Most people understand without being able to explain the economics that wealth inequality is destabilizing. It's an amazing thing when one of the bankers who along with two administrations has worked with the government to help financial institutions rape the economy comes out and admits it, though!
So can we expect him to lead the charge in getting the "too big to fail" banks whittled down to size, change investment strategies to favor the economic security of the country and not of just the few?Blankfein worries that inequality is a big problem, calling it "very destabilizing" during an appearance on This Morning on Thursday.
"...too much of the GDP of the country has gone to too few of the people." So he clarified that "if you grow the pie but too few people enjoy the benefits of it, the fruit, then you'll have an unstable society."
I think I'm more likely to wake up 19 again.