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Goldman's Blankfein: Economy 'Not as Bad as Politics Would Suggest'

Goldman's Blankfein: Economy 'Not as Bad as Politics Would Suggest'

By    |   Wednesday, 02 August 2017 09:20 AM

Goldman Sachs CEO Lloyd Blankfein says that while the political environment in the United States is "pretty bad," the economy is actually “pretty good.”

"If you were frozen in an iceberg for four years and ... you woke up, came out, thawed and you saw an economy that's full employment, low energy prices, basically balance sheets have been cured, a lot of cash again, low rates, you think ... it's pretty good," he told MSNBC.

"People may not like the job the have in every case, they never do," he said. "Financial conditions and economic conditions are really not as bad as politics would suggest," he said.

Blankfein also said the U.S. needs to stay focused on wealth generation — even as there's more stress over wealth distribution, CNBC reported. That's for the politicians, he added.

To be sure, he spoke as the stock market was poised to set an all-time record high, with the Dow Industrials on course to breach the 22,000 mark.

The Dow has risen 11 percent in 2017, even as Wall Street is losing confidence that President Donald Trump and a Republican-controlled Congress would be able to cut taxes and increase infrastructure spending this year, Reuters reported.

The Dow hit the 20,000 mark in late January and crossed the 21,000 mark in just over a month on March 1, helped by a rise in banks Goldman Sachs and JPMorgan.

"Investors are completely immune to all the drama which is taking place in Washington because if you look at the performance of the Dow, it appears everything is hunky-dory," said Naeem Aslam, chief market analyst at Think Markets UK.

(Newsmax wires services contributed to this report).

© 2021 Newsmax Finance. All rights reserved.


   
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Economy
Goldman Sachs CEO Lloyd Blankfein says that while the political environment in the United States is "pretty bad," the economy is actually "pretty good."
goldman, blankfein, politics, economy
278
2017-20-02
Wednesday, 02 August 2017 09:20 AM
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