Lloyd BlankfeinVerified account

Stimulus bill: Dems want $2.2trio and Reps offer $1.8trio, more than 80% the ask. Dems should take the lesser amount now, to save lives and jobs, and top up after the election, when Dems control more of the govt. If Dems don’t win the WH or the senate, they have bigger problems!!

So far the stock market doesn’t seem too upset at the prospect of Biden winning, despite Trump’s more market friendly policies. Perhaps folks think their stocks and 401(k)s will do better with higher taxes and increased regulation than with nastiness and scorched earth.

Does Joe Biden have a higher net worth than Donald Trump?https://twitter.com/nytimes/status/1310325842535477248 …

Sorry, it’s been awhile. Just in case I’ve been missed (Ha!), here's the link to a podcast interview I did for Hank Paulson, my old boss and former treasury secretary:https://twitter.com/PaulsonInst/status/1300851674291089409 …

Congratulations to Elon Musk, another immigrant who helps make America greater!!https://twitter.com/nytimes/status/1266816198634766339 …

Hospitals are not overwhelmed; most of us will be exposed anyway since we can’t sequester until there’s a vax; and we know which groups need protection from worst outcomes. Is the public health benefit from broad lockdowns at this point worth such extreme damage to livelihoods?

Tech’s contribution is so apparent in these Covid times, enabling remote work, on-line shopping, connection with family/friends, and broad access to info & entertainment. Real concerns: competition, privacy, fake news... But imagine trying to cope with this crisis 20 years ago!!

If I were a governor I wouldn’t ease restrictions now as Georgia is doing. But in our federal system States can take different approaches and thereby produce data and results from which we will learn more, and faster, about what works and what doesn’t. Not entirely a bad thing.

In finance, most surprising to me is that despite the trillions the US is adding to our budget deficit and national debt, investors (many foreign) will lend the US a virtually limitless supply of dlrs for .6 pct for 10 years.

It’s only now I appreciate how happy I was before Covid-19. I wish someone would have told me.

Duh...... CNN more interested in getting a “gotcha” headline than elucidating the complex and terrible tradeoffs that will have to be made going forward in balancing public health and economic issues.https://twitter.com/cnnbrk/status/1249343517417242624 …

Not all of the bold actions in support of jobs and the economy will go smoothly and of course public health will determine outcomes. Monday morning quarterbacks will have a field day. But in Mnuchin and Powell we have the right folks on our economic issues at this critical time.

Been quarantined with my wife for four weeks now. At this point I have more risk of getting killed by her than by a crummy virus.

Market thought: it’s an odd time where so many are so bearish in the short term but confident that most stocks will be a lot higher in a few months. A vaccine or treatment is the focus of EVERY pharma company and researcher. Imagine the sharp snapback on a sudden breakthrough.

Book rec: No Ordinary Time, by Doris Kearns Goodwin. About the “home front” in WWII. Early in the book a good discussion of Roosevelt’s leadership in mobilizing industry (whose hatred he had welcomed!) as the country transformed into the “arsenal of democracy.” Relevant.

Extreme measures to flatten the virus “curve” is sensible-for a time-to stretch out the strain on health infrastructure. But crushing the economy, jobs and morale is also a health issue-and beyond. Within a very few weeks let those with a lower risk to the disease return to work.

Before we kill the “cruel, corporate- run health system,” let’s give it a chance to help fix the govt’s mismanaged virus testing program. And perhaps allow our pharma companies to develop a vaccine. Then we can kick the private sector out and turn health care over to the govt!?https://twitter.com/BernieSanders/status/1238892225381183490 …

I don’t seem to be having much trouble getting people to “social distance” from me.

Good risk management: at this point, go all-in on social separation, and all-in on financial relief to those most economically vulnerable (individuals and sm biz). Save the second guessing for later. I would welcome if we look back 3 months from now and think we over-reacted.

Fear can take mkt lower, but expect quick recovery when health threat recedes. Esp in US, underlying economy strong, banks well-capped, system not too leveraged. Unlike ‘08, will avoid systemic damage that cud take years to work thru. Obviously, not ignoring tragic human toll....