(Porting from an tweets I posted)
One really ✨fun✨ thing about financialized capitalism is that the saying "the market can remain irrational longer than you can remain solvent" applies much more consistently to normal people than to the ultrawealthy and their pet financial institutions. What makes it so ✨fun✨ is that it means only the ultrawealthy can really profit from recognizing irrational, unhinged behavior by their own class.
Take Tesla. Its valuation has been very obviously out of line with reality by at least an order of magnitude for a couple years now! But only rich people with access to a) huge reserves, and b) finance managers & sophisticated financial instruments could short it with any kind of financial security, because those things let them make large bets while keeping their risk controlled.
I think this is one of the features of financialized capitalism that have made it so stable: normal working people with expert (or even hobbyist) knowledge in a given domain can't really act on that knowledge in a financial context, e.g. by recognizing that a company in their industry has a stock price totally out of line with the company's output and professional reputation. Or, maybe they can but only either for tiny amounts of money or at enormous risk to their own financial security. The only people who can do that with large amounts of money & limited risk are the exact people who have a stake in the stability of the overall system of financialized capital.
A lot of people in the online left take it as a given that the features which stabilize financialized capitalism arise via conspiracies aiming to preserve it, so it's worth saying that IMO this is (mostly) not a situation engineered via intentional conspiracy, it's survivorship bias: if the newer kind of capitalism which replaced the capitalism of the industrial revolution hadn't been so self-stabilizing it wouldn't have stuck around, and either Marx's predictions would have been right or it'd have been displaced by yet another different capitalism.
