Originally Posted by samclem
...when tens of millions of dollars in share value is eliminated before any human could have understood what was happening and acted, the whole thing starts to look less like a market for the deliberate exchange of shares of corporate ownership and more like a casino. People don't want to put their money in a place like that. If people don't want to invest, it hurts your "buy and hold" share prices, right?...
Call me selfish, but if equity prices drop so that the dividend yield goes higher, I am OK with that (speaking as a guy with cash that can be deployed).
Seriously, I wonder how much money these guys as a group make. Whatever money they collectively take from the market is a drain on the capital system, and that's not good. If they make money from each other, then I do not care as much.
I have not been following, but it appears that WallSt firms have not been doing that well, what's with JP Morgan losing big bucks (in the news a few months ago), and bankers laying off a lot of their workers. Perhaps these HF trading schemes do not work as well as people fear.