bigOfeature

this guy rules. if nothing else, he’s honest. you know that’s what some maybe not all politicians and celebrities do is profit on the market being crappy and hope we have another recession so they stay rich while us regular folks stay poor. some.

best,
ed

By Ed Saad on Sep 30, 2011

Not a chicken little moment. Wall Street and the other marketeers have their billions in profits guaranteed to keep rolling in constantly via programmed computers that do the trading in milliseconds all day long.

They’ve created their own private economy that churns them billions while nobody else has a job. Governments aren’t going to do anything about it because they don’t represent the populous, they represent the corporations.

We have two parties in the U.S which are both funded by the same source–Wall Street–so voting won’t change anything.

By Iannis on Oct 1, 2011

As usual, the ordinary people have to pay the debts incurred by ‘those who are in control’ of the purse strings. The people who created the mess should be made to take responsibilty and not rely of the likes of me and you to bail them out.

By Daij on Oct 1, 2011

They took my job.
They are taking my home.
I have no sympathy for these crooks.
Hang ‘em high.

By aking on Oct 1, 2011

Unfortunately, corporations run the world. We have to keep fighting for what is right. Long live the working man!

By Phil on Oct 1, 2011

who do the greeks ,or others,owe money to?

By paul on Oct 1, 2011

And they are still getting their big bonuses.
then 6 mos. later,the company has no money!

By Ron on Oct 1, 2011

The question is, do the traders encourage volatility, since they benefit from it so much?

By skyintheairwaves on Oct 2, 2011

We live in a crazy world…

By Rochacrimson on Oct 3, 2011

I admire this man’s honesty in clearly stating government is faking any authority it has on easing world debt. It’s refreshing to see him mentioning bankers moving to the US dollar after the US debt rating was degraded to A++ (many felt this should not have happened and even cast the validity of the organization in doubt.) But the best advice - be greedy when others are scared and scared when others are greedy, especially when it comes to knowledge. He is sounding an alarm, not trying to create fear.

By Tony on Oct 3, 2011

This reminds me a lot of the famous “Guy Goma incident”, can anyone remember? The story can be read on wikipedia: http://en.wikipedia.org/wiki/Guy_Goma.
The video is easy to find and is hilarious.
The question is: don’t they check who’s going to be live? Is the level of information in the world so low?
It’s important, it’s not a minor thing. Are the spin doctors who play with our minds really capable of doing their job well? Or is it all just a crazy, uncontrollable circus?

By frank capra on Oct 3, 2011

i discussed this with a friend of mine and she said it better than i could. her opinion is as follows so i am pasting it the way she phrased it–

We are in a credit dilema that is squeezing the life out of our economy ..Bailouts are not the answer. The dollar will collapse if something isn’t done soon because the current system is in the process of failing. Our monetary policy is pretty simple to understand at the present, when in doubt print more until you are totally and completely in debt so you can’t get out.

By darth on Oct 3, 2011

well..it sure sounds alarming , most of us have very little “say” or control, we are mere underlings in this corporate run world.
You know what else is scary, we have to balance our chequebooks at month`s end, but apparently governments don`t. It is n`t working, has not been working and will not continue much longer because it seems that no one who has any clout seems to care. There are so many “outs” and tax dodges and perqs for the entitled few,they loose money on the stock market we have to pay usually more taxes to prop them up..it is just getting so ridiculous …

By sluggo on Oct 3, 2011

Worried? Hell yes, I’m worried. But I’m more worried about the fact that politicians in Washington and other places don’t seem to understand what they are doing. The fact they can’t seem to agree on anything is the reason why our economy is going down the toilet. No one can believe what anybody in DC says anymore.

By John Cooke on Oct 3, 2011

The politicians do not know what to do except blame the opposition party for political gain. I’m not an economist so I can’t comment intelligently about market forces. But I am sick of hearing…”we inherited this mess and it would be worse without the actions we’ve taken.” BS. Just as Mr Rastani states that one can make money out of a financial crisis, politicians look to gain power from any crisis rather than just working to solve it.

By steve22 on Oct 4, 2011

“Change you can believe in” ? Wake up America, before it’s too late…

By TDC on Oct 4, 2011

Yeah, this is well worth listening too!

