The business press and many ordinary Americans have been transfixed watching the stock of GameStop soar into the stratosphere. At the time of writing, its price had leaped to well over $300, driven in part by an army of Redditors making an organized attack against Wall Street hedge funds who had bet against the company.
In the context of an extractive financial sector, this is hilariously satisfying. But it also makes the case for root-and-branch financial reform. Reckless gambling and wild speculation is not a great foundation for a prosperous and stable economy.
Here’s what is happening. As Brandon