Steve Wynn Epic Anti-Obama Rant Part II - Full Audio And Transcript With Complete #OccupyWallStreet Thoughts

Tyler Durden's picture

One quarter after going on an epic anti-Obama monologue at the end of his Q2 earnings call, Steve Wynn comes back with a sequel, confirming that when it comes to completely justified anti-presidential rants, he is truly second to none. Topics touched upon include massive government deficits, the business climate, the administration's horrendous handling of the economy, and of course, Occupy Wall Street. His damning conclusion: " I am watching my employees standard of living drop off because of deficits. I think that the American public is beginning to make the connection between deficits and their own loss of the standard... I say right now that the Democratic agenda of spend and bribe the public has bankrupt this country, and until it stops, the citizens of this country are in for more hard times. And fancy speeches aren't going to change that. Only a fundamental realization that citizens are going to have to take real, sophisticated responsibility for how we allocate the resources of this country."

The rant begins 45 minutes into the clip below.

WYNN conf call by user5452365

Full transcript:

<Q>: Hey, Steve, you know, the topic, at least here in New York is occupy Wall Street, and I was going to ask a wise as question about whether or not you're going to contribute to that cause, but I do think that it -- it raises an interesting political question, and which is, the -- how do you see the landscape of politically now? Is there any reason for optimism given the current slate of candidates to give you hope for the regulatory environment improving for your business?

<A>: We had -- we had the debate here last night. We have a focus group that actually took place last night. You know, it's very interesting about the folks who are occupying Wall Street. That group is quite diverse. There are people in there that think the government should give them more, just because they are alive, regardless. There are people there who are opposing government spending. There are people there that are opposing bailouts. That group is not homogeneous by any means. What you do have on Wall Street is a reflection of the anxiety, insecurity and the fear that is endemic in the United States of America about the way government a has gotten into the business of people's life and the validity of the government, unintelligently, seeing these deficits, and government spending professionally to the point that everybody's financial security. I am watching my employees standard of living drop off because of deficits. I think that the American public is beginning to make the connection between deficits and their own loss of the standard.

People are being paid in dollars on the way to 7 cent dollars, and answer though I have given two cost of living increase toss my employees, I'm upgrading losses in America, plus I've been able to get some money from the cap. I have not been able to keep up with the effect of deficits on the living standard of my employees. The net result of all of this is frustration, anxiety, and anger. You're seeing that on Occupy Wall Street. You can see it taken to the next level in Greece where people are trying to break into a parliament, primarily controlled by the unions. There comes a  moment when the population realizes that it has to stop and sometimes it takes a form of tax the rich people which is, you know, a reflection more of a lack of understanding of how the economy works.

Rich people are now being defined by the administration as people who make a million dollars. Well, most of the businesses in America, other than giant corporations, are paying taxes under chapter S, partnerships or individual proprietorships. So somebody shows that they make $3 million or $2 million this year and they pay personal taxes on that money. They subtract their cost of living and then what's left, and that does not show that probably 25 or 30% of their profits are tied up in accounts receivable or inventory, stuff that they can't spend or get their hands on, but to support their business and their employment, and then they take whatever is left, these so-called millionaires, and they open up another shop or another office and that, that is the only known engine of growth of the United States of America, and we have an administration that is fanning the fires that this is somehow undeserved, profligate millionaires, and it is worse than hypocrisy. It is totally dishonest.

It represents by young people who don't know the difference, simple misunderstanding and lack of understanding of how the economy works for what's going on in America, but if it's politician that does it, or a union leader, then it represents something much more pernicious. It represent as deliberate misleading of the public. And I think that Americans are waking up to this. And it's taking the form of anger and dissatisfaction with the government. And I think that's probably just right because until there is a change, until this all stops, it's only going to get worse, no matter what anybody says in some fancy speech, even if it is the president, it is going to get worse. People say we're angry at the government for not compromising both sides. Well, we don't really have a situation that lends itself to what reasonable people would call compromise. We've got a situation that requires a change. That is to say one side is right here and the other side is wrong.

