The US economy has been “exporting” (i.e. losing the price war to retain) manufacturing, programming and customer service jobs for years now.
Now, we’re “exporting” management.
Vegas developer Steve Wynn is thinking about moving his offices to Macau
“The governmental policies in the United States of America are a damper, a wet blanket,” Wynn said. “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 Wednesday 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 told Bloomberg “The economic outlook in the United States, the policies of this administration, which do not favor job formation, do not encourage investment at all.”
Think the Chinese aren’t going to raid the US for companies that are mobile enough to take advantage of tax havens like Macau?
Boy, there are times when I’d like to send management to Macau on a one way ticket, but….I hadn’t anticipated that this could turn out to be a bad thing. :^)
You know we’ve hit a low point when a Chinese territory is considered a tax haven.
Another triumph of static analysis.
Just wait until Washington imposes a VAT tax. They’ll turn the US into Argentina if it’s the last thing they do.
As far as this crew is concerned, Kermit, we are all just untapped revenue streams.
So here’s how I see the future:
Every job other than public employee jobs is outsourced or filled by an illegal alien. All the working people leave for countries where they can have a financial future. All the retirees leave for other countries so they can stretch out their social security bucks.
Americans will become a people of diaspora, like the Jews but with more blondes and foreskins.
Go Galt. We won’t miss you.
Rick Duh-FL reminds me of another pertinent observation:
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded–here and there, now and then–are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as ‘bad luck’.”
– Robert Heinlein, from “The Notebooks of Lazarus Long”
s/Galt/RickDFL/g
The people that will miss him the most, RickDFL, are the poor shmoes that made a living off of his tax dollars.
Terry:
I am sure we can find someone to step into the job of massively wealthy real-estate developer and do it just as well. The tax $s will come in just as fast.
One little problem with your fantasy, Rick. If no one has the money to buy from the “massively wealthy real-estate developer”, he goes bankrupt. Just like the United States is right now.
Yes, US management is so insightful. If you move all your employees overseas, why is management here and not where the folks you need to manage are? DOH!
The US tax code is FUBAR. We’ve structured it to make exporting US jobs the default. How about we go back to the original way the Federal government raised money in the eighteenth century (with maybe a sop to the 16th amendment for “progressive” “entitlements” of the FDR era)? The shock would be massive, but it would definitely motivate employment in this country again.
why don’t we outsource all government jobs to China? I mean they already hold us by the perverbial balls.
They’ll turn the US into Argentina if it’s the last thing they do.
Wrong Kermit, we will be Mozambique
Wow. The stupid that flows from RickDFLs keyboard is astonishing!
Shouldn’t be a problem. We’ll just back a truck up to Scrooge McDuck’s vault.
Kermit:
Everyone in the USA will have exactly as much money the hour after Mr. Wynn gets on the plane to Macao as they had before he got on the plane. So I am not too worried about no one having any money to buy real estate.
Rick, what Troy said. Your money is owned by China. You have graduated from economic illiterate to village idiot.
Stupid is as Stupid does. In RatioRinkyDink’s case it’s sheer volume.
RatioRinkyDink thinks money grows on trees. Oh wait, in his world they do!
Kermit:
An “economic illiterate” is the kind of pesons who says things like “Your money is owned by China”. Moreover, what in the world does that have to do with the productivity of the U.S. economy with or without Steve Wynn?
Everyone in the USA will have exactly as much money the hour after Mr. Wynn gets on the plane to Macao as they had before he got on the plane.
Well, no. That’s 100 odd employees and salaries that won’t be buying food, clothes, cars, or anything else.
Or to put it in terms that don’t baffle a DFLer, that’s 100 fewer taxable incomes.
So I am not too worried about no one having any money to buy real estate.
But if you understood how money and business really worked, you’d be “RickGOP”.
An “economic illiterate” is the kind of pesons who says things like “Your money is owned by China”.
It’s a simplification, but it’s not actually inaccurate. The valuie of our currency is going to be largely governed by Obama’s deficit spending and borrowing policies. If the price of credit rises (due a worldwide squeeze on credit courtesy of hundreds of billions’ worth of borrowing), it in effect puts our creditors in charge of the value of our currency; given Democrat tendencies to print money to pay debts, it also means China will at least partly hold the key to the future value (or lack of value) of the dollar.
Moreover, what in the world does that have to do with the productivity of the U.S. economy with or without Steve Wynn?
Because with credit squeezed by deficit borrowing, businesses will have a much harder time getting capital to go after markets; if taxes rise, there will be fewer markets to go after. Obama’s policies will likely give us both conditions.
THAT’s what.
Mitch forgot the inflationary effect of monetizing debt. But then, I’m just an economic illiterate, so what do I know?
A couple of points if I may….Macau is a former colony of Portugal, they gave the island back to China in 1999. It like Hong Cong are special administrative regions of PRC, It has long been a hot bed for gambling in Asia. I know that there is a Venetian Hotel located there now. I’ve heard that they are looking to make it the Vegas of Asia (only several times bigger). Say good-bye to a good many of the asian visitors we’re used to seeing in Vegas (cry). It’s very interesting that like so many other corporations the Wynn Group is seriously considering moving it’s base of operation to foreign soil. THE REASON IS SKY HIGH US CORP. TAXES!!!!! What does anyone think the future of Las Vegas will be when all the gaming Corps move????? VERY SCARY!!! Maybe Harry Reid has a plan.
What does anyone think the future of Las Vegas will be when all the gaming Corps move?????
RatioRinkyDink has a plan – he’ll print more money and give it away on street corners for people to gamble in Vegas. Heck, he’ll even throw in airfare! Money grows on trees, dontcha know?
That’s 100 odd employees
Dude, add a couple of zeros to that… When were you in Vegas last? Wynn’s employee parking lot is bigger then MOA! [exaggeration is for effect]
Moreover, what in the world does that have to do with the productivity of the U.S. economy with or without Steve Wynn?
Moreover proving that he is a poster child for economic illiterate village idiot RatioRinkyDionk thinks government jobs are productive and create wealth.
I am sure we can find someone to step into the job of massively wealthy real-estate developer and do it just as well. The tax $s will come in just as fast.
Well, plenty will try, but it’s not like one goes to central casting and hires one to fill the role.
It takes a lot to get someone like a Steve Wynn to relocate his base and focus outside the United States. That “lot”, in this case, was the gutting by taxation of the flexibility and growth potential of the US economy.
It may be easy to find another billionaire. But are they going to invest those billions creating jobs, or are they going to shelter it offshore until the grownups are in control again (if it’s not too late by then?)
Dude, add a couple of zeros to that…
Wynn’s properties employ thousands. Wynn’s corporate HQ – says the article I cited – is about 100.
The reall question is, where are those 100 employees going to be scouting new locations for expansion? Where will the next jobs get created?
Not Vegas. Not Atlantic City. Not in the US.
I was being prescient.
Searchlight Nevada?
Searchlight Nevada?
Not likely, but Harry Reid could be looking for a job from Wynn as a casino greeter soon. Or alternatively as a Walmart greeter.
“Or alternatively as a Walmart greeter.”
Dirty Harry wouldn’t make the Wally World cut, they require integrity.