re: Goldman fires 600 traders; replaces them with 2 traders/200 computer programmers

Good point. I'm a firm believer in creative destruction and the macro benefits that accrue from the scientific downscaling and rationalization of mature industries.

So most of this stuff is good, so much as it pertains to increasing automation and things like that. However, there are also some bad signs from the lack of underlying economic business, or simply having too much money chasing too few capital investment business opportunities. Additionally, a souring on active management might lead to an over-reliance on ETFs, and there is an argument to be made that near-ZIRP monetary policy is killing opportunities for skillful stock selection, and causing a herd mentality that doesn't intelligently distinguish risks across asset classes.

But I'm nitpicking. Overall it's a net positive for society if IB & HF are getting downsized.