You cannot sustain these deficits, you cannot undercut the people that form the jobs and create the employment in this country.

I'll give you an example of Las Vegas in my own industry. Across the street from me is an piece of property that's 34 acres. It's owned by two Israeli gents that are friends of mine that bought it at a very high price and are sort of in a difficult position now. They even own money against that property. They have come to me on a monthly basis to say, go ahead, Steve, you take it, build something, connect it to Wynn and Encore, you're golf courses and convention facilities and help us get out of this, we're willing to take a very long-term approach and we'll turn the property over to you, even if we have to pay off the loan. Well, that's a very attractive offer, especially since they are willing to pay us for management, design and supervision, as well as the money to invest. But I have to tell both of these men's who are friends of mine, look, I can't give you a reasonable projection of what this return on investment will be even if we spent 2 billion and create 10 thousand direct jobs and another 30 thousand indirect jobs for a total of 40 thousand  jobs, that's  how many jobs I could create if I broke ground on the Frontier property if I broke ground in the next six months or a year. But I can't tell the men who are willing to sacrifice any short-term benefit in exchange for a long-term opportunity, because I cannot predict what healthcare costs are going to be, what regulatory load they are going to heap on us, what new taxes or other burdens this insatiable governmental appetite for money from the citizens will take us to.

Now, that is simply a statement of fact. It isn't a partisan political pitch.

It's simply a statement of fact from a businessman who has supported probably more Democrats than Republicans. But I say right now that the Democratic agenda of spend and bribe the public has bankrupt this country, and until it stops, the citizens of this country are in for more hard times.

And fancy speeches aren't going to change that.

Only a fundamental realization that citizens are going to have to take real, sophisticated responsibility for how we allocate the resources of this country.

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CaptFufflePants's picture

Where was Wynn when Bush and the Republican controlled Congress spent like a drunken sailor and then staffed the oversight agencies with inept crony buffoons that precipitated the greatest financial disaster in the history of the world?

Ohh he was donating money and praising him...

You get what you paid for Wynn.

dick cheneys ghost's picture

Did Wynn mention the endless wars as a drag on the economy? THE BANKER BAILOUTS?

 

Lets not forget who runs the economy..........THE FUCKING BANKS..........

ratso's picture

You got it mostly right.  And, furthermore, who gives a rats ass for what STEVE WYNN thinks.  He's just another uninformed, self-centered blow hard. 

Dr. Engali's picture

I don't know of any other president who specifically targeted Vegas like Obummer did.

ratso's picture

Okay, and what does Las Vegas really have to offer.  An opportunity to get hussled with smoke and mirrors.  How does that add to GDP.  It is just another awful redistribution of wealth to non-productive exploiters of the ignorant.  Obama has gone after them enough.

AldousHuxley's picture

What an asinine entitlement blabbler from someone who inherited bunch of bingo parlors from daddy at a young age to get started.

 

What kind of job is he going to create anyway? blackjack dealer jobs for STEM grads and employee more illegal alien construction workers? What a way to take this country forward. Because another casino is what Nevada needs. Fucking billionare who is such a scourge that he doesn't want to give his workers healthcare. He was going to abandon America anyway and move to China.

 

And why does he have to mention that he is being offered some land from Joos? Because he is a Joo himself.  You want to build a casino Steve Weinberg, go buy a bank from Joos in New York.

 

Plus his entire enterprise depends on democrats allowing him to build casinos. Thus he is a democrat. Christian republicans aren't going to let a Joo build a casino in their town. Maybe a church, but not a casino.

 

Plus what kind of a person divorces his wife, the remarries, then divorces again?

 

 

AldousHuxley's picture

alright this guy has mob ties...

