The Moral Hazards of Market Making Capitalism

markets that have this level of manipulation, it's really hard to even call the markets any more. These are just kind ofsymetric wealth transfers from people who are ike, inside of or cartel of people that can manipulate the markets. The moral hazard part is that if we allow the public to basically take heof their savings and dump it into these markets, no, it's disproportionately just increasing public risk they're going to get hurt. And finally, as we said, in markets, assuming that markets, especially financial markets, have some value, then undermining faith in them is problematic.