My Employees 'Filled With Anxieties These Days': Wynn

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sbayhills
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My Employees 'Filled With Anxieties These Days': Wynn

Postby sbayhills » Fri Oct 12, 2012 8:23 am

Looks like a highly successful entrepreneur agrees with my opinion about the Obama Administration being viewed as anti-business.

Anyone looking to start a business under current political and economic conditions needs "a lot of courage," casino owner Steve Wynn told CNBC Friday.

Uncertainty over tax structure, health care and job market stability is heightening tensions and making it difficult for entrepreneurship, the owner of Wynn Resorts [WYNN 113.39 0.93 (+0.83%) ] and critic of President Obama said in an interview.

"That can probably explain to you why I've become so concerned about what's happening in Washington, because it's affecting the living standards of my employees," he said. "They're all filled with anxieties these days."

He specifically cited Washington battles over getting the debt and deficit under control, along with the possibility of "tax increases and increases in the cost of doing business that are totally unnecessary and irrelevant."

"They're noticing in their homes...that their paychecks are shrinking in real time because of government irresponsibility and the management of this deficit," Wynn added. "It's killing the living standard of my employees, and that immediately affects their attitude at work."

Wynn caused a stir earlier this week when he said, "I'll be damned if I want to have (Obama) lecture me about small business and jobs."

He told CNBC that administration plans to reform health care and spur job creation have done the opposite and are examples of "outrageously bad government by any standard."

Conversely, he said if Republican Mitt Romney wins "you should go long on the stock market."

http://www.cnbc.com/id/49387601



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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Parrotpaul » Fri Oct 12, 2012 8:35 am

Long the stock market under a GOP administration? The GOP doesn't have much of a track record that would convince any investor that's a good idea. Another softball from the uninformed.....

"The BGOV Barometer shows that, over the five decades since John F. Kennedy was inaugurated, $1,000 invested in a hypothetical fund that tracks the Standard & Poor’s 500 Index (SPX) only when Democrats are in the White House would have been worth $10,920 at the close of trading yesterday.

That’s more than nine times the dollar return an investor would have realized from following a similar strategy during Republican administrations. A $1,000 stake invested in a fund that followed the S&P 500 under Republican presidents, starting with Richard Nixon, would have grown to $2,087 on the day George W. Bush left office.

“The market does tend to do better under Democrats than under Republicans,” Sam Stovall, chief investment strategist at S&P Equity Research in New York, said in a telephone interview. “Is it because Republicans mishandled the economy, or inherited a weak economy? I’ll leave that to others.”


link
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby John Q. Public » Fri Oct 12, 2012 9:04 am

Steve Wynn wrote:"They're noticing in their homes...that their paychecks are shrinking in real time because of government irresponsibility and the management of this deficit," Wynn added. "It's killing the living standard of my employees, and that immediately affects their attitude at work."

Odd that he'd say that. Las Vegas is about as "blue" as Santa Monica.
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kramer
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby kramer » Fri Oct 12, 2012 11:22 am

Parrotpaul wrote:Long the stock market under a GOP administration? The GOP doesn't have much of a track record that would convince any investor that's a good idea. Another softball from the uninformed.....


It's you Paul and your ilk who are uninformed. How so? Simple. You democrats are just printing more money and most of it is ending up in the stock market pumping up stock:

Wondering why the DJIA just passed 13K again? Wonder no more: as the chart below shows it is entirely due to the nearly $7 trillion pumped by global central banks into the world stock markets just in the past 4 years. As Sean Corrigan from Diapason notes, the aggregate global central bank balance sheet has doubled in four years, after doubling in the 5 years before that. We would add that with the entire centrally planned ponzi scheme hell bent on preserving the illusion of nominal gains, global liquidity is now fungibly sloshing from one market to another with absolutely zero resistance whatsoever. At this rate, it should double again in 3 years, then 2, and so on. Will the Dow hit 52K in 5 years in that case? Why most certainly. Just ask any remaining citizens of the Weimar Republic. They know all too well about exponential stock market rises. They also know absolutely everything about the self-delusion that comes with chasing NOMINAL numbers. Oh, and before we forget, expressed in spot gold price, the central bank aggregate tally has moved from being the equivalent of 10 billion oz of gold, to just 8 billion. Guess what is 20% underpriced.

http://www.zerohedge.com/news/here-why- ... ssed-13000
“We should have been warned by the CFC/ozone affair because the corruption of science in that was so bad that something like 80% of the measurements being made during that time were either faked, or incompetently done.”

