Lula criticized Wall Street firms for treating financial markets like a "casino" and for relying on "speculation" to make money.
Brazilian President Makes Fun of Wall Street's Super BrainsSource: Brazzil
The President of Brazil, Luiz Inácio Lula da Silva said on Thursday, September 18, that he has watched with "sadness" the collapse of Wall Street firms that made economic policy recommendations in emerging markets "as if they were the super intelligent and we were the poor souls."
"Important banks, very important banks, that spent their lives giving advice about Brazil and what we should or shouldn't do are now broke," news agency EFE quoted Lula da Silva as saying in a speech in southern Brazil.
Lula criticized Wall Street firms for treating financial markets like a "casino" and for relying on "speculation" to make money. He said the Brazilian economy is well-equipped to weather the global crisis and would suffer "very little" even if the US sinks into a deep recession.
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"The First World, to which we had been repeatedly told we must reach, is crumbling like a bubble", Kirchner added. "In the midst of the swelling sea" Argentina remains strong. "It's time many of those institutions instead of telling us what to do, should look around and do something for themselves".
The President of Brazil, Luiz Inácio Lula da Silva said on Thursday, September 18, that he has watched with "sadness" the collapse of Wall Street firms that made economic policy recommendations in emerging markets "as if they were the super intelligent and we were the poor souls."
"Important banks, very important banks, that spent their lives giving advice about Brazil and what we should or shouldn't do are now broke," news agency EFE quoted Lula da Silva as saying in a speech in southern Brazil.
Lula criticized Wall Street firms for treating financial markets like a "casino" and for relying on "speculation" to make money. He said the Brazilian economy is well-equipped to weather the global crisis and would suffer "very little" even if the US sinks into a deep recession.
---
"The First World, to which we had been repeatedly told we must reach, is crumbling like a bubble", Kirchner added. "In the midst of the swelling sea" Argentina remains strong. "It's time many of those institutions instead of telling us what to do, should look around and do something for themselves".
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