Right now the forum is roiling not just with David-beats-Goliath strutting, but political manifestos aimed at hedge funders and the Wall Street Establishment. There are vows to take GameStop to $1,000, defeating any incoming short-sellers, or die trying. There are posts trying to get people excited to reload their GameStop positions even if only to make a political point, or simply to wreak havoc on the institutions. There are even some moving posts where users post their screenshots of a major student loan paid off by GameStop stock, which is almost poetic, in its way. Elon Musk tweeted about it, and my guess is that GameStop is going to pop Wednesday to even more absurd heights. This is going to end in misery for a lot of these kids…

The whole cycle of stories about instant-millionaire day traders reminds me of the dot-com bubble. I was just a teenager, but even at a small family-owned grocery I remember all day hearing the absurd stories about people who risked it all on the Red Hat IPO, and won big.

Even with all this money sloshing around from the Fed, and the way it is propping up Boomer retirement accounts — it really feels like a silly season just before a correction.