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Meme-Stock Mania Crashes Into Reality of Depleted Covid Savings

Posted on AllSides May 17th, 2024
From The Left

You can add meme stocks to the list of things sending mixed signals about the economy as Wall Street traders and central bankers try to assess the health of US consumers.

The job market is cooling, credit card delinquencies are rising and people have burned their excess pandemic savings as food and housing costs slam household budgets. And yet, all it takes is a cryptic tweet from a retail investing cult hero to send shares of GameStop Corp. and AMC Entertainment Holdings Inc. soaring, despite the lack of fundamental news.

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