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Mar 11 - Capitalism is not working for the majority of people


 
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 1 week ago '05        #1
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phantomnation 3109 heat pts3109
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Mar 11 - Capitalism is not working for the majority of people
 

 

With just over $18 billion to his name, capitalism has been good to Ray Dalio: He started his hedge fund, Bridgewater a*sociates, out of a two-bedroom New York City apartment in 1975 and it now manages $160 billion in a*sets 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. Monday, Dalio tweeted a video of his Summit talk.


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.

"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," he said in November. "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."

In fact, Dalio said that the President of the United States should declare the current wealth gap a national emergency.

"If I was doing it, I think that you have to call that a national emergency," said Dalio. Then, reasoned Dalio, the President could "[take] responsibility for changing those metrics. I think there's a lot that can be done in private-public partnerships and so on to be able to change it, but I fear that that probably will not be done by the next time we have a downturn, and I fear for what that conflict is going to be like that."

Dalio is not the only billionaire to speak out about the problems with modern capitalism.

Berkshire Hathaway CEO Warren Buffett, who is worth $81 billion according to Forbes, has said the problem with the economy is the extreme wealth of people like him.

"The real problem, in my view, is this has been the prosperity has been unbelievable for the extremely rich people," Warren Buffett, who is currently worth $81 billion, told PBS Newshour in June 2017. "This has been a prosperity that's been disproportionately rewarding to the people on top."

The evolving economy "doesn't benefit the steelworker maybe in Ohio," Buffett said on Newshour. "And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of."

That's not what's currently happening according to the billionaires, and it worries Dalio.

"I'm concerned because we're not working together around our common principles," Dalio said in a Summit follow-up interview, published on Jan. 8. "The amount of tolerance there is for the differences, the amount of empathy, the desire to work it out and find the common solutions, is diminished."
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32 comments for "Mar 11 - Capitalism is not working for the majority of people"

 1 week ago '12        #2
OldBusiness 176 heat pts176
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It never was meant to work for the majority, just those smart enough to take advantage of the ignorant.
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 1 week ago '19        #3
Standin Taller 4 heat pts
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Might not be the guy 2 quote right now since people wanna erase history however......

“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
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 1 week ago '04        #4
Exs 359 heat pts359
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the creative mind isn't what it used to be.

You think sub prime mortgages were something?



Wait'll you see the running bill on money handed out to [useless] tech startups who developed a trash app/trash business and created trash/useless jobs in the name of capitalism.

Fyre Festival Economy is what Capitalism has turned into with the internet.

Ramifications of pulling the Jenga blocks on what amounts to be one big pyramid scheme gonna be nasty


Last edited by Exs; 03-11-2019 at 01:01 PM..
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 1 week ago '06        #5
imthatinfamous 42 heat pts42
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 OldBusiness said
(Insert name of Economic system here) was meant to work for the majority, just those smart enough to take advantage of the ignorant.
Fixed it for you...see, thats how platitudes work

 1 week ago '15        #6
Prad Bitt 
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The next recession will be biblical times because of how intertwined we are globally now. Only way out of it will be a war, new deal infrastructure project, absurd QE, or universal income.
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 1 week ago '04        #7
mr_underground|m 2153 heat pts2153
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of course, thats why its called capitalism. to send capital to ideas. how many people do any of us know who do more than go to school, get a job, watch tv and aspire to nothing more. they talk like they want to do big things but their only knowledge of celebrities, politics and what happened on some form of tv, music or movie entertainment?

what are they going to captialize on or send capital to? they don't know anything and when AI fully blossoms they'll really be screwed. and its not like they don't know the robots are coming...or maybe they don't know...and thats the problem it doesn't work for most people because they don't use it. and its not like they don't have access. google, youtube and amazon has all info you could ever need to do anything.


Last edited by mr_underground; 03-11-2019 at 01:19 PM..

 1 week ago '15        #8
PolygonMafia 4 heat pts
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Well color me surprised!

An inherently flawed economic model that relies on constant growth and exploitation is unsustainable?!

BUHHH WAAHHHHH!?!?!
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 1 week ago '17        #9
one il matt 56 7 heat pts
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 OldBusiness said
It never was meant to work for the majority, just those smart enough to take advantage of the ignorant.

Nah

It’s not b/c of ignorance given 60% of this country’s wealth is inherited.

there’s was always a class that was going to to take the brunt of harm in capitalism. Early on (350 years), those harmed were slaves.

But they didn’t have rights but who cares.

Next 150 years, the economy grew but the harm from capitalism still remains, is getting bigger, and its creeping into the middle class.

