Can Meme Stocks Shift the Economy in Favor of the Little Guy?
The financial system has been turned on its head in the past few months with the rise of what has been named “meme stocks.” But is this grassroots movement of regular everyday investors a passing trend? Or could they really transform the way our economy works going forward?
“Meme stocks,” called such because they are ordinary stocks fueled by people through social media, can spike in value based on the zeitgeist and not the fundamentals of the companies they represent, and as a result can often be highly volatile. Made famous by the popular subreddit r/wallstreetbets, this is truly a grassroots movement.
But even with the volatility that comes with these stocks, investors are not shying away from them. Many investors are doubling down, despite warnings from financial institutions, or perhaps in spite of them. But what is driving the popularity of meme stocks, and why do they continue to grow contrary to what markets dictate?
Zeus Yiamouyiannis, author of “Transforming Economy: From Corrupted Capitalism to Connected Communities,” explains:
“Well the first thing I think is the larger social phenomenon of the little guy getting screwed, and the big guy rigging the game. And it has never been any more rigged and the concentration of wealth has never been more dramatic, and so what happens is it creates this groundswell of desire to strike back at an unfair system, to strike back at these profiteers, and to win one for the little guys.”
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How is Planned Obsolescence Harmful to the Environment?
Upgrading to the latest computer or cell phone model has become a habit for us and it’s one that is actively encouraged by the companies manufacturing our devices. This practice of planned obsolescence is nothing new, but now with the components and chemicals needed for our tech gadgets, we need to start considering how planned obsolescence is harmful to the environment.
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The term planned obsolescence, or designed obsolescence, can’t be mentioned without referring to the Centennial lightbulb in Livermore, CA, which has been burning since 1901. The lightbulb was manufactured in the 1890s by the Shelby Electric Company, and hangs in the Livermore-Pleasanton Fire Department.
The light was originally a 60-watt bulb that now shines at about 4-watts, one of the secrets to its longevity. It has been featured on numerous television shows and even has its own live webcam that updates every 30 seconds.
