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Goldman’s Blankfein: Poor wealth redistribution behind social unrest in U.S.
financialpost.com ^ | September 19, 2012 | John Greenwood

Posted on 09/20/2012 7:55:10 PM PDT by Tailgunner Joe

Lloyd Blankfein may be top dog at one of the world’s most powerful banks, but that doesn’t mean he’s 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 we’ve 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, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m 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 ...


TOPICS: Business/Economy
KEYWORDS: blankfein; goldmansachs; lloydblankfein; socialist

1 posted on 09/20/2012 7:55:18 PM PDT by Tailgunner Joe
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To: Tailgunner Joe

What social unrest in the US is he referring to?


2 posted on 09/20/2012 7:59:06 PM PDT by piasa (Attitude adjustments offered here free of charge)
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To: Tailgunner Joe

The United States ain’t creating no wealth right now, because it’ll get you punished (without a baby)


3 posted on 09/20/2012 7:59:34 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Tailgunner Joe

Is everybody on drugs?


4 posted on 09/20/2012 8:00:41 PM PDT by ILS21R (The time is nigh.)
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To: piasa

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.


5 posted on 09/20/2012 8:00:59 PM PDT by madison10
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To: piasa
"What social unrest in the US is he referring to?"

Democrat internal polling that may indicate a shellacking for the Democrats in this election.

6 posted on 09/20/2012 8:01:57 PM PDT by Tench_Coxe
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To: Tailgunner Joe
Of course Mr. Blankfein isn't referring to his wealth that needs to be redistributed, but yours.
7 posted on 09/20/2012 8:11:56 PM PDT by SpaceBar
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To: Tailgunner Joe

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.


8 posted on 09/20/2012 8:13:13 PM PDT by jocon307
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To: Tailgunner Joe

” - - - Mr. Blankfein, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m a socialist,” - - - “

Fooled me!


9 posted on 09/20/2012 8:17:58 PM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: jocon307

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.


10 posted on 09/20/2012 8:21:50 PM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: Tailgunner Joe

Yeah redistributing wealth to the government has been a total disaster for everybody- rich, poor and inbetween.


11 posted on 09/20/2012 8:24:27 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: Tailgunner Joe

Liberals are supremely generous with other people’s money. And somehow this makes them feel smuggly superior.


12 posted on 09/20/2012 8:29:08 PM PDT by Obadiah (The Hunger Games -- Obama's vision for America)
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To: Tailgunner Joe

I’m tired of the jew bankers who think I have to feel guilty about having some money.


13 posted on 09/20/2012 8:30:52 PM PDT by gotribe (WTF?)
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To: Graewoulf
” - - - Mr. Blankfein, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m a socialist,” - - - “

Mr. Blankfein, you don't need to say it.

14 posted on 09/20/2012 8:31:24 PM PDT by dfwgator (I'm voting for Ryan and that other guy.)
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To: Tailgunner Joe
Goldman’s Blankfein: Poor wealth redistribution behind social unrest in U.S.

And here I thought it was theft of personal earnings.

15 posted on 09/20/2012 8:31:38 PM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: Tailgunner Joe
more like poor ambition distribution...
16 posted on 09/20/2012 8:31:59 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Tailgunner Joe

Distribute everyone’s wealth except his and his fellow elites!


17 posted on 09/20/2012 8:38:03 PM PDT by RetiredTexasVet (You can never blame a progressive for a failure .... it's always the fault of someone else.)
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To: Tailgunner Joe

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....!


18 posted on 09/20/2012 8:56:03 PM PDT by gaijin
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To: Tailgunner Joe

Mr. Blankfein,
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”


19 posted on 09/20/2012 9:05:10 PM PDT by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: Tailgunner Joe

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.


20 posted on 09/20/2012 9:05:52 PM PDT by gaijin
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To: Tailgunner Joe

No amount of redistribution of resources will ever change that life isn’t fair, Mr. Blankfein.


21 posted on 09/20/2012 9:08:38 PM PDT by skr (May God confound the enemy)
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To: skr
Jewish Bankers have always been like that thats why Henry Ford hated them

The Rothchild’s through Milner, along with Jacob Schiff Chairman of Kuhn and Loeb Bank (he gave $ 20 million in gold), Sir George Buchanan, the Warburg’s, the Rockefellers, partners of J P Morgan (He gave at least $ 1 million), Olaf Aschberg of New York NYE Bank of Stockholm, Sweden), the Rhine Westphalian Syndicate, a financier named Jovotovsky (his daughter later married leon Trostky), William Boyce Thompson ( A Director of Chase national bank, he contributed $ 1 million), and Albert H. Wiggin (President of Chase national bank), helped plan, finance and conducted it from New York through Jew Leon Trotsky @ Lev Davidovich Bronstein.

22 posted on 09/20/2012 9:13:15 PM PDT by scooby321 (AMS)
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To: Tailgunner Joe
Thomas Sowell: Obama is proposing policies that have failed repeatedly around the world.The Fallacy of Redistribution
23 posted on 09/20/2012 9:13:30 PM PDT by Daffynition (Our forefathers would be shooting by now.)
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To: Tailgunner Joe
“I’m not saying … I’m a socialist,”

LMBO!!
The scumbag hypocrite, Blankfein, doesn't have to say it.

24 posted on 09/20/2012 9:22:00 PM PDT by Lancey Howard
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To: Tailgunner Joe
In a question and answer session with Royal Bank of Canada chief executive Gord Nixon, Mr. Blankfein, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m a socialist,” and went on to link the recent social unrest in the U.S. to its poor performance in achieving the second goal.

Obviously this guy knows darn well he is a socialist, maybe even a communist to need to say "I'm not saying - I'm a socialist".

I think he is referring to Obama's attack on Romney called 'OccupyWallStreet' is what he is calling our social unrest. Or maybe all those empty chair decorations across America.

25 posted on 09/20/2012 9:41:56 PM PDT by Just mythoughts (Please help Todd Akin defeat Claire and the GOP-e send money!!!!!)
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To: Tailgunner Joe

To “distribute wealth”, other than through the normal conduct of commerce, is to destroy it.


26 posted on 09/21/2012 3:24:39 AM PDT by jimfree (In Nov 2012 my 12 y/o granddaughter has more relevant&quality executive experience than Barack Obama)
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To: Tailgunner Joe

Sticking by Obama keeps the DOJ away.


27 posted on 09/21/2012 3:30:14 AM PDT by jersey117
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To: Tailgunner Joe

Lloyd, you’re free to redistribute your wealth any time you’d like!


28 posted on 09/21/2012 5:23:43 AM PDT by Renkluaf
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