Kabuki financial theatre – Congress net worth up 15 percent from 2004 to 2010 while the average American sees their net worth decline by 8 percent in the same timeframe. Welcome to plutocrat USA.
We truly have the best government money can buy. From 2004 to 2010 members of Congress increased their median net worth by 15 percent while the average American saw it fall by 8 percent. Yet this fall in net worth does little justice to the rising cost of food, energy, healthcare, and college expenses that […]
The giant gamble in the desert – how Las Vegas bet big on commercial and residential real estate and lost big. Home prices in Las Vegas now down 60 percent from their peak and nearly 1 out of every 5 mortgages is in foreclosure.
Las Vegas is an economic enigma. A gambling and resort paradise planted in the middle of the barren Southwest desert like an electrical oasis. Very few areas witnessed such a large boom in both residential and commercial real estate rolled into one. In a city known for big wins and even bigger defeats the real […]
The gambling economy – Nevada GDP contracted 6.4 percent during the crisis. A state where 1 out of 4 people is unemployed or underemployed. States trying to balance budgets with gambling and casinos.
Nevada has really taken a hard hit from the current recession. Most Americans at some level have felt the repercussions of the current financial crisis but Nevada has felt the pangs of the crisis much deeper. Nevada now holds the highest unemployment rate of any state in the country. Nevada’s GDP is $131 billion with […]
Las Vegas is to the real estate bubble what Detroit was to the US automobile industry – Empty condo projects, apartments poorly built to face the desert sun, and the collapse of commercial real estate.
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 […]