By: the Common Constitutionalist
“Well, this is it. The last bastion of pure capitalism left on Earth. Buy low, sell high. Fear? That’s the other guy’s problem. Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness. Super Bowl, World Series – they don’t know what pressure is. In this building, it’s either kill or be killed. You make no friends in the pits and you take no prisoners,” Louis Winthorpe III – from the classic 1983 movie Trading Places.
Winthorpe (Dan Aykroyd) was describing to his partner Billy Ray (Eddie Murphy – when he was still funny), the atmosphere he was to encounter in the trading pits of the Commodities Exchange in New York City. How oddly appropriate that this “bastion of pure capitalism” was housed in the World Trade Center.
This is what we think of when we envision Wall Street. This is what we’ve grown up watching – Quintessentially American capitalism.
But of course that was during the dark years of Reaganomics and Trickle Down. Oooohhh! Just think thinking of that decade gives socialists and weak-kneed liberals the vapors.
But that’s what built this nation – a drive to win – to be the best – and capitalism is still the only way to go from rags to riches.
Now fast forward to today’s America and witness the words of arguably the most powerful man on Wall Street, Goldman Sachs CEO Lloyd Blankfein. Blankfein, Wall Street’s poster boy, whose net worth exceeds $450 million. Blankfein – who became filthy rich orchestrating that “bastion of pure capitalism,” is now going to inform the rest of us that capitalism is done in America.
“The U.S. is not pure capitalism,” Goldman Sachs CEO Lloyd Blankfein told CNN’s Poppy Harlow. “In fact, there’s no place for pure capitalism, unregulated capitalism. We have a regulated system.” Yeah Lloyd – it’s now called crony corporatism and I’m sure you know all about that.
Wow! In this space of 30 or so years, we’ve gone from the never surrender attitude of Louis Winthorpe III to the opposite in Lloyd Blankfein. But frankly, what would one expect of someone who financed Obama’s 2008 presidential campaign.
P W Adams posted that “In 2008 Goldman Sachs was the corporation behind the most funding of Obama’s presidential run. But four years later, after realizing they helped to elect an anti-business President, they drastically jumped sides and funded Romney in an unsuccessful bid to unseat Obama.”
I’m still amazed (although I should no longer be) how many really smart people were sucked in to the false narrative of “Obama – the Great Uniter.” With all the resources Blankfein must have had at his disposal to look into Obama’s past, he just consciously refused. Any of his employees would be immediately fired by simply neglecting to research a bad investment, yet he and many other “smart” guys chose instead to be blinded by political correctness.
And now this king of capitalism, Blankfein says “We have to do a better job” of distributing wealth. “Everybody has to join in.” Adams writes that “He said the government needs to invest more on training, education and housing to ensure everyone has free or cheap access.” Just not to Goldman Sachs.
I guess Lloyd backed the right guy in 2008 after all.