No. of Recommendations: 0

With all due respect to your advocacy of liberalist values (as opposed to libertarian ones) and the kinder, gentler world they represent, I think you are indulging in revisionism. From whence comes the expression Caveat emptor? Certainly not the rural countryside of last-century American, but a long-ago empire, not unlike our present-day circumstances.

The struggle between sellers and buyers is ages old. If I knew Bible stories, I could probably quote you dozens which “proved” other side of the argument but mostly served to substantiate that discussions of “business ethics” isn’t an invention of the “moderns”. If I knew Talmud, I know for sure I could quote some very deep and thoughtful discussions of the matter. But I’m a cultural illiterate. So I have to depend on my own personal experience of financial markets, and my conclusions are these:

(1) Naïve participants have no business getting involved with financial markets.
(2) Customers, by transfer their accounts, can punish brokers who cheat far more effectively than any regulators.

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