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As long as a poor person can buy a 60k car on finance with 10k down, it would be hard to justify limiting that poor person from trading stocks with 5k and drivi
by bondarchuk 5y ago
As long as a poor person can buy a 60k car on finance with 10k down, it would be hard to justify limiting that poor person from trading stocks with 5k and driving a 5k beater. And it would be even harder to justify this as something for their own good.
- mihaic 5y agoMaybe they shouldn't be able to buy that 60k car with credit card debt? If you're also proposing that the entire financial system needs to be redesigned to minimize leveraging and stop the insane focus on growth, I agree.
- bondarchuk 5y agoI think we would both be happy if people were taught financial literacy and responsibility. But to forbid people from trading, for me, reeks too much of the financial elite being scared they'll lose their underclass.
- mihaic 5y agoIt might seem like elitisms, but how is it that the greatest wealth inequality in a generation is happening at the time when the highest percentage of the population is playing the market? The more money we put into zero-sum games, the more gets captured by the financial elite and by middlemen, and I think that's really the goal that should be set by regulation here (and that's why it probably won't happen anytime soon).