john lindsay wrote on September 24, 2009 08:02 AM: Well one thing for sure our MAYOR is not on the ball. he has had an offer to look at the probability of some 2200 new jobs for the state and 215 new jobs for our city with 40 jobs but he does not keep appointments we are just about ready to take these jobs to california or illinois, frankly I am tired of waiting on goodman,and these are non gaming jobs

randy wrote on September 21, 2009 05:29 AM: Let's face it folks, the average American is now terrified about his/her financial future as the consumer wealth effect quickly disappeared in a puff of housing bubble released hot-air. Additionally, Joe-six pack is now in debt up to his eyeballs - and due to lack of new credit availability - he's unable to roll-over his debt as in years past. This has caused consumer spending (70% of the US economy) to fall sharply, leading to higher unemployment - feeding upon itself, etc.

Bottom line:

The Las Vegas economic situation is bad now, but we're no where near the end - unemployment will continue to rise as tourism flounders under the growing nationwide economic strain while the discretionary spending of those who do decide to come to Vegas continues to decline...

Note: All this on top of our national economic crisis and the potential currency collapse (and 3rd world status) that lies in our future - induced by trying to bail out each/every one of our financial institutions and the attempt to print our way back to prosperity - it just won't work folks.

randy wrote on September 21, 2009 05:28 AM: Las Vegas’s economy has been completely dependent on the discretionary spending of vacationers (Airlines, Hotels, Restaurants, Shows, Gambling, Drinking, Strip Clubs, etc) and the city lacks any real diversification.

Now that tourism & discretionary spending have declined (due to collapsing property values, sinking retirement plans, lack of credit and rising unemployment rates) gaming revenues have cratered, hotel occupancy rates have fallen, construction has ceased and and thousands of local layoffs have followed.

These unemployed locals quickly find that they have very limited options, as the entire hotel, gaming & construction industry is feeling the same economic pains and no one is hiring - the lack of industry diversification in the city has been a killer!

Currently, with economists and gvt officials talking about green shoots and lights at the end of the tunnel, many consumers are holding on to the false hope a recovery is right around the corner. Unfortunately they will be sorely disappointed. Yes, there is a light at the end of the tunnel, but - unbeknownst to most - it's a high-speed, fully loaded freight-train barreling out of control.

Randy wrote on September 21, 2009 05:27 AM: http://economicrot.blogspot.com/2009/09/las-vegas-unemployment-soars-to-new.html


Growth in Las Vegas was absolutely phenomenal through the last decade leading up to 2006/7. This was a decade of prosperity driven by cheap credit (both consumer and business) and rising asset values - spawned by the bubble policies of both our government and the (non) Federal Reserve. These monetary drivers created a consumer wealth effect and influenced a carefree lifestyle - tourists had lots of cheap, easy money and access to huge credit lines (HELOC, etc) if they needed more to spend in the City of Sin (all in the name of having a good time and living for the here and now). That lifestyle however has now come to an end and the huge party bills have come due (for the consumer, the city, the state and nation).

NOW wrote on September 20, 2009 10:16 AM: Wow, I'm an idiot? Thanks for the constructive criticism and superb insight, Sam. It's backed up with very good research and analysis. Who could have known?

Dahn, obviously you are correct: Posters like Sam do not want to understand what governs and shapes their being and every fabric of their lives. This happens to them without their knowledge and yet these entities are hiding in plain sight right in front of their eyes.

I was like this for 30 plus years of my life. I knew something didn't add up, that something just wasn't right. But what? The information is out there. You have to have the appetite to go and research it on your own.

This rabbit hole is deep and I wouldn't believe any of it if it weren't for a few key pieces of information. The economic malaise that Vegas is experiencing is by design. Vegas is just a drop in the bucket. The picture is much more, the design further than I though possible, but it is true.

GH wrote on September 20, 2009 12:07 AM: July 2005

Then-Minority Leader Harry Reid rejects legislation reforming GSEs, “while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.” (”Dems Rip New Fannie Mae Regulatory Measure,” United Press International, 7/28/05

Thanks Harry!

governor palin wrote on September 19, 2009 10:49 PM: seems to me that if you want the "eye legals" to not be a drain on the economy , you'd all be in favor of giving documentation to the ones that are not in jail/gangs, since they actually would be paying taxes. Historically, the european immigrants assimialated FASTER because they either brought their entire families with them( since there was no quota if you were western or northern European( "pure" white)) or their families that stayed behind were not a, lets say, at most a 16 hour plane ride away. also most immigrants had the same idea, come over when im young, work all my life, then go back when i'm old, but many decided to stay. Lastly, many also came because of their incompetent/corrupt governments, so rather than stay behind and try to change things, they decided to come over to the U.S.A

Now, if their were no "eye legals" their would still be plenty of other immigrants who would come on as guest workers and probably still " steal/ take " jobs.

patrick wrote on September 19, 2009 08:49 PM: Nevada has lots of things going against it, and very few going for it. Unless and until this state decides to take steps which move it toward a sustainable future it will remain completely dependent on the rest of the country for everything.

If the last two years hasn't demonstrated the complete and utter dependence this country has on the rest of the country being productive nothing will. If Nevada refuses to actually invest in its future, and remain instead entirely dependent, a parasitic economy, it will perish.

Oh, and by the way, gaming is doomed.

Dahn Shaulis wrote on September 19, 2009 08:15 PM: Sam and Mike I'm guessing you come from places that actually value education and quality of life. But I believe there is some hope if people in this town struggle for democracy, justice, and quality of life. I'd hate to see that the biggest tour a half century from now could be "the Fabulous Ruins of Las Vegas." But based on the current 2020 plans, it appears that's the direction we're headed. If people pull together, though, it may be possible to avert this disastrous scenario.

m wrote on September 19, 2009 07:55 PM: And Oscar thinks a Mob Museum is the key to turning around the Vegas economy. Imagine what he would do as governor!!!

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