Wednesday, December 22, 2010

Las Vegas The Next Detroit

If Wall Street is the hub of American finance then Las Vegas was the manifestation of credit dreams going viral.  Las Vegas, the beating heart of Nevada had a tremendous boom with the real estate bubble because it played into the narrative of making it big.  Where else can unknowns strike it big and have their name put up in lights?  With Wall Street feeding the frenzy Las Vegas seemed to be an endless playground of free flowing capital.  During the boom it was hard not to notice the high end Rodeo Drive like stores of Gucci, DKNY, and Prada covering the floors of many casinos. 
 The stores were full and money seemed to flow like the exhaust of Maserati’s cruising up and down Las Vegas Blvd.  If heaven on Earth for kids is Disneyland Las Vegas was the heaven of debt.  What once seemed as an endless dream has burst into a barren desert nightmare.  Las Vegas once boasting some of the fastest growth rates now has largely led Nevada into having the highest unemployment rate of all states in the country.  If Michigan was the result of the offshoring of American manufacturing and the demise of the US auto industry Nevada is the exclamation mark at the end of the credit bubble era.

You only need to look at the drastic collapse in real estate prices to see how quickly the bubble burst in Nevada:
home prices nevada
What took from 1980 to 2000 in terms of price growth was achieved in four years from 2000 to 2004.  The rapid rise in Las Vegas was largely due to the real estate bubble, both residential and commercial.  The bust in commercial real estate values in Las Vegas was all but set in stone but the bubble grew to a point where many started believing that the mania would last forever:
More Here..


  1. First the IMF decides to sell arabs out of vending machines and now this. What is next on the psychopaths agenda? When I was born in 1993 there was none of this. I think the recent weather patterns is telling too. America is the hub of insanity. We need to do a reboot and start over with an entirely new operating system, say O/s #2 where everything is free and each man is measured upon his worth.

  2. vegas is a silly place, goodbye to it
    oops..the article seems to say vegas is like the ponzi system in to say silly and goodbye to it is saying goodbye LOL

  3. About to come to an end

  4. My sister lives in Las Vegas. Her job is stable because she deals with youth crimes division of the LVPD. The more Vegas collapses the more stable her job will be. Oh, and she carries a gun.

  5. Of course whether las vegas with its decining tax and property revenues can afford to keep on paying the high wages and keep up ammunition supply to this pistol packing mama defending the current PTB and the italian and other unmentionable ethnic financial tribal gangsters that run the las vegas gambling show is a different question.

  6. Make las vegas city a tax free zone like Macou !

    Chinese capitalism solved the problems of lack of jobs and development by creating ,tax free ,export of cheap labor created wealth ,free trade zones .

    Isn’t it time for de-industrialized America, if it really wants to continue with competitive capitalism ,and its vaunted rewards for hard nation building work ,learnt from China and dropped all this guaranteed high minimum wage stuff and pension business?
    I think about a dollar an hour for wages might be a reasonably profitable wages rate for capital , where bona fide American citizens could get some work.
    As long as the undocumented “Hispanics”were locked out of these new “American” jobs.
    Patriotism is key!
    It would surely get a few million Americans off food stamps and off the taxpayers and the rich classes backs.

  7. That chart illustrates perfectly the Bush/Greenspan false real estate money bubble pump to hide their crimes. Bush sending millions of hi tech jobs overseas right when he took office, Clinton offshoring all our manufacturing before that. Over 30% of jobs in America where DIRECTLY related to real estate in 2007. A huge bubble of nothing but bank loans to keep the country afloat so people would look the other way on things like PATRIOT act.

    Follow the money. Put the pieces together.

  8. I could fix this. 1.) Forgive all mortgages. We gave $9 trillion to banks to bail them out. Do the same to anyone who has a loan. Shut all the banks and start over. 2.) Make it a crime to sell anything that is not made here in the U.S.
    3.) Shut every military base on foriegn soil and end those two wars. Put those soldiers to work guarding our borders.
    All that is going to happen anyway, why not get it started sooner than later.

  9. 7:01 what do you mean it's going to happen anyway? When shtf the soldiers will be stuck wherever they are located. These idiots running things will never do anything sensible. They are going to keep making stupid choices that help fuck things further until the very end.

    I said that about the border though. The National Guard is losing badly there, many sheriffs have already pulled their guys out. We are literally losing the Border War. But everybody will still assume, "Oh no, it's just drug smugglers getting killed." Yeah. Phoenix has the second highest kidnap rate in the world, they are taking white people not just Mexicans. How the hell could that be possible in America? Most people would still assume it isn't happening, even when told they will still not believe it.

    Brainwashed freaks think nothing can happen and nothing will happen. But the reality is that "It" is happening. Obama would rather loiter around before making any actions that is centered around the soldiers. He'd rather sit around for four months and ignore signing a simple piece of paper that the soldiers said was urgent. But it takes him a moments notice to pack up for India to fart around with some smelly ass, river bathing, sexist, showerless people while claiming they are the new model of humanity.

    1:37, your sister's job is one that is most likely to be in jeopardy. The police departments in all the states that are bankrupt, ones that have growing crime rates, have been laying cops off. The cities can't afford the police and that means the police will go just like firefighters and bus drivers.

    Logically it seems police would be needed and kept. But the truth is that they aren't. A few cities with extreme crime rates just stopped allowing cops to respond to house burglaries. When things collapse more, states go bankrupt, and cops can't be afforded like teachers, firefighters, and other city workers, then they are the first to go regardless if people are being killed everyday.

    A small example of that. In Chicago, one hospital has a new policy about abortions, if the abortion failed and the baby comes out, just throw it in a closet and let it die. This actually happened. Not one nurse, patient, doctor, security guard, not one person decided to get treat the baby like a person. They just let it die because it was policy. This is analogous to what I just delineated about the police. Their jobs are very much UNstable.

  10. Crime rates will start skyrocketing in Vegas and Phoenix Arizona. So be prepared!


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