Economy The Capitalism Crumble
- Thread starter Sinister
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Yes, which is also part of the problem.
There is another really cool Netflix series called "The Toys That Made Us." This covered origins and development of a lot of toys I grew up with. It ends the same way, greed and a lack of foresight. Toy companies thinking they could dictate the market rather than listening to it, and failing to anticipate the video game era. They were just CONVINCED kids would never want to stay inside. Much like the lack of foresight of Blockbuster video in not anticipating the Netflix market.
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According to the Libertarians and now even more so the corporatist Republicans, checking capitalism means you're a full-on Commie.
Of course that's absurd, but it's a flaw baked into the idea of what capitalism IS. At its foundation, the notion of one person or entity owning resources like oil and water is pretty dumb. It mandates heirarchy. Capitalists have always just eliminated working class people who wanted that voice, one way or another. I mean, they paid a Court to declare that money is speech and a corporation is a human being lol
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I can’t believe how expensive the city is getting every time I go. I used to be able to catch a round trip flight for 60-100 bucks and a room at circus circus during the off season for 30-40.
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The problem with Capitalism, as I understand it, is that most industries in a Capitalistic system have to require a profit and in order to check it more than labor laws and unions are needed. Labor laws and unions are great but companies will just go to where ever the cheapest form of labor is and then import from there. We've seen it in the auto industry, the IT industry and the cruise industry among others. I'm not saying get rid of them but there needs to be more than just those two things.
I think most Americans need to admit at this point we need more Socialism to take hold across the country in two industries specifically: Healthcare and Insurance. In addition I think part of the job problem in America is we need to get rid of these terrible job board and social media job sites, and to your labor laws point, there should be a cap on the amount of job interviews for a position and a cap on the amount of time a position is posted to the amount of time it is filled. My argument initially says a 3 interview cap and 2 months from post to filling a position.
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Our country is a failed capitalist society is why. Croney capitalism and oligopolies have run out of control.
Capitalism is not a perfect model and anyone who’s taken a course in macroeconomics should know that. There are known problems that the invisible hand can’t fix. I do think that it is the best model but the idea that it can work without regulation and that society won’t need some socialist policies is childishly naive
Capitalism is not a perfect model and anyone who’s taken a course in macroeconomics should know that. There are known problems that the invisible hand can’t fix. I do think that it is the best model but the idea that it can work without regulation and that society won’t need some socialist policies is childishly naive
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It's mostly that. Seems as usual, TS started with a conclusion then tried to reverse engineer an essay without giving it much thought. It's the opposite of a "failure of capitalism" when 1 city no longer has a monopoly on gambling. Dude acts like gambling overall is declining just because people have more options instead of having to travel to Vegas.
The last year Vegas had a monopoly on sports betting was 2017, and the total for wagers was $248 million. Last year alone, there was 142.5 BILLION worth of sports bets placed. Now add igaming and people buying short term options on stock apps, and the amount of gambling done in the country has increased by orders of magnitude, but somehow it's a "failure of capitalism" that they don't have to fly into the desert to do it?
This is like saying "damn you, capitalism" because your pot dealer doesn't make as much money after weed was legalized.
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The rise of legalized sports betting on the heels of casino gambling being legalized practically everywhere has to have had an impact on Vegas.
I know it has on Atlantic City.
I know it has on Atlantic City.
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Yeah, nah. That's not what I was saying at all and you're probably aware of that.
If I was criticizing options this thread would be about Atlantic City and not Vegas, because that City failed almost entirely due to options and your beloved President was one of the many blinded capitalists engulfed in the sinking of that ship. I'm not criticizing a thing that happened that's allowing people to gamble in their own States, or on their own sofas. What I'm criticizing, is how many times this has happened in multiple industries because of common American practices of economics which milk a specific area for all it's worth and then leaves it in ruins, and how the people we trust with our economic development fail to foresee these trends, or even just dont care because they have the means to endure them and have no regard for the people left in the wake of the abandonment.
Gambling is part of why Vegas was popular, which if you took the time to look at the videos I linked youd understand that wider available gambling is only part of the problem. But I could see how someone like you could come into this thread and declare economic decimation of entire cities, increased poverty, and places becoming ghost towns a success of capitalism just because you think it will make me look dumb. Its par for the course for your brand. You probably think Faith Healers arent actually scamming people with their claims they can cure ailments with their divine powers as well.
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Yes that's definitely part of it. But the underlying question, as indicated in my reply above, is why does this sort of thing keep catching corporations (whose CEO's are the most politically connected class of people) by surprise? And when it does, why do they immediately try to pad their profit margins by doing things that are really really stupid? Are we to believe they had no clue this was coming? Did every Casino executive in Vegas look at Atlantic City and go: "Yeah but, we built different!!" Or are we dealing with a class of people we shouldn't depend on?
That's where I'm leaning.
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Vegas should still be a popular place to go though as it used to have big events, popular shows, cheap buffets and other stuff that you could enjoy even if you did not gamble. All that stuff is overpriced now as well. Plus, where are all the staple shows that Vegas used to be known for? I don't hear about that at all anymore. Wayne Newton, Siegfried and Roy and consistent names like that don't exist anymore or have the name recognition they used to in previous decades.
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I think there are all sorts of factors at play. I remember being in Vegas pre-credit crunch, then as the global fianancial crisis was happening (among other times I've gone). And holy shit, the stark contrast was incredible LOL. I remember massive lines to get into clubs, bouncers laughing if you didn't offer big bucks to jump the line etc. Then going where there was no line up, and a bunch of promoters and hucksters were nowhere to be found.
