"This is the first time this generation will go into business and not get what they want," Capito said at the Texas Independent Producers and Royalty Owners Association conference in Austin. “We have a very spoiled generation that has never had to sacrifice itself.”
The economy is facing what he called "deficit inflation" - the consequences of a shortage of labor, agricultural products and housing, as well as oil in some regions. "I would ask you to fasten your seat belts, because we have never experienced anything like this," he said.
Capito co-founded New York-based investment firm BlackRock, which is currently the world's largest asset manager with around $10 trillion in assets.