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Tue Mar 12, 2019, 01:40 PM

Hedge fund billionaire Ray Dalio: 'Capitalism basically is not working for the majority of people'

Catherine Clifford 11:09 AM ET Wed, 16 Jan 2019

With just over $18 billion to his name, capitalism has been good to Ray Dalio: He started his hedge fund, Bridgewater Associates, out of a two-bedroom New York City apartment in 1975 and it now manages $160 billion in assets and is the largest hedge fund in the world, according to Forbes.

Quite literally, Dalio has built a fortune thanks to capitalism. But he's also keenly aware that it is a deeply flawed system.

"Capitalism basically is not working for the majority of people. That's just the reality," Dalio said at the 2018 Summit conference in Los Angeles in November.

Dalio made the comment about capitalism during a discussion about wealth inequality.

"Today, the top one-tenth of 1 percent of the population's net worth is equal to the bottom 90 percent combined. In other words, a big giant wealth gap. That was the same last time that happened was the late '30s," Dalio said. (Indeed, research from Emmanuel Saez and Gabriel Zucman of the National Bureau of Economic Research of wealth inequality throughout the 20th century, covered by The Guardian, bears this out.)

Further, Dalio points to a survey by the Federal Reserve showing that 40 percent of adults can't come up with $400 in the case of an emergency. "It gives you an idea of what the polarity is," Dalio said. "That's a real world. That's an issue."

And Dalio says the income gap will only get worse.


https://www.cnbc.com/2019/01/16/bridgewaters-ray-dalio-capitalism-is-not-working-for-most-people.html?__source=twitter%7Cmain

16 replies, 527 views

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Reply Hedge fund billionaire Ray Dalio: 'Capitalism basically is not working for the majority of people' (Original post)
workinclasszero Tuesday OP
murielm99 Tuesday #1
FrankBooth Tuesday #2
murielm99 Tuesday #3
FrankBooth Tuesday #6
murielm99 Tuesday #10
Skidmore Tuesday #12
FrankBooth Tuesday #13
mitch96 Tuesday #7
workinclasszero Tuesday #4
Caliman73 Tuesday #5
workinclasszero Tuesday #8
Caliman73 Tuesday #9
Skidmore Tuesday #11
moondust Tuesday #14
Ghost Dog Tuesday #15
Humanist_Activist Tuesday #16

Response to workinclasszero (Original post)

Tue Mar 12, 2019, 01:49 PM

1. Capitalism can be regulated.

Why is it suddenly so fashionable on DU to promote socialism? I get tired of the meme of the day/week/month here.

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Response to murielm99 (Reply #1)

Tue Mar 12, 2019, 01:55 PM

2. The socialism talk is a response to income inequality

I think this quote from the article answers your question:

"Today, the top one-tenth of 1 percent of the population's net worth is equal to the bottom 90 percent combined. In other words, a big giant wealth gap. That was the same last time that happened was the late '30s," Dalio said.


In your opinion, what is the difference between socialistic reforms of our capitalistic system and "regulated" capitalism? Are they not basically the same thing?

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Response to FrankBooth (Reply #2)

Tue Mar 12, 2019, 01:59 PM

3. Why are you even asking me that?

We have Medicare and Social Security. We should have other socialist programs, such as universal health care. We need to continue to regulate the capitalist system we have. Wee need to strengthen some of those regulations.

Most voters don't want to hear about socialism. They want jobs. They want homes. They want security and education for their children. They don't want to hear a lot of hair splitting over political systems. Go out and do some work with voters and you will find out what they want.

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Response to murielm99 (Reply #3)

Tue Mar 12, 2019, 02:08 PM

6. I was hoping for a real response, not a lecture.

Let me try again, as I am sincerely interested. If you don't want to answer, maybe somebody else will.

What is the difference between socialistic reforms of American capitalism and "regulated" capitalism?
Is not strengthening Social Security a form of socialism?

Are there not good and bad forms of socialism that already exist within our capitalistic system? (good - Social Security and Medicare -- Bad, Tax subsidies for pro sports stadiums and endless corporate tax loopholes.) This kind of "good" socialism is extremely popular and a core tenet of the Democratic party.