 

When this biography, written by a local reporter, was first released in 1995, Steve Wynn brought suit against its original publisher and forced him into bankruptcy.

http://www.amazon.com/Running-Scared-Treacherous-Times-Casino/dp/1568581904

 

Stephen Alan “Steve” Wynn. The son of an illegal bingo game operator.

in the 1960s, Wynn met one of his father's friends, Maurice Friedman of Las Vegas, later identified as an associate of a Detroit organized crime group. Though state and federal authorities never tied Wynn to organized crime members, his early link with Friedman and speculation about alleged associations to other underworld figures would be a source of controversy for him in the future.

in 1984, Wynn failed in his attempt to gain a gaming license in London amid charges—which he strongly denied—of an association with New York mobster Anthony Salerno. In 1986, Wynn also ran into licensing trouble with the New Jersey Casino Control Commission, whose investigators claimed to have evidence linking Wynn and his aides to Salerno and other organized crime figures. They also alleged that one mobster, Anthony Castelbuono, was permitted to launder money through Wynn's Atlantic City casino.

 

In the early 1990s, Wynn ran into problems with police and gaming authorities in Nevada. Las Vegas detectives revealed that the Mirage had hosted three East Coast mobsters in a trip arranged by employee Charles Meyerson, a one-time illegal bookmaker and friend of Wynn's late father.

clymer's picture

you need to help me to understand how it would be a shock to anyone to learn that a casino magnate has ties to organized crime.

 

And by the way; WHAT THE FUCK IS THE FEDERAL GOVERNMENT? ORGANIZED PHILANTHROPY?

i-dog's picture

Gambling: A tax on stupidity!

Al Gorerhythm's picture

Fractional Federal Reserve Dollars. Much the same.

From a previous thread relating to a question of why all countries are in debt:


If you were to write a cheque with no intent of settling the transaction with goods of due value or kind, it is the same as printing a dollar, mark, franc, etc, etc, where the country has no intent of settling. 

These of course can be issued by private banks to citizens. However, they are not lending you anything more than a piece of paper, as there is no capital backing the loan.


If I owned a bank and I were to lend you 10 tons of gold, which you intended to use as collateral for the building of your new swimming pool, and due to security and transport logistics, I offered you a bank cheque of equal notional value as assurance of your solvency to your contractor creditors, which you accept. In your ability to pay them on completion of your pool, I also gave you a cheque book and you write them cheques for the work done. If they presented those cheques to the bank for payment in gold and the banks tell them, "Sorry! We don't got no gold because all that we offered was credit. We lied. Ooops! Why don't you try exchanging them with someone else in the market for goods and services. Our Logo on that cheque should stand for something! ", the settlement of the debt could never occur.  That's how our banking system works. 


That is the state of our monetary system. Just try to redeem your piece of paper at your sovereign bank. They will ask; "What's the problem with that one?" You will only be issued with another. 

Unbacked currency is a lie. We have all been decieved

flacon's picture

That's pretty good. 

 

Another story I heard was something like this:

 

You tell your son to go to the store to buy a bag of wheat. But you don't have money to pay for it, but you give him a note that says: "Dear store owner, I promise to pay you for this bag of wheat when I get the money". Your son goes to the store, and presents the note to the store owner. He gives the bag of wheat to your son. Half way home, your son puts down the bag of wheat to rest a while. Then he has a thought: "WHO OWNS THIS BAG OF WHEAT?". 

 

1. Who ever is in posession owns it

2. Who ever has paid for it owns it.

3. Who ever has produced it and has NOT received just compensation owns it. 

 

There are three owners of the bag of wheat, but only one mouth will eat it. 

Element's picture

But if you give me a pile of mouse clicks I'll rape the land and send you a ship full of high grade anthracite.

Greatest and most destructive scam of all time.

 

Alan Jones - Nat Press Club Address (yesterday)

http://media.theage.com.au/news/national-news/alan-jones-vents-on-coal-s...

steve from virginia's picture

All the countries are in debt because 'work' and 'business' don't pay. The only profits are borrowed. Businesses are collateral for debts taken on in the business' name.

