Pope's sharp words make a wealthy donor hesitate

[Billy Jingo]

Pope's sharp words make a wealthy donor hesitate

Pope Francis' critical comments about the wealthy and capitalism have at least one wealthy capitalist benefactor hesitant about giving financial support to one of the church's major fundraising projects.

At issue is an effort to raise $180 million for the restoration of St. Patrick's Cathedral in New York being spearheaded by billionaire Ken Langone, the investor known for founding Home Depot, among other things.

Langone told CNBC that one potential seven-figure donor is concerned about statements from the pope criticizing market economies as "exclusionary," urging the rich to give more to the poor and criticizing a "culture of prosperity" that leads some to become "incapable of feeling compassion for the poor."

Langone said he's raised the issue more than once with Cardinal Timothy Dolan, archbishop of New York, most recently at a breakfast in early December at which he updated him on fundraising progress.

"I've told the cardinal, 'Your Eminence, this is one more hurdle I hope we don't have to deal with. You want to be careful about generalities. Rich people in one country don't act the same as rich people in another country,' " he said.

Some of the statements in question are from Francis' first teaching, or "exhortation," a 224-page document issued in late November. In it, the pontiff criticizes what he calls "an economy of exclusion and inequality," blaming ideologies that "defend the absolute autonomy of the marketplace and financial speculation."

[Billy Jingo]

Not the Onion.

[Adam]

Langone said he is also on a campaign to explain "the vast difference between the pope's experience in Argentina and how we are in America."

Francis is from Argentina, a country that suffered tremendous economic upheaval in early 2001 in what was then the largest sovereign default in history. Poverty rates skyrocketed overnight when the country refused assistance from the International Monetary Fund.

Arthur Brooks, head of the American Enterprise Institute, a think tank that promotes free markets, said he agrees that the pope's beliefs are likely informed by his Argentine heritage.

"In places like Argentina, what they call free enterprise is a combination of socialism and crony capitalism," he said.

This seems rather an important point, one that was brought up by some Catholic friends of mine, most particularly a native Cuban who now lives here and does business all over South America. Almost immediately after the Exhortation came out, Jorge was pointing out that what we in the U.S. and Canada think of is ludicrous corruption is just considered "free-market capitalism" pretty much everywhere south of the Rio Grande. Bribes to police and government officials are just considered a cost of doing business, to the point that they're actually allowed as a sort of tax deduction or a "write-down" in some countries. Most of Francis' life experiences have been in these countries, with Argentina having a particularly virulent case of this over the last several decades. When he wasn't in Argentina, he was in Ireland in the '80s, when they were in one of their darkest hours, and he spent a few months in Germany in the mid-'80s and some time in southern Italy, where the economic practices differ little from those in South America. So Francis likely has little to reference from the largest and strongest of capitalist economies, Canada and the United States.

[Brooks] also thinks some of the English translation of the exhortation is inaccurate. For example, in one of its most talked-about passages about trickle-down economics, the Spanish version is softer than the English-language one.

The quote in English reads, "In this context, some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably [italics CNBC's] succeed in bringing about greater justice and inclusiveness in the world."

A better translation, Brooks said, would be "economic growth, encouraged by a free market alone, will succeed in bringing about greater justice." (This author speaks Spanish and agrees.)

"Of course a free market alone won't do the trick," he said.

That's interesting. I never really thought about there being differences in the translations. I also never really considered in which language Francis originally penned his Exhortation.

[phillygirl]

"If it becomes a god, if it becomes an idol, Pope Francis is saying, then it's wrong. Because there is only one God. If we use it for our own selves and our families, for a secure and a safe present and future, if we use it to reinvest in the community, to help others, and if we share with the poor, then it's morally good," Dolan said.

Probably pretty important for some people to hear.

[Norm dePlume]

So the Spanish version says "alone" while the English translation says "inevitably." I think he's grasping.

[Billy Jingo]

So the Spanish version says "alone" while the English translation says "inevitably." I think he's grasping.

It's Bablefish but the word "all" in their translation of the Spanish may be the key to that person's point about "alone."

English: In this context, some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world.

Spanish translated by Bablefish: In this context, some still defend the 'spill' theories, which assume that all economic growth, favored by the free market, manages to cause itself greater equity and social inclusion in the world.

[Norm dePlume]

I would point to the word "itself". In any case, the point is that the free market doesn't promote greater justice and inclusiveness of its own accord, and some other influence is required.