The Fifth Column (private feed for bitterone31droid@googlemail.com) A Brief Defense of the Vampires w/ Lloyd Blankfein (Members Only #308)
Mar 11, 2026
Lloyd Blankfein, former CEO and Chairman of Goldman Sachs and memoir author, reflects on markets, inequality, and the political fallout from financial crises. He discusses wealth creation versus distribution, global cycles from Russia to China, why US capitalism recovers faster, risks in private credit and PE, and how AI and leadership shape firms and careers.
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Asset-Led Growth Feels Unequal
- The U.S. economy was strong before recent shocks, driven by asset-price gains and productivity tailwinds.
- Lloyd Blankfein warns that growth concentrated in asset owners widens the wealth gap, making macro strength feel like exclusion to many people.
Quick Market Correction Beats State Construction
- Capitalism's strength is decentralized decision making and rapid correction of bad investments.
- Blankfein contrasts this with state-led projects like China's ghost airports that remain on the books instead of being quickly repurposed.
Labor Rigidity Explains European Sclerosis
- Europe's labor protections create rigidity that preserves jobs but hinders restructuring and growth.
- Blankfein notes firing is slow in France, so unprofitable firms and workers stay trapped while U.S. rehiring happens faster after dislocation.
