Blankfein: 'There are a lot of positives to the economy'
Lloyd Blankfein thinks the economy is on the right track even though it's about to be overtaken by China.
"There are a lot of positives to the economy," the CEO and chairman of Goldman Sachs said at the DealBook Conference in New York Thursday.
He noted falling energy prices, an improving housing market, and lower leverage in the system.
On falling oil prices, he said that Europe "should be ecstatic" given their energy imports. He said the drop in prices was also a positive for the U.S. economy.
On China, Blankfein said the Asian giant will eventually overtake the U.S., saying "this could very well be the Chinese century."
"Their economy is going to be bigger than our economy even though they're poorer than us on a per capita basis," he noted.
He said the big question in the U.S. is whether the economy is going to grow at 2.75 percent or 3.75 percent; in China, the range is 4 percent to 9 percent.
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On inversions, Blankfein said tax law should be written in a way that it doesn't encourage a move just for tax reasons. Now, people are incentivized to avoid taxes legally; it can't be a patriotic duty to stay in the U.S.
"That kind of pressure is a fact of life" for companies, he said.
Asked about presidential politics, Blankfein hinted he would support Hillary Clinton.
"I've always been a fan of Hillary Clinton," he said.
Asked about how long he would be CEO of Goldman Sachs, Blankfein said "I don't think about it. This is what I do."