Technology just accelerated it.
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 1 week ago '18        #10
OG FREAKGxD 1 heat pts
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CAPitalism don't work, but HUSTLism does. Get money or die money getting.
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 1 week ago '10        #11
ElevateOne 76 heat pts76
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I think way down the road money will have to have an expiration date, you earn money then you have 10 years to use it or that money evaporates

that would keep people from hording money, it would also take value away from things that are no longer a service or viable good (like how much money is still out there from slavery, or whale oil, or rubber trees etc...)

you would need all money to be some kind of bitcoin thing where you could track it's creation though


 1 week ago '06        #12
RAZAH CUTS 6469 heat pts6469
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of course it isn't....and he's a big reason why... him, and moreover people like him are sort of why the sh*t isn't working out for folks nowadays... That's more than just my opinion, there's all types of facts that state that. Facts and stats... not that people pay attention to those here though ...
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 1 week ago '05        #13
Bigrel 7 heat pts
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 mr_underground said
of course, thats why its called capitalism. to send capital to ideas. how many people do any of us know who do more than go to school, get a job, watch tv and aspire to nothing more. they talk like they want to do big things but their only knowledge of celebrities, politics and what happened on some form of tv, music or movie entertainment?

what are they going to captialize on or send capital to? they don't know anything and when AI fully blossoms they'll really be screwed. and its not like they don't know the robots are coming...or maybe they don't know...and thats the problem it doesn't work for most people because they don't use it. and its not like they don't have access. google, youtube and amazon has all info you could ever need to do anything.
meant to prop

 1 week ago '06        #14
loudobbs 
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Why do billionaires sh*t on capitalism?
Why do billionaire tech giants complain about global warming?
They could easily solve both problems, strange is it not?
Yet here we are...
Socialism for the plebs while the already insane wealthy will live like gods.
I swear i have read this story somewhere before...
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 1 week ago '19        #15
Gold Face 
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Capitalism was poisoned by the feds practice of creating money out of thin air

Even poisoned capitalism is better then socialism you commies
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 1 week ago '19        #16
Ramil773 
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Capitalism is a results based system. Majority of people are poor because they do not attempt to add value to society but instead watch useless videos and memes all day. Nothing is wrong with capitalism. It's doing what it is supposed to do. Put the intelligent at the top and the goyim/sheep at the bottom
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 1 week ago '14        #17
Swade009 73 heat pts73
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The issue is capitalism without socialist control allows companies to buy out other companies and get even more rich than before because those big companies become even less organized and quality dips, plus there is nothing creative about buying another company and you aren't really "earning" money you're just investing and making your money grow.

 1 week ago '14        #18
Swade009 73 heat pts73
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 Ramil773 said
Capitalism is a results based system. Majority of people are poor because they do not attempt to add value to society but instead watch useless videos and memes all day. Nothing is wrong with capitalism. It's doing what it is supposed to do. Put the intelligent at the top and the goyim/sheep at the bottom
Lol stop your bullsh*t

Do you know how many people become broke chasing their dreams??? Do you know how many people become billionaires off luck or cheating people?
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 1 week ago '15        #19
JayJedi 3 heat pts
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Not surprised.. it’s hard as hell to move up in a country built on racist policies that are designed to keep you poor.

Add on that, a lot of us come from immigrant parents with no generational wealth or social capital - it’s hard as hell for a minoritized entrepreneur to move up the income ladder in America.

Income should be distributed down-up because for too many years, all we have seen is the rich double their wealth while muhfu*kers struggle to make ends meet. And sh*t doesn’t fu*king change

 1 week ago '17        #20
Ymmot 12 heat pts12
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 Swade009 said
The issue is capitalism without socialist control allows companies to buy out other companies and get even more rich than before because those big companies become even less organized and quality dips, plus there is nothing creative about buying another company and you aren't really "earning" money you're just investing and making your money grow.
I'm a big fan of Bill Clinton's third way.

 1 week ago '15        #21
JayJedi 3 heat pts
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 Ramil773 said
Capitalism is a results based system. Majority of people are poor because they do not attempt to add value to society but instead watch useless videos and memes all day. Nothing is wrong with capitalism. It's doing what it is supposed to do. Put the intelligent at the top and the goyim/sheep at the bottom
slapped

 1 week ago '17        #22
TheLastNonEarth 107 heat pts107
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Financial knowledge is the key. The vast majority of the poor don't understand how to build wealth and can't pass down that knowledge to their children. I think the bulk of people who have great ideas never follow through on their dreams. We live in a culture where confusion is frowned upon. If you're going to learn something complex enough to make you wealthy (such as hedge funds) you've got to be 'comfortably confused' long enough to master it. You also need discipline which most people lack.

 1 week ago '17        #23
TheLastNonEarth 107 heat pts107
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 Swade009 said
Lol stop your bullsh*t

Do you know how many people become broke chasing their dreams??? Do you know how many people become billionaires off luck or cheating people?
Facts.

I've met everyday common folk with brilliant ideas. We had a security guard at my first company who had booklets full of high tech truck designs and prototypes for better engined. Bro was showing me responses from companies interested in his work. I left before finding out what became of him. My sister's boyfriend had the idea of taking pictures of items and getting info about them 10 years ago. It's what Google recently implemented in their latest update. My dad makes figurines and plaster sculptures that hang off the wall. Not everybody gets that break or has the determination to keep trying after failing multiple times.


I take nothing away from Bill Gates' genius but he did get 50 grand from his family to get started. We already know what Trump got from his dad. There's definitely a luck or 'blessings' factor involved
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 1 week ago '04        #24
TizOnly1 15 heat pts15
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Capitalism sucks for the vast majority of people in a capitalistic system? This is news?
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 1 week ago '19        #25
Ramil773 
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 Swade009 said
Lol stop your bullsh*t

Do you know how many people become broke chasing their dreams??? Do you know how many people become billionaires off luck or cheating people?
Just because you are chasing a dream doesn't mean you are entitled. There is a correct way to pursue wealth which most people don't do because it takes patience

Do you know how many people became billionaires without cheating people?
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