Economy The Capitalism Crumble

[Sinister]

This has been on my mind for a long time. As indoctrinees into the religion of capitalism we are always assured this is THE most efficient and most prosperous economic model. When I was a kid and the US still had some pride in our manufacturing, we were even assured that the great American Corporation was the Savior of our well-being, so much so that a President based his entire economic policy on giving them tax breaks, massive subsidies, the ability to pursue cheap labor overseas, we were told to just give these people all our money and they would be generous enough to trickle-down enough of it to make us whole (but not TOO whole, we dont want to spoil ourselves).

I moved to Vegas about a year after joining this forum. In pursuing my career I ended up in a lot of places that were inaccessible to the version of myself that was in Florida. One of my favorite early experiences was being backstage with my stablemate and former 130lb Title Holder Sharif Bogere as he fought on an ESPN card. The event was poppin', we got comped at the buffet, staff was great. This was held at the Buffalo Bill's Star Arena in Primm, Nevada:



This is Primm now:



Since moving here Ive always heard that Vegas is a good barometer for what's going on in ths Country economically over all, because we depend largely on people.having disposable income. We depend on consumer confidence. When I got here cost of living was low and pay was high, because the Casinos catered to locals and middle-class families. Deals were a-plenty. Locals got half off show prices, and NEVER charged for parking. Now it seems cost of living is higher and pay has stagnated, so what's going on with the corporations, with the Casinos who can essentially do whatever they want here?



Like every great American corporation, combinations of greed, stupidity, and stubbornness are contributing to their downfalls on real time. They aimed at the rich, neglected the people who built the town and kept it alive through multiple economic crashes, and are now suffering the consequences. Not to mention a Government not-so-friendly to international business (I'm experiencing this in my own industry, many international fighters are going to train in Mexico as opposed to coming here) because its both easier AND cheaper.

Here it's going like this:

- rooms are more expensive AND smaller
- service is colder
- food and drinks are triple-priced
- little to no comps
- payouts are less frequent
- layoffs are high, and nonsensical layoffs like long-term executive chefs
- one of the highest unemployment rates in the US
- homelessness increasing
- grosheries (as per JD Vance) high
- gas trended up recently

All that said yes we are more fortunate than say, a different Country currently under economic embargo. However give the amount of economic decimation that is now more highly visible because of YouTube, there is no denying that there is something inherently wrong with capitalism. And its not "crony capitalism"...if you didnt account for cronyism in a system where money has always influenced elections then guy failed to understand capitalism from the beginning.



You wanna live here?

 

[Crazy Source]

I've watched many YT vids on the downfall of Vegas and how they are pricing themselves out. You nailed it when you mentioned the combination of greed, stubbornness, and stupidity. It's both scary and sad watching it happen in real time.

 

[spinup]

A system that increases wealth gap by design can only be unstable and has to crash at some point.
The regular americans have no idea how much they get screwed by their ruling class.

 

[Crazy Source]

We are also seeing a trend in sports stadiums having less but more exclusive seats. They are calculating that targeting less fans that are able to spend more money will be more profitable that targeting more fans that spend less. That may be the thinking here as well.

 

[Sinister]

A system that increases wealth gap by design can only be unstable and has to crash at some point.
The regular americans have no idea how much they get screwed by their ruling class.

Well, the one good thing we have is the explosion of tech before the oligarchs could gain FULL control of it. Hence these videos even existing.

ALL of the videos about the downfall of Vegas made by people who LOVED Vegas say the same thing: "they made it ONLY for the rich, and now they're suffering the consequences."

 

[USA!USA!]

I know that, for instance, things like sports betting have become more prevalent LEGALLY in other states now. I am not sure how much that plays a role in the downfall of Vegas, but I am sure some of the allure was taken away when you could just legally do it from your couch.

I personally like Vegas when I visit and found it fun, but I totally could see how it is starting to fade.

