DEAR MR. BLANKFEIN; GOD IS CALLING!

DID YOU KNOW?

Johann Wagener 11-29-13

Did you know that one in five of the nation’s children is living below the poverty line? One in 45 is homeless. 

What are their lives really like? Our 2012 film Poor Kids gave some of these children a voice and a chance to speak for themselves.

If I understood you correctly when you said “I am doing God’s work” Still ‘God’s work’? Blankfein defends Goldman when making comments like this:

Blankfein defended the payment of bonuses to employees at Goldman Sachs by arguing that it was necessary to “keep the firm together.”

(Read more: Goldman CEO on risk: Worst ‘absolutely will happen’

“If we hadn’t paid our people we wouldn’t have had a stable population at the firm,” he said. “I work at the company. I don’t own it. I’m not entitled to blow it up” by not paying bonuses.

“I would say to Occupy Wall Street, that business has helped lift more people out of poverty than philanthropy,” Blankfein said in a Wednesday afternoon panel at the Clinton Global Initiative meeting.

Philanthropy can “fill the gaps” where profit motives don’t suffice to improve the lives of the poor. But it’s role is “supplementary.” The “bulk of it”—raising people out of poverty—is done by business, he said.

“We should educate the public more about how business and its core activities have lifted people out of poverty,” Blankfein said.

In another remark likely to generate controversy, Blankfein praised the U.S. for having “accepted a higher unemployment rate” over the past few years, even as it bailed out the banks. Labor market flexibility—reflected in the ability of U.S. companies to fire workers—is one of the reasons the U.S. is doing so well despite many headwinds in the economy, he said.

“The United States is in a position where the banks are recapitalized and companies are more efficient, not because they kept people on but because they let them go. It was a social decision we made,” Blankfein said.

Blankfein said that although his focus is on Republicans “right now,” some blame must be placed on the Obama administration for its early behavior.

He argued that the Obama administration acted as if it were in a parliamentary system early in its first term, when it controlled both the House and Senate. It didn’t reach out to Republicans enough when passing health care reform, he argued. That set the tone for the GOP’s defiant stance..

If the health care reform known as Obamacare had been passed with “more Republican support and concessions to earn it,” the tone in Washington would be different now, he said.

Since you are the “poster child for the 1%” I can understand why you take the position you do on social issues and follow the Romney lead in discounting 47% or more of the population but, the following comments were particularly disturbing to me; because of the hypocrisy and arrogance they infer.

“I would say to Occupy Wall Street, that business has helped lift more people out of poverty than philanthropy,” Blankfein said in a Wednesday afternoon panel at the Clinton Global Initiative meeting.

Philanthropy can “fill the gaps” where profit motives don’t suffice to improve the lives of the poor. But it’s role is “supplementary.” The “bulk of it”—raising people out of poverty—is done by business, he said.

“We should educate the public more about how business and its core activities have lifted people out of poverty,” Blankfein said.