Warren also doubled her call for a tax on the net worth of billionaires from 3 percent to 6 percent on every dollar of net worth above $1 billion.
Former Goldman Sachs CEO Lloyd Blankfein expressed his worry that a Warren administration could radically alter America’s economy.
Blankfein told CNN’s Poppy Harlow that Warren “probably thinks more of cataclysmic change to the economic system as opposed to tinkering,” and this although America’s economy remains the “envy of the world.”
Warren has proposed the imposition of a wealth tax on America’s richest individuals, a ban on fracking, and the breaking up of large corporations such as Facebook.
Blankfein believes that extreme wealth inequality can polarize interest groups and destabilize entire societies, and favors the expansion of America’s middle class by changing the existing tax structures. This could mean, Blankfein says, that the rich would pay more in taxes.
“We have to listen to what people are saying and respond to it,” he said. “I‘d like to pay no taxes, but I’d like to live in a civilized world where people aren’t coming with torches and rakes trying to, you know, kill each other ... I sure as heck would be willing to pay more tax if it could buy a happier and less polarized society.”
With the S&P 500 setting a new closing record of 3,047.87 last Monday, some commentators are asking how long the bull market can last and whether Brexit or the uncertainty around trade deals with China could send the global economy into a correction. The overriding message, however, is to enjoy it while it lasts.