No. What people tend to shortsightedly miss is that second hand markets are actually shown to stimulate the primary market because markets aren't vaccuums.
People who go in and but a game, then later resell it, knew from the start that they always had the option to sell back said game. As such it's factored into that person's purchasing behavior making him more likely to buy the game new because he will value each game he's interested in a bit more because he knows he can get some of that cash back on the backend.
By eliminating that secondary market, said customers may not purchase games first hand, or just wait for deals when publishers are going to lose money.
Resale value is a feature.
It's a lot like returns... your far more likely to take a risk on a product if you can return it. Your far more likely to take a risk on a game if you know you can get some of that investment back.
Me? I don't sell back games... i'm an archivist and love going back and playing my games... but any economist will tell you the secondary market helps, it doesn't hurt. Besides, what about those people who beat a game once and are done for it forever... what are the chances they keep buying games?
An amusing paralel with the used book industry.
