Financial Markets

The stampede into GameStop and other stocks was a political event. Like antifa assaults on government building and the mob assault on the White House, the investment strategy hatched on reddit subchannels expresses anger at the “system.” It’s not surprising that disaffected Americans organized around a buying strategy. We live in a consumption-based economy, not […]

Our country, we tell ourselves, is a place where anyone can make it if they study enough, and where the smartest rise to the top. Grow up in a sad town with only empty lots where factories used to be? Hit the books, spend your days in the library memorizing dates, equations, and working out […]

Like every banker, I remember my first bail-out fondly. Mine was January 1995 and I was working for Salomon Brothers bond trading business, and we, like all of Wall Street, had gotten ourselves out over our skis. The particular reason was Mexico, but the general reason was hype and greed. The hype surrounding the recently […]