We have come dangerously close to the collapse of the entire system and the public seems to be completely unaware of that including Congress and the regulators.
On January 26th GME closed at $77/share, the following day it closed at $148, the following morning on January 28th the stock opened at $355 and traded up to $480.
At the same time, GME had 50M shares outstanding, and the short interest of 70M shares. In addition, there were about 1.5M calls, which would call for 150M shares.
When the longs repay their margin loans, and exercise the calls, their brokers would have been obligated by the rules as they are today to deliver to them 270M shares while only 50M shares existed.
When the shorts cannot deliver the shares, the broker representing the longs, must, by the rules of the system, go into the market and buy the shares at any price, pushing the price into the thousands.