Collapse of Las Vagas...Lost Vegas.

[Sapiens]

[World Traveler]

Re: Collapse of Las Vagas...Lost Vegas.

As I watched, I thought her voice was very similar to Lisa Ling, who has done a lot of work on National Geographic. Then when I saw the name Laura Ling, I realized this must be the sister who was grabbed by North Korea along the Chinese border 2 months ago (a somewhat amorphous area with vacillating official borders at the local level). They were there doing a report on North Korea defectors and must have stepped inadvertantly onto the wrong side of the border.

Things look very grim for Laura Ling. No sign the North Koreans will give her up, she is not allowed communications with U.S. or neutral country representatives.

"Under international criminal law, defendants have the right to access diplomatic officers of their own state. But American journalists Euna Lee and Laura Ling, detained for nearly two months, haven't been allowed contact with Western officials since March 30. A South Korean man known only by his surname, Yu, also has been kept from any contact with officials from his country, according to the South's Unification Ministry."

http://online.wsj.com/article/SB124200485939205407.html

[LargoWinch]

Re: Collapse of Las Vagas...Lost Vegas.

Pay careful attention to the facial expression of the lady who mentions that she was a working for a mortgage company; it is clear to me that she has no choice. She does not want to do this.

I know it sounds cliche and I may resemble a broken record, but lets not forget who is mostly to blame for this debacle: Central Banks and idiocy from governments.


Also, people are reduced to torch their own car and try to claim insurance in order to get funds:

Outside Las Vegas, the desert's a dumping ground for the red-hot recession insurance scam. In fact, it's detective Mark Menzie's full-time beat.

"This wasn't your typical auto thief who did this," Menzie said as he examined a charred sedan.

So many cars are dumped every day over such a vast area that the Las Vegas Police patrol by daily by helicopter to find them.

Full article here.


I am mad and it is Saturday. Might as well go for a jog.

Lastly, great find Sapiens; thanks.

[BiscayneSunrise]

Re: Collapse of Las Vagas...Lost Vegas.

ironic.

The nickname for Las Vegas is Lost Wages, implying that's where tourists go to lose their pay. Now, it is locals that are losing their wages.

If my Spanish is correct, doesn't Las Vegas mean "The Meadows" Perhaps Las Vegas will go fallow and return to being a meadowland.

[metalman]

Re: Collapse of Las Vagas...Lost Vegas.

ironic.

The nickname for Las Vegas is Lost Wages, implying that's where tourists go to lose their pay. Now, it is locals that are losing their wages.

If my Spanish is correct, doesn't Las Vegas mean "The Meadows" Perhaps Las Vegas will go fallow and return to being a meadowland.

the future of vegas...

[jwonks]

Re: Collapse of Las Vagas...Lost Vegas.

The collapse is exaggerated. Las Vegas existed before drones of people moved there and before the RE market there exploded. It will continue to exist after the drones leave and the RE market corrects. Gambling, booze and prostitution are as symbiotically attached to mankind as mitochondria.

Vegas' engine is the gaming sector, and while a lot Vegas Casinos are experiencing a drop in revenues and halting expansion projects and some of the weaker Casinos will disappear because of overexpansion fueled by easy credit, the gaming sector is still making an unbelievable amount of real money every year irregardless of broad economic factors such as unemployment, consumer inflation, Wallstreet/Fed bubbles popping and in spite of industry opposition from markets in California and Atlantic City.

Yes there will be high unemployment and a lot of empty houses and defunct small businesses and tons of people will leave, but that just means Vegas will regress back to what it really is and what it always has been--a barren and mostly deserted state that is economically driven predominantly by gaming.

[ThePythonicCow]

Re: Collapse of Las Vagas...Lost Vegas.

Mish has a good piece regarding this "Lost Vegas" video at Obama Passes Tenants Bill of Rights; Buying Frenzy In Phoenix. On May 20, 2009, President Obama signed into law protection for tenants whose landlords fall into foreclosure. Under the Helping Families Save Their Homes Act, tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease.

Good idea. Kicking tenants out of their apartments without notice and without the right to retrieve their property is an outrage.

[metalman]

Re: Collapse of Las Vagas...Lost Vegas.

The collapse is exaggerated. Las Vegas existed before drones of people moved there and before the RE market there exploded. It will continue to exist after the drones leave and the RE market corrects. Gambling, booze and prostitution are as symbiotically attached to mankind as mitochondria.

