Wall Street Week Fan Favorite: 25 Years of Markets
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Jan 2, 2026 
Ray Dalio, the founder of Bridgewater Associates, shares insights on 25 years of economic upheaval. He discusses the impact of pivotal events like the Great Recession and the pandemic on capitalism. Dalio links rising populism, geopolitical tensions, and deglobalization to market dynamics. He also highlights the influence of technology, from Y2K to the AI revolution, and addresses how geography and demographics shape economic prospects. Finally, he dives into the challenges posed by automation and the implications for the future of work.
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Low Interest Rates Defied Expectations
- Interest rates remained surprisingly low despite large deficits and debt over the last 25 years.
- Torsten Slok argues we had more borrowing capacity than 2000-era policymakers expected.
Avoid Big Deficits In Good Times
- Spend aggressively in crises but avoid large deficits when the economy is healthy.
- Torsten Slok warns against running $2 trillion deficits in a growing economy.
Globalization Kept Inflation Tame
- Globalization and increased immigration kept inflation low for two decades.
- De-globalization and tighter immigration now create upward pressure on wages and prices.