Is there something to be gained by making this distinction, or is the word "socialism" just too toxic now?

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Response to FrankBooth (Reply #6)

Tue Mar 12, 2019, 02:34 PM

10. I meant what I said when I replied

that I was tired of the meme of the day/week/month here on DU.

Not long ago it was, "I'm an FDR Democrat." Before that, it was identity politics and before that, how we must all identify ourselves as progressives, not liberals.

I am not buying that any of this matters in the real world. And yes, the word "socialism" is toxic. There are very complicated reasons why this is so. But I see the so-called far left of our party working to sabotage the very real gains we made with the Blue Wave, the Blue Wave that was driven by moderates, not leftists, Democrats, not socialists.

What did you do for the Blue Wave? What do you plan to do in 2020? Are you going to GOTV, or are you going to engage in meaningless debate, since we will never be a socialist country?

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Response to murielm99 (Reply #10)

Tue Mar 12, 2019, 02:41 PM

12. Yes! K & R

Speaking truth.

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Response to murielm99 (Reply #10)

Tue Mar 12, 2019, 02:46 PM

13. wow --- touchy much?

What did I do for the Blue Wave? LOL. I worked my ass off to get a Democrat elected in a district that had never been blue since it's formation in the mid 80s. Not that I give a flying fuck what you think. I also consider myself a moderate.

Enjoy the rest of your day ... somehow I don't think you will.







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Response to murielm99 (Reply #3)

Tue Mar 12, 2019, 02:11 PM

7. "We should have other socialist programs"

We do... Corporate socialism... aka Too big to fail.. You and I have the capitalistic reward to take a chance with a business and make it or loose everything with out a bail out. If your a big bank you get all your capital back (paid for by the citizens of this country) and the little guys get screwed. What other big businesses get bailed out when they screw up?
m

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Response to murielm99 (Reply #1)

Tue Mar 12, 2019, 02:04 PM

4. Just a shot in the dark, but this might have something to do with it....

"40 percent of adults can't come up with $400 in the case of an emergency"

And...

"Today, the top one-tenth of 1 percent of the population's net worth is equal to the bottom 90 percent combined. In other words, a big giant wealth gap."

And...

Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis

https://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/#2c2dc627133f

And...

Rate of Americans without insurance rises to 4-year high as Trump weakens Obama health law, Gallup survey finds

https://www.cnbc.com/2019/01/22/rate-of-americans-without-insurance-rises-to-4-year-high-survey.html

And...

A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy

https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/


It's not a meme for most Americans, it's a never ending damn nightmare.

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Response to murielm99 (Reply #1)

Tue Mar 12, 2019, 02:07 PM

5. Capitalism CAN be regulated...

The problem is that the underlying core of capitalism relies on inequality and on for lack of a better word...greed. I am not advocating Socialism but you have to understand and acknowledge that the purpose of Capitalism is the accumulation of Capital and if that is the purpose, then it will be undertaken until someone has more than other people and that person would likely use the power that Capital provides to change the rules.

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Response to Caliman73 (Reply #5)

Tue Mar 12, 2019, 02:13 PM

8. And unregulated by republicans

every damn time.

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Response to workinclasszero (Reply #8)

Tue Mar 12, 2019, 02:33 PM

9. Big money finds a way.

Without a doubt the Republicans have been the most reliable vessel for big money to influence the system. There have been people from both parties who have facilitated the process although BY FAR the Republicans do so as a core issue.

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Response to workinclasszero (Original post)

Tue Mar 12, 2019, 02:39 PM

11. Hedge fund billionaire doesn't care to

fork over some of his wealth to help with equaling things out a bit. How about a higher tax on his gain?

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Response to workinclasszero (Original post)

Tue Mar 12, 2019, 05:39 PM

15. I'm not sure hedge funds have much to do with capitalism,

since isn't capitalism supposed to put capital to work doing something useful, not just shifting ownership around and churning numbers inside computers?

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Response to workinclasszero (Original post)

Tue Mar 12, 2019, 05:41 PM

16. File this under "no shit Sherlock". Nt

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