"This economic crisis is like a cancer…” [update 3]

The cures for the economic crisis are being proffered by the folks that delivered it, using the theories that caused it. Does anyone truly buy any of the solutions? Not this trader, Alessio Rastani, speaking “in an interview on BBC News [yesterday] that left the hosts gob-smacked”:

[Hat tip Michael D.]

UPDATE 1:  “Apparently, many people thought Alessio Rastani was a fake that somehow managed to get on television. Forbes rang him up for an interview, and asked him a series of questions to test his authenticity. The results are here. Let’s just say that he seems to pass just fine.” – Jeffrey Tucker, Mises Economics Blog

UPDATE 2:  “BBC Releases Official Statement On Alessio "The Trader" Rastani: He Is Perfectly Legit And The Interview Was Not A Hoax”

UPDATE 3: 

• “The situation in Europe has now officially become a farce. While the Equity markets rocketed up between 4-5% last night because of a rumour that Greece, and therefore Europe, would be saved by a new plan to leverage up the EFSF, a large number of people who would actually have to approve the deal were denying such a deal even existed…” 
  – “Deal, What Deal,” Macrobusiness Superblog
• But maybe there is a “plan”? “Europe plans to raise as much as 50 billion Euros annually with a financial transaction tax. If they are looking to increase volatility, remove liquidity, and increase the odds of a crash, then such a tax may ‘help’.” 
  – “Europe Plans to Tax Stock and Bond Transactions; Expect More Crashes Should it Pass,” Mish’s Economic Trend Analysis
• “Today feels just like it did in 2008. We had almost as many manic up days back then as crazy down days. Remember how we were saved when Fannie and Freddie got put into conservatorship? Remember how all was good when AIG was taken over by the government? Then we sold off the day that TARP failed, but rallied when it passed? Though by the time it was signed into law, the market was already selling off again? Or that weekend when the TARP infusions were made? That suddenly TARP was available to shore up the capital of banks? And the FDIC put in the Temporary Loan Guaranty Program so that banks could issue bonds guaranteed by the FDIC and that the depositor insurance amount was increased? And reflecting on today's price action in Europe, maybe credit just started to realize that the backdoor tricks to increase the size of EFSF are unlikely to work, and that the guy with the credit card (Germany) seems reluctant to let everyone use it. Maybe they actually like being AAA!” 
  – “Won't Get Fooled Again...,” Zero Hedge
• Meanwhile … “Wondering what just caused the market to slump? Take a wild guess. That's right - Greece. Minutes after Greece passed a vote in which it promised to promise to promise to consider collecting 1998-1999 taxes (even as all of its tax collectors are about to go on permanent strike), the FT was breaking news that while the Troika was "bailing out" Greece in the past years, the country was spending itself into an  even greater oblivion.” 
  –“FT Report That Greek Bailout Package On The Verge Of Collapse After Surge In Greek Funding Needs Sends Stocks, Euro Plunging From Highs,” Zero Hedge
• And … “While the financial world becomes euphoric based on an unsubstantiated rumor of yet another European bailout package cited from an unnamed source and reported by one of the least insightful financial commentators on the planet, the reality is that Europe is imploding.”
  -- “If Europe is Saved Why Are Corporations Storing Cash With the ECB?,” Phoenix Capital Research
• So … “Are we headed for recess/depress-ion? The answer in 9 simple charts.”