This video has been making the rounds, and I've got to say the trader being interviewed does seem to be trying hard for a "first against the wall when the revolution comes" award.
I think one of the natural reactions many people have when seeing something like this is: How can you be pro-market when you see this is what markets are all about? This guy is gleeful at the idea of making money off a market crash that wipes out millions of people's retirement savings!
The answer, I think, is in keeping in mind the difference between being pro-business and pro-market. Businesses are not necessarily pro-market, since markets only reward businesses so long as they are doing a better job at meeting customers' needs than other businesses. Markets can, thus, both reward businesses and also chew them up and spit them out.
Watching some cocky trader bragging about how he'll make money while everyone else is going broke tends to make people feel like what they need is a champion sitting behind a regulatory agency desk to rein his excesses. The problem is that we don't really have any guarantee that the people in our legislative and regulatory bodies will be any nicer than this guy, or any less prone to think that they know more than they really do.
7 Quick Takes
12 hours ago