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Teetering on the brink of the new Depression
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stray
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Re: Teetering on the brink of the new Depression
Sep 19, 2008, 09:42
God yes, but although politically I'm probably extreme left I don't blame the brokers/bankers as much as I blame the system, or more accurately it's regulation. Sure they're greedy fucks on the whole with no eye on the wider realities, but things have been geared to make them behave like that tbh.

What this does mean, positively, is that this is an end to investment banking, completely as far as I can see. Also, its important to know that the Free Market has never existed really as per its definition. Now, if it had, this shit would probably all happened a good few years earlier. What else doesn't help is that every market has always had completely different rules. Types of deals you could do in London you just wouldn't be allowed to do legally say in NY and vice versa. This is going to seriously effect the strategies each section of the global market tries in order to fix things, and obviously this is going to mean that shit is going to bounce about a lot more and a lot longer than it would if the playing field was level. It's never been level.

The only way out of this it seems is to completely rewrite the rules of the market. The US govt setting up a corporation to absorb all debt is, omg, an incredible circumventing of the terms of a market. I'm not sure it's going to help long term at all, if the market functioned properly it would be allowed to collapse completely. Thats not an option of course, but its theway it should play out according to the rules. Also brokers/bankers are going to royally fuck this new corporation for big and fast money which will prolly cause this whole thing to repeat further down the line.

I'm finding it all fascinating, which is probably shitty of me I know considering the cost to us all. I was an IT bod inside the London Stock Exchange for a while, designing the dealing systems when trading went from the floors to screens (kind of responsible for the first day trading systems in terms of their build, no, I'm not proud of it). I used to say 'Is this legal ?' a lot when discussing things such as share borrowing/lending (which is the root of short selling), I was also freaked a bit by how out of hours/off book trading is acceptable here in London. I'm no economics expert, I really need to get my head round these 'fixes' more, at the moment I can't see how any of them are going to change things.
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