 

[Sinister]

We are also seeing a trend in sports stadiums having less but more exclusive seats. They are calculating that targeting less fans that are able to spend more money will be more profitable that targeting more fans that spend less. That may be the thinking here as well.

Yes and its idiotic. Still catering to the idea that all money should be spent and managed by an single class of people.

 

[revoltub]

Commie cope ITT

 

[NickNick]

Who would have thought that the pursuit of infinite growth would eventually lead to things crumbling down...

 

[Crazy Source]

Yes and its idiotic. Still catering to the idea that all money should be spent and managed by an single class of people.

And even if these casinos are making the same or more profit with less traffic, the peripheral industry ecosystems suffers. Forgive me if you mentioned this in your OP I have to speed read through things when I'm multi-tasking.

 

[TeTe]

The AI bubble is the only thing that is propping up our economy right now.

 

[RemyR]

I disagree with you on a lot of stuff you post but you're pretty spot on here. The only difference is I don't think don't think capitalism is a great evil but unchecked capitalism is.

I've been preaching this for a long time but I think that the decline of the middle class is the biggest threat to the nation right now and no party seems to want to tackle it. My personal opinion is that empowering labor laws and strengthening/encouraging unions is the best way to give a voice to the working class as the odds are currently stacking against them.

 

[NickNick]

I disagree with you on a lot of stuff you post but you're pretty spot on here. The only difference is I don't think don't think capitalism is a great evil but unchecked capitalism is.

I've been preaching this for a long time but I think that the decline of the middle class is the biggest threat to the nation right now and no party seems to want to tackle it. My personal opinion is that empowering labor laws and strengthening/encouraging unions is the best way to give a voice to the working class as the odds are currently stacking against them.

I mean the line is pretty clear where each party stands on that front...

 

[RemyR]

The AI bubble is the only thing that is propping up our economy right now.

Agreed



Without AI, the overall GDP growth was 0.1%

 

[RemyR]

I mean the line is pretty clear where each party stands on that front...

Agreed, that's honestly the biggest reason why I can't support the Republican Party fully. And don't even get me started on how anti-union the state level Republican Party is here in MI, which is pretty nuts since this is obviously a union heavy state with the big 3 automakers here.

 

[Crazy Source]

I mean the line is pretty clear where each party stands on that front...

It's very obvious.

 

[Possum Jenkins]

Yeah, the boom and bust cycle of business is an intrinsic part of the capitalist system. In cases like this, an entire city's wellbeing is tied to the entertainment and leisure industry so it's going to suffer.

 

[Satsui Ryu]

I've watched many YT vids on the downfall of Vegas and how they are pricing themselves out. You nailed it when you mentioned the combination of greed, stubbornness, and stupidity. It's both scary and sad watching it happen in real time.

I always figured the issue with Vegas is people don't really gamble anymore. Or they do it at Indian casinos. Seems like Vegas has pivoted to catering to young adults who like to live the high life for a weekend or so rather than older folks whose money will be taken at the tables. And considering how broke people are these days there is a shrinking market for these luxury trips.

 

[Crazy Source]

I always figured the issue with Vegas is people don't really gamble anymore. Or they do it at Indian casinos. Seems like Vegas has pivoted to catering to young adults who like to live the high life for a weekend or so rather than older folks whose money will be taken at the tables. And considering how broke people are these days there is a shrinking market for these luxury trips.

Gambling revenue is holding steady or increasing. What's getting hit is consumer spending at restaurants, bars, bars, apparel etc.

 

[Konquest]

The last time I was in Vegas was probably 10 ish years ago, and the group I was with all kind of took a look around and saw the writing on the wall. They put all their eggs in the basket of trying to woo Chinese (well, foreign, but mostly Chinese) billionaires instead of staying the course of being a fun getaway for the average American couple/family. I mean, what could go wrong? As someone up above mentioned, it's a great microcosm of what happens with Trickledown economics. When a very limited, small # of people have all the money to make or break your economy, and no one else can afford anything, any little thing that affects that small group can and will destroy whole cities.