Mexican Billionaire Carlos Slim: Worried About A 30s Repeat

It’s not just us with our incessent references to the depression and black-and-white pictures of souplines. Everyone is talking about The Depression, even Carlos Slim, founder of America Movil, and from time to time the richest man in the world. He told CNBC’s Michele Caruso-Cabrera that we need to avoid the early 30s

CARLOS SLIM HELÚ: WE- WE ARE LIVING TODAY, ’29.

CARUSO-CABRERA: 1929, YOU THINK.

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

CARUSO-CABRERA: OH YEAH, I GET IT.

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.

You can watch the whole interview here.

 

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