Billionaire hedge fund founder and investor Ray Dalio said “capitalism is not working” for most of the population, pointing to the growing wealth gap as proof. Dalio has a net worth estimated at $18 billion, largely gained from building and running Bridgewater Associates, the largest and perhaps the most successful hedge fund in the world.
“Capitalism is basically not working for the majority of people,” he said. In his speech, he cited a Federal Reserve survey statistic that 40% of U.S. households could not raise $400 in case of emergency without selling something. “We might not have contact with those people, but that is a reality,” Dalio told the crowd, who paid thousands of dollars to hear him speak. The current polarization—both politically and socially—is most analogous to the 1930s, he argued. “It has to be dealt with,” Dalio said, saying if he were running things, he’d declare the wealth gap and opportunity gap a “national emergency.”
https://www.barrons.com/articles/billionaire-ray-dialo-says-capitalism-is-not-working-for-most-people-1541780451
“Capitalism is basically not working for the majority of people,” he said. In his speech, he cited a Federal Reserve survey statistic that 40% of U.S. households could not raise $400 in case of emergency without selling something. “We might not have contact with those people, but that is a reality,” Dalio told the crowd, who paid thousands of dollars to hear him speak. The current polarization—both politically and socially—is most analogous to the 1930s, he argued. “It has to be dealt with,” Dalio said, saying if he were running things, he’d declare the wealth gap and opportunity gap a “national emergency.”
https://www.barrons.com/articles/billionaire-ray-dialo-says-capitalism-is-not-working-for-most-people-1541780451
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