Steve Wynn: "If This Is Good Government Then I Am Mary Poppins"

Tyler Durden's picture

One of the most scathing reviews of Obama's handling of the economy (but not the stock market) comes courtesy of Las Vegas billionaire Steve Wynn:

"This administration without any experience is doing more damage than is easy to assess at the moment, but I can tell you I am sure that we are moving in the wrong direction and i say that as half a democrat and half a republican. What we are seeing now just doesn't make sense. The priorities have all been inverted."

The self-professed half democrat/half republican gives a scathing review of the administration's handling of healthcare, of the economy, and of numerous other critical issues.

Wynn, who should know Vegas better than anyone, does not join the Las Vegas analyst cheerleading squad: "We are occupied on weekends but the rates are much lower and what is missing is the mid-week convention and meeting business" and not coming back for an indefinite period of time.

Also some observations on which social class is impacted by Obama the most: "the wealthy can "duck" tax increases, they can postpone income - when the government starts to overtax the economy, as they are in the process of doing, the pain of it is felt by the very people that the politicians claim to be serving: the working middle class. Inflation and devaluation of the dollar is making everybody's buying power who voted for Barack Obama go through the floor."

On the economic system at play in the US:

"The kind of money that is being spent, and the amount of taxes that are directly and indirectly being proposed, are huge. We are seeing socialism-lite here- it would be ok if it worked, it never works. We are now in a position of complete unpredictability with the Obama administration and Congress: i don't know what will happen. I have a sense that if once the public gets the drift and understands what's afoot here, and these bills pass, then there's going to be a very painful midterm election for the democrats."

And the blistering conclusive condemnation:

"It's a pleasure to do business in China: the government is much more even-handed, much more considered, much more gentle than it is here. I feel much more secure as a businessman in China than I do at the moment in the United States of America."

Video courtesy of Fox Business Network:

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MinnesotaNice's picture

Wow... that is quite a statement coming from a proven entrepreneur who operates on a massive scale and someone who has more of a bird's eye view than the rest of us... really makes you think about our country from an entirely different perspective... we're f%cked... I can just feel it...

I feel much more secure as a businessman in China than I do at the moment in the United States of America."

SWRichmond's picture

wow.  Just wow.  Is anyone in any government in the U.S. paying any attention at all?

Anonymous's picture

Why is this so surprising?
The world view of this Admin is that the US style economy is oppressive, unfair, and totally awful.
So they will break it. Once it is broken, a new way will replace it.
Expect to see "Mission Accomplished" banners before too very long.

Anonymous's picture

Obama winning Peace Prize
Gov't buying debt to pay debt to keep rates low for mortgages people can't qualify for, and banks that won't release inventory as they mark to myth and present feloniously misrepresented balance sheets.
Monetizing without restraint.
What if every state, municipality, local government and indeed every business enterprise adopted that model?
Hard times require intervention and stimulus. Let's manufacture earnings. Let's print more stock certificates. Let's increase sales and profit (on paper only of course).

Let's reward failure and inefficiency while destroying real jobs in the productive economy.
Jam up stocks and celebrate a meaningless threshold breakthrough.

It is all going to end very, very badly and made worse than if we had just allowed quick liquidation.

But until then celebrate while the cause-effect relationship has completely broken down.

It is all corrupt and pricing is undeniably unreliable.
Stocks - Bonds - Commodities - currency. Every exchange has gone full-tilt compromised.

Our world is a world of discontinuities. Nothing is what it represents.

Anonymous's picture

Very eloquently said.

Spartacus's picture

Why somany of you are taking a Gambler's remark seriously?. Just curious to know. What is he saying new?

Anonymous's picture

I believe he's saying the last face lift has change his appearance so much that he now looks like Mary Poppins.

Anonymous's picture

Wynn is no gambler. The guy who runs the House never gambles. He just works the percentages like an actuary. Getting fat wallets through the front door is Wynn's specialty.

Nevertheless, he is still pissed that Obama scared away that big WFC convention last Spring. He figures it cost him tens of millions.

Anonymous's picture

No. The guy who runs the house does too gamble, and "big time" -- he gambles when he builds (or expands) the house in -- he just doesn't bother playing the "slot machines" (or any other penny ante BS).

Anonymous's picture

Just ask Wynn how his gamble on the Encore property is working out . . .

Plainview's picture

"Gambler" .... it's his customers who are the gamblers - the house doesn't gamble, common misconception! He talks an awful lot of sense and his shares are a screaming SCREAMING short.

Unscarred's picture

It's not so bad in China.  A friend of mine was in Tiananmen Square last year and had a nice conversation with one of the natives about the historical significance of the location.

