Tuesday, June 27, 2006

"A market system has not worked in terms of poor people,"

In a time where most political maneuvering is done to increase the wealth of a select group of already wealthy men and women, this view is refreshing in its reaffirmation of America being the land where everyone can have the chance to pull themselves up by their own bootstraps without the ceiling of an aristocracy (inherited by birth or wealth).

In regards to his decision to donate 31 billion to the Bill and Melinda Gates Foundation Warren Buffet the world's second richest man has said:

A market system has not worked in terms of poor people," Mr. Buffett said yesterday, in an interview taped earlier in the day for "The Charlie Rose Show" on PBS.

As for any thought he might have had in giving the bulk of his billions to his three children, Mr. Buffett was characteristically blunt. "I don't believe in dynastic wealth," he said, calling those who grow up in wealthy circumstances "members of the lucky sperm club."

Its refreshing to read something nice in the business section.



4 comments:

Mandell said...

Yeah. Warren Buffet is unique as far as the rich go. He is not interested in the trappings of wealth because he believes it will spoil you. For him business is just playing Monpoloy for real. He lives in the same thirty thousand dollar house he bought in the 50's and his Lincoln Towncar's license plate says "Thrifty". I think he is the only true genius in finance. Anybody that wants to learn about investing should start by reading a bio about him.

hector23 said...

Nice to hear from you Mandell. I might just have to read his biography then.

kevvy-k said...

Hurrah for nice music blogs with some semblance of progressive political content!

hector23 said...

christ that is nothing. I could post political content 24/7 but I feel I dont have an apptitude for it. Much rather discuss my politics one on one but sometimes it just gushes to the top.