 of the four oh five and come in here this week? 0:01:34.480 --> 0:01:38.760 David gascon joining us here? How excited? Is that? Unbelievable? 0:01:38.800 --> 0:01:40.760 I I thought it was a fitting occasion to come 0:01:40.760 --> 0:01:43.680 back this week after what went down earlier in the week, 0:01:43.800 --> 0:01:47.000 dude to UH due to the dark alleys of Reddit 0:01:47.080 --> 0:01:51.400 and also the white collar sycophants in Wall Street. So 0:01:51.640 --> 0:01:54.080 it's well, you are referring to these So this is 0:01:54.120 --> 0:01:58.880 going to be a podcast related to Wall Street, but 0:01:59.480 --> 0:02:03.880 in s Polton terms, in Layman terms, is what it's 0:02:03.880 --> 0:02:05.960 gonna be. Yeah, it is a wild story. It does 0:02:06.040 --> 0:02:09.000 have a sports angle to it because a lot of 0:02:09.040 --> 0:02:12.720 the owners in professional sports, many of the new owners 0:02:12.840 --> 0:02:16.880 are hedge fund people, and this involves the attempt to 0:02:17.040 --> 0:02:21.480 take down some of the hedge funds. And just to 0:02:21.520 --> 0:02:23.959 give you the thumbnail version, that's kind of set this 0:02:24.040 --> 0:02:25.799 up because we are going to be joined. This is 0:02:25.840 --> 0:02:32.480 an interview podcast by a financial guru, well media guru 0:02:32.560 --> 0:02:37.280 who covers finances and all that and has inside inside 0:02:37.280 --> 0:02:40.080 informational throw but it's plugged. Being plugged in would be 0:02:40.120 --> 0:02:42.680 the way to describe it. So if you haven't been 0:02:42.720 --> 0:02:45.200 paying attention and you're completely in the dark on this 0:02:45.480 --> 0:02:51.920 on Wall Street a subreddit, Wall Street bets they started 0:02:52.040 --> 0:02:57.239 this movement investing on game Stop, which is a struggling 0:02:57.560 --> 0:03:01.480 video game retailer, and they roll the price of stock up. 0:03:02.400 --> 0:03:06.600 But that's screwed over the people that were investing in, 0:03:06.639 --> 0:03:08.320 betting it was going to go the other way. It's 0:03:08.360 --> 0:03:11.840 called shorting a stock, is what it's called. And we're 0:03:11.840 --> 0:03:13.760 gonna get into that here. And I think we should 0:03:14.160 --> 0:03:18.160 welcome in now from the Street Live with Jim Kramer. 0:03:18.760 --> 0:03:22.280 You can see her with the Jim Kramer, that crazy 0:03:22.320 --> 0:03:25.959 guy from CNBC. They do a show every morning on 0:03:26.000 --> 0:03:30.760 the Street welcoming Katherine Ross, who joins us here on 0:03:30.840 --> 0:03:36.080 the fifth hour with Ben Maller and guesscon So, Catherine, welcome. 0:03:36.120 --> 0:03:40.680 I think we should start with the term shorting a stock. 0:03:40.840 --> 0:03:45.400 What exactly does that even mean? So to break it down, 0:03:45.800 --> 0:03:48.760 short telling is basically saying that you're looking at a 0:03:48.800 --> 0:03:51.280 company stock, and you're looking at the company, you're saying, 0:03:51.400 --> 0:03:56.800 this company cannot survive. So for fun, let's let's pretend 0:03:56.800 --> 0:03:59.000 that we're trying to invest in sears and we're looking 0:03:59.040 --> 0:04:01.400 at those stock and we're saying, you know, this is 0:04:01.440 --> 0:04:04.320 just gonna they're gonna declare bankruptcy sooner or later. So 0:04:04.360 --> 0:04:09.560 I'm gonna buy x amount of fear shares for five 0:04:09.640 --> 0:04:13.920 dollars from somebody who has um who owns shares, So 0:04:13.960 --> 0:04:16.840 I'm borrowing them and then because I'm betting that it's 0:04:17.120 --> 0:04:20.039 that it's going to fail when that when that share 0:04:20.160 --> 0:04:24.400 goes down, I'm selling it. I'm giving it back to 0:04:24.480 --> 0:04:28.080 the person who owns those shares at a profit. So, 0:04:28.160 --> 0:04:32.120 for example, if I borrowed at five dollars and it 0:04:32.160 --> 0:04:36.320 went down to one dollar, then I get to pocket 0:04:36.320 --> 0:04:41.320 the four dollars. Yeah, yeah, yeah, I know, I know absolutely. 