SHARING THE PAIN?

In the recent downturn in world stock markets it was common for politicians and economic "experts" to express the view that during this recession everyone would have  to share  the pain, we would all have to make economic sacrifices in order to speed a return to so-called prosperity. It would seem though that the "sharing" was to say the least a little uneven. "Carlos Slim's Mexican holdings from mining to communications helped him beat Bill Gates and Warren Buffett on the stock market for the second straight year, and gains in 2011 may widen his lead atop the global wealth list. Slim's publicly disclosed holdings surged about 37 per cent to $70 billion in 2010, with wireless carrier America Movil SAB representing $48.9 billion of that wealth, according to data compiled by Bloomberg. The 22 per cent jump in shares wasn't enough for Buffett to catch up, and Gates's fell, hurting his returns even as he spread his investments to other companies." (Bloomberg, 2 February) Those workers unfortunate enough to suffer from wage cuts, unemployment or foreclosure on their homes know all about sharing the pain unlike the likes of Slim, Buffett and Gates. RD