epicenter of a populist revolt being waged by small “amateur” retail investors against those they perceive to be the grand manipulators of the financial markets—hedge fund managers, brokerage firms, gigantic investment houses, and their enablers in the mainstream media.
Here’s a representative sentiment posted on the “Wallstreetbets” forum a few days ago, addressed to the “enemy”: “Your continued existence is a sharp reminder that the ones in charge of so much hardship during the ‘08 crisis were not punished. And your blatant disregard for the law, made obvious months ago through your illegal naked short selling and more recently your obscene market manipulation after hours shows that you haven’t learned a single thing since ‘08.
It is easy to mock this development as nothing but the fanciful protest of a digital generation that is out to remake the global order using the virtual weapons at their disposal. John Cassidy, in a recent column for New Yorker magazine, sees this phenomenon as just another instance of financial mania—“the madness of crowds.” Nothing new here, he surmises.