0:04:41.320 --> 0:04:44.640 So you're you're betting on failure, right, That's that's how 0:04:44.760 --> 0:04:49.000 that would work. You're betting on failure. And so this 0:04:49.000 --> 0:04:53.400 this reddit community Wall Street Beats has has gotten or 0:04:53.440 --> 0:04:57.560 bets rather, has gotten a lot of attention here and 0:04:57.760 --> 0:05:00.679 have they essentially at least for a couple of days 0:05:01.080 --> 0:05:04.320 beaten the hedge fund guys at their own at their 0:05:04.320 --> 0:05:08.840 own game. Yeah they did. Um, they were basically able 0:05:08.880 --> 0:05:11.000 to say that we believe in this company. We actually 0:05:11.040 --> 0:05:14.120 think they's a turnaround story. And for full context, this 0:05:14.320 --> 0:05:17.560 comes after one of the cheery co founders not only 0:05:17.600 --> 0:05:20.120 invested heavily in game Stop a while ago, but then 0:05:20.200 --> 0:05:22.520 ended up joining the board and said the heat plans 0:05:22.560 --> 0:05:25.920 to help turn around game Stop. So these guys are 0:05:25.920 --> 0:05:28.279 basically saying, I see this as a turnaround story. The 0:05:28.400 --> 0:05:31.920 hedge funds shorting this stock are wrong, and therefore they 0:05:31.920 --> 0:05:34.240 were able to drive it up because they came and 0:05:34.320 --> 0:05:36.719 drove and when they drove it up, then they forced 0:05:36.920 --> 0:05:40.000 the hedge funds to cover their short positions, which means 0:05:40.000 --> 0:05:43.880 that they have to spend money instead of get money. Yeah, 0:05:43.920 --> 0:05:47.200 and it wasn't just the Reddit, So it was all 0:05:47.240 --> 0:05:49.560 I saw. Elon Musk was in on there, and there's 0:05:49.600 --> 0:05:52.560 some other people, not just some people of high profile. 0:05:53.320 --> 0:05:56.279 Uh So I know Elon Musk is a pretty good 0:05:56.320 --> 0:05:59.520 imprint on social media and all that, So that played 0:05:59.520 --> 0:06:02.320 in He's hasn't he had an issue over the years 0:06:02.320 --> 0:06:05.760 here Catherine with the hedge fund community in general, right 0:06:05.839 --> 0:06:08.240 with Tesla and all that. I remember reading something about 0:06:08.240 --> 0:06:10.719 that a while ago there, So this is a bit personal, 0:06:10.720 --> 0:06:15.240 I would think, yes, perhaps, Yeah, I think what you're 0:06:15.400 --> 0:06:17.719 referring to is maybe a couple of years ago when 0:06:17.720 --> 0:06:19.920 he tweeted out that he wanted to take Tesla private 0:06:19.960 --> 0:06:23.440 at four twenties share. Is that what you're referring to? Yeah, 0:06:23.480 --> 0:06:27.000 And then there was that uproar and then so but 0:06:27.839 --> 0:06:30.880 that aside, though, you know, how what if you were 0:06:30.920 --> 0:06:34.240 to break up the percentage pie Katherine, like, how much 0:06:34.279 --> 0:06:37.360 of what happened the last week on Wall Street was 0:06:37.400 --> 0:06:41.280 the subreddit and how much of it was influenced by 0:06:41.839 --> 0:06:45.279 Elon Musk and a few other people of prominence that were, 0:06:45.920 --> 0:06:50.560 I guess adding fuel to the fire. I'm not even 0:06:50.600 --> 0:06:53.159 a lot of the credit to Wall Street bets Um, 0:06:53.880 --> 0:06:58.520 and I think that when Elon Musk, Canton Winklevoss, and 0:06:58.839 --> 0:07:03.080 Champa Uh joined the prey, they kind of added to it. 0:07:03.120 --> 0:07:06.200 And we definitely saw stock the stock spikes on all 0:07:06.240 --> 0:07:09.159 three occasions. But I definitely think that this really started 0:07:09.160 --> 0:07:12.240 with WSB and their drive to say that a lot 0:07:12.320 --> 0:07:14.240 of them really believe that that there's a turnaround story. 