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Insana: The manic speculation behind the fall of FTX is as old as the markets themselves

Source: cnbc.com cnbc.com
News Snapshot:

Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yik | Bloomberg | Getty Images With a nod to Gertrude Stein, "there's no there there," in the world of cryptocurrencies. The spectacular crash of FTX – the crypto exchange founded by the one-time wunderkind, Sam Bankman-Fried – coupled with his stunning loss of wealth is yet another lesson in how rank speculation adversely affects markets and even the most seasoned investors. Whether it's manias in Sumerian grain markets, Dutch tulip bulbs, railroad bonds and everything from internet service providers to…

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