Goldman CEO, Lloyd Blankfein, in another of his long list of memorable statements ("We do God's work") just came up with a new one today. When speaking of the fiscal cliff with CNBC’s Steve Liesman (see Matt Franko's previous post), he warned that we need to take steps to avoid going over the cliff.
Blankfein authoritatively said that his firm “advised people on things like fiscal cliffs.” Well what kind of advice would that be, Lloyd? Why is it that you and other financial executives (Jamie Dimon, Brian Moynihan, Larry Fink, Bill Ackman and others) are listening to the fake crisis clown show of people like Erskine Bowles and Alan Simpson, who are demanding their own version of a fiscal cliff to “solve” the fiscal cliff? They’re pushing for American brand austerity.
If these people are so smart how come they don’t see that these measures, now being employed in Europe, have had disastrous consequences and have not eradicated deficits, but instead, have led to massive unemployment and ongoing recession? This is their prescription for avoiding bad times? Sounds like the medicine is worse than whatever purported illness we have.