0:07:14.240 --> 0:07:18.600 It wasn't just it became overheated really quickly. But the 0:07:18.640 --> 0:07:22.239 core of it really was that they believe in the stock. Yeah, 0:07:22.320 --> 0:07:24.760 and and reading some of the stories that have come out, 0:07:24.880 --> 0:07:28.840 and you deal in this world all the time, but uh, 0:07:28.960 --> 0:07:31.160 the people say this, this is a revolution, this is 0:07:31.160 --> 0:07:33.480 a revel we've seen this week is not just kind 0:07:33.520 --> 0:07:37.640 of a one off situation against the people on Wall Street. 0:07:38.200 --> 0:07:40.240 Does it rise to that level or is this a 0:07:40.280 --> 0:07:42.840 story that's just a couple of days and then things 0:07:42.840 --> 0:07:45.400 will start to get back to normal, you know, next week. 0:07:47.160 --> 0:07:48.600 So I've been in contact with a lot of the 0:07:48.640 --> 0:07:51.680 community over on WSB and they have assured me that 0:07:51.760 --> 0:07:54.000 this is as you just said, this is a movement 0:07:54.000 --> 0:07:56.640 for them. This is more than just making some money 0:07:56.640 --> 0:08:00.160 off of the trade. And especially now on Thursday we 0:08:00.200 --> 0:08:04.080 saw a bunch of brokerages m restrict buying of these stocks. 0:08:04.640 --> 0:08:06.880 That that message has kind of been reaffirmed that they 0:08:06.880 --> 0:08:11.080 want to really, in their words, take it to Wall Street. 0:08:11.160 --> 0:08:14.880 They think that Wall Street doesn't in their in their eyes, 0:08:14.920 --> 0:08:17.440 that they that Wall Street doesn't seem to care about 0:08:17.480 --> 0:08:20.240 the retail invector. Whether that's right or wrong, that's up 0:08:20.320 --> 0:08:23.680 for debate, but that is their view. Yeah, and you 0:08:23.760 --> 0:08:27.280 brought up the I'm on I'm on robin Hood. Uh, 0:08:27.400 --> 0:08:29.040 you know, I play around there a little bit. But 0:08:29.720 --> 0:08:31.720 for them to take and I guess some of the 0:08:31.720 --> 0:08:36.439 other day trading apps took uh the stocks that they 0:08:36.440 --> 0:08:39.760 were betting on on the on the subreddit, they took 0:08:39.800 --> 0:08:42.319 them off. So how much damage do you think that's 0:08:42.360 --> 0:08:45.280 gonna do it to robin Hood, which is thriving right now, 0:08:46.040 --> 0:08:48.320 that when things get a little crazy, they's gonna not 0:08:48.400 --> 0:08:52.160 allow you to purchase the stock. I would think that's 0:08:52.200 --> 0:08:55.760 that's gonna do some damage to their business model. How 0:08:55.800 --> 0:08:58.839 do you think that plays out? Oh, it's gonna It's 0:08:58.880 --> 0:09:01.280 definitely gonna do damage. I mean, I've been assured by 0:09:01.360 --> 0:09:04.320 many that they're leaving robin Hood as soon as they can. Um. 0:09:04.440 --> 0:09:06.839 The other interesting thing actually is that robin Hood plans 0:09:06.880 --> 0:09:10.320 to go public, and so this is I'm sure that 0:09:10.400 --> 0:09:12.760 right now they're very happy they're a private company, but 0:09:12.880 --> 0:09:18.000 going forward, this has really hurt consumer trust in robin Hood, 0:09:18.040 --> 0:09:20.240 and therefore I could see them having some trouble with 0:09:20.320 --> 0:09:23.960 the I p O. Catherine. When you when you look 0:09:24.000 --> 0:09:26.040 at this, and I know you you're talking about the 0:09:26.080 --> 0:09:28.800 community with Wall Street bets and you've been in contact 0:09:28.800 --> 0:09:31.480 with those people throughout the week. What about on the 0:09:31.520 --> 0:09:35.560 opposing side. I mean, don't some