GameStop’s trip to the moon has run into what members of a more laconic generation would have described as a “problem,” but the “rational bubble” that was the almost inevitable result of the way that the Fed has helped suppress interest rates (meaning that investors are forced to look somewhere, anywhere for return) looks less and less rational as the weeks go by. Meme stocks! Electric vehicles! SPACs! Junk bonds! Dogecoin! And there are many more bubbles to choose from.
Sooner or later, most or of all of them are likely to burst. If that happens, the situation will be made much more treacherous by the increase in direct