Man who helped cause 2008 financial crash suddenly very concerned about the economy

Lloyd Blankfein might sound like the name of a fictional banker villain, but he is in fact the real-life Senior Chairman  of Goldman Sachs. Prior to his current position, he served as chairman and chief executive of the infamous banking giant beginning in 2006 — just before that pesky financial crisis from which the world is still recovering.

To his credit, Blankfein did apologize for his company's role as a liquidity provider for subprime mortgages. Specifically, he said, "We participated in things that were clearly wrong and have reason to regret. We apologize." That was in 2009 — the absolute pits of the economy — and around the same time he was named "Person of the Year" by the Financial Times. Within months, he was touting his duties of "doing God's work" while the rest of us were still scrounging for employment or to recover the last few scraps of money we had foolishly invested on the advice of people on Blankfein.

Anyway, he's really concerned that Bernie Sanders will "ruin" "our" economy, should he be elected as President of the United States in the upcoming election.

Presumably, Blankfein was not referring to our economy — as in the economy that affects normal human beings such as you or I, which he has previously participated in ruining — but rather, his economy, that is, the pleasures enjoyed by him and his ilk of obscenely wealthy, out-of-touch, and utterly untouchable oligarchs. Read the rest

America's super-rich write to Democratic presidential hopefuls, demanding a wealth tax

18 of the richest people in America have sent a letter to all the candidates for the 2020 Democratic presidential nomination, demanding that their election platform include a annual wealth tax on the largest American fortunes, something advocated by economist Thomas Piketty in his blockbuster book Capital in the 21st Century and subsequently integrated into Elizabeth Warren's campaign platform (with Piketty's endorsement). Read the rest

Gabriel Zucman: the Piketty-trained "wealth detective" who catalogued the secret fortunes of the super-rich and figured out how to tax them

Bloomberg's Ben Steverman offers a long and exciting profile of Gabriel Zucman (previously), a protege of Thomas Piketty (Zucman was one of the researchers on Piketty's blockbuster Capital in the 21st Century) who has gone on to a career at UC Berkeley, where he's done incredibly innovative blockbuster work of his own, particularly on estimating the true scale of the wealth gap in the USA and worldwide. Read the rest

Thomas Piketty explains how Elizabeth Warren's wealth tax is American as apple pie

Last month, Democratic presidential hopeful Elizabeth Warren proposed an annual tax on the largest fortunes in America, with some of the cash generated by the tax being funneled into the IRS to catch dodgers who move or hide their money to escape the tax. Read the rest

Elizabeth Warren proposes Thomas Piketty-style annual wealth tax

Following recommendations set out in Thomas Piketty's landmark Capital in the 21st Century, would-be Democratic 2020 presidential candidate Elizabeth Warren has proposed a 2% annual tax on household wealth over $50,000,000, with an additional 1% annual tax on household wealth over $1,000,000,000, which would bring in $1.9-$2.75 trillion over the first decade (about 1% of US GDP). Read the rest