I feel I kind of went enough times that I did all I wanted to, and just haven't gotten the itch to go in ages. Last time I went was to play in World Series of Poker event, and it really wasn't fun. But folks have told me the prices have gotten outrageous, like just having an orange juice is a lot of money, let alone getting comped drinks.
I think reality is where we are with cost of living crunch, the vast vast majority of folks can't justify these kinds of prices. Hence, staying at home with alternative forms of entertainment like streaming services, online poker, or video games just makes much more sense. It's really in my mind no different than theatre -- there isn't enough of a middle class to support the artists any more.
There's a % of folks out there that are in the asset owner class, and generally they can afford price hikes since investment returns are dramatically outpacing wage increases. They are the shrinking people that can still afford increased prices without much hassle. So they can maintain the Strip's visits and revenue, but the other tailwind for Vegas is conspicuous consumption for social media purposes tend to have people more willing to shell out money for live events or travel, even if they can hardly afford it. So that I'm sure definitely helps the strip out a ton, but not second tier locations in the state.
So while overall population increase happens, the "stay at home" population grows much more than the "Go out" crowd.
I find pretty much everyone in the hospitality industry anywhere is giving the same message. As alluded to earlier in this thread, the shrunken baseball ballpark will sell out, but all the bars and restaurants beside the ballpark that use to capture the "every day fan" that use to have lineups to get into on game day are operating at like half the customers that it used to.
I feel I kind of went enough times that I did all I wanted to, and just haven't gotten the itch to go in ages. Last time I went was to play in World Series of Poker event, and it really wasn't fun. But folks have told me the prices have gotten outrageous, like just having an orange juice is a lot of money, let alone getting comped drinks.
I think reality is where we are with cost of living crunch, the vast vast majority of folks can't justify these kinds of prices. Hence, staying at home with alternative forms of entertainment like streaming services, online poker, or video games just makes much more sense. It's really in my mind no different than theatre -- there isn't enough of a middle class to support the artists any more.
There's a % of folks out there that are in the asset owner class, and generally they can afford price hikes since investment returns are dramatically outpacing wage increases. They are the shrinking people that can still afford increased prices without much hassle. So they can maintain the Strip's visits and revenue, but the other tailwind for Vegas is conspicuous consumption for social media purposes tend to have people more willing to shell out money for live events or travel, even if they can hardly afford it. So that I'm sure definitely helps the strip out a ton, but not second tier locations in the state.
So while overall population increase happens, the "stay at home" population grows much more than the "Go out" crowd.
I find pretty much everyone in the hospitality industry anywhere is giving the same message. As alluded to earlier in this thread, the shrunken baseball ballpark will sell out, but all the bars and restaurants beside the ballpark that use to capture the "every day fan" that use to have lineups to get into on game day are operating at like half the customers that it used to.
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This is how business is set up in Macau. Macau has casinos, and some malls with boutique stores. Very little in terms of bars, restaurants, night clubs, and shows. Basically casinos and places to buy luxury items if you win. Honestly, I didn't care for the place and would never want to go back.
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I would argue that many of the guys at the very top have fuck it money and once they get that they don't really care what happens to the rest. The best example of this in recent history are venture capitalists. It does not catch them off guard. They know it's coming but many of them likely think like hedge funds when they buy corporations they know are failing and losing business, but they buy in anyway to take what profit is left and move on.
I'm not sure if this is a feasible solution but would one way to prevent things like this be to have a law on the books that states that if you are a business or a subsidiary of a business that has at least $1 million in profit each of the past 2 years you are not eligible for any government funds, support or taxes.
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The funny thing is.. if you go last minute you can find killer deals on rooms there. But they won't get rid of the resort fees for anything. They won't lower the price of anything else. But they'll try to convince you to show up because you can get 50-80 percent off the price of the room.
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Agreed. Perhaps also taking away tax exemption from organizations designated as religion-based non profits who are clearly profiting in the millions.
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Slightly tangential, but speaking of couches and credit cards, it’s amazing how much money is spent on video game loot boxes, cosmetics, and other paywall content.
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Luckily one of the fighters I train bought a place so I have a guest room when I’m there
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We do it to keep the riff raff out
We never had so many problems since after the pandemic when we reopened
We're pricing out all the ghetto from California from coming over here
Fucking graffiti all over the place now, not just North Las Vegas
Smash and grabs, E bikes everywhere in the streets
Fuck off back to California
We never had so many problems since after the pandemic when we reopened
We're pricing out all the ghetto from California from coming over here
Fucking graffiti all over the place now, not just North Las Vegas
Smash and grabs, E bikes everywhere in the streets
Fuck off back to California
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Anyone will reduces Vegas down to a single metric is missing the point entirely. It's not merely about sports gambling. The Corporations made a distinct effort to fleece regulars and locals, as well as cut the things that made Vegas Vegas in every facet. My wife was telling me about a French restaurant in a Casino who laid off their 30-year executive Chef. The entire Health Department was shocked because this Chef was very very good and pleasant to deal with. So what's the implication? They hired a lesser experienced Chef who will work more hours for less pay. Their food quality and even regulatory compliance is about to tank.
@TeTe will appreciate this, an AI voice edplaining to us how Vegas became too cold and robotic:
The greed and gouging are calculated decisions that permeated every aspect of what Vegas was. They thought they could fool people, it didnt work. Because it never does:
