The CEO of Goldman Sachs is worried about income inequality

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  • TheProudDuck Newport Beach, CA
    June 17, 2014 2:00 p.m.

    "Policies will be implemented to reverse this trend or else the masses will eventually rise up and overthrow the oligarchy."

    History records very few instances of this working out. For every Cuba 1959 or Russia 1917, there are three or four instances where the riser-uppers get dumped out of airplanes over the South Atlantic, or meet some comparably colorful demise.

    And of course even when the riser-uppers do get to shoot the Czar, they inevitably just wind up constituting a brand new oligarchy of their own.

  • TheProudDuck Newport Beach, CA
    June 17, 2014 1:58 p.m.

    The problem is with the word "grabbing." It implies that income growth just happens, and those mean old one-percenters race out and grab it before we can.

    In the real world, income growth doesn't occur unless people make it grow.

  • george of the jungle goshen, UT
    June 14, 2014 11:56 a.m.

    I worry for my kids. I don't think they stand a chance in life. Appliances use to last longer than 7 years, cars didn't cost a lot for a used, windows never needed to be replaced. Every thing is made to get new all the time so you're looking for something. I doubt that banker is up in the night if he has any concern for any person who barrows, charges or hock their property.

  • JimInSLC Salt Lake City, UT
    June 13, 2014 11:06 p.m.

    Taxpayers bailed out the too big to fail banks, including Goldman Sachs, in '08. Within the next year or so the big banks will be failing again because they're back to their old tricks. And again, will look to the taxpayers to save them.

    Money, or more specifically the flow of money determines the health of the economy. When the rich horde huge sums of money it takes it out of circulation, and the economy slows.

    When the majority of people lack money to spend on goods and services, employers are forced to reduce the number of people they employ, the number of jobless goes up.

    I doubt that Blankfein truly believes that the economy is growing as he says in the interview. He is too smart to swallow the figures that the govt. manipulates and then tries to get the people to believe.

    Until Blankfein accepts a lower CEO salary, setting an example for other overly paid CEOs, and the money is used to increase wages of those at the bottom in his company, with all his wealth he will be, IMO, a hypocrite. Eye of the Needle, Lloyd.

  • worf Mcallen, TX
    June 13, 2014 6:54 p.m.

    There is no equality, because people are not the same.

    I don't have the same income as the Obama's, or Clinton's! I don't have annual vacations to Hawaii, or have a two million dollar house in New York.

    So what!

  • merich39 Salt Lake City, UT
    June 13, 2014 5:38 p.m.

    For a couple of decades now, wealth has been trickling up from the middle class to the wealthy, to the tune of trillions of dollars. And that trend continues. Too much wealth concentrated at the top is bad for the economy. It's bad for the middle class and it's bad for the wealthy. Sooner or later, that trend will be reversed... either peacefully or violently. Policies will be implemented to reverse this trend or else the masses will eventually rise up and overthrow the oligarchy. History has shown this is inevitable. I believe this CEO is merely advocating for the peaceful solution.

  • Mark from Montana Davis County, UT
    June 13, 2014 5:24 p.m.

    One of the best ways to help the distribution of wealth is to make education affordable. Don't make students graduate in $10s of thousands of debt. Put a tax in place on all higher income levels that goes directly to help pay for education. Not just a BA/BS degree, but trade specific schools as well.

    I also think it is time to lower corporate tax rates so more of the income is reported in the US (think Apple) and at the same remove / eliminate corporate welfare. Increase the upper percentage on earners. They only make the huge salaries in the US because of the freedoms, the base consumers, the infrastructure that is here. Much of it was paid for by the middle class.....the same folks that lost trillions over the past 6 years.

  • Oblio Salt Lake City, UT
    June 13, 2014 4:36 p.m.

    To Blakenstein and all like him, I say put up or shut up. One year of his multimillion dollar salary could permanently change hundreds of people's lives for the better.

  • Chris B Salt Lake City, UT
    June 13, 2014 3:03 p.m.

    Me too, and its my job to increase my skill set and value such that a competing company(or current company) will pay me more money.

    Its not my rich CEO's job to start giving me more of his money.

    A "success" to liberals would be having 100% of the nation just above the poverty line - then we'd all be equal.

    Its those of us at the bottom and middle that need to increase our skills and value. Lets not be lazy and suggest a rich person needs to give us what he's earned.

    And if no company on earth is willing to pay me more than I currently make - its because I don't add enough value to justify a higher wage.

  • Sore loser tampa, fl
    June 13, 2014 2:52 p.m.

    It would be nice if these huge investment bankers would lessen their grips on the oil futures markets. Currently around 92% of all oil futures investments are by speculators who will never touch the stuff while only 8% are hedgers who actually use oil in their processes. Not too long ago the ration was 70/30 in favor of hedgers. There is too much money in oil futures and each memorial day as people get into their cars, the investors decide to go ahead and buy up the oil and ratchet up the price of gas in the process.

    Meanwhile, the everyday person is trying to get to work on 3.50 to 4.50/gallon gas prices. And what's really ridiculous is that there is a major push to reverse the oil export ban and sell our oil to the Chinese thus contributing to the problem, hurting our economy and national security in the process.