(11 am. – promoted by ek hornbeck)
This guy needs to keep his mouth shut when discussing politics, but when he’s talking about the thing of which he is an expert, equities trading, you can tell he knows what he’s talking about.
He’s obviously not a liberal, but he’s not happy with the current situation in the stock market. He says a huge percentage of the volume in the stock market during this “rally” is due to computerized trading where the profits aren’t even made with the old fashioned “buy low and sell higher” thing, but because these computerized trading systems can generate money through liquidity rebates on a per-trade basis. So these computers just trade like crazy, and they don’t trade for any reason. They just trade. He says the right now the direction of the market is to buy, so all the transactions are “buy”. But he says when an event happens (and it’s not “if” but most certainly “when”) that will drive the market the other way, there will be nobody there to buy.
The man is basically predicting a huge market crash, due to the system being effectively broken.
He, in a classic sort of Republican way, is saying that he’s good enough that he’s okay, it doesn’t really concern him because he’s a pro and can work around it. Maybe he’s right, but if so, why is he on the television talking about it? Why doesn’t he just game it to his advantage? Obviously he’s concerned, knowing that when the market goes the other way, it’s gonna plummet through the floor.
I’m so glad Obama is President and fixing everything!