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Home / Business / Defenders of capitalism agree with the left on the problems of society. On the solutions – not so much

Defenders of capitalism agree with the left on the problems of society. On the solutions – not so much



This year, though – perhaps brought on by the election of Alexandria Ocasio-Cortez and the increasingly left-wing tenor of the democratic presidential election in 2020 – there was also a hint of panic.

America's richest would suffer financial losses if any of these leaders had their way. Sen. Elizabeth Warren has called for a new tax on Americans with assets of $ 50 million or more in an attempt to help close the US's growing prosperity gap. The Green New Deal, written by Ocasio-Cortez and Sen. Ed Markey, requires a nationwide green upgrade for all US buildings and the phasing out of both fossil fuels and more carbon-intensive agricultural forms, which today is a major business in America. Suggestions such as aggressive antitrust regulation and suppression of stock purchases are now common ideas on the left.

"You see people talking about wealth redistribution, the fact that earnings for X number of employees are not there," says Jason Greenberg, CEO of the investment bank Jefferies. "By popular voice or by regulatory fiat you can very easily see a world where the business economy goes down. It might touch the rest of the cake."

"Roosevelt was his savior If it hadn't been for Roosevelt, we would probably have recorded in socialism," says Scott Minerd, global investment manager at Guggenheim Partners. "The reality today is, we come to a time when we shall have very radical changes unless the business and others go up and do something. " The rattle of statistics on income disparities and access to healthcare, emergency savings and rental charges. All this, they said, leads the youth today down the road to socialism ̵

1; and something has to be done.

"If you look at the right and left, it's really class war , "says Alan Schwartz, CEO of Guggenheim Partners, who warned about discussing the benefits of socialism against capitalism – rather than focusing on promoting Improve capitalism – can lead to a revolution.

In this context, it at least agrees with the Milken participants with the progressive left: Capitalism has left many people out of America's economic recovery. It leads more people to consider alternative economic and political systems, whether it be Bernie Sanders' soak-the-rich collectivism or Donald Trump's populist nationalism.

Their diagnosis of the roots of the problem, but – as well as their suggested solutions – could not be any different. And the analysis that Americans find most credible will probably decide who drives the country after 2020.

Wealth is a problem? Or a goal for everyone to strive for?

To the left, of course, many explanations for the broader gap between rich and poor.

Among them: Globalization, automation and decline in trade unions have weakened workers' negotiating power. Business consolidation has sucked the vitality out of local communities. A generation of tax cuts has undermined social security networks and the public investment needed to link communities together.
Meanwhile, the progressive left flashes well to renounce public education and hungry resource system. Contracting and franchising, says progressive, committed to the duty of public opposition to feel for their workers. Weak campaign funding has enabled business lobbies to optimize the laws in their favor. For some on the new left, the existence of extreme wealth in itself is a problem. "Every billionaire is a policy error," the mantra goes.

For Milkenites, wealth is a goal for everyone to strive for, not a problem to be solved. The real problem, they say, is much easier: it starts with the government's default and ends, mostly, with better equipment for people to participate in the miracle of the free market.

For example, in a Tuesday afternoon conversation with Michael Milken, the billionaire security fund Ken Griffin spread dissatisfaction with what he characterized as state aid to mortgages, which first surpassed the mortgage market – which led to the financial crisis – and then student loans.

  Michael Milken, head of the Milken Institute, and billionaire hedgerow Ken Griffin are talking about the future of capitalism at the annual Milken Institute Global Conference on April 29.

"You look at a generation of students who are totally disillusioned with their financial prospects, coupled with the extraordinary cost of education, thanks to the US government," he said.

(In fairness there is ample evidence that the rising public high school sticker is mainly due to declining government government support and the claim that Fannie and Freddie caused the housing crisis was rejected by Financial
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