Steve Wynn's take on the world

[YankeeFan]

This is why I never understand why conservatives make fun of high-speed train...

A little off topic, but on this the problem is definitely theory vs. reality.

High speed trains are great in theory, but they won't work here in reality.

They average more than 70 MPH in most instances. Because of safety regulations, the trains are much heavier -- and slower -- than in Europe and Asia.

In crowded urban areas like the Northeast, the tracks are too close for them to reach top speeds, and there are to many road crossings.

They cost way to much to build.

They cost too much too ride.

In most cases, they don't offer a good alternative to driving. Our country is very spread out. So, you either have to travel a distance to the train, or the train would have too make way too many stops to be high speed.

Take a route like Chicago-St. Louis. (Or Tampa-Orlando). Unless you are literally going from downtown to downtown, it's not a great option.

If you're going from Naperville to suburban St. Louis, are you going to come in to Chicago's Union Station -- making sure to leave early enough to make sure you don't miss the train -- to take a train to downtown St. Louis, and then still have to travel to your final destination?

If you have a family of four, going to Grandma's for a visit, the cost would be prohibitive, you won't have your car when you get there, and you won't save much/any time. You'll also be hauling your bags around the whole time.

If you're a salesman, you might need to make several sales calls and bring materials and products. You need your car.

And, if your meeting ends early, you want to get on the road, not wait for the next train.

And, it will never be fast enough to compete with trans-con air travel.

 

[Bob Cook]

If Obama is such a friggin' socialist, then why does Wynn -- and so many other CEOs -- find communist China the best place to run a business?

Because the government is an unrepentant enforcer on the behalf of business. Businesses can shirt all over the environment and their employees. But if those employees stand up for their rights, the government will handle the crackdown. What's not to love?

 

[YankeeFan]

If Obama is such a friggin' socialist, then why does Wynn -- and so many other CEOs -- find communist China the best place to run a business?

Because the government is an unrepentant enforcer on the behalf of business. Businesses can shirt all over the environment and their employees. But if those employees stand up for their rights, the government will handle the crackdown. What's not to love?

It's more than 90 miles away, but the point remains:

Here we are, protected, free to make our profits without Kefauver, the gosh darn Justice Department and the F.B.I. ninety miles away, in partnership with a friendly government. Ninety miles! It's nothing! Just one small step, looking for a man who wants to be President of the United States, and having the cash to make it possible. Michael, we're bigger than U.S. Steel.

-- Hyman Roth

 

[Baron Scicluna]

On all of these economic threads, we see people advocating for American businesses to operate in a more "compassionate" -- for lack of a better word -- way.

They should hire more. They should pay better. They should pay more heed to the environment. They should pay more taxes. They shouldn't outsource jobs. Etc. Etc. Etc.

Now, wouldn't that just make U.S. companies less competitive in a global economy? And, wouldn't that do more long term harm to the job picture and our economy?

Compared to companies in China and India? Sure. Compared to European countries? Nope.

It's why I find it hypocritical that conservatives always shout about "Global Economy!" when they argue for less taxes and regulation, yet at the same turn, they shout "European Socilism!" when you point out that European workers have a better standard of living with more shorter hours, more vacation time and government health insurance.

 

[qtlaw]

The "perfect competition" model as the ideal distributor of resources and marketplace has a huge assumption that few ever talk about,

perfect competition requires perfect knowledge in the marketplace.

History shows that people who have the best knowledge have a huge advantage and can exploit the others.

Government regulations are a response to counteract those effects. Do they stifle competition? Of course, that's why they are there.

Those with billions will likely howl against government interaction because usually the government is the only body/entity able to battle them on behalf of the little guy.

 

[Dick Whitman]

The "perfect competition" model as the ideal distributor of resources and marketplace has a huge assumption that few ever talk about,

perfect competition requires perfect knowledge in the marketplace.

History shows that people who have the best knowledge have a huge advantage and can exploit the others.

Government regulations are a response to counteract those effects. Do they stifle competition? Of course, that's why they are there.

Those with billions will likely howl against government interaction because usually the government is the only body/entity able to battle them on behalf of the little guy.

Exactly. This is the "asymmetry of information" problem I was talking about earlier when it comes to government intervention.

 

[YankeeFan]

Why not just arm yourself with knowledge?

 

[Dick Whitman]

Why not just arm yourself with knowledge?

Because sometimes it's not actually possible for citizens to have the same access to information as a corporation.

And from a practical standpoint, even when it is theoretically possible, there are time management and collective action issues to worry about.

 

[LongTimeListener]

Why not just arm yourself with knowledge?

Good solution. We will start a website where 100 million people can put in 10 bucks each and then those people can start their own watchdog group to keep an eye on Citigroup, Enron, Koch Industries and everybody else. Should balance the scales.

 

[Dick Whitman]

Why not just arm yourself with knowledge?

Good solution. We will start a website where 100 million people can put in 10 bucks each and then those people can start their own watchdog group to keep an eye on Citigroup, Enron, Koch Industries and everybody else. Should balance the scales.

Precisely.

YF, you are actually trying to re-litigate whether asymmetry of information is a proper foundation for government regulation? That ship has long sailed.

 

[qtlaw]

Why not just arm yourself with knowledge?

Because historically, those with the resources put up barriers to protect against that knowledge being disbursed.

What is a monopoly's greatest friend? The free market because buyers are at the mercy of the seller.

 

[Birdscribe]

You are all missing the point. Wynn is not talking about himself or Wynn Resorts. He is talking about the business climate in this country. Here is the audio because I don't think anyone has posted it yet: http://www.realclearpolitics.com/video/2011/07/18/wynn_slams_obama_on_business_responsible_for_this_fear_in_america.html

By the way, his wife was a HUGE Obama booster...much to his chagrin.

Spare me, Carlton. Wynn's Las Vegas properties reported a 22% increase in profits, to $390 million. This, in a time when Vegas is undergoing the worst economic climate since the Depression. So it's beyond disingeuous and frankly downright obscene to complain about "SOCILISM" when you're minting money.