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Parrotpaul » Fri Oct 12, 2012 11:31 am

Me and my ilk have been selling like crazy into this rally, kramer...it's been one helluva ride....time to sit back and watch for a while.....enjoy the fruits of our efforts. Me and my ilk are quite pleased with that several thousand point rise in the Dow....did you miss the ride?
"I think I may say that of all the men we meet with, nine parts of ten are what they are, good or evil, useful or not, by their education." John Locke

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby sbayhills » Fri Oct 12, 2012 12:19 pm

http://cnsnews.com/news/article/ceo-wyn ... -president

Does the business community view the Obama Administration as anti-business?

CEO Wynn: ‘I’m Afraid of the President'
By Christopher Goins

(
CNSNews.com) – Steven Wynn, CEO of Wynn Resorts, said on Monday that he was sitting on his thumbs with over a billion dollars tied up because he was unsure what government program the Obama administration would unveil next, and stressed that he was "afraid of the president."

In an interview, Jon Ralston, host of Ralston Reports on NBC-affiliate KSNV MyNews3 in Nevada, asked Wynn: “You called him [Obama] a socialist. You called the president a socialist. And you used this memorable phrase that business leaders quote, ‘were sitting on their thumbs until he’s gone.’ But they’re not really. I mean, you’re not -- you haven’t been doing that?”

“Yes I have,” Wynn said.

Ralston: “You haven’t done a thing? You haven’t –”

Wynn: “Oh, no, no, no, no, no. Because I’m lucky, and I’m in business in Macau, I brought $100, or $150 or $200 million back and invested it in redoing the hotel [in Vegas] for $100 million, building new beach clubs and doing things like that and giving my employees cost of living increases, even when the place was losing money. Because I’m very lucky that we have a very conservative approach to business. We don’t believe that just because the economy jumps up and down that we should be bouncing our employees around. That’s no way to run a business.”

Ralston: “And you didn’t amass debt like a lot of the other companies did either, which helped, right?”

Wynn: “We were talking about the sitting on the thumbs remark, which I’m doing right now, which means keeping the bankroll in your pocket. I did what I had to protect my employees in Las Vegas and to protect my service levels from my existing customers. But you know that for the last 45 years I’ve always been in construction in Nevada.”

Wynn then explained that a pair of troubled business men in Vegas came up to him with a business proposal to renovate a property of theirs and turn it into a new hotel and they’d call it the Wynn Plaza. He was all for it but decided to scrap it because of uncertainty about what steps the federal government might take against businesses.

When asked what happened to the proposal, Wynn said he was unsure what President Obama would do next.

“I’m afraid of the president,” said Wynn. “I have no idea what goofy idea, what crazy, anti-business program this administration will come up. I have no idea. And I have to tell you, Jon, that every business guy I know in the country is frightened of Barack Obama and the way he thinks.”

The hotel tycoon claimed that President Obama had attempted to put himself between him and his employees by resorting to class warfare, and said he cannot stand being the target of demagoguery from someone who doesn’t understand the economy or “hasn’t created any jobs.”

“The president is trying to put himself between me and my employees,” said Wynn. “By class warfare, by deprecating and calling a group that makes money ‘billionaires and millionaires who don't pay their share.’ I gave 120 percent of my salary and bonus away last year to charities, as I do most years.”

He continued: “I can’t stand the idea of being demagogued, that is, put down by a president who has never created any jobs and who doesn't even understand how the economy works.”

Earlier on the show, Wynn boasted of creating 250,000 jobs in Nevada, which he said was 250,000 more than the president had created.

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby kramer » Fri Oct 12, 2012 12:22 pm

Parrotpaul wrote:Me and my ilk have been selling like crazy into this rally, kramer...it's been one helluva ride....time to sit back and watch for a while.....enjoy the fruits of our efforts. Me and my ilk are quite pleased with that several thousand point rise in the Dow....did you miss the ride?



Good for the ilk and you.

But my response to you was intended to enlighten you as to the reason why the stock market is 'doing good' under this admin. Nice redirect though... It has to do with printing money that debases the dollar, causes inflation, and that ends up pumping up the stock market. The high stock market is not from an economic recovery, it's from a joke.
“We should have been warned by the CFC/ozone affair because the corruption of science in that was so bad that something like 80% of the measurements being made during that time were either faked, or incompetently done.”

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Parrotpaul » Fri Oct 12, 2012 12:42 pm

kramer wrote:

Good for the ilk and you.

But my response to you was intended to enlighten you as to the reason why the stock market is 'doing good' under this admin. Nice redirect though... It has to do with printing money that debases the dollar, causes inflation, and that ends up pumping up the stock market. The high stock market is not from an economic recovery, it's from a joke.

