A children's book explanation of what's happening:
1. If you are "smart money" you are allowed to take your $1 and leverage it up to $15+
2. You can now buy $15 of stock AND if you promise to short companies, you can short $15 of stock as well
5. You also publish your longs on a quarterly lag via an SEC rule. You don't have to tell anyone about your shorts.
7. You realize that publicizing your shorts is also a good idea so instead of only selling stocks, you also BUY options (puts) which has to be reported.
9. But then an outsider notices that the math is way off!
11. So he grabs his chicken fingers and champagne and buys, starts a massive short squeeze.
12. Other's see what's happening and they jump in.

So the outsider won?

More from Culture
Best books I read in 2020
1. Atomic Habits by @JamesClear
“If you show up at the gym 5 days in a row—even for 2 minutes—you're casting votes for your new identity. You’re not worried about getting in shape. Youre focused on becoming the type of person who doesn’t miss workouts”
Good Reasons for Bad Feelings
https://t.co/KZDqte19nG
2. “social anxiety is overwhelmingly common. Natural selection shaped us to care enormously what other people think..We constantly monitor how much others value us..Low self-esteem is a signal to try harder to please others”
The True Believer by Eric Hoffer
https://t.co/uZT4kdhzvZ
“Hatred is the most accessible and comprehensive of all unifying agents...Mass movements can rise and spread without belief in a God, but never without a believe in a devil.”
Grandstanding
https://t.co/4Of58AZUj8
"if politics becomes a morality pageant, then the contestants have an incentive to keep problems intact...politics becomes a forum to show off moral qualities...people will be dedicated to activism for its own sake, as a vehicle to preen"
Warriors and Worriers by Joyce Benenson
https://t.co/yLC4eGHEd4
“Across diverse cultures, a man who lives in the house with another man’s children is about 60 times more likely than the biological father to kill those children.”
1. Atomic Habits by @JamesClear
“If you show up at the gym 5 days in a row—even for 2 minutes—you're casting votes for your new identity. You’re not worried about getting in shape. Youre focused on becoming the type of person who doesn’t miss workouts”

Good Reasons for Bad Feelings
https://t.co/KZDqte19nG
2. “social anxiety is overwhelmingly common. Natural selection shaped us to care enormously what other people think..We constantly monitor how much others value us..Low self-esteem is a signal to try harder to please others”

The True Believer by Eric Hoffer
https://t.co/uZT4kdhzvZ
“Hatred is the most accessible and comprehensive of all unifying agents...Mass movements can rise and spread without belief in a God, but never without a believe in a devil.”

Grandstanding
https://t.co/4Of58AZUj8
"if politics becomes a morality pageant, then the contestants have an incentive to keep problems intact...politics becomes a forum to show off moral qualities...people will be dedicated to activism for its own sake, as a vehicle to preen"

Warriors and Worriers by Joyce Benenson
https://t.co/yLC4eGHEd4
“Across diverse cultures, a man who lives in the house with another man’s children is about 60 times more likely than the biological father to kill those children.”

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"I lied about my basic beliefs in order to keep a prestigious job. Now that it will be zero-cost to me, I have a few things to say."
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
As a dean of a major academic institution, I could not have said this. But I will now. Requiring such statements in applications for appointments and promotions is an affront to academic freedom, and diminishes the true value of diversity, equity of inclusion by trivializing it. https://t.co/NfcI5VLODi
— Jeffrey Flier (@jflier) November 10, 2018
We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.
Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)
It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.
Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".
Krugman is, of course, right about this. BUT, note that universities can do a lot to revitalize declining and rural regions.
See this thing that @lymanstoneky wrote:
And see this thing that I wrote:
And see this book that @JamesFallows wrote:
And see this other thing that I wrote:
One thing I've been noticing about responses to today's column is that many people still don't get how strong the forces behind regional divergence are, and how hard to reverse 1/ https://t.co/Ft2aH1NcQt
— Paul Krugman (@paulkrugman) November 20, 2018
See this thing that @lymanstoneky wrote:
And see this thing that I wrote:
And see this book that @JamesFallows wrote:
And see this other thing that I wrote: