The Rest Is Money 265. Are we due another financial crisis?
69 snips
Mar 29, 2026 
Lloyd Blankfein, former CEO of Goldman Sachs and Wall Street figure, reflects on markets, risk and his rise from Brooklyn to the top of finance. He talks constant market-watching, contingency planning for geopolitical shocks, AI investment excesses and the opacity of private credit. He also addresses banks’ resilience, Goldman’s culture and why transparency matters.
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Trim Risk And Protect Near Term Savings
- Do move 'closer to home' with your portfolio by trimming risk and matching risk to your near-term needs.
- He specifically warns not to risk savings you might need soon and to prefer safety in uncertain times.
Plan For Low Probability High Impact Outcomes
- Blankfein describes running scenario drills asking 'what could possibly happen' and pre-planning responses rather than forecasting.
- He gives examples like hedging for oil at $180 then planning unwind actions if prices snap back.
No Reckoning Means Hidden Kindling On Balance Sheets
- Blankfein warns the lack of recent major crises creates unseen risk building up on balance sheets.
- He calls this 'kindling' that a spark — oil, credit, fat finger or hack — could ignite into a reckoning.
