Apr 8, 2019

Ray Dalio urges capitalism reforms to fix wealth "national emergency"

Billionaire capitalist and Bridgewater Associates founder Ray Dalio. Photo: Michel Euler / AP

Capitalism is in need of reform as wealth inequality in the U.S. has become a national emergency, billionaire capitalist Ray Dalio told CBS' "60 Minutes" Sunday.

What he's saying: "The American dream is lost," Dalio told CBS' Bill Whitaker. "If I was the president of the United States, what I would do is recognise that this is a national emergency. ... right now – it's a huge issue it's unfair and, at the same time, it's unproductive, and at the same time it's — threatens to split us."

The big picture: His remarks build on comments he made in a LinkedIn post at the weekend warning the rich vs. everyone else divide is an existential threat.

Go deeper: A new form of American capitalism

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Supreme Court to hear Philadelphia case over same-sex foster parents

Photo: Daniel Slim/AFP via Getty Images

The Supreme Court agreed Monday to hear a high-profile case that could reshape the bounds of First Amendment protections for religion.

Why it matters: The direct question in this case is whether Philadelphia had the right to cancel a contract with an adoption agency that refused to place foster children with same-sex couples. It also poses bigger questions that could lead the court to overturn a key precedent and carve out new protections for religious organizations.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.