The customers of the business have to repay the loans, that is, labor has to pay the loans ... which are the business owner's profits.

Loans are necessary because most business activity has no real purpose or product other than to waste time and resources, like a casino. The economy IS a casino. In the casino, debt is integral because without it there would be no profits.

Just remember, all wealth is debt: your loan is someone else's wages.

AldousHuxley's picture

casino provides entertainment value.

 

Right economy produces prouctivity and human progress so that we don't have to live like damn animals.

 

Economy is the wrong hands (aka. banksters) produces casino like environment like today.

 

All wealth is control. Be sure to give that power to the right people so will progress society not Steve Wynn who will give you cheap entertainment.

Thomas's picture

Indeed. I agree with you guys. He starts out sounding like he gets it, and then he talks his book. 

IQ 101's picture

So? I would take a gangster over a Federal employee any day of the week,

At least the gangsters are straight up and when they ran Vegas, that was a town worth a visit, not a theme park scam factory,

Sinatra rolls in grave.

Freddie's picture

I think the progression was Italian mafia and some Jews (aka Moe Green aka Meyer Lansky) then Howard Hughes bought them out and now it is Jewish and Israeli Mafia hand in hand with unions and Democrats plus local Dem Mormon Vegas/NV types like Harry Reid.

At least when the Italians ran the place, Don Rickles got that shit beat out of him on the casino floor by Joe Pesci. That was real entertainment.

 

SAJ's picture

Sadly, you confuse fiction with reality. "Moe Greene" was Mario Puzo's synthesised version of Benny ("Bugsy") Siegel, not Meyer Lansky.  Siegel quite literally turned Las Vegas from a desert bus stop on the way to LA into (the start of) an enormously profitable enterprise, and, residually, a major city.  However, his project -- the famous Flamingo -- did not pay off quickly enough to satisfy his financiers -- various arms of organised crime -- and Siegel was duly assassinated.

Lansky's interest in Las Vegas was only tangential; he and Ben Siegel were boyhood friends, and Lansky helped Siegel get part of his initial financing.  Lansky was MUCH more interested in either getting gambling established on the East coast, particularly in Miami, or in partnering with the Cuban government in the 1950s in establishing big-time gambling in Cuba.  Whether a partnership was ever formed and effective is now moot:  whatever partnership may have existed ended forever when Castro came to power.

Wynn may have inherited illegal bingo games and such from his father, but it is absolutely undeniable that he and a few others reinvigorated Las Vegas in the 1980s-1990s, after it had stagnated badly by sticking to an out-of-date business model. This story has taken a curious turn, too, one that Puzo would probably have written a good story about.  You saw, I assume, WYNN's quarterly report today;  Macau is enormously profitable, while WYNN's Las Vegas enterprises are showing very weak results.

By the way, and just FYI, Steve Wynn has been a lifelong Democrat, and contributed heavily in the past -- if no longer -- to that party.

All this information is easily verified, parts of it going back as far as the Kefauver Commission in 1955-56.  There is no need to, nor any point to, spreading silly stories that are demonstrably untrue.

Best wishes.

 

 

Libertarians for Prosperity's picture

 

 

Now, THAT, is a high quality post that reminds me of the original Zerohedge before it was infiltrated by lower brain stem freaks.

 

Oh regional Indian's picture

Well, Sinatra was a gangster too, of course, sure everyone knows that. He's probably shovelling coals into the hell-fire right now (hopefully).

But them gangsters, they are everywhere. More everywhere than you can even imagine. And many like Wynn above are beholden to them for everything they have. 

Regulatory capture is all well and good. Knuckle-duster capture is more....secure?

ORI

OWS Flash De-mob

Milestones's picture

You obviously rolled around L.V. when I did. I lved in L.A. and dated a sect. for the L.V. Dist. Atty. Compted everything from the boss. Black entertainers had to stay in No. L.V. then,--even Ella & Armstrong til Sinatra got that squared away for Sammy Davis Jr. 62 I believe.

