Skip to comments.Steve Wynn: China is Stable, America is Not!
Posted on 06/27/2010 2:00:30 PM PDT by ezfindit
In a recent interview, Steve Wynn, the successful American casino resort and real-estate developer, made some shocking observations about the unstable and aggressively anti-business atmosphere in America perpetuated by our own government. In his interview with CNBC, Steve expressed the nightmarish situation that US companies face due to the arbitrary, punitive, and misguided manner in which legislators in Washington, DC continue to endlessly tax and regulate businesses in America, while our economy continues to suffer and deteriorate.
In a criticism clearly directed at President Obama and the Democrats, Mr. Wynn focused on the key reason why America is now less stable and less business-friendly than even China: our own incompetent government in Washington! He explained how China now offers more political stability, more opportunities, and much more business-friendly environment than the United States: "Macau has been steady. The shocking, unexpected government is the one in Washington." (see video and actual transcript on the site)
(Excerpt) Read more at conservativedatingsite.com ...
What can you expect of a government that is hell bent on destroying the country?
The Obamanination administration and the DemonRATs are more communist than the Communists!
America is entering into a “lost decade”. Barry O and his insane clown posse are killing economic growth for the foreseeable future. Personally I will be investing overseas as much as possible.
Never fear, China’s a house of cards too. America has no monopoly on the inept.
When I make this same point in posts, I am castigated by some Freepers. Of course, I am not a major CEO with direct knowledge of both regulatory environments. I do not have any measure of economic freedom to make an objective comparison. However, I look at the growth in both countries. I see the US languishing in economic malaise while China continues to grow. Of course, China has many problems with property right protections. China does not seem to be at war with capitalists. Although I am not ingrained with Chinese politics, I have never heard of the Chinese equivalent of the Lily Ledbetter law, the Davis Bacon Act, card check, unfunded liabilities for Medicare, Social Security, and federal pensions, the Equal Pay Act, the new Consumer Products Safety Act (with incredible levels of lead testing requirements), Fair Labor Relations Act, third party lawsuits by environmentalists, outrageous punitive damages, ... I realize that China has a labor arbitrage advantage. However, we should be lowering government imposed employment and production costs, streamlining regulations, and simplifying taxation. We are headed in the opposite direction.
“Lily Ledbetter law, the Davis Bacon Act, card check, unfunded liabilities for Medicare, Social Security, and federal pensions, the Equal Pay Act, the new Consumer Products Safety Act (with incredible levels of lead testing requirements), Fair Labor Relations Act, third party lawsuits by environmentalists, outrageous punitive damages, ...”
And AA, companies being forced to pay race pimps money to avoid being called racists, stuff like that too.
I don’t know who has castigated you in the past, but I’ll sing your praises!
Your post regarding the business climate in China vis-a-vis the United States is spot on. You get an A+ from me!
While the rest of the world runs away from socialism, Barry and his merry bunch of democrats are rushing head first to embrace it. Utter insanity.
I LOVE THIS GUY..!!!!!
Did you see the INTENSITY he finished with?
“When I make this same point in posts, I am castigated by some Freepers.”
There are some folks who get their kicks from being argumentative. They’re best ignored.
Part of why FR is great because it is such a free-for-all. The best ideas are fire tested in the crucible.
Your basic theory is sound in my view. While we might not like it, there are other places in the world that are more friendly to business than the U.S.
Judge Feldman in New Orleans agreed with Wynn when he ruled that the Obama regime’s conduct is “arbitrary and capricious”.
[See Hornbeck Offshore Services LLC v. Salazar, 2:10-cv-01663, U.S. District Court, Eastern District of Louisiana (New Orleans)]
bump for later
I spend a lot of time with small businessmen and thier comments are they do not know what will be said or done tomorrow. And by tomorrow, I mean the 28th of June. We do not know what these creeps will do.
Have to agree. Holding China as a shining example is total folly.
In another 30 years or so reigning Our Great Leader or Great Committee will institute an American Great Leap Forward in an effort to forcibly re-industrialize America.
