Eternal Septemer arrives on Wall Street?

1 February 2021 • 12:00

There are so many hot takes out there about the Game Stock (GME) drama that is currently playing out. Many of them focus on explaining what the hell is going on. Some wring their hands about what it all means. Kevin Roose has a different take in the New York Times, saying that it shouldn’t come as a surprise that gleeful online hordes are turning the market upside down.

In any reading, the most unusual thing about Wall Street’s being challenged by a rowdy band of Redditors is that it took so long to happen. This kind of populist revolt — internet-based insurgents gleefully pulling down the pants of the unsuspecting establishment — has been happening for years to many powerful institutions.

He goes on to identify that the entire event isn’t just a speculative bubble. It’s a full-bore authority crisis in the status quo. Maybe another way to look at it is that Eternal Septmeber has finally arrived at the stock market.