You know things have gotten pretty bad when even the head of the corporate oligarchs at Goldman Sachs starts speaking out against inequality. This is from a story posted by the good people at Think Progress:
“CEO of one of the world’s largest banks: Income inequality is ‘destabilizing’
Lloyd Blankfein, CEO of investment bank Goldman Sachs, called income inequality “very destabilizing” during an appearance on CBS “This Morning” on Thursday.
Arguing that the growing division between the top and bottom of income earners drives political divisions that makes it difficult to legislate and “deal with problems” and therefore “drive growth,” he said, “It’s a very big issue and something that has to be dealt with.”
Blankfein himself can be counted among the 1 percent who have been grabbing most of the country’s income growth, as he is the world’s best paid banker with a $2 million annual salary and tens of millions more in bonuses, adding up to a net worth of $450 million….
Read the rest of the article and watch Blankfein make his comments on CBS by clicking here.