Speculative manias have a long history, and I look forward to the economist who tries to interpret the most recent retail investing boom in light of Hyman Minsky’s hypothesis that market-based financial systems are often unstable and prone to crisis.
“I hate that I’m stuck in this position, but in the future, one day, I’m going to be really happy, and I wanna manifest that.” And to that end, on February 5th, 2021, Contessoto takes everything out of his bank account, sells all his stocks, maxes out two credit cards, and throws it all into Dogecoin.
At one point, heartbreakingly, he describes all the jobs he’s been fired from because he doesn’t have a social security number; in a scene with his mother, he displays a childhood photo where he is playing soccer barefoot.
His vision board in his house is about success: “entrepreneur,” “true innovators believe they can change the world,” “money,” and “go take a leap” are among the text peppering it, along with a photo of a Tesla Cybertruck.
Occasionally, though, McKenzie’s fame leads him on wild goose chases — a shaggy dog story about martinis with some self-proclaimed CIA guys makes me think he got conned by some fans.
These portraits of internet randos committing acts of journalism on the fly — in newsletters, on Twitter, and on podcasts — are lively and enjoyable; you get the sense that the camaraderie McKenzie feels from these people is what really got him through the pandemic.
The original article contains 2,739 words, the summary contains 246 words. Saved 91%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Speculative manias have a long history, and I look forward to the economist who tries to interpret the most recent retail investing boom in light of Hyman Minsky’s hypothesis that market-based financial systems are often unstable and prone to crisis.
“I hate that I’m stuck in this position, but in the future, one day, I’m going to be really happy, and I wanna manifest that.” And to that end, on February 5th, 2021, Contessoto takes everything out of his bank account, sells all his stocks, maxes out two credit cards, and throws it all into Dogecoin.
At one point, heartbreakingly, he describes all the jobs he’s been fired from because he doesn’t have a social security number; in a scene with his mother, he displays a childhood photo where he is playing soccer barefoot.
His vision board in his house is about success: “entrepreneur,” “true innovators believe they can change the world,” “money,” and “go take a leap” are among the text peppering it, along with a photo of a Tesla Cybertruck.
Occasionally, though, McKenzie’s fame leads him on wild goose chases — a shaggy dog story about martinis with some self-proclaimed CIA guys makes me think he got conned by some fans.
These portraits of internet randos committing acts of journalism on the fly — in newsletters, on Twitter, and on podcasts — are lively and enjoyable; you get the sense that the camaraderie McKenzie feels from these people is what really got him through the pandemic.
The original article contains 2,739 words, the summary contains 246 words. Saved 91%. I’m a bot and I’m open source!