Sept 26th, 2011
This exchange between American stock market trader Alessio Rastani and a BBC interviewer is genuinely shocking.
via IBT:
"Stock market trader Alessio Rastani commented on the current economic crisis to the BBC on Monday, saying, "Governments don't rule the world" but rather Goldman Sachs does and he "dreams of another recession."
"This is not a time right now for wishful thinking that governments are going to sort things out," Rastani told the BBC. "The governments don't rule the world,Goldman Sachs rules the world."
Um... Sleep tight.
Showing posts with label market decline. Show all posts
Showing posts with label market decline. Show all posts
Monday, September 26, 2011
Tuesday, August 9, 2011
Unregulated Freefall
Aug 9th, 2011
Does anybody still think we actually need less transactional regulation in the markets? Unfortunately, they probably do. However, Zachary Karabell notes:
"None of the reforms passed in the wake of the financial crisis create any breakers against synchronous global financial panic. Yes, there is less leverage and more capital in financial institutions, which is a vital difference between now and then and augurs against a repeat of what happened two years ago, but there are no circuit breakers that prevent the rolling flash-crash of the past week."
In particular, we have to roll back the "reforms" from 2006 that are allowing massive, computerized short-sells.
Does anybody still think we actually need less transactional regulation in the markets? Unfortunately, they probably do. However, Zachary Karabell notes:
"None of the reforms passed in the wake of the financial crisis create any breakers against synchronous global financial panic. Yes, there is less leverage and more capital in financial institutions, which is a vital difference between now and then and augurs against a repeat of what happened two years ago, but there are no circuit breakers that prevent the rolling flash-crash of the past week."
In particular, we have to roll back the "reforms" from 2006 that are allowing massive, computerized short-sells.
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