Another great discussion. Recall the award winning documentary, The Inside Job, Harvard economists are hardly known for their objectivity. One must always ask who funded the study. Hedge Funds don't really even hedge that much anymore since the beginning of our RENTIER FIRST MONETARY POLICY. Back in the 1980s my Stanford engineering students were all working for VCs and Hedgers on Sand Hill Road running their huge stochastic programs, allowing them to collect a few 1000 dimes on every divergence. But piracy now pays much better. Meanwhile, people with pensions are the bad guys in our beggar thy neighbor society --- "I don't have a pension, so why should they".