Friday, July 22, 2011

Throwing a Wet Blanket on the Economy

It's earnings season and CEO's and their staffs are holding conference calls with the investment bankers on how the quarter turned out. During these calls, the analysts also ask questions about the future intentions of the company. Stephen Wynn headlined the conference call for his namesake company. About halfway through he responds to a question about investing in Las Vegas.

But I'm afraid to do anything in the current political environment in the United States...

And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems -- that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America. You bet. And until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President.

As I have pointed out before, business won't invest when they are uncertain about costs (Obamacare) taxes and regulations. Remove the uncertainty and they will invest - and create jobs and grow the economy...

BTW - The entire call is a good read if you are interested in business, international business, exports, hotels and/or the hospitality industry. They discuss their target market, pricing, difficulties exporting resort stays in the US, developing a business in China and a bunch of other stuff.

Via Instapundit and Tom Blumer

And of course thanks to Seeking Alpha for making the transcript available.

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Blogger Ian Random said...

Good luck explaining that to the Think Backwards:

July 26, 2011 at 8:56:00 AM MST  

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