Critique of ‘Eat the Rich’ and ‘Diamond Hands’ – Missing the Depth of the GameStop Saga
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Explore The Verge’s in-depth critique of the ‘Eat the Rich’ and ‘Diamond Hands’ documentaries, highlighting their shortcomings in capturing the complexity of the GameStop phenomenon.
Introduction
The GameStop saga has been a fascinating chapter in recent financial history, encapsulating the power of retail investors and the volatile dynamics of the stock market. Amidst this backdrop, two documentaries emerged: “Eat the Rich: The GameStop Saga” on Netflix and “Diamond Hands: The Legend of WallStreetBets” on MSNBC. While both aim to dissect the events that led to the infamous short squeeze, they fall short in providing a comprehensive understanding of the underlying complexities. This critique delves into why these documentaries miss the depth of the GameStop phenomenon.
Superficial Storytelling Over Substance
Reliance on Stock Footage
Both documentaries heavily depend on stock footage to narrate the story, a choice that undermines the engaging potential of the GameStop narrative. “Diamond Hands” adopts a ’90s MTV aesthetic, giving it a nostalgic yet disjointed feel. In contrast, “Eat the Rich” suffers from a disorganized compilation of readily available clips, making it appear hastily produced and lacking in coherent storytelling.
Missed Opportunities for Creative Visualization
The essence of the GameStop movement was its online, grassroots nature, primarily driven by interactions on platforms like Reddit. However, the documentaries fail to visually capture this digital battleground, opting instead for generic imagery that doesn’t resonate with the true spirit of the events.
Inadequate Exploration of Key Figures
Limited Character Development
While “Diamond Hands” attempts to humanize the story by featuring average investors sharing their experiences, “Eat the Rich” introduces figures like Keith “Roaring Kitty” Gill and JeffAmazon but doesn’t delve deep into their motivations or impacts. This superficial treatment leaves viewers without a clear understanding of the pivotal roles these individuals played in the saga.
Overlooked Influential Players
A significant omission in both documentaries is the role of Elon Musk. His influence on retail investors through social media, predating and paralleling figures like Gill, was instrumental in rallying the masses. By neglecting Musk’s contributions, the documentaries present an incomplete picture of the forces driving the GameStop phenomenon.
Lack of Contextual Depth
Historical Backdrop
“Eat the Rich” touches upon the 2008 financial crisis as a precursor to the GameStop events, but it fails to weave this context seamlessly into the narrative. Understanding the economic hardships faced by millennials and the rise of platforms like Robinhood is crucial to grasping why retail investors rallied so fervently against hedge funds.
Simplistic Explanations of Complex Concepts
Both documentaries spend excessive time explaining Wall Street jargon and the mechanics of short selling, which can disengage viewers who are already familiar with basic financial concepts. This approach not only inflates the runtime unnecessarily but also detracts from the more intriguing aspects of the story.
Missed Analytical Insights
Underrepresentation of Social Media Dynamics
The impact of social media platforms like Reddit and their role in orchestrating the short squeeze is briefly acknowledged but not thoroughly examined. Understanding how these digital communities mobilize and the psychology behind their collective actions would have provided valuable insights.
Oversimplified Narratives
By framing the saga as a David versus Goliath battle between retail investors and hedge funds, the documentaries simplify the intricate web of financial strategies and market influences at play. This binary portrayal overlooks the nuanced reality where both sides experienced victories and losses, making the overarching narrative less credible.
Conclusion
While “Eat the Rich” and “Diamond Hands” aim to shed light on the GameStop saga, their execution leaves much to be desired. By prioritizing aesthetics over substance, neglecting key figures like Elon Musk, and failing to provide a deep contextual understanding, these documentaries fall short of capturing the true depth of the phenomenon. For those seeking a more thorough exploration of GameStop’s impact on the financial world, these films might leave you wanting more.
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