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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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Wed, 10/19/2011 - 21:44 | 1791162 reader2010
reader2010's picture

My first guess was that Buffett would take advantage of OWS by blaming politicians.

Wed, 10/19/2011 - 21:48 | 1791171 mynhair
mynhair's picture

money flows, dear, money flows.  Only Soros is allowed to piss of TPTB.


Cuz he ain't taxed on jack.

Wed, 10/19/2011 - 21:44 | 1791164 Duke of Con Dao
Duke of Con Dao's picture

ok, here's Steve-O Wynn's own words set to pictures, still and moving...

Wed, 10/19/2011 - 21:53 | 1791187 Prometheus418
Prometheus418's picture

He should do a little ranting against Biden, too.

This came up on Google's top news stories tonight, and the headline was priceless-

"Biden Evokes Sexual, Violent Imagery Again in Push for $447 Jobs Bill"

A whole $447?  I read that, and it looked like he was making threats so he could cover a payday loan or something...  

Wed, 10/19/2011 - 22:02 | 1791202 mynhair
mynhair's picture

Libtards and Rue Paul supports hate Herman Cain, cuz he will destroy Libtards and Paul supporters.

Good enough for me.

But what do I know; I just want that nigger out of my house.

I want an American in!

Thu, 10/20/2011 - 07:34 | 1791884 Ponzi Unit
Ponzi Unit's picture

mynhair, really? Obama deserves credit for being a slick pol on the take, an unexceptional executive who knows how to campaign as an outsider. He is a good employee who does not want to take two in the head when his masters decide he has gone off the reservation. Why should he when retired presidents can count on huge fortunes for playing the game?

Wed, 10/19/2011 - 22:18 | 1791254 Heroic Couplet
Heroic Couplet's picture

Carter Administration official called for disclosure of all offshore accounts. Start with you own, Steve, and those of everybody you know who has one. Clean up your own mess first.The Cayman Islands accounts need to be closed down first.

We have half the country, the Republicans, who can't come up with jack shit that will stand up in court regarding Barack Obama's birth certificate. The highest IQs, the deepest pockets have failed. Rupert Murdoch is not a US citizen, so he doesn't know the legal sequence of birth documents in the US. The only person at Faux who seems to say nothing about the birth certificate is Greta Van Sustern, and she is an attorney. Coincidence? Rush Limbaugh doesn't have any children, so he wouldn't know a birth certificate from a hole in the ground. Donald Trump and Rupert Murdoch probably have a rolodex full of attorneys, so why didn't Donald Trump start his BS in a Manhattan court room? Why was Trump standing out on the sidewalk? When Orlay Taitz went to court with Obama's social security number, the judge threw her out and told her she was stupid.

Document from a major bank which shall remain nameless has advice for corporations: the term OUTSOURCING appears twice on the cover. On the inside pages, this bank advises to move all FIXED COSTS (employee salaries and benefits) to VARIABLE COSTS (the revolving door of contractors and part-time staff). So if your employees are having a hard time, Steve, start at the top, if you know what I mean. Pull your head out.The Bush tax cuts have been in place for a decade, and I've spent a decade call Republican candidates for office liars to their face. This document is going with me to all Republican presidential candidate appearances, where I expect to confront Republican candidates, and call them liars, to their face, I'll have a copy with me when I line up to vote, to show anyone in line who is interested in perusing it. In the past, I've taken a letter from a former Republican senator, and during that election the Republican was voted out of office.

Oh, yeah, to paraphrase David Axelrod, why don't you ask Osama Bin Laden how effective Barack Obama is? Obama had the sense to put the Republican Cheney Bush military crap into file 13 and do his own analysis with spectacular results.


Wed, 10/19/2011 - 22:29 | 1791292 mynhair
mynhair's picture

Have none, dammitt!  Check under Clinton, oh hell, he built a palace on Dominica

.After mass aid to them.

Wed, 10/19/2011 - 22:44 | 1791323 karzai_luver
karzai_luver's picture

bad hair day , huh!


