Thursday, July 21, 2011

Steve Wynn: Leader of the Pack

POWIP assembles the quotes from IBD. Wynn is just the longest-winded.

-3M’s George Buckley, who blasted Obama last February as anti-business. “We know what his instincts are,” Buckley said.

...Intel’s Paul Otellini, who told CNET last August that the U.S. legal environment has become so hostile to business that there is likely to be “an inevitable erosion and shift of wealth, much like we’re seeing today in Europe

...Home Depot co-founder Bernie Marcus, who observed to radio host Hugh Hewitt last month that Obama “never had to make payroll,” that “nobody has ever created a job in this administration” and that the president is “surrounded by college professors.”

And of course, the Boeing guy.

This is not merely smoke.

There IS a fire. And that fire is burning down the "jobs" house for Americans.

Maybe projecting tax revenues upward is stupid?

PS: More here. Even more blunt and apocalyptic.


J. Strupp said...

And how have corporate earnings faired over the past couple of years during the reign of this hostile, anti-business President? I'll save you the trouble. These same whiners have been raking in PILES of money. Business investment on technology and software goods has been VERY strong over the past 3 years as well. They ARE spending. Just not on new labor.

Now why is that? Because top line growth is weak and will be staying weak for a long time and they know it. They're squeezing as much productivity as possible out of their existing labor force. That's business. They gotta do what they gotta do. I have no problem with this. But these guys are full of shit. Obama is responsible for a lot of things, but these guys bitching about the "uncertainty" that Obama is supposedly causing is pure garbage. Lower corporate taxes, repatriation of offshore earning, less "regulation" are supply side answers to a serious demand problem. They WON'T work. You're getting suckered by people who will turn arund and take the lower tax rate or repatriated earnings and simply hand the money back to stock holders in the form of dividends and nothing will change in the labor market.

Again, this is deleveraging and demand story. We need to support AD somehow. We are doing the opposite. And things will not get better in the near term. Probably worse.

Dad29 said...

All that--even if true (I don't know about IT investment, e.g. which has NOT been real strong based on sales numbers)--does NOT exclude "uncertainty" as a reality.

Struppster, there are well over 2,000 pages of REGS on ObamaCare, with several thousand more pages to follow. That's before the cost of electricity "skyrockets" per new EPA regs.

Yes, there's de-leveraging and slow or no demand. Then there IS 'uncertainty.'

Not a good combination.

Anonymous said...

Where was the job creation when we had an MBA in the oval office for eight years? The flip side is corporate profits are up up up!