Gary Poster, with essential assists from Galyn Norwood, Phiroon Phihakendr, Jose Quijada, Pavandeep Kalra. A Merrill Lynch executive attacks discount brokers as a threat to investors. That's what John Steffens, a Merrill Lynch vice chairman in charge of stock brokerage, contends. Sure, some people shift in and out of stocks so rapidly that they undermine their returns.
Some people also gamble compulsively.
Others drink too much or abuse drugs. Overdoing anything can be hazardous. But overtrading is no more the fault of low-cost, online investing than America's swelling waistlines are the fault of its ever more efficient farmers. Americans love to do things for themselves. It's cheaper, faster and more satisfying.