Wed, 10/19/2011 - 23:13 | 1791382 bankruptcylawyer
bankruptcylawyer's picture








Thu, 10/20/2011 - 00:17 | 1791520 bill1102inf
bill1102inf's picture

did someone say 'cocaine'?????? i can purify it for you

Thu, 10/20/2011 - 00:40 | 1791571 jomama
jomama's picture

caps lock is cruise control for cool

Wed, 10/19/2011 - 23:21 | 1791402 Dingleberry
Dingleberry's picture


Thu, 10/20/2011 - 07:26 | 1791861 Ponzi Unit
Ponzi Unit's picture

True dat -- the banking cartel is Public Enemy #1. Let's also give credit to the Pentagon, the Great Society, and globalization.

Wed, 10/19/2011 - 23:25 | 1791413 High Wire
High Wire's picture

Dear Zero Hedge,

Unless you are planning to add a socialist Tyler, can you please unload the neocon two party felating Tyler.

Thank you in advance.

High Wire

Wed, 10/19/2011 - 23:27 | 1791417 roadlust
roadlust's picture

This moron who inherited his "business" of fleecing Joe Six Pack from his bingo parlor/pawn shop father may actually be even more stupid than the Trumpster, AND have even worse (close to impossible, i know) hair. 

Or IS that hair?

Since zero hedge now seems to promote celebrity jackasses as "economists," why not quote Ms. Lohan?  She's steals from people too. 

Wed, 10/19/2011 - 23:27 | 1791418 caerus
caerus's picture

go poke another picasso you plastic bastard...btw thanks for the miss

Wed, 10/19/2011 - 23:41 | 1791448 Atomizer
Atomizer's picture

Dipshits, Steve has openly defected as a member to agenda charter members.

Thu, 10/20/2011 - 00:34 | 1791564 wretch
wretch's picture

How the fuck do you defect?  Huh?  Think he's really hurting his fucking peers, dipshit?

Thu, 10/20/2011 - 00:12 | 1791510 Truffle_Shuffle
Truffle_Shuffle's picture

Fuck off Steve.  Shouldn't you be hanging out with Michael Milken the system?  Don't tell anyone I believe the Nevada Gaming Commission outlawed associating with convicted felons.  Prick!

Thu, 10/20/2011 - 00:44 | 1791538 devo
devo's picture

Haven't read the comments...people probably touch on this, but Bush started the spending spree. Obama just tried to fix it by spending more. Cleary a stupid idea and a terrible president, but Bush was even worse.

80% of the problems we're facing were inevitable and due to Bush (and Greenspan). The other 20% are bad decisions by Obama (and Bernanke). Should have let markets take their course and correct organically, even if it meant the dreaded deflation.

Thu, 10/20/2011 - 00:34 | 1791562 imaginalis
imaginalis's picture

Steve Wynn is a wank stain

Thu, 10/20/2011 - 00:49 | 1791586 devo
devo's picture

There's an even bigger shit stained shill over on Market Watch saying what we need is more inflation. Unbelievable.

Thu, 10/20/2011 - 00:55 | 1791593 Yen Cross
Yen Cross's picture

  I found a new E-motocon.

Thu, 10/20/2011 - 01:00 | 1791605 Peter K
Peter K's picture

Speaking truth to power. About time someone got a spine.

Thu, 10/20/2011 - 01:05 | 1791615 Yen Cross
Yen Cross's picture

 We just did complete system up grades. Off site storage. This weekend could be protectionist.


      I'm flat/ square....       The cloud can smoke my pole!

Thu, 10/20/2011 - 01:11 | 1791632 Yen Cross
Yen Cross's picture

 I'm sure all the aud traders have made  money. Wish I had someone.

Thu, 10/20/2011 - 01:58 | 1791687 LifeOptions
LifeOptions's picture

As I see it, the Occupy movement is about the deployment of capital. Steve Wynn is about the deployment of capital.  The current American system has spread the top 1% from labor as a whole for several decades. Somehow the overall wealth of the country allowed say the top 52% of that 99% to look around at their lives and convince themselves they were not part of labor. Maybe it was that after WWII they were born into a prosperous generation created by the complete destruction of two of our biggest manufacturing competitors.

