As the nation's economy hit bottom in late 2009......millions having lost jobs, homes, health coverage, and 401K funds....Goldman Sachs CEO Lloyd Blankfield, under fire for paying out $16 billion in trader bonuses.....had this to say....
“We’re very important,” Lloyd C. Blankfein said in an interview with The Times of London. “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.”
Blankfield stated that he was simply a banker...."doing god's work." No, really, that is what he said.
That was Nov. 2009. Since that time the market from which the Blankfields of our country feed their greed addiction has roared back. This week the S&P and the DOW closed at all time highs. Great news, right. God must be pleased.
Average hourly earnings for private sector American workers rose about 49 cents an hour over the last year, to $24.38 in May. But that wasn’t enough to cover inflation over the year, so in real or inflation-adjusted terms, hourly worker pay fell 0.1 percent over the last 12 months. Weekly pay shows the same story, also falling 0.1 percent in the year ended in May.
All told, average inflation-adjusted income per family climbed 6% between 2009 and 2012, the first years of the economic recovery. During that period, the top 1% saw their incomes climb 31.4% — or, 95% of the total gain — while the bottom 99% saw growth of 0.4%.
Last year, the richest 10% received more than half of all income — 50.5%, or the largest share since such record-keeping began in 1917.
Now, to supply siders and libertarians, those income numbers are as god has intended.....and if tens of millions of working Americans haven't seen their incomes increase over these past four or five years...or 30.... it is because those tens of millions are just not working hard enough...like the top 5% do. The fact that the top 5% accumulated all income gains these past five years is evidence that "god's work" is being advanced...."supply-side Jesus" is still sitting at the right hand of god....and all is well with the "divine hand" of the market. Any moment now, the trickle down will commence.
But not so fast. Even those who work at god's billionaire vineyard, tenderly caring for the needs of a tiny handful of free market capitalism disciples, as Jesus commanded when he said "blessed are the rich".....seem to be allowing a shred of disbelieve to enter their consciences. Instead of telling the tempting Satan to get behind him, CEO Blankfield, god worker, seems to be suggesting now that god's divine hand....maybe, sort of, perhaps....ain't working so well.
Lloyd Blankfein, CEO of Goldman Sachs, warned recently on “CBS This Morning” that income inequality is “destablilizing” the nation and is “responsible for the divisions in the country.” He went on to say that “too much of the GDP over the last generation has gone to too few of the people.”
Blasphemy? Should Blankfield be rushed to a deprogramming expert, or an exorcist, to drive those foolish "godless liberal" notions out of the Wall Street god worker's mind? What gives? Surely the work of god, a purely, you know, top-down enterprise, (and just like conservative economic ideology) changes not. God is said to be tripartite (one god in three persons), but is he bi-polar as well?
Or could it be that, although still terribly afflicted by his addiction to greed, CEO Blankfield...is smarter than your average god worker?
What happens to a country's "spirit" when huge income disparity gaps are the norm? It is crushed. What follows? Anger. What often accompaies anger? Violence.
The rich in America have always dominated the lesser classes through their incestuous relationship with government. However, Blankfield is intelligent enough to know that there have been times in our history when the lessers fought back against the greed addicts....and those times were violent, ugly and very bloody. That is what the Wall Street CEO had in mind when he used the word "destabilizing."
Social unrest, violence, the threat of anarchy will quickly hollow out any nation's economy.....and Blankfield understands that. How can he and his fellow god workers amass even more if an angry society "destabilizes" god's vineyard?
Well, Blankfield opines, maybe his fellow god workers SHOULD share some of the lord's loot.... “too much of the GDP over the last generation has gone to too few of the people.” Make no mistake here, even though Blankfield works for god directly.....what the CEO fears more than god is an angry mob who can't make ends meet and have little to lose.
I understand that the first step to recovery for addicts is owning up to their addiction. Admitting that they have an addiction. CEO Blankfield isn't there yet....but he's scared of what might happen to his huge stash if his lessers don't see an increase in their income soon.
That's at least a start on the road to full recovery. Greed may be god's hand at work, but outside of the divine realm where stock traders toil for the lord.....fear of losing everything to an angry mob might also be....what do the kewl kids say?.....a game changer.
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