Sept. 18 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva said he's 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,'' news agency EFE reported.

``Important banks -- very important banks -- that spent their lives giving advice about Brazil and what we should or shouldn't do are now broke,'' EFE quoted Lula 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 U.S. sinks into a deep recession, according to EFE.

To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net

Last Updated: September 18, 2008 13:58 EDT