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the straight dope

September 27, 2011

The amoral (if not immoral) truth of the stock market straight from the horse’s mouth*: many traders don’t care about the overall health of the stock market or the broader economy; all they care about is making money from its up and downs (and especially its downs if you “know what to do” and have the means to do it). And Goldman Sachs [along with other large financial institutions] rules the world:

Of course, not all traders are so ambivalent about the overall health of the economy. But many people seem to think that the ‘markets’ can do no wrong, even when the markets themselves are full of people moving things around in an effort to profit off of the ups and downs, which, in turn, creates even more ups and downs. And its not just traders who do this, but large financial institutions, as well.

The way I see it, if their intent is to profit from the stock market (or any other for that matter) regardless of its health or the effects their decisions might have on it (which I imagine is fairly common), we have a problem because it’s ultimately the working class who suffers the most when shit inevitably hits the fan, enduring everything fron extended periods of high-unemployment to higher costs of living to depleted 401Ks and IRAs and more.

*Word has been going around that Alessio Rastani may be part of the Yes Men, a group that impersonates corporate entities and “big-time criminals” in order to publicly humiliate them. While it could be possible that Rastani is an independent trader and a member of the Yes Men, both the BBC and the Yes Men are currently denying this.

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