Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
Amateur online traders fueled by discussions on Reddit sent shares of a struggling video game retailer flying Wednesday, a moment that is underscoring the divorce between the skyrocketing values of companies and the pain in the real economy.
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Gary Gensler
Gensler Is Poised to Confront Stock Market Hit by Historic Mania The looming threat for Gensler is that the good times could end on his watch, triggering a crash that hits retail investors who’ve contributed to the boom particularly hard.
Ben Bain and Robert Schmidt | Jan 28, 2021
(Bloomberg) From the mania engulfing GameStop Corp. and penny stocks to the explosive growth of SPACs, a nervous question is starting to make the rounds within American finance: Will the next sheriff of Wall Street be able to tame these wild markets?
Gary Gensler, President Joe Biden’s pick to lead the Securities and Exchange Commission, is poised to confront a run-up in share prices with few parallels in modern history. Perhaps more worrisome, the astronomical valuations are tied to companies like GameStop that aren’t expected to turn a profit for years, or, in the case of special-purpose acquisition companies, stocks with no actual business behind them.