It's wrong if you think HFT belongs in a category like tobacco. HFT has significantly reduced rents collected by market makers and significantly reduced bid offer spreads, and most importantly it doesn't kill people and doesn't destabilize democracies. They've automated market makers and brought scale economies and the efficiency of technology to the game. It's a great thing on net. The race to the bottom incentive for speed leads to some waste but that pales in comparison to the benefits.