However it has happened, America is lazy. We are fat, in poor heath, in debt, our families are not considered important, our elderly are considered disposable, our children are assholes. We look at Steve Job's commencement speech as a dream. Job was just speaking as a man who had not given up. Our lack of participation is the result of these decades of socialized complacency which I believe are caused by our overall relative wealth and the security provided by outright military dominance.

The system we've accepted which resulted from our lack of participation for these decades when the Great Depression (let alone the Long Depression in the 1870s) has done exactly what economists think a system should do: corporations made money. Under the current rules they kept this money. The top 1% kept this money. The Capital/Labor gap widened as Bill Gross illustrates in this month's PIMCO Investment Outlook. He has over a Trillion dollars under management. We ask, "Well why did they keep this money? Why does Apple have $72B in cash reserves? Why isn't JP Morgan lending?" There is an answer to these questions: they don't want to.

If the bully and/or rich kid on the playground gets the girl in life, I think it's a little naive to think that when the aggregate of all these people creates an entity it won't behave the same way when given the ability to increasingly gain power. So, the corporations have spent years building these war chests and now have nothing to do with them. Apple doesn't want to spend billions on Groupon. What are they going to do? In short, they don't know. We have a situation where there's capital but labor doesn't necessarily mesh with their ideas domestically. For example, students graduating with an undergraduate degree in computer science still have no problem whatsoever gaining employment in the US. This leads to why we will be ok and the Occupy movement will work in the end.

The American political system, while seemingly completely at odds with itself and completely dysfunctional works. Also, competing ideas of how to deploy capital work. For example, we could lower corporate taxes for Apple to 1% provided they move X number of jobs to any American locale and completely remove the minimum wage for them. We might call this the Austrian Economics approach. We could also tax them 20% if they operate outside the US, or deal in various tax breaks as they comply with our “Buy America” corporate tax provisions and actively deploy their capital here to avoid the worse fate of the tax man. We might call this the Keynesian approach. Either way, we’ve identified this economic problem on both sides of the aisle. In 2012 Americans will vote and we’re going to come up with some way in a majority fashion that we believe will solve this problem we all see. And whatever the plan is, there will be a plan, and we’ll attempt to fix things in our massive economy with whatever our consensus ends up being. We can do this because when dealing with economic issues our middle is where we sit. We’re the richest country, and Tim Geithner worked for both Bush and Obama. It doesn’t really matter who’s in the White House, we’ll try to fix things.

Europe is playing a different game.

As Der Spiegel recently reported in it’s extensive multi-part series on the Euro:

Rogoff observed that a trans-Atlantic rift was developing between two groups of economists. The Americans and the Western Europeans, who usually more or less agreed on key macroeconomic issues, were suddenly arguing to the point of insult. The Europeans accused their overseas colleagues of failing to recognize the historic processes, the grand vision and Europe's great leap forward. The Americans, dry and pragmatic, accused their European counterparts of downplaying the risks. Once again, they felt that Old Europe was being overly romantic and blind to reality.

Once they had joined the euro zone, Europe's southern countries gave up trying to sort out their finances, says Papantoniou. With a steady flow of easy money coming from the northern European countries, the Greek public sector began borrowing as if there were no Z. This was only possible because the country, in becoming part of the euro zone, was also effectively borrowing Germany's credibility and credit rating.

A blame game began in Brussels, where officials argued over who exactly had given incorrect or insufficient information to whom. The EU currency commissioner pointed his finger at the director general of Eurostat, who shifted the blame to the EU commissioners, who in turn criticized the European Central Bank. National governments an finance ministers joined the fray and, instead of the spirit of optimism that had prevailed around the turn of the millennium, dark skies were suddenly on the horizon for this new Europe.

The Europeans have competing plans as we do. The real problem lies in the fact that they will most likely not act on any one plan in unison in time.

Thu, 10/20/2011 - 02:50 | 1791723 pcrs
pcrs's picture

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

Tax slaves are just human resources of the state, to be sold to the highest bidder, foreign and domestic. The state made them into mental slaves and keeps them slaves physical it needed, they are owned by the state, who can lease them out or sell their future income as interest to bond holders.

The idea that citizens have something to say about how 'we' allocate resources, is ludicrous. Everything is owned by the state. Stop paying your property taxes to the state and you will find out who really owns your house. Stop paying your income tax and find out who really owns your body and labor. The state owns you and everything in the country and they have the guns, education system and media to back that up. If not you can get droned.