Vegas is shit now, and in 10 years w/o water L.V. as now configured is gone.      Milestones 

Dr. Engali's picture

Because he is interfering in business. If I want to go to Vegas on a trip I shouldn't be lectured by the CEO of corporate United states. It's my choice where to go for entertainment.

chet's picture

What did Obama say about Las Vegas?

Dr. Engali's picture

Maybe mr. Obomanoide you should google obummers comments on Vegas. Lecturing people not to go and shaming businesses for going. But I get people like you. You only hear what you want to. Research and reality hurts too much.

chet's picture

"When times are tough, you tighten your belts," Obama said while giving a speech at a New Hampshire high school Tuesday.

"You don't go buying a boat when you can barely pay your mortgage," he said. "You don't blow a bunch of cash on Vegas when you're trying to save for college. You prioritize. You make tough choices."

That's what's got your panties in a bunch?  Sounds like common sense to me.

Dr. Engali's picture

Keep researching. So in your book it's okay for the president of the United states to lob criticism at an industry. To shame people and corporations for enjoying themselves in a perfectly legal manner they see fit. But you have no problems with him holding a fund raiser there on the tax payers dime. Typical Obamanoid hypocrite.

chet's picture

"At a town hall meeting the president described the behaviour expected of the heads of companies that receive a federal bailout. “You can't get corporate jets,” he said. “You can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers' dime."

How dare he!?!  On the contrary, bank execs using bailout money to go to Las Vegas should have received the President's full-throated support!

Bay of Pigs's picture

Sure Chet. It's all about Vegas.

Do you really believe that pathetic bullshit Barry serves up?  

Christophe2's picture

I think there are 2 issues:

a) Obama is a liar, a cheat and a manipulator (but evidently, he has to be partly truthful to be effective)

b) Las Vegas and gambling in general PREYS on people - it is a form of entrapment and it is reprehensible

=> this doesn't mean gambling should be made illegal (since then it would just go underground), but it certainly should not be encouraged or glamorized, and more to the point there should be constant messaging about the incredible stupidity of gambling.  So what if thousands are employed to prey on their victims!?  Just like with smoking, the less of it there is, the better off society becomes, even though some jobs will be lost.

 

Side note: here's a math lesson very few people ever learn or figure out...  If you have just flipped a coin ten times and you got heads each time (1 in 1024 odds), what are your odds of hitting heads again on your next flip? 

Answer: 50%, just like always.

=> ignorant gamblers almost invariably believe that 'their luck will/must turn', that a string of bad luck must end up balanced in the end, confusing statistical (aggregate) average with individual cases...

nmewn's picture

I hope your not saying Obama has common sense.

DeadFred's picture

Ban him then! Ban him from ZH I say!

i-dog's picture

"You don't go starting another war [or 3] when you can't even pay your current bureaucracy," he [should have] said. "You don't blow a bunch of cash bailing out bankers and auto manufacturers when you're trying to save for social benefit obligations. You prioritize. You make tough choices."

Sage advice, Mr. Obomber!

azusgm's picture

Farther back in time. Think AIG.

Mugatu's picture

Proof that even a blind man can see whats wrong.

Legally blind that is.

karzai_luver's picture

Just as warren of omaha could always pay more taxes so Wynn of Lasvegas could always pony up some of that BLLIONS he has to help his poor poor little workers maintain their standard of living.

 

Oh by the way wyinnner what is the fair wage to maintain a fair standard of living anyway?

 

what a doofus clown he and owebama deserve each other.

 

two criminal clowns in a pea pod.

between him and Mortie of ny I can't tell which one had the bigger man crush of the messiah.

 

talk about your jilted lovers spat, get a room.

 

 

nope-1004's picture

I care what he has to say, only because he himself can create more jobs than anything Oscama can dream up.

