Ray Dalio: to 60 minutes USA: the state of American capitalism "is a national emergency" - remember the Fed - [PEACE]
Remember the Fed, muh goys... Ray Dalio is somewhat wealthy - the kinda guy who can flick $100 Million to "Connecticut's public schools" kinda wealthy. Founder of Bridgewater Associates, Dalio gets much air time plugs at various financial interest sites and shows, with his latest tier-1 a '60 Minutes' interview - aboard (one of) his yachts near the Bahamas. "The American Dream Is Lost" - Ray Dalio Tells '60 Minutes' Why American Capitalism Must Be Reformed https://www.zerohedge.com/news/2019-04-08/american-dream-lost-dalio-tells-60... … Dalio: "I think the American dream is lost...for the most part we don't even talk about it." … "It's not redistributing opportunity...there's a growing wealth gap and a growing income gap." … "If I was president of the United States what I would do is recognize that this is a national emergency." … "If you look at history, if you have two groups of people with very different economic conditions, and you have an economic down turn...you get conflict. If you look at the 1930s, you had 4 countries that were democracies that chose not to be democracies to bring order to the conflict." … "Capitalism needs to be reformed...it doesn't need to be abandoned. it needs to be reformed in order to work better. American capitalism isn't sustainable." … Bridgewater has made money for its clients during 25 of the last 28 years. And last year, when the S&P 500 sank 4.5%, Bridgewater posted a double-digit gain. … https://www.cbsnews.com/video/ray-dalio-capitalism-needs-reform-wealth-inequ...
HiFrom my tweets to Ray: I also believe that capitalism might be a fundamentally sound system. But we don't have capitalism and that's why what we have is not working well for the majority of people. True capitalism means markets freed of all regulations except fraud, etc. We don't have that and likely never will. Your treatise misses a key point of political corruption underpining corporatism / "crony capitalism". The simple fix: private criminal prosecutions at the federal and state level. Imagine if private prosecutors were let loose on Washington's political underbelly. Your treatise also misses a second factor: In politics, money is access. The wealthiest individuals and corporations clearly have much more access than the bottom 80+%. They, especially the corps., also (via their lobbyists) craft much of the legislation to their benefit. I think it would be highly beneficial to society if this disparity were addressed. My solution: limit individuals and corporations to "single representation". That is only individuals or the CEO of the corporation could call on or lobby a representative (no hired guns).
participants (2)
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Steven Schear
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Zenaan Harkness