Is GameStop-style risk-taking a prelude to instability?

Large-scale financial volatility and market dysfunction could be the last thing the economy needs. "Should my worries be valid, the implications for the economy are far from reassuring. The dual possibility of large-scale financial volatility and market dysfunction would pose yet another challenge to an economic recovery that faces both short-term challenges — particularly on account of disruptions related to Covid-19 — and longer-term ones — mainly on account of scarring, in which short-term problems become embedded in the structure of the economy and harder to solve." Mohamed A. El-Erian opines in Bloomberg.