Vegas' engine is the gaming sector, and while a lot Vegas Casinos are experiencing a drop in revenues and halting expansion projects and some of the weaker Casinos will disappear because of overexpansion fueled by easy credit, the gaming sector is still making an unbelievable amount of real money every year irregardless of broad economic factors such as unemployment, consumer inflation, Wallstreet/Fed bubbles popping and in spite of industry opposition from markets in California and Atlantic City.

Yes there will be high unemployment and a lot of empty houses and defunct small businesses and tons of people will leave, but that just means Vegas will regress back to what it really is and what it always has been--a barren and mostly deserted state that is economically driven predominantly by gaming.

unless the usa enters a new era of social conservatism era ala late 1870s..

II. History of Gambling in the United States

Examining the history of gambling in North America suggests important conclusions that are useful today in considering policies related to gambling.

1. The United States has had a long history of allowing some forms of legal gambling and a degree of tolerance of illegal gambling.
2. Societal tolerance and acceptance of legal gambling can change rapidly. Scandals and political control by gaming interests have led to backlashes which result in regulation and/or prohibition.

Societal standards and laws related to gambling have tended to change back and forth from prohibition to regulation. These changes in law have led one noted observer, Professor I. Nelson Rose, to describe three waves of gambling regulation during the history of the colonies and the United States.¹ The first wave began during the colonial period and lasted until the mid-1800s. The second wave commenced at the close of the Civil War and lasted until the early 20th century. The last wave started during the Great Depression and is still going strong. Because of the length and size of this last wave, another observer has characterized it as an explosion, not a wave.²

[Slimprofits]

Re: Collapse of Las Vagas...Lost Vegas.

unless the usa enters a new era of social conservatism era ala late 1870s..

from that history:

The Nevada Legislature was motivated to build on the tourism boom that was expected in the wake of the completion of Boulder, now Hoover, Dam. Nevada had a flourishing, albeit illegal, gambling industry prior to the legalization. The move for making gambling legal also grew out of concerns that the flourishing illegal gambling was corrupting law enforcement and prohibition was unenforceable.

I don't see the new era of social conservatism. I asked the Freds to expand on this idea, but they haven't yet. What clues would lead one to believe something like that is coming down the pike?

If anything we're seeing Americans trend in the other direction. Marijuana laws being relaxed in many states and gambling expanded, even during this recession.

[metalman]

Re: Collapse of Las Vagas...Lost Vegas.

from that history:


I don't see the new era of social conservatism. I asked the Freds to expand on this idea, but they haven't yet. What clues would lead one to believe something like that is coming down the pike?

If anything we're seeing Americans trend in the other direction. Marijuana laws being relaxed in many states and gambling expanded, even during this recession.

er, in a peak oil mass dieoff scenario?

[cbr]

Re: Collapse of Las Vagas...Lost Vegas.

I was just there in April, and saw few signs of this kind of doom... really.

It looked like a 20% cut back in rates and only some in traffic, otherwise the strip, the pools, the hotels were full and popping, particularly on the high spending end.

[Digidiver]

Re: Collapse of Las Vagas...Lost Vegas.

Vegas Headliner Tonight:

http://www.lvrj.com/news/46074067.html

Should make going to work a real pain in the butt.

[metalman]

Re: Collapse of Las Vagas...Lost Vegas.

Vegas Headliner Tonight:

http://www.lvrj.com/news/46074067.html

Should make going to work a real pain in the butt.

las vegas runs on fire econ runoff.

[LargoWinch]

Re: Collapse of Las Vagas...Lost Vegas.

I was just there in April, and saw few signs of this kind of doom... really.

It looked like a 20% cut back in rates and only some in traffic, otherwise the strip, the pools, the hotels were full and popping, particularly on the high spending end.

I was in Cuba many times for vacationing.

Everything is so nice, coconuts, cigars, nice food and sandy beaches everywhere [on the resort]... ;)

[ricket]

Re: Collapse of Las Vagas...Lost Vegas.

irregardless

irregardless

One entry found.

Main Entry:

ir·re·gard·less

Pronunciation:

\ˌir-i-ˈgärd-ləs\

Function:

adverb

Etymology:

probably blend of irrespective and regardless

Date:

circa 1912

nonstandard : regardless
usage Irregardless originated in dialectal American speech in the early 20th century. Its fairly widespread use in speech called it to the attention of usage commentators as early as 1927. The most frequently repeated remark about it is that “there is no such word.” There is such a word, however. It is still used primarily in speech, although it can be found from time to time in edited prose. Its reputation has not risen over the years, and it is still a long way from general acceptance. Use regardless instead.