People in the 90s were doing the same to buy beanie babies. People will do dumb things with their money. That being said, I don't think things like pattern day trading bans have ever been beneficial to the retail investor. It just keeps poorfolk from engaging in strategies used by wealthier people regularly.
People will do dumb things with their money, but the point of the regulation is to increase frictions on lots of people doing dumb things with their money at the same time. "Beneficial to the retail investor" has nothing to do with it.
If one person can't pay their home loan for the month that's the borrower's problem. If millions of people can't pay their home loan for the month that's the bank's problem, and generally speaking that's enough to start bank runs.
