The purpose of our stock market used to be to facilitate new capital formation. A growing company could raise money to hire workers and invest in its future by going public on an exchange, where long-term investors could interact in a fair secondary market. That fair secondary market gave confidence to seed investors that they could monetize their investments, and encourage them to continue to seed young companies.
Who has been hiring Americans in the last 10 years: smaller young businesses or large multinationals and financials?
Until fairly recently, our major stock
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