Finance as culture

The author of "Finance as culture" argues that financialization has moved from institutions into everyday culture, showing up as lottery culture and equity culture. The piece cites a 2020 jump in retail trading, with Robinhood reporting over ten million monthly active users, and says GameStop, Tesla and meme culture show prices detached from fundamentals. It links these trends to low interest rates, which it says inflate the value of distant cash flows, using Nikola's roughly $7b market cap as an example. It also says labor's share of US income fell from over 63% in 2000 to under 57% today.