of these people, the 0:09:35.640 --> 0:09:38.839 people that are up and above us, like, don't they 0:09:38.960 --> 0:09:42.080 understand the gravity of this situation given the fact that 0:09:42.600 --> 0:09:45.680 one we're in a pandemic and two there's all kinds 0:09:45.679 --> 0:09:48.040 of people in this country that are at home and 0:09:48.080 --> 0:09:50.040 have nothing else to do, and then just got six 0:09:50.400 --> 0:09:54.520 dollars from the government. I think that's definitely part of it. 0:09:54.640 --> 0:09:58.920 I think that they're Wall Street that's really struggled at 0:09:58.960 --> 0:10:01.880 the beginning to makes this known as being seen as 0:10:01.880 --> 0:10:04.400 a serious thing. And then when it when they were 0:10:04.440 --> 0:10:07.680 able to drive the stock price up so much, suddenly 0:10:07.760 --> 0:10:09.760 there was like a panic and there is a lot 0:10:09.760 --> 0:10:14.760 of worry on Wall Street of the traditional power structure 0:10:14.840 --> 0:10:17.520 being upset. And I think that that's kind of why 0:10:17.559 --> 0:10:23.800 you're seeing what could be construed as a class back right. 0:10:23.840 --> 0:10:26.360 And I was gonna say with regards to that too, 0:10:26.400 --> 0:10:28.679 because now you're trying to pick up the pieces of 0:10:28.720 --> 0:10:31.680 where this shutdown was coming from. Who called it? Is 0:10:31.679 --> 0:10:34.559 it Robin Hood or is it someone else? But on 0:10:34.600 --> 0:10:38.520 Thursday there were reports that Treasury Secretary Jett Yelling had 0:10:38.520 --> 0:10:42.520 received over eight hundred thousand dollars in speaking fees, and 0:10:42.559 --> 0:10:44.640 that came from Citadel, which is a hedge fund company 0:10:44.840 --> 0:10:49.600 founded by Ken Griffin. So like that influence is there 0:10:50.520 --> 0:10:53.160 from somebody deep down? Like where does this come from? 0:10:53.200 --> 0:10:55.719 Because we've seen the class action lawsuits on Thursday? Like, 0:10:55.760 --> 0:10:57.680 how does this? How does this play out? How do 0:10:57.720 --> 0:11:02.000 you see it? I think that there's going to be 0:11:02.080 --> 0:11:05.640 a lot of back and forth and pointing fingers. I 0:11:05.679 --> 0:11:08.559 saw an interview with Andrew rost or Kin of CNBCS 0:11:08.559 --> 0:11:11.679 who basically said that this he worries that when this, 0:11:12.000 --> 0:11:13.920 when the dust settles here, we're going to see everyone 0:11:13.960 --> 0:11:16.240 pointing fingers at one another. And I believe that to 0:11:16.240 --> 0:11:18.760 be the case. I think that no one trust each 0:11:18.760 --> 0:11:23.120 other right now, and it's very divided. What I think 0:11:23.200 --> 0:11:25.520 will happen now because of the action that we've seen 0:11:25.559 --> 0:11:27.880 on Thursday, is that we're going to see more regulation 0:11:27.960 --> 0:11:31.600 of these online brokerages, because the question now is being 0:11:31.679 --> 0:11:34.760 raised by both Democrats and Republicans. Is it okay for 0:11:34.800 --> 0:11:37.440 them to be able to restrict buying of stocks? You 0:11:37.480 --> 0:11:41.160 know that? Is that fair to the to a free market? Yeah? 0:11:41.200 --> 0:11:43.920 I mean because we've gone through, We've gone through days, 0:11:44.080 --> 0:11:46.880 weeks and months now about what you can and what 0:11:47.000 --> 0:11:49.240 you can't tweet, what you can you can't post on 0:11:49.280 --> 0:11:52.520 social media, whether it's YouTube, Facebook, whatever it is. And now, 0:11:52.559 --> 0:11:55.439 if you're gonna have these restrictions on how you can trade, 0:11:55.440 --> 0:12:00.400 whether it's shorting or buying these options, what's next? Yeah, 0:12:00.440 --> 0:12:04.040 I mean that's the ultimate question, is it there? The 