Thu, 10/20/2011 - 06:58 | 1791832 Ponzi Unit
Ponzi Unit's picture

Stop glossing it over, pcrs.


Thu, 10/20/2011 - 07:54 | 1791758 NuYawkFrankie
NuYawkFrankie's picture




A self-serving whiner Steve Wynn

Claimed deficits were a big sin,

But the point of his rambling

Was they cut into gambling

And lessened his take of the skim.

Thu, 10/20/2011 - 06:55 | 1791827 Ponzi Unit
Ponzi Unit's picture

Point taken, Mr Wynn, and now why don't we stop "allocating resources" to casinos. Baby needs new shoes!

Thu, 10/20/2011 - 07:38 | 1791913 wanwer
wanwer's picture

What his business is, is irrelevant.  He is a businessman.  So am I.  This country has made it virtually impossible for new businesses to start and survive.  The fees, taxes, rules, regulations and added costs force us to hold off expansion, raise prices, make money or often even stay open.  The government has become the enemy of business (UNLESS that business is paying for influence).  The problem is our system is corrupt and politicians are at the center of it all.  People need to wake up.  It's not a DEM or GOP issue.  Government IS the problem.  FOR EVERYONE.


These politicians don't care about debt, the future, choking businesses or anything other than SPENDING OUR MONEY to get re-elected (or payoff those who bribed them earlier to help them get elected).

Thu, 10/20/2011 - 08:33 | 1791994 i-dog
i-dog's picture

"What his business is, is irrelevant."

Spot on, wanwer!

While I'm personally opposed to gambling and consider it nothing more than a tax on stupidity, it nevertheless - whether horse racing, lotto, slots, or school raffle - is a valid business that employs capital and distributes wealth to a lot of employees. No more or less valid than a hairdresser or exercise gym.

Even in industrial revolution England, only 20% of the working population (ie. 8% of the total population) was employed in manufacturing or mining industry.

It is the corrupt statist system that is fucked, not Steve Wynn! He couldn't even exist on his present scale (and neither could any TBTF) if he had open competition in a free market (as opposed to the mafia cartel that is able to operate when casinos are illegal--as they are in most states--or only available to those with 'connections', as in Nevada).

Thu, 10/20/2011 - 07:48 | 1791957 melkeeney
melkeeney's picture

My first post.

 Picking between a Republican or Democrat is like choosing John Dillinger or Baby Face Nelson either one you get robbed!

Thu, 10/20/2011 - 11:17 | 1793060 i-dog
i-dog's picture

Not bad for a first post ... though you may want to work on your punctuation.

First day is fight day. Welcome!

Thu, 10/20/2011 - 08:04 | 1792026 overmedicatedun...
overmedicatedundersexed's picture

the Dems showed the GOP how to get rich in gov..Mr Frank and Mr Dodd seem to bear a large share of the housing mess, unless you are one of the terminal Dem trolls here on this thread...

the idea of Dems is: large gov control, when we get that and it fails like it did in 08 we get finger pointing that GOP is  also at fault or just as bad..that is true but the Dems here never turn the mirror on the people who were the major factors and also happen to be dems..

I like many here see both Dems and GOP as corrupting the USA republic

I also see the #1 issue the NWO types of free trade and one worldism..they in the backround run it all (big banks- international corps) that is heart of this evil inflickted on mankind.


Thu, 10/20/2011 - 08:30 | 1792158 dcb
dcb's picture

the dude makes money from gambling, people get bankrupt from that, besides many of his projects underwater. sounds like the real issue to me is that he is upset that a black man is in the white house that isn't serving the meals to the guests.

Thu, 10/20/2011 - 08:46 | 1792229 Tadross
Tadross's picture

Wynn is a bit disingenuous bc fiat money printing benfits gambling the most, because it is one of the first places the new printed money goes.  He is right, but is profiting from the washington lunacy. 

Thu, 10/20/2011 - 10:50 | 1792897 earleflorida
earleflorida's picture

what ya mean,... no one cut you in on net gambling [?] - there's gotta be a glitch - can ya wait a nanosecond while i get back  

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