Rush Limbaugh on Thursday pointed to GameStop stock as the latest example of Washington elitists coming after ordinary Americans.
Shares of GameStop, a video game retailer, have soared in recent weeks, going from $17.08 to $347.51 at Tuesday's close.
Brokerage platforms such as Robinhood and TD Ameritrade restricted trading on Wednesday and Thursday following an unexpected surge in trading volume of various stocks. Limbaugh said the move was made to protect hedge fund billionaires, per Fox News.
"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," Limbaugh said. "I’ve been studying it all morning and the best thing I can tell you is … whatever you think is going on in politics, Washington establishment, the Deep State, what have you, it's the same thing in finance."
According to Limbaugh, there are "those who are allowed to make a lot of money" and those who aren't.
"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 and they're gonna wipe you out," he said. "They're gonna destroy you, and that's what's happening with GameStop."
The radio host explained that users of the social website Reddit figured out how to "game the system." They joined together to turn the stock market in to a "profit-making device for themselves."
Unfortunately for the "ordinary" stock buyers and sellers, there were consequences.
"In the process they are harming the intended winners in this financial circumstance and that would be the hedge funds out there," he said. "The hedge funds are supposed to be the ones making a lot of money. They're not and they're begging other hedge funds to bail them out."
Limbaugh accused the elitists of not wanting average Americans to strike it rich.
"Now they're actually making it clear to anybody that 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," Limbaugh said.
"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 … everything is rigged in favor of the elites and this has come along and set that rigging."
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