0:12:04.040 --> 0:12:07.800 The argument for the online brokerages does make sense, and 0:12:07.880 --> 0:12:09.680 it's when you just look at it and it's black 0:12:09.720 --> 0:12:12.800 and white. These brokerages are trying to protect themselves. They're 0:12:12.800 --> 0:12:15.080 worried that and they're trying to protect the consumer. They 0:12:15.480 --> 0:12:17.800 seeing this volatility, and they're worried that people who are 0:12:17.800 --> 0:12:22.080 not they they're all well enough known around won't they 0:12:22.120 --> 0:12:25.120 don't know enough that they could really hurt themselves if 0:12:25.160 --> 0:12:28.360 they continue to trade such volatile stocks. That makes sense. 0:12:28.400 --> 0:12:31.160 They also don't want to get sued. That also makes sense. 0:12:31.559 --> 0:12:34.400 The issue then is do you have a right to 0:12:34.520 --> 0:12:38.000 tell someone that they can't trade that stock or do 0:12:38.040 --> 0:12:41.280 you try to educate them better? You know, instead of allowing, 0:12:41.760 --> 0:12:44.840 for example, Margin calls it out of highood alatail stock, 0:12:44.920 --> 0:12:48.000 do you force them do you somehow educate them before 0:12:48.040 --> 0:12:50.720 they make these decisions. And I would be the question, 0:12:50.800 --> 0:12:52.400 and I have a tough time with that because the 0:12:52.440 --> 0:12:54.920 instant pushback for me, and you heard it throughout the week, 0:12:55.040 --> 0:12:58.240 is that you have people they're treating the stock market 0:12:58.360 --> 0:13:01.240 like a casino. Well, when you go into a casino, 0:13:01.360 --> 0:13:03.360 you have no parachute. I mean, you go in there, 0:13:03.360 --> 0:13:05.960 there's there's some disclosures, there's some things that you warn 0:13:06.040 --> 0:13:09.560 you about for you know, gambling for gamblers, anonymous and whatnot, 0:13:09.559 --> 0:13:12.200 if you have a gambling problem. But once you go in, 0:13:12.360 --> 0:13:14.520 you lay down the money. It's it's there, it's there 0:13:14.559 --> 0:13:18.560 for the taking. So like I don't I don't fully 0:13:18.640 --> 0:13:21.680 comprehend that nature of saying, well, we need to regulate, 0:13:21.720 --> 0:13:24.240 we need to inform and educate. I mean, that's that's 0:13:24.280 --> 0:13:26.160 part of who you are. It's part of who we 0:13:26.240 --> 0:13:29.360 are as as adults. We have free random use our 0:13:29.600 --> 0:13:33.680 money as we choose. No, I mean I would personally, 0:13:33.679 --> 0:13:36.000 as a journalist agree with you. I would say that 0:13:37.160 --> 0:13:39.640 there should be tools in place that if you, for example, 0:13:39.640 --> 0:13:43.120 if you're going to allow people to um buy margins, 0:13:43.480 --> 0:13:46.720 then what you should be doing is for some take 0:13:46.880 --> 0:13:49.880 an education course or something of the sword before you 0:13:49.920 --> 0:13:52.400 really allow them to dive deep into the technical part 0:13:52.440 --> 0:13:54.440 of that. But if they're looking to buy a stock, 0:13:55.160 --> 0:13:57.280 what what better way to get people into the market. 0:13:57.320 --> 0:14:00.000 And I think that this overall based on the conversation 0:14:00.000 --> 0:14:02.520 as I've had with the younger investors who have recently 0:14:02.600 --> 0:14:05.960 gotten in via Robin Hood, Um, they really feel like 0:14:05.960 --> 0:14:09.800 there's no trust anymore. Yeah, it is interesting. I mean, 0:14:09.800 --> 0:14:13.680 you brought the average investor the person used like Robin 0:14:13.679 --> 0:14:16.800 Hood and things like that. But back a few years ago, 0:14:16.840 --> 0:14:19.400 I remember when these things, these apps came around and 0:14:19.800 --> 0:14:22.080 they were like talking about how excited everyone