Soros would know more than anyone, why he supports lowering leverage and the Dodd Frank act. He was making Billions trading currencies when most people here were still in diapers.
At least he has the moral compass, to help newer traders avoid the failures he made, before he became successful. Leverage is the main reason why the numerous government studies on brokerages, show that 90 percent of traders are net losers in this market. These studies tracked traders for the span of years, this market has become a casino, where the rich are the house.
The free society is a fantasy, the wealthy traders need to be put in prison by the government, for their crimes against the majority of traders. Many people have lost their entire life savings getting caught in this scam, they lure and tempt unsuspecting people into their swindle.
Look here, Dodd Frank was just the beginning, it was very weak but soon enough they will limit the leverage to 10:1, and that will fix all the problems we are seeing presently. Republicans, and guys like Romney, still have their greedy, evil hands in our government, that is the chrony capitalism you speak of, but when good democrat regulators take power, none of these gimmicks will no longer be allowed.