Wall Street's Shadow Market

[i0am0a0daytrader]

check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.

[Jeanne90275]

Greed, incompetence, and...criminality! It's

2010, where are the indictments?

[i0am0a0daytrader]

check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.

[ZigZagZiggy123]

Between 10:44 and 10:46 it blanks out just as the speaker is listing companies' responsible. Is a company being censored out?

[theflorgeormix]

irrational exuberance...thats nature and great fun while its good

[SamMackert]

50 Free Youtube Subs Here watch?v=uD5Zi4ZGLhM

[peruface]

I made 713% during the 2008 Market Cash, you make money going down too. There's a lot of dumb money out there that people don't deserve to have. Don't be made cause your stupid.

[24Abstract]

Wall Street's Shadow Market owes billions and billions of dollars. Maybe they can pay me one billion dollars.

[gbmack2000]

Don't forget the upper class who still make big bux

[bonkersblock]

I got algorythym! it's pay me my money!!!!

[i0am0a0daytrader]

check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.)

[TheMEK3]

Was that guy aware of the bear in his office????

[Lazymewe]

@TheMEK3 its most likely a joke referring to the "bear market"

[TheMEK3]

@Lazymewe I was just joking

[tuzmor]

@ERROLCUSTERFLYNN4EVR

This was not a mistake or a lack of foresight. This was just another mathematically modeled, scientifically planned and masterfully executed Wall Street scheme. The outcome (financial meltdown) is part of the plan. Also, part of the plan, and the easiest stage of all, was the bailout scheme.

But, don't believe me, I also say 9/11 = Inside Job.

[nickrhill]

Frank Partnoi 2:42: "Obviously they were wrong... because you can't model human behaviour with math."

[asimonia]

Derivatives like futures are nothing but a standardized exchange for the forward markets. Businesses use derivatives as a form of insurance and to hedge bets, but speculators try to make money out of these priced inefficiencies.

[ERROLCUSTERFLYNN4EVR]

dont look to 60 minutes any more for tough investigative journalism,,,,,,,CBS AND ALL ITS NEWS PROGRAMS ARE FLACKS AND HACKS FOR OUR WALL STREET OWNED WASH DC. GOVT.......don hewitt is rolling over in his grave.

[Salladsdressing]

The biggest misunderstanding about the finacial crisis is that Wall Street caused it...it's most of all the system that the government created that makes these kind of criseses inevitable.

[ExquisiteDoom]

And they dont blame the government, convenient... Blame the well for being poisoned, not those who poisoned the well. Typical mainstream bull

[Adahondeayenh]

Oh my god they were selling credit default swaps too -- fake ass insurance plans? Citi, Bear Sterns, AIG??? See, I have always known about the chopped-up mortgages but I only now have learned about the credit default swaps. I'm only 19 anyways so I've got a lot to learn.

Guys, one of these risky arcane investment tools still around today is Direxion - the most popular tickers are FAS and FAZ. These are nothing else but tools of day traders, stay away from them!

[asimonia]

They aren't fake insurance plans. Derivatives are insurance AND speculative contracts at the same time. In to make a market for them, you need a hedger (long position of the derivative) and speculator (short position of the derivative).

But you are right about Direxion, I would stay away from them and Rydex too :) They trade on technical analysis... But the only ones getting rich off their products are those that charge the fees and the lucky few.

[fthefarmer]

the government is looking to cut executive compensation for the leadership MORONS at AIG, Bear stewart, etc. and people are afraid they'll leave? God help the companies these genuises arrive at. Here's an idea put a chain on their ankles and pass food through their doors until these assholes (executives) earn back what they cost us as Americans. And while were at it let's storm the business colleges that produced these piece's of shit.

[jjrglobal]

There are only a small number of people responsible for the damage to our economy. There are 100's of divisions in these Corp's that have always been profitable. If you cut their pay they will leave. Andy Hall from Citi is a great example. Last year he made Citi 700 million trading energy futures.This year he is estimated to bring in over a billion. Last year he was paid 100 million, this year they cut his salary, to what I dont know, he and his team quit and are now working for deutsche bank

[jjrglobal]

So not only will Citi (and therefore the government) lose out on making 1 billion next year, but these very talented individuals will be making this money for a foreign bank, so there goes the tax money on the Corporate and the personal side as well.

Was this a smart move to run off Mr Hall and his team that made the company billions of dollars?

MAybe you shouldn't be so shortsighted and ignorant about issues before you comment on them

[pigs4islam]

I guess you are one of the Morons that caused this mess. Don't let the door hit your Ivory league ass on the way out.

[jjrglobal]

No I'm not a congressman

[Fronte999]

excellent synopsis especially the idea that swaps are basically fake insurance sold to support the swaps. the thing is, many people knew about this stuff for many years and noone did anything. Accountants stop being professionals more than 20 years ago, for example. When I was taking accounting in the late 70's everyone thought of auditing as a way to get a job with the client... nothing having to do with audits....

[chunga777]

Why is there not one mention of the Federal Reserve and it's role in creating the situation via it's expansion of credit and low interest rates? The cheap government money and bailouts only welcome more reckless behavior, why continue it? In 12 minutes couldn't somebody have slipped in a few words about that?

[TrojanMike60]

The white guy at 9:00 to 10:00 should be strung up and lynched.

[sucker4lush]

Robert Pickle. "Robber Pickle"

[WolYou]

A financial market could have any size you want. Its not a physical thing. Its imaginary. Theres no money, there's no productivity. Finacial markets are based on real markets, but instead of paying the real market for failure, the real market now pays for the virtual one. Thats what an unregulated "free market" is alike.