was on 0:14:22.160 --> 0:14:25.560 Wall Street because they were gonna draw in the average investor, 0:14:26.000 --> 0:14:28.440 I guess, to get their money. But is this a 0:14:28.560 --> 0:14:33.880 cautionary tale? This this subreddit where the savvy veterans got 0:14:33.920 --> 0:14:36.720 played here at their You know, they thought they were 0:14:36.720 --> 0:14:38.640 going to get all this extra money, and maybe they 0:14:38.640 --> 0:14:41.200 still will in the end, but you know, right now, 0:14:41.320 --> 0:14:45.120 they're not looking so good right now, I think so. 0:14:45.200 --> 0:14:47.600 I think that this is definitely kind of a wake 0:14:47.680 --> 0:14:50.440 up call that there are retail investors who are really 0:14:50.480 --> 0:14:54.400 interested in the market, and they're not only interested in 0:14:54.400 --> 0:14:57.720 investing in companies that they believe in. They also feel 0:14:58.280 --> 0:15:02.520 that they need to for right or for better or worse, 0:15:02.800 --> 0:15:04.800 they feel like they need to target these hedge funds 0:15:04.840 --> 0:15:08.280 who are heavily shorting these companies. How long have you 0:15:08.320 --> 0:15:10.960 been in the game, Katherine? Has it been been a while? 0:15:11.280 --> 0:15:14.200 It's been about three years. I got to imagine this 0:15:15.320 --> 0:15:17.120 time and everything going on in the world, but with 0:15:17.200 --> 0:15:19.880 the president and President Trump and twenty six and now 0:15:20.000 --> 0:15:22.520 this this has got to be discovered some of the 0:15:22.520 --> 0:15:27.200 stuff that that journalists like yourself dream about, right, I 0:15:27.240 --> 0:15:30.840 completely agree there. I mean, yes, it's it's been quite 0:15:31.200 --> 0:15:34.640 a ride. I'm really proud to be a journalist in 0:15:34.680 --> 0:15:37.960 this moment of history. I know that you know, mainstream 0:15:38.000 --> 0:15:42.520 media gets a lot of um negative attention, But I 0:15:42.560 --> 0:15:45.800 think that what I try to bring and as a 0:15:45.880 --> 0:15:48.000 journalist is just to try to get everyone a voice. 0:15:48.200 --> 0:15:51.000 And I think that's being able to quick cover stories 0:15:51.120 --> 0:15:53.680 that we've been covering in the past couple of years. 0:15:53.680 --> 0:15:55.720 As you said, the President Trump now President by now 0:15:56.040 --> 0:15:58.320 Will Street bets. I really hope that I can bring 0:15:58.320 --> 0:16:01.560 a voice to everyone. So being in the industry, now, 0:16:01.600 --> 0:16:03.840 what's it like because you work you work with Jim 0:16:03.880 --> 0:16:07.120 Kramer on the regular. Right. Yeah, we host the daily 0:16:07.160 --> 0:16:09.160 show UM the Street LIVEE with Jim Cramer and Kathin 0:16:09.240 --> 0:16:11.400 Ross at time three am every day. So what's it 0:16:11.440 --> 0:16:16.960 like working for Jim. Jim is awesome. He is very 0:16:17.440 --> 0:16:19.560 I didn't know what to expect when I first started 0:16:19.560 --> 0:16:23.320 working at the Street UM and he had one day 0:16:23.400 --> 0:16:24.840 just come up to me and I was just a 0:16:24.840 --> 0:16:26.480 breaking news reporter at the time, and he said, I 0:16:26.480 --> 0:16:28.720 walked you on camera and I was like, Okay, I 0:16:28.760 --> 0:16:30.760 think that you've got the wrong person, but he was like, no, 0:16:30.920 --> 0:16:33.600 you're really talented. And so we started doing videos together 0:16:34.160 --> 0:16:38.560 and he is exactly how he is on camera. Very excitable, UM, 0:16:38.640 --> 0:16:43.480 incredibly smart, great to work with and he just genuinely cares. 