It’s hard to argue that everything going on in financial markets lately is particularly smart. The question is, how silly should we let things get?
Meme stocks like GameStop are still swinging wildly as they go in and out of fashion on Reddit. AMC recently told people buying its stock that they’re probably going to lose all their money. People are piling into cryptocurrencies based on memes and learning some hard lessons in volatility, much of which is driven by Elon Musk’s tweets. The NFT bubble might have already popped because it turns out spending hundreds of thousands of dollars on a GIF might not be the soundest investment.
Amid the chaos, there’s been quite a bit of hand-wringing among regulators, lawmakers, and finger-waggers on CNBC over what to do about it. Many investors are trading like it’s a game, and one that they are likely to lose — some knowingly, some not.
“Is there ever going to be a way to stop people from…