It’s not a specific source. It’s how the markets work. It’s liquidity. Liquidity sets prices. Supply and demand. HFT has been one of the main drivers of lower asset prices and higher liquidity in the last decade. Because HFT adds liquidity to the market, which means it’s easier to trade, which means prices are lower. Which means you have more activity giving you a better chance to get a better price when you do trade. When you discourage trading your are making it more costly to trade. Brokers don’t make as much money. Asset managers don’t make as much money. They pass that on as fees. The retail market (the little guy with no money) has been one of the major beneficiaries of lower prices and better liquidity in the market since HFT started shaving down micro seconds, laid cables and machines.

Additionally with condensing fees in the industry as a whole, and the increasing desire and search to beat index funds and beat the markets, those alternative classes, speculative trading, and derivatives are sources for continued liquidity, continued free flowing of global markets and continued opportunity for anyone with any investments (like 401k).

All of this is besides the most important point that this ridiculous proposal from sanders solution doesn’t even start to address the actual problem. All it does is kick the can down the road while the problem gets worst and worst. All it doesn’t is fit nicely into sanders rhetoric. It’s all a marketing strategy.

In any case, I think sanders is a pretty transparent fraud. I don’t care if others like him and believe what he says, but I’m going to feel free to call him out when I’m in the mood.