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.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Idiot Savant's picture

Yes, blame the democrats, moron! Bush Jr. added roughly four trillion to the deficit while he was in office. He also passed the Medicare prescription drug act.

Wake the f*ck up, this isn't about left/right, dem/rep, lib/con, it's about elite v. poor. All politicians are crooks, working for the highest bidder.

Dr. Engali's picture

Well at least it took Bush eight years. Obummer did that and more in two. But I agree with you on the broader point.

buzzsaw99's picture

Ever hear of Clinton? How many Bushes does it take? Infinity?

Yen Cross's picture

 Patence deserves a " VOTE "...  A  "CUBS' game" Mr. , President?

mynhair's picture

Dimocrats are Gods!

They sucked you in.

bob_dabolina's picture

Obama has spent 5 trillion in 3 years. Hellllooooooooo

The point is to FIX the problem NOT quadruple down on it.

And get off Bushs dick already, jesus fucking christ how long are you fucking idiots going to bringing him up? Lets just blame this on Johnson and the Vietnam war.

 

nmewn's picture

The dog from Family Guy?

A Nanny Moose's picture

The volleyball from Castaway?

exi1ed0ne's picture

Bah, Cyrus Griffin didn't do enough to head this off at the pass.

bob_dabolina's picture

This is all George Washingtons fault.

Idiot Savant's picture

People are going to stay on Bush's case as long as others try to propagate the myth that Republicans are fiscally conservative. Both parties are profligate spenders.

 

 

bob_dabolina's picture

What myth?

Who here is saying all Republicans are fiscally conservative? I don't think I have EVER heard anyone trying to say Bush was a fiscal conservative.

Shit...Kennedy was a democrat and he is a far right leaning conservative compared to todays standards.

Dr. Engali's picture

Don't bother trying. They are to blind to understand. To them it's just about defending "their guy". It's a damn shame this place is being taken over by obamanoids. Used to be populated by people who understand they are all the same.

Thorny Xi's picture

Stevie boy, shut the F Up and go back to China ... I mean, didn't this fascist move there last year?  Anybody who thinks all of this is Obama's work is too stupid to walk around.  This course was set decades ago ... we're looking at the leeward shore now, sure - but the captain of this ship of state who set the course did it when Obama was about 9 years old. 

sgt_doom's picture

Thank you, Thorny Xi, thank you!

As of July 1999, there has been ZERO NET NEW job creation.

They've offshored the production assets (mostly to China and India, plus elsewhere) and they've offshored the capital assets.

Wynn's people did that, and nobody else.

They can't continue to blame the politicians when they own them!

Wynn's a wussy who deserves to meet us in a dark alley some night --- then I'll really give his butt something to whine about!

Thorny Xi's picture

duplicate removal

Godisanhftbot's picture

 The real problem is 99% of the populace are morons, and the other 1% are crooks.

James-Morrison's picture

Me, I 'm 100% moronic, crook.  

I always write-in my wife's name for presidential elections.

She doesn't have a chance, but we write-off one hell-of-a post election party.

OrestesPenthilusQuintard's picture

I wrote in your wife too.  Used my 'white ink' pen.

James-Morrison's picture

You are invited to the post election party. 

Piranhanoia's picture

Organized crime speaks through it's asshole.  Bets he votes for Obama

A Nanny Moose's picture

Dood. The mob moved on from gambling a long time ago. They figured more damage could be done running the banks and the government.

Mae Kadoodie's picture

Steve, did you put your elbow through another Picasso?

slewie the pi-rat's picture

well, then, don't break ground on the Frontier property, steve...

...we understand...

...listen.  i'll call my guys and have them do the tax credits for you guys on the construction & hotel jobs, than maybe some QE III LSAP asap to get some nice hot money flying, and then we'll raise 1/2-a-Bil $ @ 3% for 30 years in the bond market, ok? 

anything else, mr whynn? 

No One's picture

yay, more useless left/right bullshit.

The sooner we vote out 536 minions of the banks, the better.

mynhair's picture

537 to be technical, there is a VP.

What about the 500,000 morons hired in the myriad depts?

