March 20, 2016
I'm one guy, but there are a lot of people like me.
As a child I saw (but did not understand) the savings and loan debacle. As an undergraduate student I studied economic theory but could not reconcile that theory with the reality of much of the financial sector. As a medical student and young professional I watched private financial institutions evaporate carrying with them substantial funds that belonged to, amongst others, teacher retirement systems. Nine years ago in our country, despite the presence of several ivy towers, multiple living Nobel Laureates in economics, multiple financial regulatory agencies, countless professors of economics, financial "professionals," and libraries full of history books our financial system was thrown for an unexpected loop (I'd be a nut to suggest that the loop was anything other than unexpected). Since 2010 the financial sector continues to be a leading producer of NEW billionaires. The Fed is considering charging me money to leave my money in the bank. The bank doesn't let me store cash or gold in my safe deposit box anymore.
So here I now sit, a successful physician (and small business owner in an unrelated field) with a surplus of capital.
I fully support Investors Exchange LLC Form 1 Application. I do not believe IEX is the panacea for the market, but IDX's model will effectively make it more difficult sociopathic individuals to legally take money from other people.
Until there is significant effective market reform (be it by regulation or preferably market driven) I will continue to keep my surplus capital out of the stock market. I will continue to encourage my 2000+ patients and hundreds of private clients to do the same.
Respectfully Submitted,
Ben D, MD