You can go to Vegas right now and blow your life savings. Should that be illegal too? We need to stop the mollycoddling and let people make their own decisions (and yes not bail them out if those decisions turn out to be wrong).
You can indeed do that. But very few people do, because when you try to mortgage your house to bet your life's savings at a craps table, your spouse refuses to sign the paperwork, because everyone knows that for a working class family, spending $10,000 at a casino means you have a problem.
The same is not true of investments, which can be very persuasively marketed to normal people without gambling problems. Which is why the SEC cares so much about how securities are marketed and promoted, and why you can sell stock in virtually anything as long as you (1) register and (2) publish audited financials documenting how crazy your business idea is.
If the “problem” is marketing then the solution is counter-marketing, not regulation. Ideas should compete against each other and not be forced with the threat of violence (the state).
You’re right in that we fundamentally disagree so won’t go anywhere here. I appreciate you arguing in good (enough) faith though.
> you get catastrophic failure and the rest of society is left holding the bag.
You didn't respond to what I said. When enough people make a large mistake, the effects go beyond just the individuals. At that point, it's no longer a "personal choice," it's damaging to the whole.
I did: “and yes not bail them out if those decisions turn out to be wrong”
Of course any action at scale will have impact beyond the individual. I do not believe the state (or anyone else) can determine what’s best for everyone. Such a thing is not possible and instead is used as cover to remove personal freedom.
