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    “And until he’s gone, everybody’s going to be sitting on their thumbs.”

    “And until he’s gone, everybody’s going to be sitting on their thumbs.”

    There are parts of Steve Wynn’s anti-Obama “rant” which have received more attention, but this is the part that is key to me. 

    It’s been something I’ve been writing about since before the election, the Obama effect.  It’s why Obama owns the job losses in the late fall of 2008 and winter of 2009 even before he became president.  The Obama effect since the moment it became clear he would become president has forced investors and businesses to the sidelines.  Would the layoffs in November 2008 through January 2009 — which reqularly are blamed on Bush — have been as bad except for the business fear of what was to come under Obama?  I think not, businesses prepared for the worst, which is exactly what they got.

    Here’s the passage:

    The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don’t invest, their holding too much money. We haven’t heard that kind of talk except from pure socialists. Everybody’s afraid of the government and there’s no need soft peddling it, it’s the truth. It is the truth. And that’s true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I’m telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he’s gone, everybody’s going to be sitting on their thumbs.

    Update:  Should have linked also to Obama’s Catch-2012.

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    Comments



     
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    common tater | July 19, 2011 at 1:08 pm

    OK, someone’s gotta say it: thumbs down to the expression “sitting on one’s thumbs.” It’s not only unnatural, it’s difficult to do.

    Even so, here’s hoping Wynn and other mega successful Democratic businesspeople thumb a ride to the TEA Party, arriving ever so fashionably late.


     
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    Subotai Bahadur | July 19, 2011 at 1:58 pm

    I note that Steve Wynn is no fool. Before he started speaking out against the “regime”; he shifted his financial weight outside the country. The majority of his wealth is tied up in China, with his casinos in the Macau Special Administrative Region. He has been shifting assets for over a year, and only public criticism has kept him from formally moving his financial HQ to China.

    The Left is not going to let his heresy to go unpunished, and he knew that. So he has somewhere to run, and assets safely out of the reach of the US government.

    It is perhaps telling that China, intensely corrupt China where literally nothing happens without Guanxi payoffs; is both a safer haven for US capital and investment than the US, and for US financial dissidents/Kulaks.

    A major part of what he was talking about can be summarized by two technical terms: “regime risk” and “capital flight”.

    Subotai Bahadur


     
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    DougV | July 19, 2011 at 3:12 pm

    I got laid off on Nov. 18, 2008 (exactly 2 weeks after the election) and I recall Rush saying soon thereafter that those were the Obama layoffs, and I believe it. I think companies who were already struggling realized that things would not get better for a long time, and acted accordingly. BTW, I was out of work for 15 months, but have been gainfully employed for these last 15 months.


       
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      Subotai Bahadur in reply to DougV. | July 19, 2011 at 6:11 pm

      I understand the layoffs. Immediately after the election 4 businesses in my rural county liquidated and shut down on the assumption that with a Democrat Congress and Obama as president, that there would be open season on the “Capitalist Exploiters of the Working Class”. They shut down and were totally closed out by January 1 in order to avoid future confiscatory taxes. One was only a couple of years old [ironically, a recycling business], but the other three were multi-generational family businesses. One was a trucking company which was able to lease all of its trucks to another company. I assume that they all took steps to preserve what wealth that they could. It cost between 50-100 jobs.

      Subotai Bahadur


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