Never mind that the Chinese keep their own from learning about the massacre - the fact that he didn't end up with a black bag over his head, tossed in the back of a van, and deposited in the nearest landfill shows ME that China has truly embraced change that we can believe in!

China.  The OTHER western capitalist democracy.

Anonymous's picture

As soon as healthcare is passed and the average middle class family spends the estimated 13% of their income o insurance, their effective tax rate jumps from 25-28% to 38-41% just for federal taxes and paying other people's healthcare bill. Throw in ever increasing state taxes and damn near 50% of all middle class income will disappear before any take home pay.

This is right around the corner, in fact the shit republican from Maine just helped advance the bill through the senate to switch to a communist america.

At this time next year, our middle class effective tax rate out the door will be 50%. Let's hope that Obama and the fucktards don't decide to raise taxes further to pay for their bailout of goldman sacks.

Throw in Tax and Cap and the middle class is now the poor class.

Anonymous's picture

Health Care Reform is a Trojan Horse. Always was. If they were interested in reform, they wouldn't do any of the things they are doing. It's easier to steal water from a lake than from a pond...

Anonymous's picture

the President might chose policy direction but he is not the economist who sets interest rates and the finer points of policy execution.

If anyone should be taking the largest share of the blame it's the Federal reserve.

It's total bullshit to blame what amounts to several decades of failed economic theory and policies on the guy who's effectively just sat in the chair.

Anonymous's picture

"I feel much more secure as a businessman in China than I do at the moment in the United States of America."

It's so true! Countries with slave labor are great for businessmen.

Anonymous's picture

Yes, China is easier to do business in because:
BEIJING -- Lead poisoning continues to emerge among children in China despite growing public protests, with officials revealing Tuesday that tests showed nearly 1,000 children had excessive lead in their blood, and a factory owner acknowledging some responsibility.

Health officials in the city of Jiyuan in central China's Henan province tested 2,743 children living in a region with some three dozen smelters.

Spartacus's picture

Exactly, it is easier to BRIBE the chinese guys and DO a death-dance on the millions and millions of oppresed chinese folks.

chumbawamba's picture

Excuse me, did you read the same statistic I did?  2,743 children in an area with THREE DOZEN (that's 36 for your imperially challenged nitwits) smelters?  In a land of 1.3 billion, that isn't even statistically insignificant.  It hardly merits mention.

There are whole towns in America that are drinking poisoned water because the local officials won't do anything about the pollution from US industry.  Why do you tards always seek demons abroad?  Clean up your own backyard first!

I am Chumbawamba.

Anonymous's picture

From the article, they TESTED 2743 children of whom roughly 1000 have elevated levels of lead.

I am a Man I am Forty's picture

Why don't you do a little research on the FDA here in the US.  This isn't about how wonderful China is, they suck too, it is about how far the US has fallen to prop China up.  If any country has a gazillion poor people that is willing to manufacture stuff on the cheap, they are going to do well in this world wide economy.

RagnarDanneskjold's picture

What causes more brain damage, lead exposure or American public school exposure?

Rusty Shorts's picture

Compulsory Education in America, if that doesn't smack of communism, I don't know what does.

Angry-Taxpayer's picture

This scares the soul out of my skin coming from a guy like this...

I've had the pleasure in meeting Steve Wynn during his GRAND OPENING of Encore in Las Vegas Nevada...  He is one of the most smartest people I've ever met in this world...

His comments should echo thru every household in this country...

I solute Steve Wynn for his honest opinion with what's happening to our great nation...

I'm concerned far more than ever we are heading in the wrong direction...

Obama and clan are just winging the whole deal... 


Completely Screwed Angry Tax Payer...


Anonymous's picture

Yes, China is easier to do business in because:
BEIJING -- Lead poisoning continues to emerge among children in China despite growing public protests, with officials revealing Tuesday that tests showed nearly 1,000 children had excessive lead in their blood, and a factory owner acknowledging some responsibility.

Health officials in the city of Jiyuan in central China's Henan province tested 2,743 children living in a region with some three dozen smelters.

Anonymous's picture

What's he complaining about--his buddy Milken is still out of other countries you'd never see him again!

lizzy36's picture

milken wrote the government a cheque for almost $600m. he is not a violent criminal why the hell would he still be in jail.

the travesty is that NO individual in the current clusterfuck has had to write the government a cheque.  NOBODY. 

the only people that owe the government are the taxpayers.  and they r going to be k-y'd in perpetuity.


Cognitive Dissonance's picture

Lizzy, I agree with you.