” When I make this same point in posts, I am castigated by some Freepers.”
Yes, you have been, by a bunch of “wannabe” mavens. I have read many of your posts, and with a few minor exceptions, you shine in every one of them.
I have done business all over the UK, and Asia, so I can tell you that Steve Wynn is telling the gospel truth. I was living and doing business in Kuala Lumpur in 2002, when I read in the New Straights Times that Steve was the first American to be granted a gaming lic. in Macau. I knew he would shine there. Now he will relocate there too. (The 22% tax cap doesn’t hurt, either)
America is committing financial suicide right before my eyes. At age 56, I don’t even know my own country anymore.
The U.S. needs to revalue the dollar, 1 for 10 for example. Then announce that money will only be coined in Gold, Silver, copper and nickel. This will not go easy, but imagine if China does this first???? Or India etc.
Most Fortune 500 CEOs in America are not capitalists, and many stand to benefit from Obama's plan to fundamentally transform the United States of America. Many find that role of political entrepreneur is more prestigious than the role of economic entrepreneur and that rent-seeking is more lucrative than earning a profit in a free market. Providing goods and services is hard work. To do so at at profit is even more difficult, and derided by elites.
The natural tendency of Fortune 500 executives in a welfare state is to lobby for preferential regulations, subsidies, set-asides, government contracts, price floors and ceilings, etc., etc. That is not capitalism.
Wynn is a capitalist. He is different because he is personally invested in his company and the nature of his business is such that he cannot get much in the way of rent from government subsidies, contracts, etc. Rather, the government tolerates his business only because it can suck so much out of it.
Probably more like a lost generation or two.
Professor, I have worked in both countries, and your observation comports with my experience. To argue that China has a more stable business environment than the US does not negate criticism of their form of government and its lack of respect for individual rights. Of course, there’s a room for reasonable debate on this topic because nobody knows just how bad the US individual rights situation really is.
I am certain of three things. First, the founders of the USA left it with a much better form of government than the founders of the Peoples Republic of China. Second, although neither government has been overturned by revolution, the practice of government in both nations is radically different from what their respective founders intended. Third, the PRC political elite are more practical, intelligent, and competent than the US political elite.
WRT to property rights in China: After Kelo, the screwing of GM and Chrysler bondholders, the BP Plc shakedown, Congressional hearings on nationalizing 401k accounts, and the massive bailouts, I don’t know which nation is worse in this regard.
Do we really know China’s economy is strong? Do they have a free press that can tell it like it is? Where do their numbers come from? When was the last time China posted ANY economic numbers that showed anything was in bad shape?
I have traveled to China many times over the past 25 years. You don’t have to be an economist or a statistician to see that its economy has had an enormous rate of growth over that period. It’s obvious.
Does the PRC government manipulate its stats? Well, what government is pure in this regard? But if one visits a city after two years absence and notices that it has about 25% more large office buildings and more under construction, about 25% more traffic with more cars than motorcycles this time (where several years earlier one observed the Chinese combination roto-tiller/produce cart as the main type of motorized passenger conveyance), more roads and highways that expanded outward, one can pretty safely believe that the government’s report that the PRC has a 10% economic growth rate is about right.
No, they do not have a free press, nor does the PRC government recognize freedom of assembly, or freedom of religion, or many of the individual freedoms that we believe are unalienable rights. There’s lots of room for criticism of China on individual and civil rights. The economic success of China’s business environment is not evidence of the moral integrity of its government.
As for unfavorable economic numbers, I’m old enough to remember when the PRC was a Maoist totalitarian state closed off to the world. It didn’t report anything to anybody back then, and the situation was deplorable. That’s one reason why their growth rates over the past quarter-century have been so high. They were starting off an extraordinarily small base. It would be unreasonable for an advanced economy to target a long-term 5% growth rate, much less the 10%+ rates demonstrated by China.
Buildings can be mostly empty, but more cars, traffic, and roads are hard to fake. A lot of this reminds me of all the talk about Japan once upon a time. I can’t help but wonder what we are not seeing.
Great points! Quite true.