0:16:43.520 --> 0:16:45.400 Like We'll be walking down the street in the normal 0:16:45.440 --> 0:16:48.080 times and we're together and fans will come up and 0:16:48.080 --> 0:16:50.360 he will stop and take selfies with every single one 0:16:50.400 --> 0:16:54.080 of them. He is that like the guy interesting. Hey. 0:16:54.120 --> 0:16:57.440 As far as back to the story with game Stop 0:16:57.440 --> 0:17:00.800 and all this, like we've seen, I think it was 0:17:00.880 --> 0:17:04.680 a the subredd it's as we're doing this in real time, 0:17:04.760 --> 0:17:07.800 is still up. But uh, there are some other things 0:17:07.800 --> 0:17:11.560 that have been taken down on the Internet related to this, So, uh, 0:17:11.880 --> 0:17:14.240 how long does this subred at last? Are they Are 0:17:14.240 --> 0:17:16.320 they going to be shut down or the people from 0:17:16.320 --> 0:17:19.760 Wall street and what's your your guestimate on how how 0:17:19.840 --> 0:17:22.720 much life this subreddit has because we do live in 0:17:22.760 --> 0:17:24.879 the age of cancel culture, So are they going to 0:17:24.960 --> 0:17:30.320 be canceled wall Street Bets That's a great question. I 0:17:30.359 --> 0:17:35.000 actually think that even if, as we saw Wednesday night, 0:17:35.040 --> 0:17:37.119 even if people try to shut them down, they're going 0:17:37.160 --> 0:17:41.680 to come back. So immediately after um they were kicked 0:17:41.680 --> 0:17:44.159 off Wall Street Bets was kicked off of Discord, I 0:17:44.200 --> 0:17:47.840 believe I started getting d ms on Twitter from Wall 0:17:47.840 --> 0:17:51.800 Street bets um members who were sending me their Discord 0:17:51.880 --> 0:17:54.320 links and saying like, we're now on this channel. So 0:17:54.640 --> 0:17:56.840 I think that they're really focused on coming back. They're 0:17:56.920 --> 0:18:01.520 very united um and more more than just you know, 0:18:01.760 --> 0:18:05.600 trying to put together a short squeeze on game stop. 0:18:06.240 --> 0:18:08.480 The one thing that people don't really see about Wall 0:18:08.480 --> 0:18:10.600 Street Facts is that it's actually like an investing community 0:18:10.600 --> 0:18:12.840 where they really build each other up. I've ben't said 0:18:12.920 --> 0:18:15.640 so many posts about like people learning how to invest 0:18:15.760 --> 0:18:18.280 and other members will walk them through it, or they'll 0:18:18.320 --> 0:18:20.720 say you know, like I just made X amount of 0:18:20.720 --> 0:18:22.600 money on this investment and now I can pay off 0:18:22.600 --> 0:18:26.000 my parents mortgage. Like it's it's actually a really really 0:18:26.119 --> 0:18:29.280 nice community when you just get past kind of like 0:18:29.320 --> 0:18:32.320 the craft words that they tend to use. Yeah, And 0:18:32.880 --> 0:18:35.800 I was also I was reading a story somewhere about 0:18:35.840 --> 0:18:39.480 the reason they targeted game Stop and a couple of 0:18:39.520 --> 0:18:42.600 these other companies is because was it the hedge fund? Actually, 0:18:42.720 --> 0:18:44.760 most of these hedge funds, from what I was reading, 0:18:44.840 --> 0:18:48.920 do not announce their intentions, meaning that you know, there 0:18:48.920 --> 0:18:51.760 are ways to avoid getting the information out on who 0:18:51.800 --> 0:18:56.199 you're in, which stocks you're shorting. And for some reason, 0:18:56.280 --> 0:18:59.560 I guess because of transparity, which is transparity which is good, 0:18:59.680 --> 0:19:02.960 they actually let it out that they were shorting this 0:19:03.119 --> 0:19:06.520 stock and that's why the game Stop was target Is 0:19:06.520 --> 0:19:08.960 that Is that? Am I reading that right? Is that? 0:19:09.080 --> 0:19:11.600 Does that mean it's going to continue the one the 0:19:11.600 --> 0:19:14.840 way it's been going here or just have a little 0:19:14.840 --> 0:19:19.520 bit dip your toe in the water, but don't jump