Folks, if ever there were a statement made by a CEO of a major corporation that perfectly summarized the way those of us in the business community feel about my fellow Chicagoan’s irresponsibility over the last few years, it was Steve Wynn of Wynn Resorts. During his company’s quarterly earnings conference call on Monday, Wynn—a man who has gone on record as saying he supports democrats like Harry Reid—declared Obama to be “the greatest wet blanket to business, progress and job creation in my lifetime.”
He didn’t stop there. “The business community in this country is frightened to death of the weird political philosophy of the president of the United States,” he said. “And until he’s gone, everybody’s going to be sitting on their thumbs.”
Whether you’re a fan of gambling or not, you have to applaud Steve Wynn for being a tremendous entrepreneur. This is a man who, directly or indirectly, has created some 150,000 jobs in Las Vegas alone. This is also man who is sitting on a lot of cash right now—so much, in fact, that he said he thinks could go out and create 10,000 new jobs.
But he’s not.
This, in a nutshell, is why small businesses in this country are facing the problems that they’re facing today. If anyone out there still thinks that Obamanomics and Obamacare and Obamaregulation will create the jobs that are necessary to spur this slow economic recovery, I implore you to go listen to what Steve Wynn said. It will make the hair on the back of your neck stand up. I know it did mine.
Speaking of chilling revelations, Andrew Schectman, CEO of Miles Franklin and AuSecure, was my guest on The Jack B. Show today. He told me about a potential game-changer in the precious metals world that absolutely shocked me. In China, at the end of the month, the Pan Asian Gold Exchange is set to open a platform through the Agricultural Bank of China that will enable bank customers to purchase gold and silver bullion directly through ABC.
ABC has 320 million retail customers—if you’re keeping score at home, that’s 10 million more than the U.S. population. So if just 1% of ABC retail customers bought one 10 oz. bar of gold or silver, that would take 1,000 tonnes out of the marketplace. As Andy said on the show, people have been saying that gold is overvalued since it was at $400/oz. If the Chinese start lining up to buy, watch out.