Bernie Sanders – Lloyd Blankfein – The Face Of Class Warfare
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[Bernie Sanders – Lloyd Blankfein – The Face Of Class Warfare]
[Bernard “Bernie” Sanders (September 8, 1941)] Source: LYBIO.net
Madam President, sometimes there is no end to arrogance. I find it literally beyond comprehension that we have folks from Wall Street who received huge bailouts from the people of our country, from working families in this country, because of the greed and recklessness and illegal behavior which Wall Street did to drive us into this recession, and now these very same people are coming here to Congress to lecture us and the American people about how we have to cut Social Security, Medicare, and Medicaid, while they enjoy huge salaries and retirement benefits.
Lloyd Blankfein is the CEO of Goldman Sachs. In 2006 and 2007 he was the highest paid executive on Wall Street, making over $125 million dollars in total compensation. My understanding is that he has wealth of hundreds of millions of dollars. He is a leader in Goldman Sachs received $278 million dollar refund Goldman Sachs did from the IRS in 2008 even though it made a profit of $2.3 billion dollars.
During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and $10 billion dollar bailout from the Treasury Department. This is the CEO of Goldman Sachs. And now, with his huge wealth, he is coming here to Washington to lecture the American people on how we have got to cut Social Security, Medicare, and Medicaid for tens of millions of Americans who are struggling now to keep their heads above water.
And this is what a statement was that he recently made I believe he was on a TV show Lloyd Blankfien. “You’re going to have to, undoubtedly, do something to lower people’s expectations – to lower people’s expectations, the entitlements, and what people think they’re going to get because they’re not going to get it. Social Security wasn’t devised to be a system that supported you for a 30 year retirement after a 25 year career. So there will be certain things, like the retirement age will have to be changed, maybe the benefits will have to be affected; maybe some of the inflation adjustments will have to be revised. But, in general, entitlements have to be slowed down and contained”.
This comes from a man worth hundreds of millions of dollars whose company, along with the rest of the companies on Wall Street, drove this country into the recession that it is in, which, by the way, contributed to the deficit that we are in. He is coming to Capitol Hill to lecture us and lecture the working families of this country on how we have to cut Social Security, Medicare, and Medicaid. Arrogance I think has no end, that people from Wall Street can come down here and tell us that.
Madam President, I think most Americans understand that the reason we are in the terrible recession that we are in right now and the reason that we went from a $236 billion surplus when Bill Clinton left office has everything in the world to do not with Social Security, but has everything in the world to do with the fact that we went into the wars in Iraq and Afghanistan; forgot to pay for them; we gave huge tax breaks to people like Mr. Blankfein and didn’t offset it; passed the Medicare Part D prescription drug program, not paid for; and as a result of the Wall Street recession, significantly less revenue is now coming into the Federal Government. That is why we went from a $236 billion dollar surplus in 2001 to a $1 trillion dollar deficit today.
[Bernie Sanders] Source: LYBIO.net
Now the deficit is in fact a serious issue, and it has got to be addressed, but it has got to be addressed not in the way that Mr. Blankfein, Pete Peterson, and the other Wall Street billionaires want us to address the deficit, but in a way that is fair to working people. And among other things, we have got to protect Social Security, protect Medicare, protect Medicaid.
Now I was uh appreciative that the other day I read that the White House has said something that many of us have wanted them to say, is that Social Security had nothing to do with the deficit; Social Security should be treated separately. And I think that is a real step forward. Many of us signed a letter to that effect.
But what does worry me Madam President is this issue of chain CPI. But I want everybody to understand that what the chain CPI is about. Nobody outside of Capitol Hill knows what it’s about. But what it’s about is reformulating how we determine COLAs. And if this chain CPI was passed, what it would mean is if somebody a 65 now this goes into effect immediately, if it were passed by the time they are 75, there would be a $560-a-year reduction in what they otherwise would have gotten in Social Security benefits through the COLAs. By the time they are 85, it would be $1,000 a year. We must defeat any and all efforts to oppose a chain CPI not only on Social Security beneficiaries, but also it would apply, if you can believe this on disabled veterans. Does Mr. Blankfein and his other CEO friends on Wall Street really want us to balance the budget on the backs of the disabled vets? Well, this Senator surely is not going to support that.
Bernie Sanders – Lloyd Blankfein – The Face Of Class Warfare. Does Mr. Blankfein and his other CEO friends on Wall Street really want us to balance the budget on the backs of the disabled vets? Well, this Senator surely is not going to support that. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.