A stock market with much less leeway for financial speculation is something that I really hope for, but the problem I see is liquidity. I guess that most of the

A stock market with much less leeway for financial speculation is something that I really hope for, but the problem I see is liquidity. I guess that most of the buyers on SecondMarket are looking forward to the IPO anyway, which was only a question of time for Facebook, but is a much less sure event with the smaller companies that would really benefit from this market. I wish SecondMarket well, but the one it decided to pursue is a very difficult path.