[aisgzdavinci]

Can someone tell me what the guy said from 10:44-10:46 since the words were muted?

And the guy at 9:00-10:00 is pretty suspicious.

[sucker4lush]

Robert Pickle. Why cant he stop smirking?

[mprat001]

I think he just said "... AIG, Merrill Lynch [I mean] everybody's lost a TON of money ..." Nothing substantive was lost.

[hmorganman]

the interview with the professor from Maryland was all I needed to see. When you begin to hear doublespeak where the subject cant answer a direct question with a lucid answer its time to run the other way. The financial world has a language that is deliberately confusing and ambiguous. Communication takes place only if the listener has clear understanding. Anything else is confusion and should be a signal that a swindle is on.

[WolYou]

The criminals of today are wearing made-to-measure suits. They let the system collapse, take the money and dissapear. you will never get them. They are already out of the country enjoying beach-life and sipping on mojitos. Your legal system is bribed to stand still until those folks are in safety.

[WolYou]

If profit is the primary goal, everything else will be left behind. Thats why we ran in this mess. Change the way of thinking and such things wouldn't happen. The USA has replaced the church with banks. I'm a atheist, so I'm not saying you better go back to church. But there are better ways to live than buying crap that you dont need just to keep an obviously absurd system going.

[TheSubcultureexposed]

RON PAUL 08 !!!! oh wait ... DAMN IT

[matsutakneatche]

haha greed and competence.

[XShadow730X]

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[pr0gm3r]

Invisible medium of change create delusional world and capital simply intangible. And Darwin has the perfect theory for all these - Natural Selection, those who can't compete in the market will be extinct. Deregulartion is good, free market must continue to escalate so self-interest can be satisfied.

[kirtokosseamrica]

its just the end of u.s. empire

creator or phony bubbles

bye bye u.s. empire , see you never

[dcprotests]

Don't worry, GREED will solve all their problems. Greedy capitalism works, right? Cut it all down to make houses, greed is good.

[Bmx33606]

In life, there are followers and then there are leaders. It is simple! It sucks to be them.

[gkolompar]

anyone thought about putting the blame on OFHEO? just a little. one cannot expect responsibility from any speculator or investor beyond what he his bound to legally. that's why we have laws and regulation. oh, right sorry, we did not have them. that was the whole point. 1 million $ question: who is responsible for making laws & regulation?

[intheknow777]

These are debt collectots for the bankers AKA Fed Resrv. Go figure!

[tygonejet1]

Patriots of Capitalism, tx for crashing the world econ. Glad U got that commish?I guess 50 mil a yr isn't normal for a kid out of college? Tx for burying us w/these default swaps. I liked it better when you were jumpin out of windows;oh but you got rich off this one? I'm workin my last day at Mervyn's(were having a goin out of Biz sale). NY is lookin like Escape From NY in this vid; how telling that is. I'm headed to Costco right now to buy $500 worth of Top Ramen and an eye patch.

[robrown1]

Google UNIFIEDMARKETS.

[myheroxero]

Oh, brother. Another chorus about the motive and the bullets (and even how they were made), but no mention of a smoking gun. So much for investigative reporting...

[dankbot420]

how can we have a market grow to 50 trillion and not have any regulation?

[mprat001]

It's called the "Commodity Futures Modernization Act of 2000", passed with unanimous (i.e., bipartisan) support thanks to the vigorous advocacy of Greenspan, Rubin, Summers, etc. And now Summers and his protege Geithner are making policy again. Meanwhile, Brooksley Born, the former CFTC chair who WANTED to regulate this market, gets the consolation prize of sitting on the panel that analyzes how this cluster f**k happened. Beautiful.

[jay123jd]

Funny it was passed with bi-partisan support but republicons let it flourish for 8 straght years until these elite financiers started calling in their markers during republicon control. Ponzi scheme from the white collar criminal.

[dankbot420]

crime?

[cybervisionstar]

So we credit card holders do not have to pay back the money the banks never had the money to loan in the first place right?

[cybervisionstar]

we are only free to be a bum in this country that is all. yet corporations aren't called bums when THEY get tax payers money. Stop it. Don't pay your taxes next year. hold it ransom until the liars are held accontable.

[cybervisionstar]

America is FAKE. Capitalist is rigged for the rich to profit and the tax payers to pay for it all! America is not a country it's a corporation. We the people know this, your not fooling us with your lies. We are helpless. We are on our own, and should stop spending money and hord it like a hampster for ourselves. I say we form our own country. I opt out .

[petercom10]

go to north korea i hear they don't have capitalism, good luck!

[jbryant13]

You didn't read what cybervisionstar said: He said what we have is socialism MASQUERADING as Capitalism and he's right. What we really have is socialism for the rich where gains are privatized and risk is socialized (ask anyone with a 401k!). Wall street banks get bailed out - CEO's get their bonuses - and the shareholders get the shaft (Ask Bear Stearn's/Enron employees)

[GotSober2006]

Bunch of crooks.

[beancube2008]

Yes, they knew it all. It is calculated to make a case that they can do it. They will continue to rule even if some may have jail time. Insurances don't want to swallow anymore, banks agree. Write it off at lease for us. Our customers should appreciate it.

[ericclaptonismygod31]

Yes, communism is so much better! Do not send me to the gulag, comrade!

[D1rtn4p]

Don't be so obtuse. You are choosing to believe that Stalinist USSR was a communist system, and it wasn't. It was plagued by the same levels of greed, corruption, and lust for power. What we have in the USA is not capitalism, and what the have in the Soviet Union was not communism. Our form of systematic oppression in the US is simply much less brutal, but no less real.

[WestonP22]

Good explanation. This is what greed does to the world.