Larry Fink is worried about two impending crises in the US.
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LARRY FINK: The US is facing 2 major crises
Larry Fink, the CEO of BlackRock, the world's largest asset manager, said the US is facing infrastructure and retirement crises.
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During an interview at Yahoo Finance's All Markets summit on Wednesday, Fink, the CEO of BlackRock, said two long-term problems are looming over the US economy.
One, according to Fink, is the deficiency of infrastructure — roads, bridges, and more — in the US.
"It's now getting late for preparing cities for new technologies," Fink said in an interview with Yahoo Finance Editor-in-Chief Andy Serwer.
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Fink said much of the infrastructure spending is going toward repairing existing roads and bridges, not toward the large-scale investments the needed for the US to compete in the future.
Infrastructure was one of the main concerns Fink brought up during President Donald Trump's meeting with business leaders on Friday, he said. Fink also reiterated his commitment to working with Trump on infrastructure, despite, as Serwer noted, being a Democrat.
The second crisis facing Americans, Fink said, is retirement.
The BlackRock CEO said American investors have "too much in cash," and that low interest rates are not allowing savers to generate enough capital to retire.
Additionally, the public pensions that once helped people retire are facing their own issues, as the state and local governments that funded them are facing funding shortfalls while dealing with deficient infrastructure.
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Fink mentioned the retirement crisis in his annual letter to the CEOs of every S&P 500 company in January.
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During the discussion on Wednesday, Fink said he sees "dark shadows" in the market as governments pull back from global trade, and that the looming threat to jobs from automation could lead to instability in the future.
All of this has led to a "bipolar world" in which stocks could face "setbacks" and the US Treasury 10-year yield could drop under 2% or jump over 4%, depending on Trump's policies, Fink said.
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