My question is about the impact of such a "stick it to the man" approach that amateur investors on Reddit used. I understand that they took advantage of detecting firms shorting GameStop stock and drove the price way up in order to cause significant losses for Wall Street.
But I can't help but think that the investors of some of the now bankrupt firms will just go on to find other highly paid jobs, but what about the layman? Hasn't a large number of normal people's 401k, college funds and other assorted savings, just gone down the toilet?
Many people on Reddit and other media are hailing the event as a great victory for the common man, which could very well be true. But I'm hoping someone might be able to shed some light on what the ramifications are for those whose money Wall Street was managing.