Wall St seems a bit too comfortable with “the Redditors did it” narrative. Somewhat, but on a much smaller scale, like the '08-'09 narrative that ordinary scofflaws took out mortgages they couldn't possibly afford and that tanked the housing market and by extension banks and Wall St. It wasn't that their was no truth in over-extended housing buyers, but they were the bit players and had been played as suckers.

If you've ever been in a Las Vegas casino when somebody is on a winning streak, you know that the casino won't just let them keep winning forever. Eventually large men in tailored suits will appear and escort the lucky gambler out of the casino. The casino will simply change the rules.

I'm going to be updating this essay later, but for now check out this video to get you up to speed on what's been happening.