Lloyd Blankfein, the CEO of Goldman Sachs, is sick of all the abuse he and his fellow usurers have been forced to endure. In a recent interview for the London Sunday Times, Mr. Blankfein issued an inspired defense of Goldman’s activities. Appearing in a gray suit with, the reporter weirdly informs us, a “jaunty Hermès tie with little red bicycles on it,” Blankfein lays it all down, like Ned Beatty in Network.
Bankers aren’t greedy parasites, he insists. Their amoral pursuit of profit creates capital, which then gets spread around and grows the whole economy, eventually leading to prosperity for all, and blah blah blah (you know the drill):
“I know I could slit my wrists and people would cheer,” he says. But then, he slowly begins to argue the case for modern banking. “We’re very important,” he says, abandoning self-flagellation. “We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle.” To drive home his point, he makes a remarkably bold claim. “We have a social purpose.”
He also claims that he’s just “doing God’s work.” (Yeah, he really says that.) So, when you look at the big picture, you could say that Lloyd Blankfein is a sort of misunderstood holy man or saint. Just ask him. He’ll tell you.
Well, by St. Blankfein’s reasoning, the Black Death had a social purpose as well. It killed off a lot of people, making labor more scarce and raising wages all around. After all the competition had been wiped out, the surviving workers never had it so good. Don’t be fooled by all that death and stuff. It was a virtuous cycle.
Funny, Goldman Sachs and the plague have a lot more in common than I thought (although your average plague bacillus, unlike your average Wall Streeter, is far too modest to boast that it’s doing God’s work).
Incidentally, I wouldn’t cheer if Lloyd Blankfein slist his wrists. That’s too painless. Besides, saints aren’t allowed to kill themselves, they have to be martyred. No, I’m not advocating crucifixion or any kind of violence. I just think we should make Mr. Blankfein work at Walmart the rest of his life for ten bucks an hour, wearing a little blue vest and a name tag. The colors won’t clash with his “jaunty Hermès tie with little red bicycles on it.”
I recently asked someone the question: Why would a seemingly sensible corporation like Goldman have had a huge party for the CEO's when the nation's people were experiencing the biggest depression since the great Depression? Goldman would from all appearances seem to have much more sense that than.
But then I started thinking. I recently saw a book on sale by Ralph Nader: How the Super Rich will save the world. Haven't read it so only the ad influemced my thinking.
Has someone decided that there are two many Goldman partners? I can imagine the conversation:
Melvin: Homer, our families started that place. And they've gotten a might too greedy at the firm and a whole lot too many partners and it's affecting even our family. We've got to cut down that huge "middle class" at Goldman. 90% of the partners have to go.
Homer: I agree Melvin. Let's make it happen.
If only dreams could come true. But it still doesn't make sense that they'd throw a huge party a couple of months ago. Something is not making sense and I wouldn't be surprised if Melvin and Homer are out there. But I wonder who Homer and Melvin are?(the nation's retired with all their ownership of stocks and bonds and mutual funds?) If so, presumably they'd change the situation immediately. Or is 90-something percent of the wealth in American owned by just a few percentage of the people. That's the American aristocracy I live in.
Maybe we'll find out one day. I hope so.
The last 30 years since Reagan have seen the middle class cut down alright. But not the right middle class. Your turn Goldman Super Rich to do your turn at cutting out the middle class at Goldman. All two or three of you (or the huge class of you).
All right O'Hollern. If only wishing could make it so you'd have your wish. But I wouldn't let him have the front desk job at Wal-Mart. Pushing the carts would suit him much better.
And by the way, Mrs. Batard and I don't do Wal-Mart much now that we have Aldi's. Aldi's is tastier, cheaper and the carts are always in place. European food there too. Quite a bit. If you need to shop cheap, try Aldi's. You'll probably like it. Let's cut down Wal-Mart to size too.
Your turn Homer and Melvin. And oh, by the way, Mr. John H. M. Public. Your turn to vote. For that third party you've always been talking about.