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Steve Wynn’s Obama ‘Wet Blanket’ Rant Is ‘Nonsense’, Says Brown

Stacy Curtin

Billionaire businessman Steve Wynn, CEO of Wynn Resorts (WYNN) and self-described democrat, is really not happy with President Obama's economic policies.

"I'm afraid to do anything in the current political environment in the United States…."[There's] a total lack of leadership from the President and nothing's going to get fixed until the President himself steps up and wrangles both parties in Congress," said Wynn on the company's quarterly conference call on Monday. "I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime….until he's gone, everybody's going to be sitting on their thumbs."

Josh Brown, author of The Reformed Broker blog and vice president of Fusion Analytics, joined The Daily Ticker's Aaron Task to weigh in on Wynn's comments.

Brown commends Wynn for speaking his mind, but says it is "nonsense" to blame a sluggish U.S. economy and slow job growth on political uncertainty in Washington. He believes the underlying issue is really non-existent demand created by more than a decade of technology advances that killed U.S. jobs.

According to Brown, there is only solution to what ails us: T-I-M-E

"I think ultimately this huge boom in revenue and earnings being enjoyed by a very concentrated few will ultimately lead to jobs growth; companies are going to need people at a certain point. You cannot continue to grow just by needing more software," says Brown. "If you look at history, these boom and bust cycle, the ultimate solution is time."

Not only does Brown feel Wynn's assessment is wrong, he says the comments are somewhat misplaced since much of Wynn's business is not generated in the U.S. "Go parse the words of the report: 70 percent of Wynn Resorts revenue is from China and a nice chunk of the other 30 percent is from him flying in Chinese businessmen to the Vegas strip," Brown notes.

Who do you agree with: Wynn or Brown? Tell us what you think!