Just in case you were still wondering whether Wall Street really was a casino where “the house always wins”… here’s some detailed but quantifiable evidence that yes, the stock market is approaching Vegas’ efficiency at parting fools from their money.
The rough summary is that HFT algorithms are still exploiting race conditions in the market to steal money from people trying to trade.
The long summary is… it’s complicated, go read the article.
“Honestly, a free for all, no–holds–barred environment would be better than the current system of complicated rules which are partially enforced, but only against some participants.”
At least then there’d be no illusions…