Monday, December 9, 2013

1% Billionaire Calls Some Scrooge McDucks

  Mercy Ships recently announced a "...gift of $20 million from Laguna Beach philanthropists, Sue and Bill Gross. The funds are designated toward a new hospital ship, currently in the design phase, to join the current hospital ship, the Africa Mercy, in delivering hope and healing to the underserved poor. In honor of this generous donation, the hospital onboard the new ship will be named the Sue and Bill Gross Healing Hospital."

 From Forbes: "(Bill Gross) calls for the 1% “Scrooge McDucks” to give up the favorable tax treatment allowed for investment and capital gains in order to help fund infrastructure projects and other domestic investment, echoing sentiments expressed by fellow investment legends Stanley Druckenmiller and Warren Buffett.

“Ordinary folks, the 99%, don’t have money anymore,” Gross writes, “The rich 1% and corporations do.” The challenges facing the American economy won’t be solved exclusively by “a profitable new ‘iGIZMO’ or a dynamic biotechnological breakthrough worthy of investment,” he says, while pushing for a public-private infrastructure bank to modernize airports, city streets and water systems.

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