With interest rates rising, gold doesn't pay an interest rate, but every other currency - it becomes not only less important to hold gold as an alternative, but more expensive to hold it as an insurance policy and so that will be a burden on the price of gold.
We've had this program for a number of years now, called 10,000 Small Businesses, where Goldman Sachs has convened a group of partners to basically give business education to small business owners.
The ability for employment benefits to be shared among spouses, the ability to move people who are dependent on visas for trailing spouses, all hinges on being able to deal with families of gay people in the same way that you deal with families of straight people. Otherwise, they can't move around.
Mysterious can be cool, if you're in Hollywood and everyone's happy. But it can be really bad if people perceive that the financial interests are adversarial, that there's money versus people. A lot of Goldman Sachs people went into government, so at a time when there's a distrust of institutions, some of that reflects on us.
In my own experience, I plotted and planned my life when I was getting out of law school to know by what year I'd make it to the Supreme Court. That didn't work out the way I planned.
I got into Goldman really by acquisition because I had gone - I grew up in east New York in the Linden Projects - I did go to fancy schools, but my resume wasn't up to a Wall Street set of resumes. I went to college. I went to law school and practiced for a while.
I don't look forward to a time when every politician, every legislator goes to Washington absolutely committed to an extreme point of view. Elected representatives are sent to Washington to compromise, not to never compromise.
I am specifically concerned about the idea that the legislative process is one that gets characterized the way it is as the 'fiscal cliff.' At the end of the day, the United States is the biggest economy in the world, and the dollar is the reserve currency in the world. I think it behooves us to act in a much more responsible way.
You have to, in your own life, get people to want to work with you and want to help you. The organizational chart, in my opinion, means very little. I need my bosses' goodwill, but I need the goodwill of my subordinates even more.
We certainly had an upheaval at the start of the Great Depression, and that resulted in a lot of financial reform, but it wasn't done in one stroke, and it wasn't done immediately. The Depression was in 1929 and resulted in the Securities and Exchange Act of '33, '34, '35, '37, '39, and '41.
My - I grew up in - I grew up in public housing. My dad, for most of my life, worked for the post office, which was a terrific job to get because you couldn't lose your job.
In 2007, in the early 2007, everybody saw the housing market was falling, and at any given moment a lot of people thought it was going to fall more, and a lot of people thought it was going to rebound. You just didn't know.
If you do something really well, the entire world beats a path to your door. The number three, number five, number 400 player gets nothing. It's almost a winner take all.
I remember, my first job when I got my working papers at 13 was as a vendor at Yankee Stadium - the old Yankee Stadium, with very steep stairs in the upper decks. It was all commission-based. And I think a soft drink was 25 cents, and I think you got a 10 percent or 11 percent commission.
You can look at history of these things, and Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career... So there will be things that, you know, the retirement age has to be changed, maybe some of the benefits have to be affected, maybe some of the inflation adjustments have to be revised.
I started out as a lawyer and came in laterally to Goldman Sachs. So I learned myself that life is unpredictable. That you really should, in terms of your career, try to be excellent at what you're doing. I think if you focus on your job, and you focus on being broad in the context of your job, the next jobs follow from that.
