Gritpost, March 11, 2019
Even billionaire Ray Dalio — the second-wealthiest hedge fund manager in the world — knows capitalism is only working for the rich.
That’s according to a November 2018 talk he gave at the Summit conference in Los Angeles. In January, Dalio tweeted video of the talk. On Monday, Rep. Alexandria Ocasio-Cortez (D-New York), a self-identified Democratic socialist, tweeted a CNBC article about Dalio’s talk, saying “even billionaires are acknowledging” the failure of capitalism.
“When 40% of Americans can’t afford basic needs, or a $400 emergency, the problem isn’t unique. It’s systemic,” the Bronx Congresswoman tweeted. “Even billionaires know they can’t shield themselves from this kind of perilous instability.”
Ironically, the hedge fund billionaire’s talk didn’t sound all that different from Senator Bernie Sanders’ (I-Vermont) stump speeches. Dalio — whose net worth exceeds $18 billion according to Forbes (hedge fund manager James Simons is the richest) — spoke of how the gap between the very rich and the American working-class continues to widen, and that the wealth gap hasn’t been this stark since the Great Depression. He also said that, if he were president, he would declare a national emergency over the wealth gap.
“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. “We’re in a situation when the economy is at a peak, we still have this very big tension. That’s where we are today. We’re in a situation where, if you have a downturn, and we will have a downturn, I believe that — I worry that that polarity will become greater.” ...
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