Precious Metals Forum

Go Back   Precious Metals Forum > Bunker Talk > STS

Like Tree14Likes
  • 8 Post By benjamen
  • 2 Post By DCFusor
  • 1 Post By Jay
  • 2 Post By DCFusor
  • 1 Post By bushi

Reply
 
LinkBack Thread Tools
Old 10-10-2012, 12:20 PM   #1
Super Moderator
 
benjamen's Avatar
 
Join Date: Mar 2012
Location: Migratory
Posts: 1,620
Liked: 685 times
Epic letter from company owner to employees

http://finance.yahoo.com/news/ceo-wo...131640914.html

"Subject: Message from David Siegel

Date:Mon, 08 Oct 2012 13:58:05 -0400 (EDT)

From: [David Siegel]

To: [All employees]

To All My Valued Employees,

As most of you know our company, Westgate Resorts, has continued to succeed in spite of a very dismal economy. There is no question that the economy has changed for the worse and we have not seen any improvement over the past four years. In spite of all of the challenges we have faced, the good news is this: The economy doesn't currently pose a threat to your job. What does threaten your job however, is another 4 years of the same Presidential administration. Of course, as your employer, I can't tell you whom to vote for, and I certainly wouldn't interfere with your right to vote for whomever you choose. In fact, I encourage you to vote for whomever you think will serve your interests the best.

However, let me share a few facts that might help you decide what is in your best interest.The current administration and members of the press have perpetuated an environment that casts employers against employees. They want you to believe that we live in a class system where the rich get richer, the poor get poorer. They label us the "1%" and imply that we are somehow immune to the challenges that face our country. This could not be further from the truth. Sure, you may have heard about the big home that I'm building. I'm sure many people think that I live a privileged life. However, what you don't see or hear is the true story behind any success that I have achieved.

I started this company over 42 years ago. At that time, I lived in a very modest home. I converted my garage into an office so I could put forth 100% effort into building a company, which by the way, would eventually employ you. We didn't eat in fancy restaurants or take expensive vacations because every dollar I made went back into this company. I drove an old used car, and often times, I stayed home on weekends, while my friends went out drinking and partying. In fact, I was married to my business - hard work, discipline, and sacrifice. Meanwhile, many of my friends got regular jobs. They worked 40 hours a week and made a nice income, and they spent every dime they earned. They drove flashy cars and lived in expensive homes and wore fancy designer clothes. My friends refinanced their mortgages and lived a life of luxury. I, however, did not. I put my time, my money, and my life into this business --with a vision that eventually, some day, I too, will be able to afford to buy whatever I wanted. Even to this day, every dime I earn goes back into this company. Over the past four years I have had to stop building my dream house, cut back on all of my expenses, and take my kids out of private schools simply to keep this company strong and to keep you employed.


Just think about this - most of you arrive at work in the morning and leave that afternoon and the rest of your time is yours to do as you please. But not me- there is no "off" button for me. When you leave the office, you are done and you have a weekend all to yourself. I unfortunately do not have that freedom. I eat, live, and breathe this company every minute of the day, every day of the week. There is no rest. There is no weekend. There is no happy hour. I know many of you work hard and do a great job, but I'm the one who has to sign every check, pay every expense, and make sure that this company continues to succeed. Unfortunately, what most people see is the nice house and the lavish lifestyle. What the press certainly does not want you to see, is the true story of the hard work and sacrifices I've made.

Now, the economy is falling apart and people like me who made all the right decisions and invested in themselves are being forced to bail out all the people who didn't. The people that overspent their paychecks suddenly feel entitled to the same luxuries that I earned and sacrificed 42 years of my life for. Yes, business ownership has its benefits, but the price I've paid is steep and not without wounds. Unfortunately, the costs of running a business have gotten out of control, and let me tell you why: We are being taxed to death and the government thinks we don't pay enough. We pay state taxes, federal taxes, property taxes, sales and use taxes, payroll taxes, workers compensation taxes and unemployment taxes. I even have to hire an entire department to manage all these taxes. The question I have is this: Who is really stimulating the economy? Is it the Government that wants to take money from those who have earned it and give it to those who have not, or is it people like me who built a company out of his garage and directly employs over 7000 people and hosts over 3 million people per year with a great vacation?

Obviously, our present government believes that taking my money is the right economic stimulus for this country. The fact is, if I deducted 50 percent of your paycheck you'd quit and you wouldn't work here. I mean, why should you? Who wants to get rewarded only 50 percent of their hard work? Well, that's what happens to me.

