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While meme stocks and NFTs draw headlines, a group of economists and Wall Street experts worries that a much more traditional style of investing is stifling the economy, our staff writer Annie Lowrey reports.
“The problem in American finance right now is not that the public markets are overrun with failsons picking up stock tips on Reddit,” Annie writes. “Perhaps we could all use a little more of that manic stock-picking energy, not less.”
A chorus of experts warns that index funds may have the economy stuck on autopilot. The rise of this kind of set-it-and-forget-it passive investing “has raised all sorts of hand-wringing and red-flagging,” Annie reports.
Meanwhile, NFTs weren’t supposed to end like this, one of the project’s creators argues. The cryptoartworks are selling for millions. But who is really profiting? “Our dream of empowering artists hasn’t yet come true, but it has yielded a lot of commercially exploitable hype,” Anil Dash, the CEO of Glitch, argues.
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