in. Okay, Okay, 0:19:19.800 --> 0:19:21.560 I think that bitcoin is here to say so I 0:19:21.600 --> 0:19:24.760 think that what's going to happen is that we periodically 0:19:24.840 --> 0:19:28.280 see these dips in it and I think right now 0:19:28.640 --> 0:19:31.400 a lot of the momentum that it had for going 0:19:31.720 --> 0:19:35.919 down actually was kind of put off by this all 0:19:36.040 --> 0:19:40.639 this game stock as games top sorry, game stop news. Um. 0:19:40.840 --> 0:19:44.240 So I I could see the argument that it's not 0:19:44.280 --> 0:19:46.840 only here to say, but it will come back to 0:19:47.359 --> 0:19:49.840 maybe close to the levels that it's that. I think 0:19:49.880 --> 0:19:52.240 the selloff that we saw, what was that like a 0:19:52.280 --> 0:19:55.080 month ago? I'm beginning to lose track of time here. Um, 0:19:55.119 --> 0:19:57.000 I believe it off that we saw like a month 0:19:57.000 --> 0:19:59.159 ago or so was you just for the fact that 0:19:59.160 --> 0:20:01.600 it was hitting all time his and and it's normal 0:20:01.600 --> 0:20:03.560 for investors to take profit, you have to think about 0:20:03.560 --> 0:20:06.760 a little bit like a sock. Yeah. As far as 0:20:06.800 --> 0:20:10.840 what's what's next, we'll we'll try to become the great 0:20:11.040 --> 0:20:15.119 Nostrodamis and predict what's gonna happen. So my gut tells 0:20:15.200 --> 0:20:18.520 me that we're going to see Congress get involved, like 0:20:18.520 --> 0:20:24.960 they'll be hearings on Capitol Hill over what has happened. Uh, Ultimately, 0:20:25.000 --> 0:20:26.919 what do you think is gonna you know, I know 0:20:27.000 --> 0:20:28.760 you you touched on it earlier, But what do you 0:20:28.760 --> 0:20:33.040 think comes out of this? I would imagine more regulations 0:20:33.080 --> 0:20:37.080 and more more red tape. But how far does this 0:20:37.119 --> 0:20:39.720 thing go? You definitely see more regulations or red tape, 0:20:39.720 --> 0:20:42.639 as you just mentioned. I think that there's gonna be 0:20:42.680 --> 0:20:44.800 a lot of questions brought up. I mean what you 0:20:44.880 --> 0:20:49.280 mentioned at the beginning of us talking with with the 0:20:49.400 --> 0:20:53.159 questions around canter silence people? You know that that is 0:20:53.200 --> 0:20:57.200 to a certain extent applicable in this sense of can 0:20:57.280 --> 0:21:01.280 investors have their investments, how are taken away from them 0:21:01.280 --> 0:21:05.439 at a certain regard um. So there's gonna be a 0:21:05.440 --> 0:21:07.199 lot of back and forth. But I think that this 0:21:07.280 --> 0:21:09.320 might be the one time that we really see Democrats 0:21:09.440 --> 0:21:12.520 and Republicans united, at least that we've seen so far 0:21:12.600 --> 0:21:16.080 this year, and that there needs to be more regulation 0:21:16.119 --> 0:21:20.840 on a very heavily regulated space, just because online broker 0:21:20.880 --> 0:21:23.800 does have opened up so many doors, especially now that 0:21:23.840 --> 0:21:27.159 there's commission free. When that kind of came into play 0:21:27.520 --> 0:21:31.359 two a year ago, two years ago, there there were 0:21:31.400 --> 0:21:33.479 a whole there was a lot of speculation that this 0:21:33.560 --> 0:21:35.560 is going to change the way that we invest forever, 0:21:36.080 --> 0:21:39.359 but there wasn't necessarily a task to show how. And 0:21:39.400 --> 0:21:42.639 I think that this incident shows that this will change 0:21:42.960 --> 0:21:46.000 the way that retail investors are approaching the market. So Katherine, 0:21:46.040 --> 0:21:48.760 this is we've always heard of insider trading and that's 0:21:48.880 --> 0:21:50.800 your taboo and you get in trouble for that. But 0:21:50.840 --> 0:21:53.439