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dryrot

Steve Wynn Spells It Out (Us-Centric, Courtesy Zh)

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Hi

I thought this was both succinct and apt. A rare moment of non-apocalyptic sense from ZH!

http://www.zerohedge.com/news/2014-05-06/steve-wynn-slams-feds-ominous-artificial-nirvana

"Capital structure now is — these are mostly at the Venetian and the Wynn, things of beauty. They’re lovely, better than you could ever want. I mean, they’ve got everything, low interest rates, long maturities, low covenants. What else do you want? I mean, it’s great. If you look at it from our point of view.

But look at it from a consumers’ point of view or a working person’s point of view, who’s paying for all this cheap money? Well, right now, the Fed is.

I thought Bernie Madoff went to jail for that.

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Hi

I thought this was both succinct and apt. A rare moment of non-apocalyptic sense from ZH!

http://www.zerohedge.com/news/2014-05-06/steve-wynn-slams-feds-ominous-artificial-nirvana

"Capital structure now is — these are mostly at the Venetian and the Wynn, things of beauty. They’re lovely, better than you could ever want. I mean, they’ve got everything, low interest rates, long maturities, low covenants. What else do you want? I mean, it’s great. If you look at it from our point of view.

But look at it from a consumers’ point of view or a working person’s point of view, who’s paying for all this cheap money? Well, right now, the Fed is.

I thought Bernie Madoff went to jail for that.

Governments are always allowed to create a ponzi scheme - they just borrow with no intention of ever paying back anything. IF you could always borrow becauses you forced lenders to lend wouldn't you do the same thing? Get it to loads of debt and then borrow more to pay it all back!

Government should initiate legislation that creates markets; they should protect the poorest in society; provide initial loan guarantees to lower the cost of radical new technologies but I'm not sure that they should do all of this whilst creating more and more salaried bureaucracy for themselves. Who knows if government will only ever end up benefiting itself eventually. Noble ideals aren't enough to prevent cronyism and back handers.

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