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Start free trial →Earn Your Leisure · October 2026
Said by investor David Rubenstein on the Earn Your Leisure podcast, in October 2026, when asked about the rise of democratic socialism in Democratic politics, including in New York City. He had just said he is a registered independent.
Okay.
Well, what's your take on the political wave that's happening now with the Democratic Socialists, even in New York City, Mayor Mondani? And across, he's the leader, but there's this movement of Democratic Socialism.
I've been surprised at how much success it's had. but remember, we've had a small turnout in some of these elections that have occurred. I think the turnout for some of the primaries was 7% or so. In the United States, in a presidential election, you typically will have 65% of eligible voters voting. If you've got only 7%, you're probably going to have a different outcome than you would have if more people voted. But there's no doubt that the Democrats have to deal with this issue because if the Democrats gain control of the House, it's not clear that Hakeem Jeffries, who will be the Speaker of the House, is going to be able to control his caucus completely if he's got a few members who are members of the Democratic Socialists. And then he's got AOC, who is a kind of power base unto herself. And so it won't be easy to be the Speaker of the House if your Democrats are in control, for sure.
But what does it say about America when the wealth disparity has gotten so large. I think that's really fueling a lot of it, right? It's like people can't buy homes. People are struggling to pay rent. And it's speaking to millions of Americans that are fed up with the system that we currently have…
Capitalism is not a perfect system and it has its flaws for sure. Capitalism in Europe is operated much differently. There's a much bigger social safety net than we have here. higher taxes, but higher social safety net. Our country has gone for a different type of capitalism where the social safety…
At all.