Daily Archives: September 7, 2015

“We Made It Wider!” Hank Paulson Bursts Out Laughing When Asked About Wealth Inequality (video)

Zerohedge:

Needless to say, in the post-crisis world where the ultra rich fork over $180 million for paintings while everyday Americans struggle even to afford rent in a one-bedroom apartment, this subject is far from funny.

In fact, it’s downright depressing and we mean that in the most literal sense possible because as it turns out, a new study released on Friday by the UK’s Office of National Statistics has proven yet again (see our previous discussion on this) that money does indeed buy happiness.

From the report:

An individual’s level of personal well-being is strongly related to the level of wealth of the household in which they live. Life satisfaction, sense of worth and happiness are higher, and anxiety less, as the level of household wealth increases.

 

Around a half hour into the discussion, Sandberg asks Paulson about income inequality. Here’s what happens next:

Sandberg: “Yeah, so let’s follow up on a bunch of the things we were [talking about]. Let’s start with income inequality.”

Paulson: “Ok, well.. income inequality. I think this is something we’ve all thought about. You know I was working on that topic when I was still at Goldman Sachs..”

Rubin: “In which direction? You were working on increasing it.”

Paulson then bursts out laughing: “Yeah! We were making it wider!”

Here’s the clip: