Skip to comments.Goldman’s Blankfein: Poor wealth redistribution behind social unrest in U.S.
Posted on 09/20/2012 7:55:10 PM PDT by Tailgunner Joe
Lloyd Blankfein may be top dog at one of the worlds most powerful banks, but that doesnt mean hes unaware of the everyday trials and tribulations of the so-called 99%.
The two goals of the economy should be to expand the wealth of the world and to distribute [it] fairly, the chief executive of Goldman Sachs Group Inc. told business leaders in Toronto.
And I think in the United States over the last generation or two weve been much better at generating wealth and much less good at distributing it.
In a question and answer session with Royal Bank of Canada chief executive Gord Nixon, Mr. Blankfein, whos net worth is more than US$232-million, quipped that Im not saying Im a socialist, and went on to link the recent social unrest in the U.S. to its poor performance in achieving the second goal.
The notion of wealth distribution, or more precisely redistribution, is a hot-button topic in U.S. politics this week. Wednesday, Republican presidential hopeful Mitt Romney slammed President Barack Obama for a speech he made 14 years ago in which he appeared to argue in favour of redistribution of income at least at a certain level, to make sure that everybody has a shot.
In an interview with Fox News this week, Mr. Romney declared, We believe in free people and free enterprise, not redistribution and is appearing to make this line a new plank of the Romney-Ryan presidential ticket.
(Excerpt) Read more at business.financialpost.com ...
What social unrest in the US is he referring to?
The United States ain’t creating no wealth right now, because it’ll get you punished (without a baby)
Is everybody on drugs?
That was going to be my question...what social unrest? Did he make the statement in anticipation of social unrest? Goldman Sachs has a bucket full of chutzpah to even mention redistribution of wealth.
Democrat internal polling that may indicate a shellacking for the Democrats in this election.
Funny to see this today, I was glancing at a New York Magazine that has an article about all the Public Housing Projects in NYC.
Blakenfein actually grew up in one of the well known ones (I’m sorry I forget which one) back in the early 1960s when plenty of white working class people lived in them. His parents weren’t poor, but they were a far cry from even upper middle class. I remember his mom was a receptionist, I don’t remember what his dad did.
So, while I accept without question his empathy for poor people, I have to wonder how much of his own, personal, wealth he’s “redistributed”. And no, just paying taxes doesn’t count.
My brother once told me, if it didn’t hurt you didn’t really give. And we all know that taxes for a person of Mr. Blakenfein’s wealth are a drop in the bucket.
” - - - Mr. Blankfein, whos net worth is more than US$232-million, quipped that Im not saying Im a socialist, - - - “
Governor Romney gives 10% of his gross income to his denomination. I’d like to see how that stacks up against this gentleman and Mr. Obama.
Yeah redistributing wealth to the government has been a total disaster for everybody- rich, poor and inbetween.
Liberals are supremely generous with other people’s money. And somehow this makes them feel smuggly superior.
I’m tired of the jew bankers who think I have to feel guilty about having some money.
Mr. Blankfein, you don't need to say it.
And here I thought it was theft of personal earnings.
Distribute everyone’s wealth except his and his fellow elites!
Gimme a mill of yer $232 mill, since my poverty is sooo romantic to ya.
Put up or shut up —man that is rich...!
He feels soooo concerned, suuure he does....!
You are free to redistribute your own, please send your donation to the US Treasury.
Make check payable to : The US Taxpayer that saved your ass”
Its like rush says;
When someone reallllly loaded starts moaning about their regret for rolling in clover, well, theyre simply trying to, as it were, vaccinate themselves against future outrage and collection efforts.
In other words they decry riches in order to stay rich and preferably to get richer.