GameStop Frenzy Reaches Biden and Powell as Hedge Funds Squeezed
- What started as internet trader chatter is now much bigger
- ‘Everybody’s leveraged,’ leaving the broad market vulnerable
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Everything started innocently enough, way back in 2019, with people on message boards swapping ideas about a left-for-dead chain of mall stores.
Now it’s much bigger: for pundits prone to the dramatic, a David vs. Goliath parable for the age of wealth inequality. Perhaps a vestigial legacy of Trumpism and the populist backlash against “the elites.”