By Adamski on Oct 5, 2011

Are we going to take back our government or be as sheep led to slaughter. It is obvious that this more-than-honest man knows what he is saying. The Corporate Government is in control of our politicians whether Democrat or Republican. We need to boycott them and buy totally local until they are either brought to their knees or forced bankrupt or “We, the people” will do likewise!

By Tom Billings on Oct 5, 2011

It would be interesting to see what would happen if EVERYBODY who owed money on a credit card or a loan just suddenly stopped paying their bill. These corporate monsters and banksters would collapse in a heap of dust. Maybe we could start over from scratch. Going through the normal channels and HOPING for reform and regulation just seems like a joke - and it’s on us!

By Craig on Oct 6, 2011

I think the truth lies somewhere between his comments and the media’s portrayal of him. While I don’t think the market is “toast,” it does have serious troubles. It is time for all nations to curb their rhetoric and work together for a lasting solution to the debt crisis.

By Tim on Oct 7, 2011

He may be a non-entity in the grand scheme of things, but he has very honestly summed up the attitude of the porsche-driving young ‘masters of the universe’.

They do not enter the money markets to put food in front of the starving masses or to facilitate eradicate malaria. They are there to trade, to make money for their employers (and so for themselves).

The Beeb may have interviewed him in error, but they inavdertently found someone disingenuous enough to tell the truth, rather than spin a yarn about how everything they do is for the greater glory of God.

The average money market trading specialist is a psychopath, and the market is neither inclined to save the world nor is it capable of doing so. Only strong political leadership with the will and power to act - in concert with strong political leaderships in other countries - can end this rollercoaster rush to oblivion.

But that won’t happen because the human race is too diverse and bloodyminded to sacrifice individual advantage for common good. We’d need a benevolent dictatorship to run the place. And we all know that’s about as likely to happen - and would be as welcome - as the polar ice caps melting…

By tony on Oct 7, 2011

It may be a chicken little moment that could turn into fact. There is no trust in the government or the stock market now. You are advised to buy a stock at $12 dollars and it immediately drops to $8 dollars. It goes up to $10 dollars and people are urged to buy as the stock is going up. They buy and the stock drops back down to $8 dollars again. The stocks are being manipulated and the common man’s money is “chump change” for the suits to take in profits. Wall street is the site of protests as I write this. Maybe we need our own “Arab Spring” but don’t expect the media or the establishment to support us.

By Freud on Oct 10, 2011

Whether the market is up or down the Wall Street traders act as alchemists changing ship to gold. Speculators, like sorcerers, can keep prices artificially high by predicting shortages that do not yet exist. Well perpetual motion looks good on paper too, but not in practice. This can’t last and hopefully the politicians that are in bed with these guys will fall too. We bailed out the airlines, the banks and the car companies and 2 out of 3 screwed it’s customers in gratitude. Any other mismanaged company would be allowed to fail and a new business that catered to it’s customers would start up and take it’s place.And probably provide jobs along the way.

By the way- if your local government is short of funds it could just be because the banks don’t pay property tax on repossessed property. They pass that on to the eventual new owner.

By Sking on Oct 10, 2011

He’s right about downward markets. And he’s right that not acting is the worst response.It’s his morality that disturbs. He beseeches us to act like the big boys and figure out ways to profit from the crash - i.e. join the forces of evil. Better to be the apple-seller than the apple-buyer. Most of us can’t buy that. We can just hope the Wall Street protests - really a protest against corporate greed, not the market - spread worldwide.

By Terry on Oct 10, 2011

He’s a fraud, but he’s right.

By Peter Nixon on Oct 10, 2011

italian finance minister hit the nail on the head, describing the economy as the Titanic, as even the 1st class passengers were doomed!

By Liam NSW on Oct 11, 2011

Scary comments, but remember he is but one voice. Obviously, anyone who is heavly weighted in stock (especially risky one’s) should pay attention to reading the “tea leaves.”

By Jerry on Oct 11, 2011

It’s hard to say where all this financial unrest and instability is going to lead to. All I can say is that some pretty major revolutions have been instigated by much less.

By Jeremy Shatan on Oct 12, 2011

Traders have created their own ‘perfect storm’. They can turn the economy of a country on a whim, if they decide to sell short (still happening) they can start a run of events that could destabilaise almost any economy. Who gains when these forecasts are made? Yup, the same guys that made the forecasts. These people have so much control now that they could re-write history and no one would be able to stop them.

