GameStop Phenomenon Is Proof the Stock Market Is a Casino

“There’s no point in being a grifter if it’s the same as being a citizen.”

—Henry Gondorff

It’s taken me all day, and repeated viewings of the last scenes of Trading Places, but I think I have a handle on this whole GameStop/hedge fund story. From The New York Times:

OK, so some Internet gamesters worked things so that GameStop’s stock became worth many more quatloos than it was a while back. And this in turn caused some of the hedge-fund cowboys to lose many quatloos they had risked on the proposition that GameStop’s stock would not go to Pluto.

Right. I’ve heard that one before.

Up until Wednesday, GameStop was one of those places in the mall that just blended into the essential mall-ness of all malls, like Auntie Anne’s or Cinnabon. I woke up this morning and it was the armored vehicle busting in through the front gates of American capitalism. If we ever needed more proof that The Market is just a bookie joint with aspirations, this was it. And I still think if you unwrap a Bitcoin, there’s a chocolate coin inside.

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