The collapse of First Brands (it’s not just you, few had heard of them) is *probably* not the pin that pops the current bubble, but it’s entertaining. Wall Street will reliably engage in lethal/suicidal business practices given the chance.

But that bubble-popping pin is incoming.

Matt Levine: https://newsletterhunt.com/emails/203482
The Guardian: https://www.theguardian.com/business/2025/oct/10/first-brands-wall-street