By sebrof on Oct 12, 2011

I just remember the advice of Argentinians in 2008 when we nearly crashed, they had their banks closed about 9 year earlier and everyone was short of cash. So keep some under the mattress just in case.

By guardone on Oct 13, 2011

“If the Glass-Steagall Act had been in full effect with no diminishing of its provisions, quite obviously, the financial crisis of 2008 would never have occurred. And, the top .01% would be far less wealthy than they are today. Who put the final nail in the coffin of Glass–Steagall? President Bill Clinton.

Whether they realize it or now (and I think many do), the ‘Occupy Wall Street’ people are calling for a new political system. This sentiment is also evident on the far-right, implicit in that speech of Mitch McConnel: “We’ve tried [this that and the other thing]; we’ve tried elections.”–the attitude that tried to force getting their way during the deficit raising fiasco.

All sides are frustrated: ‘tea party’ Republicans in Congress, and progressive youth in the streets. The political system is moribund. The .01% and their Republican minions want their way now, and have thought, with good reason, that no one in politics or media or populist activism will seriously stand in their way. They want the American political situation as it is to persist with the hard-right steadily forcing plutocratic interests more and more to the fore with any resistance from the left (or the center) to remain ineffectual and easily flicked away with a waft of dollars as they consolidate their purchase of American politics.

Enter “Occupy Wall Street.” This is unsettling to the political system in which both Republicans and Democrats cater to Corporate America. Their response? Well, the response to this kind of thing in China and Russia (and elsewhere) is outright thuggery. Beat them down. Make them disappear.

It’s somewhat different here. First they are ignored, then ridiculed, then vilified. The next attempt will be to try to buy them out, that is, make them a part of the Democratic Party.

Failing that: oh my, what do we have here? Smart people, energetic and unafraid. What now America?”

By The Incredible Falling Owl on Oct 14, 2011

Entitled to your own opinion , but not your own facts…

By NAMoosedog on Oct 16, 2011

“Democracy don´t rule the world; this world is ruled by violence”, Bob Dylan once said (”Union Sundown”).
“Governments don’t rule the world; Goldman Sachs rules the world” is just another way to say it.

By Belasco on Oct 18, 2011

Siamo rovinati

By gagliaudo on Oct 20, 2011

“Those who don’t read ‘future fiction’ are doomed to live it.” Case in point.

By golgo hakase on Oct 21, 2011

“A working class hero is something to be.” JL

By Fast Max on Oct 22, 2011

Well, at least he’s honest. Kind of refreshing these days.

By Oldpunk on Nov 1, 2011

If I were Greek, I think I’d probably vote to say No, rather than spend the rest of my days being owned by some money lender.

By Daredevil on Nov 1, 2011

Mismanagement and greed from banks and financiers are largely the basis for this problem…

By Mr Dude on Nov 2, 2011

It will take voters, actually paying attention to their governments and communicating with each other, to put candidates into office that will force social responsibility back into some of those corporate board rooms. Otherwise it is very similar to a group of fishermen taking fish without limit from a lake without any regard for the future viability of the lake.

By James on Nov 3, 2011

If you take responsibility for yourself,and stay informed,and partcipate in society,then YOU become the government and things get better.

By Tim Martin on Nov 3, 2011

Thank you for saying something truthful on the air. It’s pretty sickening what normally passes for news and opinions these days - and all of our lives, come to think of it. Glad some truth is starting to filter out.

By the dave on Nov 4, 2011

Disasters, economic or otherwise, speak for themselves. Most Americans would probably be shocked to fully comprehend the degree to which the economic health or the economic ruin of our nation depends on what happens in our stock market. But when, exactly, is a crisis really a crisis? Is it when a financial institution crumbles, or is it when a significant number of Americans suddenly find themselves with no job, no place to live, and no money? It sounds like what we need is a greater awareness of how our economic system works in the “big picture” as well as more (effective) government oversight of our financial market. To return to the original question, if the guy says the sky’s falling, he’s probably right, that’s exactly what he sees. But do enough people really know what “the sky’s falling” means and in what context?

By Jim Kneubuhl on Nov 9, 2011

Whether this guy believes what he’s saying, he’s wrong. More nations should be as brave as Iceland: rewrite the constitution online and throw the bankers in jail.

By Mike Hansen on Jan 7, 2012

truer words were never spoken.

By matt_the_cat on May 16, 2012