popeye1250 -> RE: A Historical Take on the Tea Party (5/31/2010 1:28:31 PM)
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quote:
ORIGINAL: Musicmystery quote:
I thought that Wynn sounded a lot like Merc in that interview. I did too. And I agree with Merc about taking financial advantage of whatever the situation plays out to be. But Wynn is being simplistic in this instance. His lament is the unstable business climate. He doesn't mind working with China because that economy is largely state controlled (the socialism we hear warnings about so frequently). It can also bite him in the ass should there be some incident that makes China change course abruptly. Nor is his criticism of Washington much beyond the instability--theoretically, for example, everyone could just agree to leave all things as they are, unchallenged, and we'd have a stable business climate. It's the debate that's the problem, the uncertainty of direction, that complicates business decisions. Splitting his business between Macao and Las Vegas makes sense in a global economy, no matter what the economic times. His allusions to Greece are silly--we're similar only in that we have debt. Greece's problems stem from fundamental structural problems that its affiliation with the Euro obscured. Hence, the tough correction. Not only do we not share that problem, but the dollar is up against the Euro, as are interest rates on Treasury notes. What he ignores is that he's in the resort business, and especially, the Las Vegas gaming industry, an endeavor extremely sensitive to downturns. To pretend that reflects the broader business climate is disingenuous--GDP has been quite healthy now for nearly a year. One concern I have, though, is the Gulf oil spill, which apparently is going to continue to gush oil until relief wells are in place in August. That's bad enough, but then add a few hurricanes. The result has got to be a significant drain on the economy, and there will be ambivalence about throwing money at the problem vs. leaving the south to suffer. Whatever happens, it will be a mess, environmentally, politically, socially, perhaps health-wise, definitely energy-wise, and certainly economically. Funny about Wynn, he supports the "global economy" that takes money out of his customer's pockets so that they can't afford to go to his casinos in Vegas! lol Where'd he go to school, Harvard, Yale? If twenty million people who used to make $75k are now making $30k "Vegas" is going to be way down on their list of things to do.
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