Patterico's Pontifications


Instapundit: Steve Wynn Going Galt?

Filed under: Obama — DRJ @ 10:24 pm

[Guest post by DRJ]

The Instapundit links a Bloomberg report that Las Vegas entrepreneur Steve Wynn may relocate his hotel empire to Macau because of Obama’s policies:

“In a subsequent interview with Bloomberg News, Wynn was critical of the economic policies of President Barack Obama.

“The governmental policies in the United States of America are a damper, a wet blanket,” Wynn said in a separate interview aired today on Bloomberg Television. “They retard investment, they retard job formation, they retard the creation of a better life for the citizens in spite of the rhetoric of the president.”

Wynn said he was concentrating his efforts on Macau and would skip potential opportunities in Las Vegas. “I don’t think the Las Vegas market at the moment beckons a large investment,” Wynn said. “The economic outlook in the United States, the policies of this administration, which do not favor job formation, do not encourage investment at all.”

Wait a minute. Aren’t wealthy guys like Wynn the people Obama promised to tax to pay for education, health care, government, and all his other giveaways? Wow. I guess he never saw this coming.


21 Responses to “Instapundit: Steve Wynn Going Galt?”

  1. such a move by Mr. Wynn would be unprecedented, and, most likely, racist.

    this is all most unexpected! and now, back to you for more on the rainbow and unicorn festival….

    /fade to gray

    im wd-40 (fb8750)

  2. If you look at the young man in the handsome t-shirt at the link below, you may just find that the Obama way could be your ticket to personal wealth.

    rust-o-leum (46527e)

  3. Someone’s chickens are coming home going to Macau to roost!

    Icy Texan (684095)

  4. Some Rand could help here. I didn’t think going galt covered when you thought you could make more money somewhere else.

    imdw (597e10)

  5. I mean, some “Rand knowledge could help.”

    imdw (597e10)

  6. imdw: But that’s what Galt did.

    aunursa (2680ce)

  7. I thought they went to Galt’s gulch not because it made more money, but because it was like a ‘strike’ — they made less.

    imdw (8222e7)

  8. I deal with moving factories overseas and in rare cases actually moving some here.

    Sounds glamorous but its not really – its a math thing – the shipping plus customs plus labor vs the Loathsome Regulatory environment and the ever increasing hostile tax structure of the American Economy (which BTW is not as significant as corporate tax is as local state and federal income tax as that drives 50% of your labor costs).

    So – if you have a fiduciary duty to your clients to maximize their profits and market position – where would you pick?

    EricPWJohnson (1d0270)

  9. AYN RAND, on How the People of the U.S. Lost their Individual Rights:

    “It was the concept of individual rights that had given birth to a free society [in America]. It was with the destruction of individual rights that the destruction of freedom had to begin.”

    “A collectivist tyranny dare not enslave a country by an outright confiscation of its values, material or moral. It has to be done by a process of internal corruption. Just as in the material realm the plundering of a country’s wealth is accomplished by inflating the currency – so today, one may witness the process of inflation being applied to the realm of rights. The process entails such a growth of newly promulgated ‘rights’ that people do not notice the fact that the meaning of the concept is being reversed. Just as bad money drives out good money, so these ‘printing press rights’ negate authentic rights.”

    “The ‘gimmick’ was the switch of the concept of rights from the political to the economic realm.”

    The Democratic Party platform of 1960 summarizes the switch boldly and explicitly. It declares that a Democratic Administration ‘will reaffirm the economic bill of rights which Franklin Roosevelt wrote into our national conscience sixteen years ago’.

    “Bear clearly in mind the meaning of the concept of ‘rights’ when you read the list which that platform offers:

    (1) The Right to a useful and remunerative job in the industries or shops or farms or mines of the nation.

    (2) The right to earn enough to provide adequate food and clothing and recreation.

    (3) The right of every farmer to raise and sell his products at a return which will give him and his family a decent living.

    (4) The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home and abroad.

    (5) The right of every family to a decent home.

