Bill Gates plays down recession fears

[[t..o..m]]

Bill Gates plays down recession fears


The richest man in America, Bill Gates, has said in a TV interview that the US financial crisis does not spell the end of capitalism and will not lead to a depression.

"It's a very interesting crisis," the Microsoft founder told CNN, discussing the US Congress's $US700 billion ($A908.21 billion) bailout bill for Wall Street which was passed Friday to stem economic jitters spreading around the world.

The slump triggered by the collapse of the subprime housing market requires "some type of correction", Gates added, "but fundamentally ... companies' willingness to invest, right now we haven't seen a huge disruption in that."

"It looks like the economy may go down somewhat, but nothing like a big recession or a depression," he added.

On some experts' misgivings about the US bailout plan, Gates said: "It doesn't look like fixing these problems is going to derail the economy in some dramatic way."

Gates, who last month topped Forbes magazine's list of the richest men in the United States with an estimated $US57 billion ($A73.95 billion) fortune, said the future of the US and the global economies lies in the resilience and innovative spirit of businessmen and scientists around the world.

"The amount of innovation taking place, the amount of investment is actually greater today than ever," Gates said.

"Because you not only have more American companies with more scientists and engineers and innovators, but now you have ... people from all over, including lots of people in India and China, now contributing to new drug design, new software design, new energy generation design."

Gates said on CNN that the quest for new technologies to increase food production and reduce global warming through cheaper and cleaner energy sources "will deliver those advances" to push the world economy forward.

Gates retired from Microsoft in June to focus on running the Bill and Melinda Gates Foundation, aimed at fighting disease, reducing poverty and improving education around the world.

He remains Microsoft's largest single shareholder and chairman of company's board of directors.

A little good news I guess

 

[tech/a]

The propaganda machine at it again.

First Buffett
Now Gates.
Wont be long and you'll get Trump.

A little TOO convienient.
There is a hidden agenda here with all the players.(The Government being the captain).
Its really simple.
MONEY

Sit back with your synics cap on and enjoy the show---thats about ALL you can do--just dont get caught up in all the "She'll be right mate trust me crap".

From Van Tharps musings on the US situation.

The bailout program, which is a resort of last measure, fails to recognize these two core issues. And $700 billion is just the tip of the iceberg. When Lehman failed, Freddie Mac and Fannie Mae’s failed, and AIG’s failed (just to name a few), it all became a government problem – the lender of last resort. And at that point, the whole system was at risk. Major company problems suddenly were no longer company problems. Instead, it all transformed into a global financial inferno, because there was no one to hold up their end (i.e., Lehman and AIG) of the derivative risk. The result is that we now have massive systemic risk. Remember $700 billion is just the tip of the iceberg because the derivative exposure is so massive. If J.P. Morgan were to fail, the government would basically have a $100 trillion problem.

 

[bowseruni]

it's in his best interest to play it down, think of the millions he has invested and the massive hit he would be taking. I can hardly see him saying "yeah it's ****ed, cash is king" any time soon

 

[deadset]

Sell the outsourcing and GM food message while you're at it.
With 70 Billion or 50 Billion, I'd be downplaying it 24/7.

 

[deadset]

I like the overall positive message, there is business activity regardless and its happenning all over the world. It's good to see India and China getting involved in research that makes a difference. I heard there is a hospital in India treating spinal cord injuries successfully now. I'd think there would be many first discoveries in a few areas of research coming up that we haven't heard about yet, as we know a technological edge in business is usually kept quiet in order for it to be an edge for the longest amount of time and you try to keep one step ahead of competitors developing in similar areas. I remember that the manufacture of silk was closely guarded for a long time.

People aren't convinced about GM food. Food production can be increased in many ways.

Increases, advancement and understanding of new technology is always welcome worldwide, especially if it also drives economies and trade.

 

[rub92me]

Can't blame him for trying to protect his wealth.
Microsoft is one of the few companies with large cash reserves, so his company can still invest. Once people start eating the chips in their computers, there won't be any need for software though, so long term they'll be affected to.

 

[Aussiejeff]

I like it when Captains decide to stick their heads up their own ars*s and go down with the ship, rather than those rats who JUMP ship when they see reality setting in...

Of course, Rear Admiral Gates wouldn't be getting a commission for his comments now, would he?