(Only 500k cuz some are worthwhile.)

mynhair's picture

Whose the idiot that can't add?

535 CONgress, 1 prez+VP.

Libtards.

earleflorida's picture

100 gratefruits

435 lemons

9 kiwi

1 orange

1 pineapple [topping the pyramid]

= 546 fruit salad du`jour    

[leg/cong/?] hmmm

i-dog's picture

"Whose [sic] the idiot that can't add?"

You. The VP is a senator and has been counted twice. -536 for you.

A Nanny Moose's picture

Not so technical. He is the Senate tie-breaker vote. Let's not forget the 9 SC(RO)TUS members.

ziggy59's picture

maybe Steve-O needs to give his employees a raise and not a COLA either...

L.ost Vegas [sic] is doing horrible and he blames someone ele just like the other idiot droned minions...has anyone taken responsibility for the past 20 years of craziness? hell..forget the 20 yrs..how about 100? no.. every friggin moron is a victim all of a sudden.

 

 

slewie the pi-rat's picture

as of now, anyone critical of steve-0...

...has one junk   L0L!!! 

wcvarones's picture

Dude that transcription is a disaster.  Wynn made a lot of sense.  The transcription doesn't.  Somebody needs to fix it.  I've started here:

http://www.wcvarones.com/2011/10/steve-wynn-goes-off-again-about-how.html

 

 

 

 

mephisto808's picture

"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."

Can someone please explain this one to me? Where's the direct correlation? Not trying to troll or anything, just want a good answer.

Dr. Acula's picture

Step 1. The US government runs a deficit.

Step 2. The Treasury issues bonds to raise the needed money.

Step 3. The Fed (the #1 holder of these bonds) and system of "primary dealers" magically create the needed credit to purchase the bonds.

Step 4. The new fiduciary media is spent by US gov and distributed to the early receivers, who proceed to compete for scarce resources and bid up prices.

Step 5. The late receivers of the money (you) face increased prices. The inflation of the money supply devalues the dollar and acts as a hidden tax that harms those who have cash holdings or are on fixed incomes (e.g. pensioners) the most.  Also, the economy is structurally distorted toward satisfying the government's desires (e.g. propping up Goverment Motors) and away from what the consumers would have chosen (e.g. GM liquidated).

nmewn's picture

So easy an anthrapology major with a minor in literature or art in debt up to their eyeballs at OWS might be able to understand it.

Yen Cross's picture

 If ya gonna have an avatar. Be the " MAN" , behind it! Forever!

  Dr. Acula?

Hansel's picture

From Alan Greenspan in 1966:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

But Greenspan was a nutball so what-the-fuck does he know.

mephisto808's picture

Right, I understand the inflation argument. But still, that sounds weak (see link below). Inflation hasn't been the major contributor to the decline of worker's standard of living... jobs and wage stagnation have, no?

http://www.washingtonpost.com/blogs/ezra-klein/post/the-cost-of-living-is-rising-but-were-far-from-runaway-inflation/2011/10/19/gIQAmr7JyL_blog.html?wprss=ezra-klein 

And yes, I know the history of Alan, the great hypocrite of our century.

slewie the pi-rat's picture

well, it's empirical, mephisto_*8*, and welcome on your #3 post!

it is what he sees;  what he is "watching"

i'm sure he knows what he means, aren't you?  maybe we just missed something.  L0L!!!

Dr_Acula and hans-el both speak to "inflation",  but:  a) deficit spending didn't cause the RE bubble to collapse or Las Vegas to turn into a depressed area, especially for "employees", and b) i sure wouldn't want to try to speak for mr whynn

maybe he'd feel better if he'd gotten arrested with cornel west.  who knows? 

knukles's picture

He could always pay his people more.
Or tell them to shut the fuck up and work harder or he'll turn them into Immigrations and they'll be sent home.
That's what I did with my golf swing... "Swing Harder"

mynhair's picture

You know an employee that thinks they are underpaid?  Geez, the ones I've met luv Wynn, and hope the Libtards don't screw them up.

weinerdog43's picture

not a surprise that you are enjoying the working girls/boys.  Wynn does not have much control there.