A self-proclaimed trader, Alessio Rastani, has stated on the BBC news channel that he is relishing the prospect of a far bigger stock market crash than the last and that he has been "dreaming" about this moment for 3 years. The reason of course being that he could make huge amounts of money.
At least he goes on to try and "help" the man in the street by saying that not only traders can profit from it.
The reaction of the interviewer to this myopic prophecy of doom is quite amusing and at least as candid as Mr Rastani is making out to be.
According to BusinessInsider.com the guy is a hoaxer, but either way I think it is a wake-up call to people generally disinterested in the shenanigans of the city. Whilst this guy isn't affiliated with any of the institutions, like he says, they're all waiting to pounce on any pain we're likely to be enduring in the future economy. We shouldn't be letting the bankers off so lightly - back to business as usual, backed by our money.
The part where he says that Goldman Sachs rule the world does make me think he is a hoaxer, but it doesn't mean that this kind of thinking isn't really going on in the institutions. A bit like the "Two John's" maybe.
Personally, I think even if this guy is serious, he's only one trader in a vast market (and we all know what that feels like!). Even if he's salivating at the prospect of the biggest "swing-trade" of his life, it doesn't mean it'll happen. The markets have a unforgiving habit of burning traders who think they know better. I expect many members of the public who saw this interview will indeed wish Mr Rastani burns somewhere very hot, and soon!
I'm still kicking myself for not lumping on and shorting the FTSE at 5,800 a couple of months ago when the US political machine was bringing the President to his knees and got mighty close to the deadline for paying the national debt. Even though it was obvious that common sense would eventually prevail (my reason for not lumping on) the damage was done and then trouble in the Euro zone compounded it to swiftly thump the index below 5,000. It's still swinging between there and 5,300 nowadays, but I think gambling on another rapid 800 point fall is risky given the inexorable rise of the index generally. Not that I want market plunges, you understand!
I think I'll just keep an eye on it and maybe have a nibble at Bank of America - if it's good enough for Warren Buffett then it's good enough for me.......................