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"Lost Vegas"... nice documentary piece on Las Vegas economy
popinjay
Member Posts: 6,539
Housing speculators and real estate flippers sure tore this economy up.
Really sad to see that one renting family get thrown out of the house they were leasing because the scumbag owner was taking their money, but not paying the mortgage.
I didn't know such a thing was legal where the sheriff could evict renters without notice like that. Has anyone ever heard of that happening?
Comments
Yes, evicting renters without notice is allowable.
Notice goes to the property owner, and it is up to the property owner to notify their renters. In this case the property owner continued to collect the rent without ever telling the renters. Not much of a surprise really, unscrupulous landlords. Eventually the bank will send someone to clean all the stuff out of the house, and throw it into the garbage. The best thing you can try if it happens to you is to contact the mortgage holder, find out when your stuff will be trashed, show up, and try to negotiate to salvage some of it. Otherwise, you lose all your worldly possessions. Oh, you can sue your landlord, lotsa luck collecting any damages.
We are now going through the third wave of foreclosures now. The first wave was subprime, the second wave was owners that owed more than their home was worth, this third wave is prime, qualified borrowers that are now unemployed. It isn't stopping, nor is it even letting up.
Notice that the hospital that had to refuse emergency patients because it was at capacity was the only public hospital left in Vegas. The services they were cutting was out patient chemotherapy.
And the cuts in college tuition assistance, and other services. As people get desperate crime increases, the other thing that gets cut is prison funding, early release occurs, and crime goes up further. It's a lovely scenario.
Like the man in the social services line said, "what jobs, there's no jobs here". The same was said by the UAW workers after Obama announced no more aid for GM and Chrysler. Job retraining is a joke, and extended unemployment benefits is not so much to help those that are unemployed as to address the guilt feelings of the liberals that put those people out of work.
As I've stated before, Michael Moore was right in GM CEO Roger Smith's face in his movie "Roger and Me" regarding the job cuts that devastated Flint, Mi. Where is Michael Moore and the rest of the bleeding heart liberal left now that Obama fired Rick Wagoner for not cutting jobs faster than Roger Smith did?
Where is Michael Moore and the liberal left speaking out on Wall Street bailouts, while Main Street America dies a slow, lingering death? Probably too busy managing their portfolios to pay attention to stories like this one.
And the neo-conservative right is too busy spreading freedom and democracy, and campaigning on guns, babies, and bibles to give a shit.
Welcome to America, Land of the Homeless and Unemployed.
Watching the downfall of Las Vegas over the years was interesting, to say the least. It's economy, more than plenty of other cities, was almost directly tied to the stock market and white collar greed, it seems.
During the Clinton years when stocks were taking off, people had a lot of 'paper wealth'. Nothing was actually being generated but a lot of things like dot.coms were gaining all this imaginary revenue for portfolios. Overall, people began to spend like drunken sailors on everything because they always figure they had the fallback on the great hedgefunds they owned and stocks like Enron.
The more people who came to Vegas and spent money on junkets and fun, the more revenue flowed in and Vegas began to build more housing, creating all those construction jobs so these bourgeoisie-nouveau riche types had a place to live. Businesses saw all the housing and then propped up there, figuring between the casinos and the influx of new workers, Vegas would be recession proof in the long run. Speculators went in and snapped up just about any home not nailed down and flipped it right away, while few people were actually living in the houses.
When the stocks burst, companies folded and people stopped buying real estate it seemed just like the exact reversal on events. Watching this petri dish experiment from the security of the Northeast, it's really interesting because so many places out West seem to be indicative of the problem in the United States.
That a lot of our actual "wealth" as a nation has nothing to do with actually making things anymore. There are a lot of people who just want to make money the easy way... no one wants to actually do the work much, they all want to "manage" someone else to do it. There's a reason why lawncare businesses blew up during those years. People were too lazy to cut their own grass anymore and just cut checks for someone else to do it.
Unless the U.S. starts to value the "worker" again and stop looking down on them, this country is going to be in for worst times. The big push for colleges and people doing white collar work has ruined the work ethic in America. While I think education is VERY important, I think the amount of money attributed to each job is skewed too badly and that discourages a hearty work ethic.
I always get a kick out of hearing someone say "I had to work 65 hours this week travelling and around the office" as opposed to someone who says "I had to work 65 hours this week building roads this summer."
"TO MICHAEL!"
I remember noticing how fast Henderson grew one of the last times I was there. It was amazing.
Henderson maybe grew too much. Everything I read about that area says its become a big toilet bowl.
Summerlin, Green Valley read as nice places.
"TO MICHAEL!"