Wealth Disparities & the Future of Capitalism
San Francisco, CA
Date Postponed
(Event is now being postponed due to Covid-19, possibly to Fall 2021)
About the Event
Purpose: To facilitate and disseminate civic dialogue on improving the systems of capitalism for sustainable and equitable outcomes.
Thought leaders from across the country are convening to engage each other and the public on issues that strike at every facet of society. This conversation will be formally launched with an event focused on “Wealth Disparities & the Future of Capitalism” in San Francisco. A diverse array of leaders and thinkers from across industries and backgrounds will assemble for a moderated discussion that will be open to a live audience of local press, dignitaries, philanthropists, and civic and business leaders. The discussion will focus on the long-term future of capitalism and achieving sustainable (economic, environmental, social) outcomes.
Consequences of Wealth Disparities*
Poor getting poorer
The bottom 50% of households have 32% less wealth than they did in 2003
Rich getting richer
The top 1% of households has twice as much wealth as they had in 2003
Declining lifespans
Lifespans declined in America for the first time in 100 years between 2015 and 2018. According to the CDC, it was the first such decline since WWI and the Spanish Influenza
Disappearing pensions and 401k plans
Pensions are either non-existent or declining. 401k plans are providing a dismal $8000/year median income to retirees
Declining standard of living in retirement
40% of Americans aged 55-70 are entering retirement without the means to sustain their standard of living
Housing prices outpace wages
Housing prices rose 41% between 2009 and 2018 while wages only increased 8%
Declining home ownership for bottom 50%
In 2006, 43% of bottom half owned homes; in 2016, 37% owned homes.
*Statistics from The Wall Street Journal, Centers for Disease Control, Bloomberg News
Speakers
Larry Kramer, President of the William and Flora Hewlett Foundation (and former Dean, Stanford Law School)
Larry Kramer is President of the William and Flora Hewlett Foundation. Since joining the Hewlett Foundation in 2012, he has written and spoken about issues related to effective philanthropy, including the importance of collaboration among funders and the need to provide grantees with long-term support. He frequently speaks about broad societal issues, from global climate change to the challenge of maintaining democratic government in the 21st century.
Before joining the foundation, Larry served from 2004 to 2012 as Richard E. Lang Professor of Law and Dean of Stanford Law School. His teaching and scholarly interests include American legal history, constitutional law, federalism, separation of powers, the federal courts, conflict of laws, and civil procedure. At the start of his career, Larry served as law clerk to U.S. Court of Appeals Judge Henry J. Friendly of the Second Circuit and U.S. Supreme Court Justice William J. Brennan Jr.
Larry is a fellow of the American Academy of Arts and Sciences and a member of the American Philosophical Society and the American Law Institute. He serves as a director on the boards of a number of nonprofit organizations, including the National Constitution Center, Independent Sector, and the ClimateWorks Foundation.
Sarah Bloom Raskin, former Fed Reserve Governor and former Deputy Secretary of the Treasury (and highest ranking woman ever in the Treasury)
Sarah Bloom Raskin has served at the highest levels of the U.S. Government and American financial sector. As Deputy Secretary of the U.S. Treasury, Raskin was the “highest ranking woman in the history of the Treasury Department.”
She become widely known for her commitment to enhancing prosperity throughout America’s economy, for her commitment to ensure the ability of our country’s financial infrastructure to bounce back from sharp setbacks and downturns, and for her defense of consumer safeguards in the financial marketplace. Deputy Secretary’s defining economic doctrine concerns “resilience”, the ability of individuals, households, firms, communities, businesses, and indeed nations worldwide to recover robustly from shocks of varying magnitude.
Previously, she served as a Governor of the Federal Reserve Board. Her decade of continuous public service includes leadership in the realm of monetary policy, fiscal policy and financial regulatory policy. She is a trustee and member of the Board of Directors of the Vanguard Funds and Vanguard Group Inc. Her governance responsibilities also include being a member of the Board of Directors of i(x) Investments, LLC, a trustee of Amherst College, and a trustee of the Folger Shakespeare Library.
Lloyd David Ward, former CEO of U.S. Olympic Committee and former CEO Maytag; Ward was the first African American to serve as CEO of a Fortune 500 company.
Lloyd David Ward is the former Chairman and CEO of Maytag Corporation. He was the first African American to lead a public Fortune 500 company in the United States and one of only 18 African Americans ever to be a CEO or Chairman of a Fortune 500 company.
Since his years at Maytag, Mr. Ward has continued to create opportunities with start-ups, investments and Joint Ventures in various industries, focusing on the United States and China. At WHI, Mr. Ward is building business networks in countries elsewhere in the world, including Africa, India and Latin America.
2001, Mr. Ward was named CEO of the United States Olympic Committee one month after 9/11 to prepare the United States for the 2002 Winter Olympic Games in Salt Lake City, Utah.
Mr. Ward founded Ward Holdings International to build bridges among countries, businesses and entrepreneurs worldwide to advance commerce and improve the human condition.
“Over the past four decades, I have had the good fortune to travel the world and visit over 100 countries. There are a few things that are ever present no matter where you live and walk on this great planet: one’s health, one’s family and friends and one’s access and control of capital resources. As such, wealth disparities become a defining characteristic of who we are, what we are and what we can be.”
Morris Pearl, Chairman of Patriotic Millionaires and former managing director at Blackrock
Morris Pearl currently serves as Chair of the Patriotic Millionaires, a group of hundreds of high-net-worth Americans who are committed to making all Americans, including themselves, better off by building a more prosperous, stable, and inclusive nation.
Previously, Mr. Pearl was a managing director at BlackRock, one of the largest investment firms in the world. His work included the Maiden Lane transactions and assessing governments’ potential losses from bank bailouts in the United States and in Europe. Prior to BlackRock, Mr. Pearl had a long tenure on Wall Street where he invented some of the securitization technology connecting America’s capital markets to consumers in need of credit. He is a CFA Charter Holder, a member of the CFA Institute, the New York Society of Securities Analysts, and on the board of Verified Voting and The Center for Political Accountability. Mr. Pearl lives in New York City with his wife Barbara where he enjoys spending time with his two adult sons and riding his bicycle around the city.
George Zimmer, philanthropist and Founder of the Men's Wearhouse
George Zimmer is Chairman, CEO and Founder of Generation Tux, an online rental platform for tuxedos and suits. He is also the founder and former CEO and Chairman of the Men’s Wearhouse - the largest retailer of men's tailored suit and dress casual clothing in the U.S. and Canada and has been included in Fortune's "The 100 Best Companies to Work For" list since 1999.
He is the father of four children and self-described in his LinkedIn profile as a “Business Warrior Monk who roots for the underdog.” George serves on the Board of Directors for the Institute of Noetic Sciences, and the Oakland Zoo.
The Future of Capitalism Film Series
The event will be a kickoff for producing a film series on the Future of Capitalism.
Check back for updates on the series.
Supporting Organizations
ImpactAlpha, Swissnex, Blackwillow, Patriotic Millionaires, SF Foundation and other non-profit organizations.