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Billionaire Mocks Gates, Buffett "Poverty isn't solved with donations."

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Billionaire Mocks Gates, Buffett "Poverty isn't solved with donations."

Old 03-13-07, 04:11 PM
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Billionaire Mocks Gates, Buffett "Poverty isn't solved with donations."

I agree that investing and creating jobs does more to help the poor than giving money to charity.


http://www.breitbart.com/article.php...show_article=1

Mexican Billionaire Mocks Gates, Buffett

Mar 13 11:10 AM US/Eastern

By MARK STEVENSON

MEXICO CITY - The world's third-richest man, Mexican telecom magnate Carlos Slim, poked gentle fun at the philanthropy of Bill Gates and Warren Buffett, and said businessmen can do more good by building solid companies than by "going around like Santa Claus" donating money.

Slim on Monday announced a new $450 million foundation for health research and care - a minor slice of his estimated $49 billion fortune.

But Slim said he had no interest in competing with Gates and Buffett, who lead him on the Forbes magazine's list of the world's richest and have donated much larger shares of their fortunes. Slim is gaining rapidly on the two heavyweights with a fortune that grew by $19 billion last year - the largest wealth gain in the past decade tracked by Forbes.

"Our concept is more to accomplish and solve things, rather than giving; that is, not going around like Santa Claus," said Slim, as he cracked jokes, smoked a cigar and outlined business plans at a rare news conferences. "Poverty isn't solved with donations.

"I think that what Gates has done is good, and above all, because he said he would devote full time to this, and half time to Microsoft, which makes time-and-a-half," he quipped.

Slim showed himself as an unrepentant businessman driven by "the taste for competition." He said his own charitable foundations have $4 billion in endowments - but talked ironically about Buffet's decision to give away his fortune over the next 20 years.

"It's very interesting, because he leaves those who are running his affairs the responsibility of being very profitable," Slim said. "If they're inefficient, or don't get real-term returns, they're not going to be running anything."

Gates, who set up the world's richest charity foundation, has said he believes "that with great wealth comes great responsibility, a responsibility to give back to society."

Buffett, chairman of Berkshire Hathaway Inc., agreed with that sentiment last year when he said he would send about $1.5 billion every year to the Bill & Melinda Gates Foundation, which has an endowment of $33 billion.

For Slim, business is a calling and the for most ills.

For example, he proposed that the U.S. transfer large amounts of Medicare patients to huge hospitals that could be built in northern Mexico, where health care costs would be lower.

True to his style, Slim seldom proposes a plan he does not have a business interest in - his construction company helps finance hospital projects. He said he wants to join a plan to distribute low-cost computers to the poor, but it is unclear if that would involve his chain of computer stores.

His fortune has caused resentment in a country where the minimum wage is about 50 cents an hour. Many in Mexico claim Slim's fortune comes from charging high prices in Mexico's fixed-line telephone market, where his Telmex company holds a near-monopoly.

Slim has used Telmex to build a business empire that includes Latin America's largest mobile phone company as well as banks, Internet providers, oil industry equipment makers, retail stores and restaurants.
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Old 03-13-07, 04:21 PM
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His fortune has caused resentment in a country where the minimum wage is about 50 cents an hour. Many in Mexico claim Slim's fortune comes from charging high prices in Mexico's fixed-line telephone market, where his Telmex company holds a near-monopoly.

Sounds like his jobs really allow people to rise out of poverty! Hooray, I say.
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Old 03-13-07, 04:25 PM
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I agree that investing and creating jobs does more to help the poor than giving money to charity.
I personally believe that giving huge tax cuts to the very wealthy reduces poverty.
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Old 03-13-07, 04:29 PM
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Isn't a lot of what Gates does involve immunization of kids in third world countries? I'm not sure how anybody could be against that, but apparently somebody is.
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Old 03-13-07, 04:33 PM
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It's their money, so I couldn't care less how they spend it.
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Old 03-13-07, 04:36 PM
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Originally Posted by Groucho
Isn't a lot of what Gates does involve immunization of kids in third world countries? I'm not sure how anybody could be against that, but apparently somebody is.
Yeah, and his foundation gives a lot of money to libraries, too. I can't see how providing greater access to information could help anyone.
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Old 03-13-07, 04:41 PM
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Originally Posted by Tracer Bullet
Yeah, and his foundation gives a lot of money to libraries, too. I can't see how providing greater access to information could help anyone.
Don't you mean greater access to porn?
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Old 03-13-07, 04:49 PM
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Wait, we're immunizing people against porn now?
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Old 03-13-07, 04:50 PM
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Originally Posted by Vandelay_Inds
It does.
It does?

Then why in the hell has poverty increased after the huge Bush tax cuts to the wealthy?
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Old 03-13-07, 04:53 PM
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Originally Posted by Nazgul
Don't you mean greater access to porn?


One of the discussions currently raging on one of the public librarian listservs I subscribe to concerns the fact that the swimsuit issue of Sports Illustrated wasn't sent to libraries. It's the most popular issue of the year and frequently disappears.
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Old 03-13-07, 04:57 PM
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i heard janitors at microsoft were making $400,000 due to stock options back in the 1990's
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Old 03-13-07, 04:58 PM
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Originally Posted by Tracer Bullet
One of the discussions currently raging on one of the public librarian listservs I subscribe to...
Holy shit. And I thought Book Talk was boring.
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Old 03-13-07, 04:58 PM
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Originally Posted by Groucho
Holy shit. And I thought Book Talk was boring.
I find them interesting. I'm not sure what that says about me.
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Old 03-13-07, 05:19 PM
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Originally Posted by classicman2
It does?

