and that's the wrinkle that makes me wonder if you could have an ethical stock market.

In the absolute sense, I don't think it is.

The stock market is basically a con, on every level. On the micro level, it's a con because it's being flagrantly gamed by the big players. On the macro level, it's a con because it tries to make participants believe that their assets are more liquid than they really are.

I don't believe that you can make the micro-level con go away, and the macro-level con is the sum total of the economic justification for having a stock market in the first place.

- Jake

Friends come and go. Enemies accumulate.