Carlos Slim: we are in 1929

Carlos Slim one of the richest men in the world said on CNBC that he is thinking of the great depression now. Worst he has ever seen...

link:

Talking with one of the two richest men in the world, with billionaire Carlos Slim and CNBC's Michelle Caruso-Cabrera.





[edit on 10-30-2008 by LookingAround]

Haha the world's second richest man claims that this is the second great depression, while the world's richest man claims that the time is ripe to start buying.

Looks like nobody knows whats going on! Best to trust your own intuition.

That said, Buffett knows more about equity markets than Slim; so I would probably side with Buffett.

left out of the video:

CARLOS SLIM: WE- WE ARE LIVING TODAY, '29.

CARUSO-CABRERA: 1929, YOU THINK.

CARLOS SLIM: 1930. WE ARE NOT LIVING '30, '31, '32. WE NEED TO AVOID '31, '30, '32, '33.

CARUSO-CABRERA: OH YEAH, I GET IT.

CARLOS SLIM: '29 WAS THE FINANCIALS. IT'S CLEAR FROM MY PERSPECTIVE THAT THE U.S. NEEDS TO SUPPORT REGIONAL BANKS NOT ONLY THE BIG ONES, BECAUSE THEY NEED TO FINANCE WITH THESE REGIONAL BANKS THAT ARE GIVING SPECIAL SERVICE TO SMALL AND MIDDLE COMPANIES TO MAKE CREDIT FLOW IN THE RURAL AREAS AND SMALL CITIES. BUT ALSO YOU NEED TO TAKE CARE OF DEBTORS.

AHhhh. My amigo Carlos Slim.

Made money the old fashion way...coca. Then bought into cell phones.

Well, one thing about Carlos, he one smart motherf%&.

You do not survive Mexico, God`s disneyland and come out on top without being one smart Chicano.

I would listen to Carlos or maybe not. CompUSA did not fare very well!

I am reviving this thread because of this:

Carlos Slim, 'World's Richest' Person, Has More Money Than Bill Gates According To Forbes

Mexican telecom tycoon Carlos Slim is the world's richest person, jumping past Americans Bill Gates and Warren Buffett to become the first person from a developing nation to top the list, according to Forbes magazine.

The rise of Slim, the son of an immigrant shopkeeper who amassed a $53.5 billion fortune and bought a major stake in the New York Times, is part of an increased presence on the list of billionaires from emerging countries, said Forbes' reporter Keren Blankfeld.

Slim's worth surged in the past year as his cell phone holdings rebounded in value. He is the first non-American to top the list since 1994.

www.huffingtonpost.com...

I saw Carlos Slim interviewed the other night. I think it might have been Larry King. Mr. Slim is a very unpretentious and humble man, that is the impression I got of him anyway. I had never heard of him before.