Writing in Safehaven, a financial newsletter, Fred Sheehan showcased the life and times of Steve Wynn, the chairman and CEO of Wynn Resorts, a string of casinos stretching from Nevada to China. Wynn has built (and sometimes sold) such Las Vegas icons as Treasure Island, the Golden Nugget, the Mirage, the Bellagio, the Wynn and the Encore.
According to Wynn, President Barack Obama has made a royal mess of things. He told investors that the Obama “administration is the greatest wet blanket to business and progress and job creation in my lifetime, and I could prove it and I could spend the next three hours giving you examples of all of us in the marketplace that are frightened to death about all the new regulations, [as] our healthcare costs escalate, regulations coming from left and right, [with a] President that keeps using that word ‘redistribution’.”
“I am telling you that the business community in this country is frightened to death of the weird political philosophy of the President of the United States,” Wynn said. “And until he is gone, everybody is going to be sitting on their thumbs. Obama is responsible for this fear in America. The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don’t invest, that are holding too much money. You know, we haven’t heard that kind of talk except from pure socialists. Everybody is afraid of the government and there is no need soft-pedaling it. It is the truth. It is the truth.”
Wynn is not a disaffected tea party member, nor a Republican. He is a Democrat and an avowed supporter of Senate Majority Leader Harry Reid. His disenchantment with Obama transcends party lines.
Two days after Wynn addressed investors at his annual investor conference, China’s State Administration of Foreign Exchange issued the following statement on July 20: “We hope the U.S. government will earnestly adopt responsible policies to strengthen international market confidence, and to respect and protect the interests of investors.”
This confluence of events affords us a teachable moment. It is strange, indeed, for a Democrat who is a CEO to repudiate a sitting president of his own political party. It is even more bizarre when, almost simultaneously, communists feel compelled to remind capitalists to protect the interests of investors.