One thing i'd like all of us free marketeers to think about though is the "externalities of empathy".

It's kinda like how I explain why I'm against Universal Basic Income, even if it's promised as a replacement of other social programs.

And the reason is that I don't trust our voters to let people suffer the consequences of their actions. Suppose we replace food stamps and medicaid with UBI. Inevitably, some people will still squander their UBI. Then, empathic voters will vote in new social programs to deal with those who've squandered their income and now cannot feed or support themselves.

So, one argument regarding the ill social consequences of financial speculation and gambling is the externality of empathy

Take it to a broader level, and we are talking about bank bailouts and Keynesianism, which is just the same thing at the macro scale.