On Wall Street, the mention of Ray Dalio, the founder of Bridgewater Associates turns heads. Mr Dalio was on CNBC yesterday and made it clear that despite being very good for him, capitalism has left some people behind.
“I am a capitalist. I am a professional capitalist. The system has worked well for me,” said the Wall Street titan who has become a billionaire managing funds for some of the largest institutions on the planet. Mr Dalio mentioned that he went to the public school system and graduated to become a Wall Street tycoon who has recently started talking about support for the working class.
Mr Dalio points out that 60 percent of US citizens are not getting an equal opportunity and that he has ideas that could help them in the future. Mr Dali0 says that the root issue is that the system leaves some people behind and that they need his and the help of others.
He pointed out that there was a split in the country that is a result if the rich getting very rich while others seem to ben just watching life go by. Mr Dalio helped use his massive wealth via philanthropy to help address inequality. He donated $100 million to the Connecticut school system which is ranked number 5 in the United States. He believes in the public school system.
Mr Dalio has written books and seems to feel that there will be a new type of compassionate capitalism that gives equal opportunity to all in the future.