SNIP
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>Hopefully the outcome of this will result in some new regulation. Then investor confidence will return.

Charlie,

I'll be very surprised if "investor confidence" ever returns!
I'm much reminded of the late 70's or early 80's where GOLD ruled the day. I remember seeing my boss in long bank line-up to buy more gold. He knew NOTHING about its market, yet he, like millions of others, jumped right in with both feet. Virtually all lost their shirts very badly. I know that he said he would never go near gold again!

I've heard/read that over 50% of Americans are "into" the stock market, and that less than 20 years ago the number was more like 8%.
As with GOLD, the majority do NOT have a clue as to how the thing really works. They saw/heard the hysteria and the big buck stories of the .COM era and jumped right in with both feet.
As with the gold diggers of prior, they have no real business being in the market. They'll get out and go back to what they understand.

Once the pool of investors is back to the folks who understand the system, "investor confidence" may return. But there will be a whole lot fewer investors.
Jim

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>Charlie