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To: Tim McCormick who wrote (72186)	2/27/2001 1:28:06 AM
From: Andrew G.	Respond to of 436258

That's correct, Tim. But there are other 'worthy applications of stock", of course. How about all those nifty options that employees watched expire worthless? At one time many dotcom's hired under the auspicious circumstances of trading in higher salary for more stock options. What a joy it must have been for the CEO of INSP to leave the co and forfeit millions of worthless options. Lest we not also forget the popular practice made notorious in the telco arena of acquiring stock in customers who can't 'afford' to raise cash for capital expenditures. The upshot of it being an ugly balance sheet for both parties in an unforgiving market downdraft. But returning to my original argument, I still contend that the majority of trading volume on any exchange is a function primarily of investing versus trading. It is the very liquidity of these markets that makes them so attractive for trading. And it is the advent of electronic systems and programmed trading vehicles that have made vast fortunes for the powerbrokers at the expense of public and corporate shareholders. For better or for worse, the whole system is a casino.