Saturday’s news links – Jan. 30, 2021

Latinos dying daily from Covid-19 increase 1,000% in Los Angeles county Guardian

CDC issues sweeping national mask mandate on ALL public transport including planes, ships, subways and buses that will take effect on TUESDAY Daily Mail

New Report From Rep. Katie Porter Reveals How Big Pharma Pursues ‘Killer Profits’ at the Expense of Americans’ Health Common Dreams

The U.S. Economy Excels at One Thing: Producing Massive Inequality CounterPunch

Facebook is banning leftwing users like me – and it’s going largely unnoticed Akin Olla

Welcome to Subway Where the Bread Is Cake, a Foot Is 11 Inches, and the Tuna Isn’t Tuna (Allegedly) Eater

A Georgia city is replacing a Confederate monument with a statue of civil rights hero John Lewis CNN

GameStop

Analysis: How Wall Street gains from ‘populist’ trading movement Reuters

Steep gains in shares of GameStop Corp and other stocks this week have been described as populist market revolts. But among those out ahead are some of Wall Street’s largest asset managers, which can realize gains both from their share stakes and from lending out stocks to short sellers. Other beneficiaries include market-makers and trading systems that profit from huge volumes.

GameStop Shares: 5-Count Felon JPMorgan Could Have Made Upwards of $174 Million Yesterday Wall Street on Parade

The mainstream media narrative is that a bunch of amateur traders on a Reddit message board, r/WallStreetBets, wanted to take down evil hedge funds, like Melvin Capital, that were shorting the stock of GameStop (making bets it would decline in price) so these egalitarian activists set out to pump up the stock price.

There are a lot of problems with this narrative. For starters, the trading platform that a lot of the traders at WallStreetBets uses is called Robinhood, a private company whose investors include private equity firms and – wait for it – hedge funds

Google salvaged Robinhood’s one-star rating by deleting nearly 100,000 negative reviews Verge

China

NYT’s China Syndrome FAIR

Dressing the Emperor: The Dangerous Farce of the Petite Bourgeoisie Spectre

See yesterday’s news links here


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