Then why in the hell has poverty increased after the huge Bush tax cuts to the wealthy?
The number of TVs, dvd players, etc. in homes of people in poverty has risen as well.
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Old 03-13-07, 05:32 PM
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Originally Posted by the article
Slim showed himself as an unrepentant businessman driven by "the taste for competition."
His fortune has caused resentment in a country where the minimum wage is about 50 cents an hour. Many in Mexico claim Slim's fortune comes from charging high prices in Mexico's fixed-line telephone market, where his Telmex company holds a near-monopoly.

Slim has used Telmex to build a business empire that includes Latin America's largest mobile phone company as well as banks, Internet providers, oil industry equipment makers, retail stores and restaurants.
He seems quite the hypocrite himself, professing a love for competition yet having bought the former government-owned Telmex company for which the Mexican government has granted him monopoly status and protection from competition.

I certainly agree that business in the free market does far more for people than charity. But Slim built his fortune on a government granted monopoly, the antithesis of the free market.
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Old 03-13-07, 05:37 PM
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Originally Posted by classicman2
I personally believe that giving huge tax cuts to the very wealthy reduces poverty.
Personally, I think we should tithe directly to the top 2%. They're so wonderful, and I'm just going to waste it on food and gasoline.
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Old 03-13-07, 05:48 PM
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Originally Posted by Groucho
Isn't a lot of what Gates does involve immunization of kids in third world countries? I'm not sure how anybody could be against that, but apparently somebody is.
"Immunize a kid and he'll live for at least a few more years, but give a kid a job and you've got extremely cheap labor for the rest of his life."
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Old 03-13-07, 05:56 PM
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Originally Posted by Vandelay_Inds
Anyhow, in my opinion there is less poverty in America than would have otherwise been had those tax cuts not been implemented.

I'm glad you qualified that as your opinion, because you certainly can't back it up with facts.
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Old 03-13-07, 06:18 PM
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Originally Posted by kvrdave
The number of TVs, dvd players, etc. in homes of people in poverty has risen as well.
Don't try to evade the fact that the poverty rate has increased since the man you voted for has been in office.

You voodoo economics adherents will agree to that, won't you?
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Old 03-13-07, 06:34 PM
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Originally Posted by Vandelay_Inds
But I'm sure you can back yours with "facts". I'll let you in on something, if A happens after B, doesn't mean B caused A.
I'm not the one making claims on how great or poor the economy is doing, but FWIW, I think that for the average American, things are more or less stagnant, except at the gas pump, where they're getting raped.
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Old 03-13-07, 06:34 PM
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Originally Posted by Vandelay_Inds
This is how business is done in Mexico, and much throughout Latin America. While not ideal, it is a step forward from a time when these companies were state-run, and their services utterly abysmal. Slim has done good for Mexico.
I don't see much improvement from a government run monopoly to a government granted monopoly. I would grant that he has probably done some good for Mexico with the businesses (which I would guess do have some competition) he has been able to build from the wealth he has amassed from his coercive monopoly but the fact remains that that is how he built them.

In case you missed my point it was that Slim is a hypocrite based on the two quotes from the article.
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Old 03-13-07, 06:59 PM
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Billionaire Mocks Gates, Buffett "Poverty isn't solved with donations."
Poverty isn't solved by donations ALONE.

And the answer to that silly poll should be obvious. Just ask yourself what nations do better at fighting poverty.

Here's a hint, it ain't the US.
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Old 03-13-07, 07:14 PM
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Originally Posted by Vandelay_Inds
Believe me, there is much improvement. I saw the same transition in another country, and the difference is day and night. As a kid I remember going with my father to request a phone line at the government-run company. It was absolutely indispensable to bribe a union official to even get queued up, with no guarantee of actual delivery. Something like a year elapsed before we were honored with the line. Everything of course at outrageous prices.

The U.S. had its robber barons too, as Asia does today amid great growth and prosperity. Slim has widened the role of the market and private property in Mexico, not the other way around, so his statements are perfectly consistent.
It is not consistent to say you embrace and love competition but build your fortune on a government granted monopoly. If Slim's company is an improvement that is to his credit because he could have continued to be just as bad as the state-run business. But I have no doubt his profits have been orders of magnitude above what they could be in a competitive market. Just remember Ma Bell's ridiculously high long distance rates we used to have here compared to what they are under a much more competitive system today (part of that is due to technological innovation but much is also due to not having a government granted monopoly; and how much technological innovation would there have been if the monopoly had continued to exist with no competitive pressure?).

Now if Slim would say it's time to end his coercive monopoly and actually open himself up to competition, that would be a terrific boon for Mexico. I think he can afford it.
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Old 03-13-07, 07:52 PM
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Originally Posted by GoVegan
"Immunize a kid and he'll live for at least a few more years, but give a kid a job and you've got extremely cheap labor for the rest of his life."
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Old 03-13-07, 07:54 PM
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Originally Posted by classicman2
Don't try to evade the fact that the poverty rate has increased since the man you voted for has been in office.

You voodoo economics adherents will agree to that, won't you?
It is up....as is the percentage of the taxes paid by the rich. You will agree to that, won't you?

Last edited by kvrdave; 03-13-07 at 08:23 PM.
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