"In capitalism, winners have to win and losers have to lose."
Representative Alan Grayson (D-Fla.) laid out one of the most basic principles of capitalism Wednesday during an appearance on "The Ed Show."
Rep. Grayson explained his frustration with bonuses at bailed out banks who "gamble" with guarantees and money from the federal government, then keep the winnings for themselves.
Grayson was invited to weigh in on President Obama's mixed messages regarding Wall Street bonuses. Obama recently told Bloomberg:
I know both [Goldman Sachs CEO Lloyd Blankfein and JPMorgan Chase CEO Jamie Dimon]; they are very savvy businessmen
I, like most of the American people, don't begrudge people success or wealth. That is part of the free- market system.
Blankfein and Dimon received a total of $17 million in stock bonuses for 2009. Goldman Sachs and JP Morgan Chase received more than $35 billion in federal money during the height of the financial crisis in 2008. Both companies have since repaid the money.