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" In markets, there are times when you are looking for what makes sense. At other times, you are looking for what you can do that is sensible versus constraints and uncertainties. "

Lloyd Blankfein

Other

Sense

You

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" When yields on corporate bonds are lower than dividends on stocks, that unnerves me. "

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Than

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" I've learned over the years that there's a lot of things that work out pretty well that I don't love. "

" Too much of the GDP over the last generation has gone to too few of the people. "

" I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat... Maybe in the new world, something gets backed by consensus. "

" I always thought that a prep school was what some people went to after high school to prepare themselves for college. "

" 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 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. "

" Ambition is your inner voice that tells you you can and should strive to go beyond your circumstances or station in life. "

" Growth requires risk-taking. If you want to dampen risk and make sure you never have a problem, you do so, but that also will have an effect on growth. This is a decision that doesn't necessarily belong to financial institutions. It belongs to regulators and legislators who represent the body politic. "

" If you had asked me, did I have everything nailed down and wired about what I wanted to do, and was I following some real plan? No. In fact, by the time I was in my mid-20s or even late-20s, and I was still in the law firm, I really was starting to get a little nervous that I didn't know what I was going to do. "

" Change is often the agent of progress in ways we can't always readily see in the early days. "

" 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. "

" If you can't legislate, you can't deal with problems. "

" As CEO of a big company, I have to be a kind of a champion of the interests of our people as insofar as their ability to do their job, to feel comfortable in their work environment, and to be able to fulfill their ambitions. "

" I am one with the popular culture. "

" The U.S. is not pure capitalism. In fact, there's no place for pure capitalism, unregulated capitalism. We have a regulated system. "

" 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. "

" You can see that all these people who did really great things failed six times or didn't get going until they were much older. I think that's much more instructive and educational. "

" 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. "

" At the end of the day, it's not a normal condition to have interest rates at zero. "

" It's very hard to go out and make big investments to take advantage of the shale energy if we don't know if it's always going to be there, what price it's going to be there, whether the country's going to allow it to be exported, or whether it's going to go and affect subsidized U.S. manufacturing. "

Lloyd Blankfein

Manufacturing

Energy

" 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. "

" No one at Goldman Sachs gets paid out of his or her own P&L. It matters how your business is doing, but it matters more how the firm as a whole is doing. "

" 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. "

" Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It's a virtuous cycle. "

" 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. "

" I'm the chocolate chip cookie king of the world. "

Lloyd Blankfein

Chip

Chocolate

" There is a line in which populism can cross over into demagoguery. Demagoguery is the crossover where populism becomes a bad thing, and people make things up, and they assign responsibilities that aren't fair and justified, and scapegoat communities. And then it becomes a very bad thing. "

" I would have liked to be a nerd. I didn't even make it to that. "