    (6) The right to adequate medical care and the opportunity to achieve and enjoy good health.

    (7) The right to adequate protection from the economic fears of old age, sickness, accidents and unemployment.

    (8) The right to a ‘good education’.”

    “A single question added to each of the above eight [Democratic Platform] clauses would make the issue clear: “At whose expense?” Jobs, food, clothing, recreation (!), homes, medical care, education, etc., do not grow in nature. These are man-made values – goods and services produced by men. Who is to provide them? If some men are entitled by right to the products of the work of others, it means that those others are deprived of rights and condemned to slave labor.”

    “Any alleged ‘right’ of one man, which necessitates the violation of the rights of another, is not and cannot be a right. No man can have the right to impose an unchosen obligation, and unrewarded duty or an involuntary servitude on another man. There can be no such thing as ‘the right to enslave’.”

    By the end of LBJ’s Presidential term in 1967, almost all of these ‘printing press rights’ were enacted into law, and thus became institutionalized into the body politic of the United States. It was known at the time, during the build up of the Vietnam War, as the “Guns And Butter” policy. It was financed with deficit spending. This set in motion a chain of events that is now politically; and therefore economically, irreversible and will ultimately bankrupt the nation.”

    Horatio (55069c)

  10. I’ve been more impressed with Wynn ever since he lectured Governor Grandholm on TV regarding why increasing taxation is a fool’s game in the end – for everyone. Of course, Ms. Grandholm’s spent her state into insolvency, so what does she care?

    Dmac (21311c)

  11. For every guy like Wynn who’s willing to stand up and speak the truth, there are dozens of other CEO’s who’d love to set up shop in free enterprise zones beyond the grasp of greedy government redistributors. They daydream of quietly making plans to liquidate their US holdings and flee silently from under the heavy hand of union oppression.

    ropelight (7ec00c)

  12. When I pulled my investments out of the stock and bond markets awhile back, I left my investment in Wynn on the table. It was briefly underwater but I’m way up on it right now.

    SPQR (26be8b)

  13. Steve Wynn didn’t get to the position he’s in today by sitting still and letting the moochers and looters rob him blind. He’s knows where the smart money is going, and it isn’t in Obama’s Kingdom of Plunder. Period.

    Jeffersonian (5363b6)

  14. GE had an opposite investment strategy. So does Goldman Sachs, I suppose. So did some insurance companies.

    Ropelight’s right… that’s a fundamental issue. It’s a really smart investment to help certain politicians win power. Wynn isn’t playing that game, and I don’t think his behavior is specifically self serving. He just isn’t corrupt in that way.

    Dustin (b54cdc)

  15. #7,
    There were no bums in Galt’s Gulch. You made money or starved. They made money that could not be taken from them by the government and what they bought with it belonged to them. To say they made less is untrue if you consider the worthless nature of the paper money they had and the fact their property was subject to seizure without compensation. Are you richer owning a $200k house or living as a slave in a million dollar plantation house?

    Machinist (9780ec)

  16. Some “Rand knowledge” might indeed be helpful. These were the principles that made us the worlds economic powerhouse and raised the world’s standard of living to unprecedented heights. The path we are on now is very well traveled and always leads down to misery and decline.

    Machinist (9780ec)

  17. I think it’s beautiful that Steve Wynn is looking to invest in China because it’s more capitalist-friendly than Obama’s America.

    Steven Den Beste (99cfa1)

  18. “I think it’s beautiful that Steve Wynn is looking to invest in China because it’s more capitalist-friendly than Obama’s America.”

    It really shows just what the capitalist ideal is in terms of rights of workers, rule of law, etc…

    imdw (a82328)

  19. Yes, they certainly don’t utilyze “governance by wishful thinking”.

    AD - RtR/OS! (898e6a)

  20. There’s no rational reason for Las Vegas to exist.

    nk (db4a41)

  21. Any person who wants to be separated from his money by hucksters and gangsters can travel to Macau as fas as I’m concerned.

    nk (db4a41)

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