No Fear, Only Greed

"On the one hand, the fact that a few day traders could cause such disruption is a little scary because it’s emblematic of the excess leverage and lack of two-way risk embedded in financial markets," Morgan Stanley's Mike Wilson wrote, in his latest. He was, of course, referring to the GameStop saga. And he's right. It is "a little" scary. It's also "a lot" absurd. As I put it last week, we've come a long way in a dozen years. I’m "old" enough to remember when "systemic" meant Lehman. Now,