the stock market should not be for mass participation by uninformed savers. it should be open to all, of course, but most people should save in savings accounts, CDs, treasuries. 1/

the role of the regulatory state should be to keep markets sober, ie aggregate valuations predictably within conventional ranges. that’s what distinguishes it from crypto markets, tokens untethered from any meaningful referent, a game of price alone. 2/

stocks shouldn’t 10x until it’s very cleat earnings will, and firms should be regulated means 10x profit comes from an increase in Q produced rather than P charged. 3/

under these conditions, stock speculating is, like the textbooks say, socially productive information work, and those who wish to contribute can and should. absent these conditions, like now, it is more like crypto, but state sponsored. /fin

* stocks shouldn’t 10x until it’s very CLEAR earnings will, and firms should be regulated SUCH THAT 10x profit comes from an increase in Q produced rather than P charged. 3/ grrr…