Archive

Tag Archives: GameStop

Jeff Goldblum Explains How Dr. Ian Malcolm Was Way Ahead of His Time in  Jurassic Park
Courtesy? None given here.

On January 27, 2021, GameStop (GME) closed out at its highest stock price at $347.51/share since the reddit community of r/WallStreetBets (WSB) sent the stock soaring, in their nomenclature, “to the moon,” a curious phenomenon that many within the mainstream press gave revolutionary significance due to the working and middle class status of some of the volatile stock’s big winners

I wrote last year that despite some of its “populist” character, the supposed gatecrashing by lay people into Wall Street was nothing more than a bubble created by Wall Street actors and carnival barking billionaires in which some previously precarious individuals made instant fortunes while many others lost their shirts. In the year since the GameStop rollercoaster, the increasing presence of words like “crypto”, “DeFi”, and “NFTs” has come to dominate the fintech space. This emergent language has filtered into the mainstream due to the opening of a portal into the long-prophesied techno utopian dream known as the metaverse. 

Read More

Ned Beatty as Arthur Jensen in Network (1976)

Wall Street in the American imagination is simultaneously held in a state of contempt and awe. It’s the site of both magic and misery.

The name “Wall Street” itself has become a shorthand to denote the capitalist class. Yet, Wall Street is only a segment of this class, known as Finance Capital. 

Finance Capital has become a growing segment within capitalism since the 1970s due to the decline in American manufacturing. Manufacturing took a dive during the 1970s in America due to the postwar recovery of European industries and the emergence of Asian competitors. Big swings in oil prices during the OPEC crisis of 1973, as well as inflationary spending from the Vietnam War, also broke the halcyon days of American prosperity, to which many politicians and their constituents today look to return rather than an anachronism. 

Read More