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60 MINUTES
Air Date: Sunday, April 07, 2019
Time Slot: 7:00 PM-8:00 PM EST on CBS
Episode Title: (#5125) "25. 4/7: 60 Minutes"
[NOTE: The following article is a press release issued by the aforementioned network and/or company. Any errors, typos, etc. are attributed to the original author. The release is reproduced solely for the dissemination of the enclosed information.]

ON "60 MINUTES": HEDGE FUND TITAN RAY DALIO SAYS "THE AMERICAN DREAM IS LOST" AND CAPITALISM NEEDS TO BE REFORMED

Bridgewater Founder Ray Dalio Calls the Income Gap a "National Emergency"

Ray Dalio is living the American Dream. He can see it clearly hundreds of feet beneath the Caribbean as he glides along in his own submarine. But most others will never see his or any other version of the dream because the American Dream is lost, its engine, capitalism, broken, says the hedge fund billionaire. Bill Whitaker profiles Dalio on the next edition of 60 MINUTES Sunday, April 7 (7:00-8:00 PM, ET/PT) on the CBS Television Network.

Dalio thought his message important enough to agree to allow 60 MINUTES cameras into his place of business as part of his profile. Bridgewater Associates in Westport, Conn., the hedge fund he founded in 1975, is the most successful in the world with assets of $160 billion. He's never allowed news cameras full access before. It was important enough because the income disparity is dangerous, says Dalio.

"I think that if I was the president of the United States... what I would do is recognize that this is a national emergency," says Dalio. "If you look at history like the late 1930s, if you have a group of people who have very different economic conditions and you have an economic downturn, you have conflict. I think the American Dream is lost," Dalio tells Whitaker. All the wealth being created, says Dalio, isn't translating to opportunity for others. "It's not redistributing opportunity. We can call it a wealth gap, you can call it an income gap... It's unfair... it's unproductive, and at the same time... [it] threatens to split us."

Looking out of his submarine at a dying coral reef, Dalio sees a metaphor for the state of economic opportunity in the US. "The coral reefs are dying and the population is dying, I know that we're out of balance... you should do something."

Dalio is trying to restore some balance in his home state, where he just announced a $100 million donation to Connecticut's public schools. He's also promised to leave half his $18 billion fortune to charitable endeavors he thinks can make a difference, like a good education. Ultimately, the very engine of the American Dream must be fixed, he says.

"Capitalism needs to be reformed. It doesn't need to be abandoned... like anything, a plane, a school system, anything, it needs to be reformed in order to work better," Dalio tells Whitaker. "I don't think [capitalism] is sustainable. We're at a juncture. We can do it together, or we will do it in conflict... between the rich and the poor."

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