The Irrationality of Markets (on Steroids)
With almost no time to write today, I did want to comment briefly (albeit mostly via other writers) on the current madness in US financial markets. In case anyone has missed it, several huge companies are “going public” this summer, which will make the superrich superricher. The first such market splash has been playing out for the last few days. None of it makes sense, but that should surprise no one. Here are a few examples of sane analyses of the financial markets' recent insanity. (1) Hype and Glory: The SpaceX frenzy continues , Paul Krugman, June 17, 2026, an excellent analysis that demonstrates that SpaceX's financial "fundamentals" are completely insane. Krugman includes this gem: Robin Wigglesworth, editor of the Financial Times blog Alphaville , memorably described Elon Musk’s company as a "very successful but fairly small satellite launch company, bolted onto a stagnant money-losing social media company [X, formerly Twitter] and a money-incinerat...