The prior comment to yours illustrates precisely why Tyler, Marla and the entire ZH blog is, and must remain, anonymous. When people are told something they don't wish to hear, they attack the person speaking the truth in an effort to denigrate him or her, thus effectively (though not really) trashing what was said.

The truth is always the truth regardless of the speaker or the listener. If you can't hurt the speaker because the speaker is unknown, the truth sits untouched for the entire world to see and hear.


Anonymous's picture

According to cognitive difficulties an anonymous phone call to the fire department on a burning building isn't burning because the speaker is don't make the call its not burning...get a different argument...tell people why their wrong....

I think most people are cautious from whom they take their advice from....Wynn is a commercial property owner/note holder....what do you think he wants?(I know he raised liquidity...but why now?)

He wants something............

Cognitive Dissonance's picture

If an idea or statement of fact or opinion can't stand on it's own, then I agree that you must examine the speaker for hidden agendas.

On the other hand, if an idea or statement of fact or opinion can stand on it's own and is just as valid if asked by anyone, then the motives of the speaker are almost immaterial. Notice I didn't say completely immaterial.

I submit that Wynn observations and statements can stand on their own and thus it maters very little if at all Wynn's agenda.

Miles Kendig's picture

Lizzy - That only works if we let them.  I guess I dosed my hopium this morning.

Unscarred's picture


Awesome, Miles.  Just awesome.

Anonymous's picture

why? because he perpetrated a fraud on the system you complete jackass...if you need verification read DEVIL TAKE THE HINDMOST pages 74,208,253,254,256-260,262,263,264,271 etc

His wealth should have been confiscated ala RICO..YOU FKIN TWIT!

The profits from KKR takeover of Beatrice yielded family accounts of $650 million alone.

Your the problem..because like so many Americans your brain dead!

lizzy36's picture

wow, so you can read.

sadly, not a yank.

alas, my point was that as a non violent offender, jail is not the place for him.

further, i benchmarked miken's behavior and punishment against the behavior and punishment of his peer group over the last 5 years. 

over the last 5 many, many have perpetrated a fraud on the system. but given that a man like joe cassano (for example, as i literally have hundreds to chose from) is walking around free, with his wallet intact, i concluded that the only people paying for the sins of milkens current peer group, is the US taxpayer. 

as a slightly brain dead, non american, i can only wish you many, many happy years as a bent over US taxpayer.

Miles Kendig's picture

The concepts of judicial exclusion, favored justice and never ending incarceration for non violent offenders must end.

I am a Man I am Forty's picture

I would start with drug users before thieves.

Anonymous's picture

according to you Bernie Madoff should be strolling Central Park...non violent jail time according to you.

Guys like Cassanno are out because the regulators are captured. I think your side of the pond is not immune to $ payoffs, either.

After you change the L to D in your moniker watch this..

Miles Kendig's picture

Anon - Barking up the wrong tree.  I suggest you read my post below and find a new place to lurk.

Happy trails.

Miles Kendig's picture

Anon - You went to the way wrong place in the way wrong way with the wrong person.  Being totally clueless in not a valid excuse here for someone as tasteless as yourself. Do us all a favor and take your self actualized pinky finger saluting self somewhere else. I am sure you will find a home at the Yahoo chat rooms.

Lizzy, all apologies for cooling down first.

Gordon_Gekko's picture

Milken was a victim of Giuliani's political ambitions (and I would not be surprised if his Wall Street masters put him to it). He was an easy target because he was a high profile figure yet at the same time an outsider - he wasn't part of "the club" at Wall Street. Whatever he did, it was nothing compared to the criminal activity that the Wall Street "club" (wink, wink...Goldman) engages in everyday.

Anonymous's picture

I'm no fan of Guiliani but this was a different den of the pages given to Lizzy then make your determination.

drbill's picture

"We are seeing socialism-lite here- it would be ok if it worked, it never works."


And if worms had machinge guns, birds wouldn't #$% with them.


And "even if it worked", it wouldn't be OK! Socialism is the absence of choice and hence, freedom!

PlantFood's picture

I suppose being forced to buy insurance from for profit companies without the choice of a public option is your idea of freedom?  Good luck with corporate rule.

Paul S.'s picture

I think everyone would support not forcing you to buy insurance if you wouldn't get medical care when you got sick.

Anonymous's picture

Why do you need insurance to get medical care when you're sick? I didn't have insurance for the first 23 years of my life and I/my parents got along just fine paying cash for services rendered.

Jendrzejczyk's picture

My six year-old had brain surgery last year. $600,000 bill. Still a chance he may need surgery on the other side of his brain. Glad we had insurance/hope we don't get cancelled.

Rusty Shorts's picture

 - Jendrzejczyk,

...I'm afraid you got hooked.