Steve Wynn unloads on Obama and explains why there are no jobs.

ProfJohn

Lifer
Jul 28, 2006
18,161
7
0
So Steve Wynn CEO of one of the largest gambling companies in the world and a self proclaimed Democrat unloaded on Obama in a recent conference caller with investors.

If you are wondering why companies are sitting on loads of cash and not creating jobs then read this and wonder no more...
http://seekingalpha.com/article/279...1-results-earnings-call-transcript?part=qanda
Well, here's our problem. There are a host of opportunities for expansion in Las Vegas, a host of opportunities to create tens of thousands of jobs in Las Vegas. I know that I could do 10,000 more myself and according to the Chamber of Commerce and the Visitors Convention Bureau, if we hired 10,000 employees, it would create another 20,000 additional jobs for a grand total of 30,000.

I believe in Las Vegas. I think its best days are ahead of it. But I'm afraid to do anything in the current political environment in the United States. You watch television and see what's going on on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing's going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating.

And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration.And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

You bet and until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, God, don't be attacking Obama. Well, this is Obama's deal and it's Obama that's responsible for this fear in America.

The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don't invest, their holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government and there's no need soft peddling it, it's the truth. It is the truth. And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.


Read more: http://www.businessinsider.com/wynn...ce-call-transcript-obama-2011-7#ixzz1SWfnwLiZ
 

IGBT

Lifer
Jul 16, 2001
17,976
141
106
And I'm telling you that the business community in the US is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs. It's obvious to the most casual observer that the obama is bad for business. Unemployment is harsh but it teaches that elections have consequences.
 

halik

Lifer
Oct 10, 2000
25,696
1
81
Checked his donations and he did gave a ton of cash to Harry Reid. No bullshit there.
 

halik

Lifer
Oct 10, 2000
25,696
1
81
Is there anything anti-Obama that ProJo won't post?

Ordinarily he posts freeper/ obviously biased BS, but this one is just a transcript from Wynn earnings call, rather than some talking point drivel made for mass media. It's an ibank analyst asking Wynn why they aren't developing/expanding.

Probably the most meaningful thing he's posed in the last 6 months...
 
Jun 27, 2005
19,216
1
61
As someone who makes his living as part of a small business that caters to people like Wynn... Obama and this congress scare the shit out of me. They have no interest in fixing this mess. All they want to do is spend more money. Because that's the answer apparently. Fiscal responsibility? What's that?

Shopaholics... Compulsive gamblers... Pick your malady. They burn money and when it's gone they need MORE!!!!... I can't be out of money... I still have checks!!!

Who are we kidding... it's congress... WE STILL HAVE A MINT!!! Hhahahahahaha... Print MORE!!!... Spend spend spend...

Wynn's comments aren't directed at Obama so much as the entire, insane establishment that spends our money with the responsibility and prudence of a meth head with a stolen credit card.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
So Steve Wynn CEO of one of the largest gambling companies in the world and a self proclaimed Democrat unloaded on Obama in a recent conference caller with investors.

If you are wondering why companies are sitting on loads of cash and not creating jobs then read this and wonder no more...

Well, here's our problem. But I'm afraid to do anything in the current political environment in the United States.

my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration.And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.

Take your rich scarey cat asses and leave the country
 

halik

Lifer
Oct 10, 2000
25,696
1
81
Take your rich scarey cat asses and leave the country

I think you may be confused as to where you live, this isn't Cuba. And last I heard, the power to the proletariat thing isn't working out over there either.
 
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Double Trouble

Elite Member
Oct 9, 1999
9,270
103
106
I'm sure this will soon degrade into partisan hackery on both sides, but Wynn's comments are interesting from a variety of perspectives. He's not just a republican/conservative pushing a political agenda. He is supposedly a democrat and his record of donations would seem to support it. This was not just some comments he made to a media outlet... this was part of conference call with investors, not generally a venue where a lot of political crap makes the rounds.

I don't like Obama and his administration, but I just don't buy into the whole "he's a socialist" bullshit. If anything, he's too much like Bush in a lot of ways. Still, from statements from Wynn and others I've personally privately heard from several CFO's of a fortune 100 company, it's clear that something in the political climate has a lot of businesses spooked. If you look at their balance sheets, they are sitting on a lot of cash they could be putting into expansion, but they're just not doing it.

This is going to be a problem for the Obama administration well past the next election. If businesses don't start hiring, the economy is not going to get better.
 

Double Trouble

Elite Member
Oct 9, 1999
9,270
103
106
As though gambling is anything but the redistribution of wealth.

Sure, but it's voluntary, like any other form of entertainment. If you are willing to part with your money to be entertained, you can do so. Nobody is forcing you to. Not quite the same as forced redistribution at the hand of government.
 

umbrella39

Lifer
Jun 11, 2004
13,816
1,126
126
So Steve Wynn CEO of one of the largest gambling companies in the world and a self proclaimed Democrat unloaded on Obama in a recent conference caller with investors.

If you are wondering why companies are sitting on loads of cash and not creating jobs then read this and wonder no more...
http://seekingalpha.com/article/279...1-results-earnings-call-transcript?part=qanda

LMFAO

This is the best full-court press thread yet. There you have it, the rich are sitting on cash. Fucking imagine that! It's Obama fault, fucking imagine that even more. GAFL.
 

halik

Lifer
Oct 10, 2000
25,696
1
81
I'm sure this will soon degrade into partisan hackery on both sides, but Wynn's comments are interesting from a variety of perspectives. He's not just a republican/conservative pushing a political agenda. He is supposedly a democrat and his record of donations would seem to support it. This was not just some comments he made to a media outlet... this was part of conference call with investors, not generally a venue where a lot of political crap makes the rounds.

