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Thursday, October 11, 2012

Steve Wynn Attacks Fed Monetary Policy

Casino magnate Steve Wynn was recently interviewed by Jon Ralston, host of "Face to Face with Jon Ralston," on Nevada's NBC affiliates. 
For much of the interview, he was highly critical of President Obama and his policies.  This is not a new position.  Wynn has gone after Obama in his company's earnings conference calls.
What was new was his aggressive criticism of the Federal Reserve's current easy monetary policy, comparing quantitative easing to a Ponzi scheme:
"The demand for American bonds wasn't as great as what it used to be. So what we did is what Bernie Madoff went to jail for: the Federal Reserve printed the money and bought the bonds from the government as if it was really an auction and there was really a buyer."
Wynn takes issue with this because he's being forced to watch "the paychecks of [his] employees go down the drain in real time."


1 comment:

Anonymous said...

Wynn is correct.