Here is what most people don't understand and the press and our Government has chosen to ignore - to stimulate the economy you need to stimulate what runs the economy. Instead of raising my taxes and depositing that money into the Washington black-hole, let me spend it on growing the company, hire more employees, and generate substantial economic growth. My employees will enjoy the wealth of that tax cut in the form of promotions and better salaries. But that is not what our current Government wants you to believe. They want you to believe that it somehow makes sense to take more from those who create wealth and give it to those who do not, and somehow our economy will improve. They don't want you to know that the "1%", as they like to label us, pay more than 31% of all the taxes in this country. Thomas Jefferson, the author of our great Constitution, once said, "democracy" will cease to exist when you take away from those who are willing to work and give to those who would not."

[More From CNBC: The Most Expensive Apartments in New York City]


Business is at the heart of America and always has been. To restart it, you must stimulate business, not kill it. However, the power brokers in Washington believe redistributing wealth is the essential driver of the American economic engine. Nothing could be further from the truth and this is the type of change they want.

So where am I going with all this? It's quite simple. If any new taxes are levied on me, or my company, as our current President plans, I will have no choice but to reduce the size of this company. Rather than grow this company I will be forced to cut back. This means fewer jobs, less benefits and certainly less opportunity for everyone.

So, when you make your decision to vote, ask yourself, which candidate understands the economics of business ownership and who doesn't? Whose policies will endanger your job? Answer those questions and you should know who might be the one capable of protecting and saving your job. While the media wants to tell you to believe the "1 percenters" are bad, I'm telling you they are not. They create most of the jobs. If you lose your job, it won't be at the hands of the "1%"; it will be at the hands of a political hurricane that swept through this country.

You see, I can no longer support a system that penalizes the productive and gives to the unproductive. My motivation to work and to provide jobs will be destroyed, and with it, so will your opportunities. If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about.

Signed, your boss,

David Siegel"
__________________
I drive men mad
For love of me,
Easily beaten,
Never free.

PMBug 101 *** Forum Rules
benjamen is offline   Reply With Quote
Old 10-10-2012, 01:06 PM   #2
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
And yet he is being vilified by the lamestream ultra liberal press. Imagine that.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 10-10-2012, 01:25 PM   #3
Moderator
 
Join Date: Oct 2011
Posts: 1,059
Liked: 459 times
Originally Posted by ancona View Post:
And yet he is being vilified by the lamestream ultra liberal press. Imagine that.
Yep.. It's pretty transparent...
DSAbug is offline   Reply With Quote
Old 10-10-2012, 04:48 PM   #4
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
He benefited from the fed created bubble, he does time shares. Hypocrite whining about the free drugs being cut off. Nice try.
Jetstream and Jay like this.
DCFusor is offline   Reply With Quote
Old 10-10-2012, 05:44 PM   #5
Predaceous stink bug
 
HCA1961's Avatar
 
Join Date: May 2012
Location: Kentucky
Posts: 143
Liked: 68 times
Originally Posted by DCFusor View Post:
He benefited from the fed created bubble, he does time shares. Hypocrite whining about the free drugs being cut off. Nice try.
We need a "DISLIKE" button for that flippant reply.
HCA1961 is offline   Reply With Quote
Old 10-10-2012, 06:42 PM   #6
PM Bug Supporter
 
DoChenRollingBearing's Avatar
 
Join Date: Oct 2011
Location: SE USA
Posts: 1,275
Liked: 691 times
The first business I started failed. The second business I co-founded failed. The third business I started failed.

The fourth business (our bearing import company in Peru) that I helped start with my in-laws is the only one succeeding. 21 years under our belt. And doing great.

I'm with the entrepreneur. Further, I would NEVER start a US-based business again. Being 56 and lazy, of course, would have NOTHING to with that though...

DoChenRollingBearing is offline   Reply With Quote
Old 10-10-2012, 07:42 PM   #7
Jay
Yellow Jacket
 
Join Date: Jun 2012
Posts: 1,511
Liked: 671 times
Originally Posted by HCA1961 View Post:
We need a "DISLIKE" button for that flippant reply.
why do you think its flippant? Seems pretty spot-on to me.

(oh I get it, FLIP houses...hehehehehe)
Jetstream likes this.
Jay is offline   Reply With Quote
Old 10-10-2012, 07:44 PM   #8
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
Dislike me all you want. I call them like I see them, and did some research on this one. I am also a business owner, and have started/run 3, all successful till we decided to stop for various reasons. The last one was, well, we didn't need money anymore, it was time to retire - some of my guys only in their early 30's got to retire right then. They think that was pretty cool. Their homes, since they didn't have delusions of grandeur, are all paid off as well.

Could have been luck, could have been skill. There's no question it was insanely hard work. You do spend every waking moment and some of your dream time on a business you run, that is, if it's going to be successful. That part is true - there is no time off, you might lose a marriage or two around it, and so on. I know I did. The personal cost is high.

Interestingly, none of his issues (come on, don't you know time-shares are a scam?) applied to me. I gave every single worker a choice - here's how that goes.

