I think the big problem is in the Blankfein's scare word, "dangerous." But there's nothing dangerous going on here! The other scare word lurking in the background that we'll be hearing a lot this year is "socialism." But the fact is, we have socialism all around us, everywhere. Libraries, highways, fire departments, corporate subsidies, SOCIAL security, Medicare.... It's everywhere.

But politicians have been using cries of "socialist!" as a scare word ever since the Cold War. It's just too big of a word that is not specific enough. The kind of Socialism that would work here has to do with paying for things that should not have a profit motive, like jails, medical insurance, dental care, prescription drugs -- things that will kill you if you don't have -- things that a profit motive turns into extortion. Really, should there be a profit motive to medical care? Profiting off others' misfortune and illness? Really?

With that kind of "Socialism Lite," capitalism and democracy can still flourish underneath. Entrepreneurs can still take their chances, and maybe even take higher risks because they'll know they won't starve to death trying or lose everything to bankruptcy because of an unexpected illness or injury.

The only difference between pure capitalism and this Socialism Lite? There is a fair (and elected) referee -- the government -- that can make sure there are still profits for everyone while keeping the greed in check. We already have that, but it's unfairly tilted toward the corporations.

So I don't think it's really a revolution we need, but an adjustment to more socialism, not a Marxist command economy. Let's call it the more delicate "Social Democracy."

In a Social Democracy, a college education (and medical school, too) should be free for all who want it and can pass the tests. And I think there should be the world's best health care, too, with lots of well-paid doctors so people don't have to wait to get the medical or psychological help they need.

I think all this can be done, and people can still get rich without being taxed to death. Taxes would be higher for some people, and especially for people earning more than $10 million/year, and there would be more taxes on those Wall Street bankers like Blankfein abd gamblers who churn rigged front-running flash trades all day long without really building anything.

But those wealthy groups can afford it, and we're not talking about raising taxes to 90% either. More like a top tier of 55%, far lower than in Eisenhower's day and certainly affordable by the top 1% of income earners.

I think we can have a better society and still hold out the hope of the American Dream. I hope so, because what we have now is turning into the American Nightmare, and will only get worse.