Jagmeet Singh GameStop Wall Street

Jagmeet Singh on GameStop: Regulate Wall Street, not small traders

“Wall Street bankers and investors crippled the entire world economy because of their greed.”

In a press conference this afternoon, NDP party leader Jagmeet Singh was asked if there should be an investigation in Canada to look into the surging shares of GameStop, as well as BlackBerry (which is Canadian), which has caused a major upset on Wall Street this week.

“In general, we should always be looking at ways for us to improve regulations,” Jagmeet Singh said, in reference to the organized stock trading of companies like GameStop and the subsequent effect on Wall Street. “But for me, what this story highlights is that when Wall Street bankers and investors basically committed what a lot of people are saying is brazen fraud and greed, which fueled a massive economic disaster, there were no regulations effectively put on them afterwards. That’s really the focus, not some small traders.

“Wall Street bankers and investors crippled the entire world economy because of their greed and it’s very open that they bet on something without proper regulations — they bet on the subprime market and they were selling products that they knew were worthless and it literally resulted in a breakdown. And put aside the loss to Wall Street, it impacted real people. People lost their homes and their pensions and their life savings. That’s what the problem is. We need to make sure that they are regulated and that there are some strict regulations around people who are in a position to threaten someone’s livelihood and someone’s job, home, investments and pension. They should have strict regulations on them to not allow that to happen again.”

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