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Blankfein: Hold on, 2013 will be tricky

The Buzz - Investment and Stock Market News

Goldman Sachs (GS) CEO Lloyd Blankfein thinks Washington will resolve the fiscal cliff before the end of the year, but says 2013 will still be a tough year.

“The next 12 months will be tricky,” warned Blankfein, speaking at a conference Wednesday hosted by The New York Times’ Dealbook. “Any compromise will involve some dose of austerity — a deflationary policy.”

That’s a stark contrast to fellow Wall Street titan Jamie Dimon, CEO of JPMorgan Chase (JPM). Speaking earlier at the same conference, Dimon predicted that U.S. economy will soar within months of a fiscal cliff resolution being reached.

Related: Dimon: Solve fiscal cliff, U.S. economy will soar

Blankfein, who has been attending meetings at the White House and participating in conference calls about the fiscal cliff, said that spending cuts and higher tax rates will have a dampening effect on economic growth.

“In the…

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About Nicholas Maithya

I am a writer focussing on disruptive technology, Fintech, Big Data and Internet of Things, Online Marketing trends, and investments. When I am not writing about these, I am probably in the gym working out, out and about with family, watching the news (basically business/technology) or soccer. That's why I do sometimes cover soccer-related stories.

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