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.
"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 ̵[ads1]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.
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.
"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.