That's not false - capitalism is justified by it's proponents by it's ability to serve the public better than socialism (the majority of the public wants more socialism - entitlements/public services etc). Some aspects of capitalism (copyrights, patents, HFT, pollution) are not serving the public and there are valid arguments from the opposing side.
My goal is to trade daily/weekly (in addition to monthly/yearly). I don't want to seconds/minutes/hours (and so can't many others - so the "competitiveness" of markets is actually reduced).
Ultimately, stock markets exist to raise funds for projects (exits for entrepreneurs, financing projects in large corps) - they occur on the daily-years timeframe, not seconds/minutes/hours.
You say HFT hurts the public, but you only show evidence that it hurts LFT. Why do we care about kow frewuency traders, aka parasites who profit from statistical patterns and not by contributing any value?
By that reasoning, HFT are parasites too. More generally, the stock market exists to allocate resources. Is society already so efficient that millisecond allocation needs to occur?
My goal is to trade daily/weekly (in addition to monthly/yearly). I don't want to seconds/minutes/hours (and so can't many others - so the "competitiveness" of markets is actually reduced).
Ultimately, stock markets exist to raise funds for projects (exits for entrepreneurs, financing projects in large corps) - they occur on the daily-years timeframe, not seconds/minutes/hours.