Alan Schwartz of Guggenheim Partners warned of future 'class warfare,' saying, “It’s not whether we should be capitalist or socialist. It’s how do we make sure that capitalism is working the way it has in the past.'
Michael Milken speaks during the 2019 Milken Institute Global Conference at the Beverly Hilton in Beverly Hills.
If the barricades have not been erected in the streets, they were told several times over, they could soon be unless there is reform of the American economic system. Consider Wednesday’s lunch session on the weighty topic, “The Future of the Free-Enterprise System.” The panel was hosted by Institute founder and L.A. billionaire philanthropist Michael Milken, and featured discussion of theMilken told the audience that there is concern over the free enterprise system: “Obviously it is not working for everyone.”
The promotional video of the existing London location celebrated an opulent display of fine dining and merrymaking that was jarring amid all the talk of impending doom. But where better to prospect for members than at the conference? He returned to that theme in his talk, asserting that lack of income growth among the bottom 60% of the population had lead to a loss of hope reflected in rising death rates linked to suicides and opiate abuse.
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