Goldman Sachs Man Put on the Spot by BBC
SUNDAY, 25 SEPTEMBER 2011
I was listening to a “best of Today” podcast, from Radio 4′s famous morning news programme. It was on Greece, the Euro and the economy (from last Friday I think).Lo and behold up popped an “expert” from Goldman Sachs. Now I do not know all the intricacies of the ‘Global Downturn’ but my failing memory tells me that Goldman Sachs played quite the pivotal role.So there I was, shaking my fist at my MP3 player, when the interviewer, John Humphries cut in that Goldman Sachs had helped created the mess with Greece by hiding the extent of Greece’s debts. He intimated that in lying (fraud surely?) Goldman Sachs had made a bad situation worse, letting monies being poured into a Greek black hole.The response of the Goldman Sachs man? “I have not come on here to discuss that.”
The challenges that America faces are not those of World War II. But meeting today’s challenges will demand a similar dedication to cooperation—and not just between political parties. A spirit of compromise and reconciliation would do wonders for the economy if government and business resolved together to address the following priorities:
- Remove the risk of a double-dip recession and give the economy a stimulative jolt.
- Restore confidence in public finances.
- Keep marginal tax rates low.
- Act like we need to compete and win—because we do.
- Energy policy is crucial.
- Sensible immigration reform is also a high priority.
America has a long tradition of talented and experienced people who have gone to work for the government after a successful business career. They bring to public service useful perspectives about how business operates and, while in government, they develop a deeper appreciation for the responsibility government has to broader constituencies. Their experience is a virtue, not a vice, and should be encouraged in the years ahead.
(CBS News) Stocks shook off their post-election slump Monday, in part because of optimism that the president and Congress will reach a compromise on the nation’s budget by the end of the year.
If they don’t, there will be automatic tax increases and huge cuts in federal spending — that so-called fiscal cliff.
It’s a time bomb, according to Lloyd Blankfein, chairman and CEO of Goldman Sachs,
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