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I have friends who are actively doing this. They're doing really well for themselves. Personally I have no instinct for and no interest in the financial markets. I wouldn't even know where to start if I wanted to play that game. But that guy really was telling the truth.
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ProfessorOat · 4592 days ago · link ·
I think a significant portion of the problem comes from a period where the technology greatly outpaced the regulations. They managed to scoop up an unreasonable amount of political and economic power in a relatively short amount of time (~35 years) to ensure that increased regulation and taxes would be met with stiff opposition.
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I agree to an extent. However, the repeal of the Glass Steagall Act in the US did a lot to bring more money into these new market mechanisms. If we didn't have banks trading, a lack of adaptation of regulations to these new technologies might not have had such consequences. It's as if they got their cake and could eat it too.
The bit about Goldman Sachs ruling the world is true to the extent that the control the flow of cash. We gave that to them.
Thanks I had heard about this but hadn't seen it yet.
I do think there is a lot of truth to what he says regarding the Euro. I can't see how it will survive. This does not seem to be a problem that bailouts can fix. However, whether it's Goldman Sachs or governments rule the world, anyone in control is going to have to deal with a very unhappy populace.