Has anyone else seen the comments that tit has made. Some might say it's brutally honest, but its comments like that which are going to destroy the markets. Total cnut IMO.
I can't access You Tube in work, so can the next poster link to the clip? Its been hosted by a few people already.
This one?
Shows just how greedy traders are.
Citywire actually reported he worked for Goldman Sachs which made his comments 1000x worse. Transpires that he doesn't, he is an independant trader.Originally Posted by Evilchap
Wreckless nonetheless...
Actually, it's nice to hear a trader tell the honest truth. They are working for shareholders. Who are they? ..... US! We, the general public hold shares and want the best return. They are just working for the shareholders.
We're doomed !!!!
Goldman Sachs rule the world as much as New Labour did.
All these organisations and governments co-exist in a balancing act, and Goldman Sachs is as vulnerable to being destroyed on the whim of a government as any other fallen bank. Banks and investment companies persaude & coerce governments and groups to do things in their favour, but ultimately the power is spread out and the pendulem swings from one group to the next frequently.
Goldman sachs have so much power it hurts. Over 30 massive offices across London alone. If one is evacuated due to a fire alarm for instance they lose around £1.5million a minute!
Aye Carumba
He's not alone in that attitude I bet, Recessions aren't about money, the amount of money stays the same recessions are about attitude, confidence whatever you want to call it.
It all boils down to how much the big money companies are prepared to risk. If the confidence goes then we're in for a really bad time
how is that calculated though, Because by that calculation each branch turns over a revenue of 720 million in a standard 8 hour day.
Not saying every office turns over that much, but the particular office I'm working in, that's is apparently what they are working at! Bearing in mind it's 20 floors including underground basements etc. This is the peterbourgh court office off fleet street in central london
As a Financial Advisor I understand where he comes from. Recessions and market downturns are good because I know I can invest clients money in confidence knowing it might fall a little further but theres a big gap to the top for profit.
What generally happens when the markets starts to tip it gets to a certain point, normally around 5k when all the big players have moved their money out. The sit and wait for Joe Public to panic and sell sell sell bringing the market down to 4k or even 3ks. Big Boys then jump back in.
It makes me smile when I check the BBC News site everyday and when the markets have dropped 2-4% they write an article. When it climbs back the next day, guess what, no article.
It is without doubt that trader, albeit being brutally honest, is scaremongering in the hope to create panic and further market falls so he can make bigger gains.
I thought he was quite amusing
I lol'd at 'savings'
Whoa, strange to hear such honesty from a Trader. The City is a ruthless place.
I wonder if he's regretting those words? "I dream of another recession"
There is something wrong with the system when a number of very powerful organisations and the individuals who work for them are working to take us into recession.
This was supposed to have been addressed after the Hedge Funds helped bring Lehmans down (and almost brought several others down with them) but it seems very little has really been acheived
Was he not part of 'the yes men'?
Some people I know were discussing this on Facebook yesterday and I didn't bother looking into it.
The whole system is build on vested interests. When i worked in finance from 2002-2006 it was crystal clear a crash was imminent. You had the deluded fools who in their subnormal heads thought lending & house prices could continue to rise, but even in my low level buisiness it could be predicted to within the space of a year or two. And any politician or financial expert who says other wise is a f**cking liar (as you can see when i hear this line it boils my piss)There is something wrong with the system when a number of very powerful organisations and the individuals who work for them are working to take us into recession.
This was supposed to have been addressed after the Hedge Funds helped bring Lehmans down (and almost brought several others down with them) but it seems very little has really been acheived
At the moment the housing market is in stale mate with those unwilling to sell at a loss and the buyers refusing to buy at inflated prices, and its going to crack very soon. My vested interest is in waiting for the market to collapse as im planning to buy early next year and i know for a fact a few large organisations are doing the same in an attempt to buy up large swathes of property and land.
I had a customer that I used to do payments for that was convinced that Goldman Sachs, if not ruling the world, at least ruled the US. Mostly citing the number of politicians that had previous strong connections with them.
What this guy is saying isn't anything new, same sort of story as the 'fooled by randomness/black swan' chap, Nassim Taleb - you can make a lot of money on the downward sweep.
white '94 s13 200sx scrapped - mapped to 1.45bar. OS giken box, garrett GT2876R, 950cc injectors, ORC twin plate, nistune. 349bhp/325lbft @ 1.3bar CA18DET
white '96 s13 180sx - type g with more kouki bits
current status: 180 a bit broken but to be repaired.
for point a) the problem is, it's not illogical to go along with a bubble while it's happening, that's the problem - although a lot of money was lost, a lot of money was gained too and it was about being in the right place at the right time to make sure you were in the latter camp.
for point b) I'd generally agree but I suspect crunch point will happen either once the recovery is under way and interest rates start to rise or if unemployment takes a severe turn for the worst.
white '94 s13 200sx scrapped - mapped to 1.45bar. OS giken box, garrett GT2876R, 950cc injectors, ORC twin plate, nistune. 349bhp/325lbft @ 1.3bar CA18DET
white '96 s13 180sx - type g with more kouki bits
current status: 180 a bit broken but to be repaired.
Talebs thesis is a bit different to what that guy was saying. Taleb used Financial markets to illustrate that no matter how powerful and inteligent organisations think they are, they are all vulnerable to luck and unforseen circumstances, often taking credit for things that have been purely won on the basis of being lucky. And on the flipside they then call things that were logical and predictable as being a random unlucky act so it explains your failings.
point a is correct as that is how bubbles work, modern day gold rush. However a goldrush is at its most profitable in its early stages. And to predict how far it would run you only had to compare average wages to average house prices to see the multiplier had run way out of range.
And yep, fully agree on point b, however i think interest rates will rise before a recovery starts as i cant see how the country can afford not to raise interest rates if lending remains stagnent. By raising interest rates house prices drop to naturalised levels and lending increases, with existing home owners taking the force of the losses in negative equity.
The current government can allow the above situation to as they still believe they can blame Labour (which to a point, they can)
Last edited by Prior; 28-09-2011 at 10:33.
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