I mean, people 'lose' money all the time for things they get pleasure for. And Even when the thing they gained is very abstract.

Like vegas. People lose money almost by definition.

Or basketball games. Normal people get a -100% return on basketball games. And no one writes articles how the Grizzlies are somehow not providing value to society.

It's the same with capital markets. A lot of people get a huge kick out of speculating on the future. Even if they lose. The capital markets, no matter whether you are an HFT firm in Shoreditch, PIMCO, or some retail investor, are more a game than anything. Everybody wins.

No, it's a tragedy when we start saying that people need to rely on the capital markets. Then, sure, there is loss that's not like basketball games or lemonade. It's a horrible, tragic loss. But then you are talking about policy, not speculation. The real question is why on earth do people rely on the capital markets in the first place? Why is this 'loss' different?