"I can bill customers X dollars an hour for your work. Would you rather have the money, neat (and handle the rest on your own), or take say, 60% or so of that if I call you an employee instead of a contractor, and take out all those disability/unemployment/health insurance etc fees?"

Not one chose to be an employee on those terms - all contractors, the original libertarians. I didn't fool around with the money - they got what I billed for their time, and I got what I billed for mine, end of story, except I got a dirt cheap trailer and kept the power and heat on = free to them, nearly free to me, because I didn't fall for the real estate boom in the first place. I didn't skim like most business owners do - including this guy. Or you could say I skimmed negative numbers (that roof and electricity and computers and heat).

In doing so, I saved my own costs to commute to work, as it was here. It seemed like an OK deal at the time. I treated my people right, because any enlightened business owner knows they ARE The Business, the most important part.

The lucky kids, if you can call it that, were the ones priced right out of the market so never got a loan they couldn't pay off. Housing costs far too much these days - the old ripping off the young, and it's immoral, even at the current pricing levels.
Did the seller really create those square feet of ground to build on, build the house, cause it to be worth double what he paid? I kind of doubt it, yet people demanded that kind of profit on their homes, and still try. Finally, Mr Market comes along and revalues things more fairly, and people whine? Sorry, I'm not real sympathetic.

I built the home I live in, it's not a palace, but it cost ~$20/sq foot - including labor. The land was a few k an acre (I have lots of those - they are cheaper in bulk).
I don't plan on selling it, ever. When I get too old to fend for myself, maybe I'll give it to a care-giver in exchange for care, dunno.

So, I kind of have a clue what I'm talking about. This guy is whining because he can't afford to finish construction on about the most expensive home ever built.
A pretty classic case of utterly bad timing, one of the things he gets paid to be good at - but obviously was not.

Wow, what a hurt - and he's gonna fire people so he can finish it, using politics as an excuse. What a great dude, what respect for his people who shilled for him so he could make all that money. I stand amazed. And I stand by what I said.

Property flippers who didn't know how to tell when they couldn't get away with it one more time before the steamroller hit, should have known better. He didn't.

Telling your people how to vote, disgusting. How can he ensure that one candidate will make his business prosper better than the other one? It's a failing model due to Mr Market, so maybe he should encourage them to vote for a market destroyer instead?

And let's remember, that none of this is really partisan, there's plenty of blame on both sides of the aisle for the un regulation of banks, and the results. This partisan crap, the false distinction, makes me ill, personally. Two heads of the same monster, talking social wedge issues as if all else was solved and hunky-dory? Puleese.
rblong2us and Jetstream like this.
DCFusor is offline   Reply With Quote
Old 10-11-2012, 06:16 AM   #9
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,029
Liked: 2449 times
In the letter, the author appears to predicate his argument on the raising or lowering taxes as the driver of economic growth. It's a bit naive. We are struggling under the crushing deflationary effects of bank credit destruction. It's not a tax issue. It's a monetary/banking issue.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 10-11-2012, 07:00 AM   #10
Super Moderator
 
benjamen's Avatar
 
Join Date: Mar 2012
Location: Migratory
Posts: 1,620
Liked: 685 times
A big thanks to DoChenRollingBearing and DCFusor for their insights on small business ownership!


After almost a decade of college at night while working, I am within 60 days of being done. I have to take a hard look at international work versus something here in the U.S. I know a lot of people that are planning on moving their careers to places like South America, Asia and Africa.
__________________
I drive men mad
For love of me,
Easily beaten,
Never free.

PMBug 101 *** Forum Rules
benjamen is offline   Reply With Quote
Old 10-11-2012, 07:36 AM   #11
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,029
Liked: 2449 times
This was a good read:
Quote :
Looking beyond the fiscal cliff, we are afraid the greenback may be at risk no matter who wins the election. We examine the risk to the U.S. dollar in the context of the likely policies pursued under either an Obama or Romney administration.
...
http://www.merkfunds.com/merk-perspe...012-10-10.html
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 10-11-2012, 07:39 AM   #12
Ground Beetle
 
bushi's Avatar
 
Join Date: Nov 2011
Posts: 971
Liked: 554 times
benjamen, smart move - if you are young, energetic, unencumbered - the Asia is the place to look at & think about HARD.

To Mr. Market (from DCFusor's post), I'd just add Mrs. Demography, and the long -term picture (and one's resulting career opportunities) is pretty obvious.
DCFusor likes this.
__________________
“...the issue which has swept down the centuries and will have to be fought sooner or later is the People versus the Banks.
Lord Acton
bushi is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
ECB employees demand inflation protection for their pensions swissaustrian Fiat Ponzi 5 04-16-2012 10:57 AM
MF Global Fires 1000+ Employees vox Fiat Ponzi 3 11-11-2011 07:24 PM
Review: Blanchard and Company PMBug Marketplace 0 10-23-2011 04:18 PM


All times are GMT -5. The time now is 05:09 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.