Is GameStop’s Soaring Stock An Indicator Of Possible Market Bubble?

I am quoted in this CBS News article:

According to David Kass, clinical professor of finance at the Robert H. Smith School of Business at the University of Maryland, “because people were at home, they were unable to spend the money on travel, tourism, entertainment, going to concerts, etc. The money effectively went into savings. You can’t spend it the way you normally would. And a lot of the savings went into investments. With interest rates being kept close to zero by the Federal Reserve, any investor trying to earn a positive rate of return, as virtually all investors will, what’s your next best alternative to a bank savings account or CD or Treasury note? And, of course, the best alternative, a very readily accessible alternative, is the stock market, investing in the market.”

“Many millennials, younger investors, opened accounts, for example, through Robinhood and other brokerage firms, which, in turn, actually around the same time, stopped charging commissions or fees to trade in the stock market,” Kass continued. “So basically a frictionless system, encouraging investment. So a lot of the money that couldn’t be spent in the economy, because a lot of it was shut down, temporarily, would be reallocated to investment in the stock market.”