Can perception, what is said in the media, have a direct impact on policies? That is essentially the thrust of this class. How, and what, the media chooses to report puts a spotlight on can topple empires, or construct them. That in tandem with "what is the media", which are both covered in my topic for this week.
Reddit.
or Wall Street.
and Weed?
It's a weird time to be in politics.
So by now, I'm sure everyone has heard of the Reddit/Gamestop fiasco. It has been non-stop covered by practically everyone, so I won't directly focus on that. But there is a related, lesser-known news story that caught my eye. Marijuana The thrust of the issue is basically this. Some of those Reddit folks who fomented a full-on financial rebellion against hedge funds are now throwing their weight behind marijuana companies. You know how they say history doesn't repeat, but it rhymes? Throwing your money behind a cause you support is nothing new. Boycotting in America precedes the country itself.
But using the stock market to try and influence policy? Now that, I haven't seen before. This is using media to influence politics at its finest. All you have to do if you agree, to join the cause, is buy a stock. You can do it from the comfort of your home. I get the impression that this group of people who may or may not be doing this for the first time Occupy Wall Street, are onto something truly revolutionary. Or dangerous. Probably both.
Funny, I was never taught about the stock market growing up, I’m almost 40, and have recently started investing. Im starting iff a bit slow, and feeling some things out but Im really excited about learning. The stick market is literally a whole new world for me.
ReplyDeleteThis GameStop stock situation is truly a site to see. It is honestly mind blowing to see it play out. I had no idea that redditors were now looking at cannabis stocks. With how long this situation has gone on (much longer then I thought it would) it does not surprise me that more types of stocks are starting to be targeted as the next move. I know hardly anything about stocks so watching this unfold has truly been an exciting but confusing situation in our political sphere. Also, you are correct I have never seen something like this happen in order to influence policy. With how successful this movement has been so far, I do not see this method going away anytime soon unless laws are passed to stop it (lets hope that doesn't happen).
ReplyDeleteIn his present administration, Joe Biden has embraced decriminalizing cannabis possession. Current motions have insisted on pushing punitive anti-drug legislation. Multiple organizations have had their stocks increasing over the last months. This has led to the new administration as well as the potential for legislation for as long as cannabis stocks are being bought. In case of any changes made to the anti-drug laws, the companies would still be in profit. Spikes in the share prices have been recorded from the participants on the Wall Street Bets forum on Reddit. As people anticipated a fall, the contrary happened, and people who had invested in stock buys were becoming profitable. As such, the various cannabis companies in the United States have been points of attention from multiple people. With Joe Biden and his democratic allies, there is still a potential to have further spikes in prices. There is also a possibility to have the decriminalization of marijuana campaigns at the federal level in the United States for as long as Joe Biden is in the chair. Cannabis remains illegal in the United States, and as a result, countries such as Canada cannot invest in stocks in the United States. As such, any outside countries cannot benefit from the reforms of the US until declassification is made on the drug. The rally in shares has made many US companies dealing with the exchange of Cannabis stocks profitable. This has been attributed to the fact that US exchanges allow for the exchange of Cannabis stocks. As a result, whatever is said in the media directly impacts the policies and laws covering Cannabis. More trades are expected, with short-sellers continuing to borrow stocks with the intent of selling them in the future and also buy them later at lower prices. The increase in activity in stocks has, therefore, been attributed to social media.
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