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What the meme stock surge is telling us about the US economy
It was 2021. People were bored and stuck at home. Stimulus checks piled up. Interest rates were zero. And a series of unhinged rallies drove meme stocks to prices far above any plausible fundamental value. The big picture: The stance of monetary policy is radically different now, yet meme stocks are having a new moment, along with speculative crypto assets and other hallmarks of that bubbly environment three years ago. • The assets in question have minimal macroeconomic importance, but they coincide with market moves with higher stakes. • The fact that the ultra-speculative vibes are back raises questions about ... (full story)