Well said Steve.  And yes, I did listen to the whole thing.

 

Manthong's picture

BUT.. he calls himself  "a Harry Reid Democrat" so, he's right about this and he has created jobs - but he owns the problem even though he has a few solutions.

Oh, and what would Mr. "Harry Reid Democrat" Wynn say about this gem today: 

- Senate Majority Leader Harry Reid (D-Nev.) on Wednesday indicated Congress needs to worry about government jobs more than private-sector jobs…

"It's very clear that private-sector jobs have been doing just fine; it's the public-sector jobs where we've lost huge numbers, and that's what this legislation is all about," Reid said on the Senate floor.

http://thehill.com/blogs/floor-action/house/188443-reid-says-public-sector-jobs-must-take-priority-over-private-sector-jobs 

 

clymer's picture

Yeah.. I live in Massachusetts. Truly I can't wait to see the local economy after casino revenue takes the state legislature campaign funding top-spot. Sure MA has long gone the way of corrupt state govt., but we did have at a time the best network of colleges, spawning high-tech and manufacturing and bio-tech companies like fertilizer. There was a time when MA was a place to be; The 80's baby! (I was just a kid) The Cars, Aerosmith, J. Geils, Polaroid, DEC, Wang - the 128 belt was the silicon valley of the east. Now we have our last great hope for balancing the state budget; casinos. I can just picture the local papers in North Central MA advertising for "Bartenders", "Black Jack Dealers" and all of the blight from the tax revenues diverted back to combat the social affects in the form of addiction clinics and counseling centers.

What the fuck kind of economy can casinos produce anyway? The entire Nation has entered the terminal stages of a mental, moral and spiritual decline

 

Temporalist's picture

Yep and Hairy Rod was completely wrong.  Typical.

 

Sen. Harry Reid Misreads Facts on Public/Private Job Losses

"The private sector has lost 6.3 million jobs, a 5.4 percent drop, since December 2007, while the public sector has only lost 1.8 percent, or 392,000 jobs, in that same time, according to the U.S. Bureau of Labor Statistics."

http://www.michigancapitolconfidential.com/15897

traderjoe's picture

Who makes money on the gambling habits of others. 

LasVegasDave's picture

You're right.  Gambling should be banned. 

I guess the 100,000 jobs Steve has created arent enough for you.  Or green enough, or morally acceptable to your worldview

You, loser are a cancer on society.  Along with the TBTF banks, the K street lobbyists and members of congress.

Getagrip's picture

180,000 TSA positions have been created by our government. They produce nothing but angst and public humiliation-and we (the taxpayers) pay them!! What a great return on investment-ugghhh! At least Mr Wynn -a private business employer who generates private sector service jobs in a real economy is  voicing his concern-regardless if you agree with gambling or not ( I Don't support gambling, but I do support free private enterprise )....   

prodigious_idea's picture

Funny how people stake out their positions early in the conversation.  You in the gaming industry or hotel?

Bay of Pigs's picture

No, what's pretty clear is some of you guys have never run your own company.

Wynn has his issues, but defending Obama on anything about jobs is Beyond the Pale...

traderjoe's picture

Left/right bullshit? Really?

buyingsterling's picture

We're broke and one side of the paradigm wants to massively increase spending and taxes. Give them a pass and they have a seat at the reorganization of society that follows their destruction of it. Look at the $4 trillion budget. Defense is enabled by the go along to get along dependency state, and most of the rest is pure bribery for power and control. Now look at the authorship of almost all of it - Obama's control freak predecessors. He's the Preparation-H icing on the cake - it looks good, but once you get a taste of it you want to vomit. Thus his new moniker: President Puke. He spews it and induces it, all in one fell swoop.

traderjoe's picture

You are a fucktard. Yes, please equate me to a tbtf bank.

Once he builds his building he merely facilitates the transfer of wealth from one group to another. NOTHING is produced or created.

LasVegasDave's picture

and what do you create other than methane gas?