Goldman CEO: “There Is No Place For Pure, Unregulated Capitalism; We Have To Do A Better Job Distributing Wealth”


In 2008 Goldman Sachs was the corporation behind the most funding of Obama’s presidential run. But four years later, after realizing they helped to elect an anti-business President, they drastically jumped sides and funded Romney in an unsuccessful bid to unseat Obama.

Now realizing that the hopes of an unfettered economy may have gone to the wayside, during an interview with CNN, Goldman CEO, Lloyd Blankfein says that there is no place left for unregulated capitalism:

“China’s economy may be slowing down from its breakneck pace of recent decades, but it’s still running far ahead of free markets like the U.S.

So does China’s rapid growth call into question the hands-down success of capitalism?

The U.S. is not pure capitalism,” Goldman Sachs (GS) CEO Lloyd Blankfein told CNN’s Poppy Harlow. “In fact, there’s no place for pure capitalism, unregulated capitalism. We have a regulated system.”

Blankfein, arguably the most powerful man on staunchly free market Wall Street, said that “at the end of the day, everything is going to be a hybrid.”In an even more disturbing chain of events Mr. Blankfein even goes on to claim that in order to fight income inequality we need to do a better job to “distribute” the wealth:

In an even more disturbing chain of events Mr. Blankfein goes on to claim that in order to fight income inequality we need to do a better job of  “distributing” the wealth. How? By making the government do something about it:

“..He said inequality isn’t necessarily being caused by the affluent. Instead, Goldman’s CEO said the gap between the rich and the poor has been driven by “the rise of technology” and the “winner take all market.”

“In one sign of growing inequality, a recent Urban Institute report shows whites now have 12 times the wealth of blacks and nearly 10 times more than Hispanics. That’s up from seven times for blacks and six times for Hispanics in 1995.

“We have to do a better job” of distributing wealth, he said. “Everybody has to join in.”

“So what does the Goldman chief say needs to be done to fight inequality?

“He said the government needs to invest more on training, education and housing to ensure everyone has free or cheap access.

“If you don’t have it, you lose access to the escalator that could take you up and through the middle class and higher,” Blankfein said.”

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