Is Las Vegas Collapsing?

a it's but you don't know what I don't I've told you be if those and that's in trouble that win it crashed starts it will start in vegas I'm on the record I said a hundred different times he has got the records weakened was enough for you if you need day so now story out a in the new York times let me quote at that adam nagourney who wrote a piece called las vegas faces his deepest slight since the nineteen forty's here's a quote from the new York times the nation's gambling capital the staggering under a cop was economic forces that's that las vegas and to what officials describe as this deepest economic right since casinos first began ray rising the desert here in the nineteen forties vegas is as bad off as it has ever been vegas is also well the worst off cities in the country and so's nevada as far as the states are concerned unemployment right now nevada up to fourteen point four percent in las vegas it is fourteen point seven percent that nevada number is the highest in the nation any August we have the forty fourth back in a moment in which nobody lead the nation in housing foreclosures forty four consecutive months not that there was high foreclosures but that they do the country in foreclosure now why is the central they over bill the will start all these enormous projects at the height of the bullying not expecting that there would ever be a recession that was a huge bomb in and of itself was just that minority veto number two no a large portion of the economy the local economy is basic construction is they don't want to see you know after another after another now finally people realize own know those are going to make any money anymore some casinos are down through hotel rooms of thirty eight dollars a night a out their there hiring I think yes was reason for whales all the time but other do it for for China and there packing the jets more people flying in for free and that's the trouble one of the biggest he does in downtown laying off people shutting down so called temporarily it's happening all over Los vegas so when that happens the construction jobs go away that creates and other that's right and that makes on a plan that works number three much now the bill could johnny eileen full of casinos all things Chinese and that second a lot of the biggest customers but wait they're let alone Indian casinos on lotteries and internet gambling all over the country these have a monopoly they go anymore they had very significant competition and number four the financial crisis the financial crisis let's of the recession late for that breakdown that and when it does one of the first places had as we hit we spend discretionary spending which is great you put all this together the biggest is going to go topless it's already toppling it's in the middle of were watching in the middle of a top eventually that municipality will not be able to pay the the bonds that they got out to run their business the run the government so and when that happens that'll be the first and you'll see oh my God I can't believe this city in America campaign's bills probably my and you'll be sacked I'm not sure about that okay but told the biggest would be the first and there were on their way and then the domino star it won't be the last