I don't like Obama and his administration, but I just don't buy into the whole "he's a socialist" bullshit. If anything, he's too much like Bush in a lot of ways. Still, from statements from Wynn and others I've personally privately heard from several CFO's of a fortune 100 company, it's clear that something in the political climate has a lot of businesses spooked. If you look at their balance sheets, they are sitting on a lot of cash they could be putting into expansion, but they're just not doing it.

This is going to be a problem for the Obama administration well past the next election. If businesses don't start hiring, the economy is not going to get better.

Exactly my sentiments, I generally dismiss the predefined narratives and talking points that mess media outlets push across, but this bit doesn't fit that.

It's essentially a shareholder asking the board why they are sitting on large amount of cash.
 
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boomerang

Lifer
Jun 19, 2000
18,883
641
126
If this kind of stuff keeps up until the election, Obama is going to have to do a Casey Anthony after inauguration day.

I can only imagine the explosion in the markets and the private sector the day he leaves office.

carter-obama.jpg
 

umbrella39

Lifer
Jun 11, 2004
13,816
1,126
126
Does this really explain why the vast majority of businesses in this country aren't hiring.. Companies that don't have CEO's, shareholders, and boards... Do you think they give a rats ass about the political environment... they care whether or not customers are walking through their doors with money to spend. Not to mention it sure seems like he is directing his comments towards every asshole in DC right now, not just the one in charge.
 
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Macamus Prime

Diamond Member
Feb 24, 2011
3,108
0
0
His fortune and success is based on something that has been ID'ed as an addiction.

This is like listening to the corner street drug dealer telling me life is unfair because the police keep arresting him when he tries to sell crack.
 

Fear No Evil

Diamond Member
Nov 14, 2008
5,922
0
0
His fortune and success is based on something that has been ID'ed as an addiction.

This is like listening to the corner street drug dealer telling me life is unfair because the police keep arresting him when he tries to sell crack.

Its not at all like that. Its like the drug dealer saying that drugs are bad and ruin people's lives and people like yourself going 'We can't believe him! He's a drug dealer!'
 

Macamus Prime

Diamond Member
Feb 24, 2011
3,108
0
0
Its not at all like that. Its like the drug dealer saying that drugs are bad and ruin people's lives and people like yourself going 'We can't believe him! He's a drug dealer!'

At least you aren't defending asshats like Wynn and acknowledging he is a scumbag.

It's good to know you aren't a total sack of mindless shit and choose instead to dig at me instead of being a captialist overlords whipping boy.

Keep up the good work, you can achieve freedom from your fears and abandon the shackles of your god(s) and guns.
 

Genx87

Lifer
Apr 8, 2002
41,091
513
126
His fortune and success is based on something that has been ID'ed as an addiction.

This is like listening to the corner street drug dealer telling me life is unfair because the police keep arresting him when he tries to sell crack.

McDonalds sells coke which has caffeine, an addictive substance. Is McDonalds and every other venue that sells a product with caffeine discredited as well? That is really weak of you to try to discredit a guy who runs a company that employs tens of thousands of people based on the primary source of income being gambling. A legal form of entertainment in Nevada and other parts of the country.

And it isnt like listening to the drug dealer on the corner. Because what the drug dealer is doing is illegal and subject to the police harassment. Unlik Wynn, who is running a legitimate legal business.
 

fskimospy

Elite Member
Mar 10, 2006
88,047
55,532
136
Meanwhile, economists point to a lack of demand as opposed to government regulation as the cause for slow business growth.

http://www.myfoxtampabay.com/dpps/c...ehind-weak-hiring-dpgonc-20110718-fc_14178293

Pro-Jo has really gone into overdrive lately. What's sad is that he's taking a page from the Anarchist420 handbook in that he makes a new thread, and then when his point is completely obliterated in it instead of owning up to his mistake, he just abandons it and creates a new one.
 

the DRIZZLE

Platinum Member
Sep 6, 2007
2,956
1
81
Meanwhile, economists point to a lack of demand as opposed to government regulation as the cause for slow business growth.

http://www.myfoxtampabay.com/dpps/c...ehind-weak-hiring-dpgonc-20110718-fc_14178293

Pro-Jo has really gone into overdrive lately. What's sad is that he's taking a page from the Anarchist420 handbook in that he makes a new thread, and then when his point is completely obliterated in it instead of owning up to his mistake, he just abandons it and creates a new one.

The fact that 25% of businesses that responded said that they are not hiring because of uncertainty about government policy is still pretty bad. I saw a presentation by Alan Greenspan a few months ago. He used a variety of metrics to argue that the poor economic performance is the result is result of lack of investment in long term projects, short term economic activity is growing at a decent rate. IMO this confirms the idea that uncertainty in general is one of the major problems we are facing.

I personally saw a lot of work dry up in the energy industry after Obama was elected. There is so much threat of regulation that no one will build anything that they don't absolutely have too, unless it's one of his pet projects like solar. It's really amazing how much the government is directing the economy at this point.