Besides the money that M&M (and other illegal players) pulled out, the rest was just a transfer of wealth amongst individuals in the market. The rest was neither good nor bad for the economy. Really added no value at all. Which is really the story for 99% of what goes on with the markets in the first place. At the end of the day how much of the day to day market activity is for capital generation? Not very much at all. Welcome to America's second "Gilded Age."
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