| This is Bloomberg Opinion Today, a symphonic journey through sonic vistas of Bloomberg Opinion's opinions. Sign up here.  Uh-oh. Photographer: OLIVIER DOULIERY/AFP/Getty Images Wall Street can sometimes be this weird Bizarro World where everything is topsy-turvy and good news is bad news. For example, normal humans like it when other humans get jobs. They tweet "OMG CONGRATS!" and click "like" on LinkedIn. But Wall Street humans don't like it when other humans get jobs. More jobs means less profit and higher wages and more inflation and less money printer go brrr. This holds on both the macro and micro level. For example, Fidelity plans to hire 9,000 people to handle the overwhelming retail demand for stonks. Normal humans might hear this and think, "Good for Fidelity" or "Good for those 9,000 people" or "Good for stonks." Wall Street humans hear this and think, "We're doomed." As Jared Dillian points out, "Wall Street hires on the highs, and fires on the lows." The addition of 9,000 souls to Fidelity's ranks is right up there with magazine covers and taxi-driver stock tips as a sign of dangerous market froth. At the same time, the job market is stuck in this super-weird flux period, where unemployment is still much higher than it was before the pandemic began, but job openings have yawned.  So does this mean the job market is good for the stock market, or bad? What matters to Wall Street is that the Fed is still focusing more on the high-unemployment side of things and keeping interest rates low. That could keep stocks high. At the same time, all of those job openings mean this could be a once-in-a-generation opportunity to change careers, as Conor Sen writes. We hear Fidelity is hiring. As a parent, when I heard China plans to limit kids to three hours of video games a week, my main reaction was envy. Sure, my house is also an authoritarian state, but there are limits; holding my kids to three hours a week would be just begging for revolution. But maybe China and I are thinking about this all wrong. Tae Kim writes video games these days aren't like the ones that drove Joe Lieberman to distraction back in the '90s. Games in my day at best prepared you to fight off alien invasion. Today's games teach kids critical social and technological skills that will help them in actual life, or so the kids say. We wrote yesterday about how China was its own worst enemy in the new Cold War. Raising a generation of game-starved kids might be another example. President Joe Biden wants to start rolling out Covid booster shots less than three weeks from now, but it's worth asking what, exactly, the rush is. Two leaders of the FDA's vaccine office recently quit over Biden pushing this idea without getting FDA approval first. And scientists keep casting doubt on whether boosters are necessary for all people, or at all. Even with the delta variant, vaccines are still highly effective at keeping most people out of the hospital, Max Nisen writes. We still need a lot more data before jumping into a mass booster program, especially when so many Americans haven't had even their first shot. Chasing away key FDA regulators in the middle of a pandemic won't help with that.  Booster shots will be good business for the pharma industry, writes David Fickling. But that could be bad news for public health, taking supply away from people who need it a lot more. India's huge GDP rebound masks deep-rooted problems that could mean years of lost potential, warns Andy Mukherjee.  Biden's Afghanistan speech was a misfire in some ways, but got one big thing right: It was time to go. — Jonathan Bernstein Biden is reviving the cruise-missile approach to fighting terrorism, which we know doesn't work. — Eli Lake It's time for Biden to intervene in Ethiopia's civil war by cracking down on Abiy. — Bobby Ghosh Ida is a reminder that food supply is growing more vulnerable to natural disasters as the planet warms. — Amanda Little Space junk has gotten to the point where it's a real threat, potentially making parts of Earth orbit unusable. — Adam Minter Atheists can be chaplains too. — Stephen Carter The Supreme Court didn't stop Texas from banning most abortions. U.S. Covid hospitalizations fell for the first time since June. Even mild Covid patients are at higher risk of kidney disease. The Diapers.com founder wants to build a utopian megacity. Area traffic patrol officer is an actual chicken. (h/t Ellen Kominers) For sale: the world's biggest triceratops. (h/t Mike Smedley) Area man can change his pupil size on command. Watch tardigrades walking.  Notes: Please send Old Bay and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. |
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