It doesn't change the fact that when you push the sell button...those dollars are the same as anyone else's. You did miss the ride...my condolences. Go with the flow, Kramer....there are some things that just can't be intellectualized.
"I think I may say that of all the men we meet with, nine parts of ten are what they are, good or evil, useful or not, by their education." John Locke

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby kramer » Fri Oct 12, 2012 4:06 pm

Parrotpaul wrote:It doesn't change the fact that when you push the sell button...those dollars are the same as anyone else's. You did miss the ride...my condolences. Go with the flow, Kramer....there are some things that just can't be intellectualized.


Another deflection...

All I did was reply to your comment that "Long the stock market under a GOP administration? The GOP doesn't have much of a track record that would convince any investor that's a good idea. Another softball from the uninformed...." by showing you that this stock market rise has everything to do with printing money. Your comment was intended to show that the economic policies under GOP control are poor because the stock market performance wasn't as strong as it was under dems. I'm enlightening you that this stock market rise under Obama is simply due to the fact that central banks are printing money, this money is pumping up the stock market, and the debt from this money printing is being left for future generations.

That you endorse this money printing and shuffling the debt to our children and their's is beyond belief.
“We should have been warned by the CFC/ozone affair because the corruption of science in that was so bad that something like 80% of the measurements being made during that time were either faked, or incompetently done.”

- Scientist James Lovelock

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Parrotpaul » Fri Oct 12, 2012 4:09 pm

The good old tired-thread-bare-lame-trite-platitudinous argument when nothing else works...."....but, what about the kids?"

Thanks for educating me about the finacial markets, Kramer. I appreciate your thoughts. CCI Trust me. :mrgreen:
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby SoMelo » Fri Oct 12, 2012 4:17 pm

I'd be full of anxiety if I worked for Wynn too and it wouldn't have anything to do with Obama or the elections :hide:

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Notorious » Fri Oct 12, 2012 4:23 pm

I actually have done a lot of research on Wynn and MGM because of the my major and my industry.

He is right in the sense if it wasn't for Macau he would have gone bankrupt, but this has much more to do with the financial crisis of '08 than Obamacare although that isn't helping the bottomline either I suspect.

He's being a bit disingenuous however when it comes to the impact its having. The impact of the crisis and the flourish of Macau (this is huge) has been a much bigger detriment. They no longer get the Asian high rollers from overseas they used to get. Las Vegas and by extension the state of Nevada has consistently had the highest unemployment rates in the country because of those 2 factors.
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Troglodyte » Fri Oct 12, 2012 6:05 pm

Parrotpaul wrote:[i] "The BGOV Barometer shows that, over the five decades since John F. Kennedy was inaugurated, $1,000 invested in a hypothetical fund that tracks the Standard & Poor’s 500 Index (SPX) only when Democrats are in the White House would have been worth $10,920 at the close of trading yesterday.

:lol: Back in the '60s, when JFK was POTUS, a $1,000 would make a nice down payment on a house. You could buy a nice Datsun 240Z for $2,400. $1,000/ month was above average pay.
$10,800/month today is barely breaking even.. You would have lost money because of inflation.
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John Q. Public
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby John Q. Public » Fri Oct 12, 2012 6:47 pm

Troglodyte wrote: :lol: Back in the '60s,... You could buy a nice Datsun 240Z for $2,400.

'70s. It was introduced in 1970. And it didn't come with wheels. Not sure how that worked but you had to put your own wheels on them so they could call it a kit car to get around smog regs. And it isn't really a good example because it was introduced as a low-end sports car. They doubled or tripled the price a few years later as a marketing strategy to add "prestige" and it worked. Sales went through the roof.

Now, what was the topic again?
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby Parrotpaul » Fri Oct 12, 2012 9:31 pm

The devalued dollar didn't help. I bought a new 1972 VW Super Beetle in the Fall of 1972....the new ones were coming out...loaded...it had white walls and a radio...$1999 ...in 1974 that same car cost about $2800

A new 1965 VW 1200 was about $1299.....I had one of those as well...went through four enginess....turned it into a hot rod.
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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby fnuts » Fri Oct 12, 2012 11:06 pm

Mr. Wynn's comments are political fluff.
He is famously wealthy, and has yet to reduce payroll as a result of any policies of the Obama administration.
If his workers have anxiety, it may be because in staff meetings they have been threatened with pay cuts as a result of Wynn having to actually experience the overhead of providing reasonable benefits to his employees.
Taking his comments seriously indicates your political opinions sully the reality of Mr. Wynn's success.

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Re: My Employees 'Filled With Anxieties These Days': Wynn

Postby fnuts » Fri Oct 12, 2012 11:16 pm

$10,800/month today is barely breaking even..
Is that right?
In who's world is $129,600 per year "barely breaking even?"
Govenor Romney's perhaps?

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