I'm nearly fifty, now. Why am I disillusioned by capitalism? Because the illusion is thin and flimsy. I really hope the disillusionment of millennials isn't just because they don't have a good enough retirement plan, or anything else that can be easily fixed. I hope that they are waking up to realize that giving unelected, unaccountable, private owners of capital control over the production and distribution of goods, services, and information, is an extremist, antidemocratic idea, that is driving the global climate crisis, and the slide toward fascism.

Bring back tax rates of 90% again for the obscenely rich - it was that way up until the late 1900s. Back when the US actually funded things that benefit most people not just tax breaks for already rich people.

"Fink was refreshingly blunt that it’s not hard to figure out why millennials and Gen Z workers are economically anxious. “They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right,” he said."

Yes!

"While Fink correctly identified a key problem, his proposed solution wasn’t to bring back pension plans. It was a new BlackRock product that helps people better manage their retirement spending. In other words, it’s a way for BlackRock to likely make more money."

No.

I would really like this to be true. At least in my country the younger population (e.g. under 25s) is moving extreme-right instead of anti-capitalism. The amount of Andrew Tate fans that apparently do not even oppose human trafficking is insane.

Cos they ain't got no fucking capital.

Cause I click on a link to read a news article and the only thing I get is a pop up asking me to subscribe so i can view the news article.

The American Dream of the middle class imploded under Nixon/Reagan.

President Johnson made the mistake of thinking he could win the Vietnam War with one huge, swift punch. When that plan devolved into a long, messy quagmire he had to print tons of paper money to pay for the mess without raising taxes.

Nixon was elected on a peace platform, but instead he dragged out the war and kept the money machine rolling. The war mean a lot of jobs in the steel industry because America was dropping about three Hiroshimas a day on the jungle.

The Oil Boycott of 1972 tripled energy prices overnight. This meant a lot of small companies were wiped out or had to move overseas to stay competitive. Housewives had to get jobs to keep the homes going. And American industry took a giant hit, because the newer steel mills and auto factories in Germany and Japan could make cars much more cheaply than Detroit.

By the time Ford became President, things were so bad that he had to ask people to wear 'Whip Inflation Now' buttons, because he had no idea what else to do.

Carter and Volker had a plan that worked, but Carter was out by the time it began to gain traction. Reagan kept Volker and pretended it was all his idea.

Reagan cut taxes for the rich, pretending that this would 'trickle down' It didn't work.

In 1968, when Nixon was elected 'Middle Class' was defined as one good Union job supporting a family of four with a house and money to send the kids to college. By the time Bush Sr. was done 'middle class' was two jobs to keep a house going.

I don’t know, maybe because a decent house costs $2M and there’s little chance my kids could live here unless we pass down significant wealth?

While Fink correctly identified a key problem, his proposed solution wasn’t to bring back pension plans. It was a new BlackRock product that helps people better manage their retirement spending. In other words, it’s a way for BlackRock to likely make more money.

It's not just folks under 40.

One good step could be, heritage tax and affordable housing, believe me with these two people under 40 will do better.

This is the best summary I could come up with:

Many rushed to tell me how generous their pay raises have been, how easy it is to go from an entry-level job to management at their company, and how they have diversified their workforce.

Millennials have had such a tumultuous start in the workforce, they have been nicknamed the “unluckiest generation.” They are struggling to navigate the most unaffordable housing market since the early 1980s.

While Fink correctly identified a key problem, his proposed solution wasn’t to bring back pension plans.

It’s a shame that Fink didn’t use his bullhorn to call on business and political leaders to shore up Social Security.

What executives don’t like to talk about is that while pay has increased a lot in the rebound from the pandemic, corporate profits have soared even more.

The share of the economic pie that goes to worker pay remains well below historic norms, as even Goldman Sachs has pointed out.

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