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tazzygirl -> RE: Is Obama really as smart as he's reputed to be? (2/10/2010 3:47:36 PM)
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Lets go back to your original post.
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ORIGINAL: Mercnbeth
"You don't go buying a boat when you can barely pay your mortgage. You don't blow a bunch of cash on Vegas when you're trying to save for college." ~ President Obama
I just returned from four days in Vegas. I stayed in the best room a non-gambler could get at the Encore. It was going for 1/3 of what it was at the exact same time last year. The shows were 1/2 full. At 11pm on a Saturday night you can make it from the Encore to the Mandolin Bay in 15 minutes; it would have been 10 if the Miss America pageant 'crowd' wasn't letting out. The shops were empty. Two hotel towers of the Sahara are closed. You can buy a condo at the massive, and beautiful, 'New City' complex for 10% of its original market price. You'd still be foolish to so so, because after 1 year your CAM will be proportionate to the property owners and 100 owners in building model designed for 1500 means that you may get a $2 Million condo for $200k but be prepared to pay $100k/month in CAM.
Your visit and Your friends are just as relevant as the lady i spoke too. NOT to mention, there is only so many people who are going to gamble. ADD more places to gamble.. guess what? someone is no longer going to get that money, its going elsewhere. Im sure that is simple enough for you to understand.
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Vegas is capitalism. It's dying. Vegas has gone from being the #1 destination for construction workers to having one of the highest city unemployment rates in the country. The President decided in a speech given in NH to use it as an example of where not to go.
Forget for a moment that the entire speech was yet another example of the President believing that he and his government know better what to do, and where to spend the money you earn than you do. The US boat industry is already just about gone, but be assured they too got another bullet shot at them by the reference.
President Obama is the de facto CEO of the umbrella corporation known as the USA. As any CEO, when he speaks regardless of the audience or the market he's addressing, he must appreciate the impact of his words on the entire corporate entity.
Why do these faux pas seem to always occur at town hall meetings? Is it possible that it's a function of the President being off TelePrompter? Is he really as smart as those who voted for him thought he was?
It was only one year ago that the Vegas collapse started as a result of this comment:"You can't go take that trip to Las Vegas or go down to the Super Bowl on taxpayers' dime,"In another life, I organized conventions for my employer, the now defunct Security Pacific Bank. We ran a convention every year in Vegas as at cost of about $500k for 1500 employees of all ranks. My guess is they spent a minimum of $200-300 each in Vegas. All that money came from private sectors and went to private sectors. It paid hotels and their employees, as well as for all the other service personnel such as taxis, waiters, bellmen, strippers, and club bouncers. They ALL paid taxes adding to the local, State, and Federal revenue stream. With the CEO telling you not to go, no 'President' of a corporate entity would ever put him or herself in the cross-hairs of potential public scrutiny and ridicule. They won't be going to Vegas. Vegas will continue to die. Is the President incapable of appreciating that situation?
HUGE assumption, and proven wrong.
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Frankly Vegas, and all the other convention spots are a great place to go on the taxpayers' dime. The money spent goes into the pockets of local private individuals, companies, and ultimately comes back in again as taxable earnings. Encouraging a successful entity, corporate or individual, to go to Vegas is a path to increasing tax revenue. The major problem with the economy is that most successful entities are afraid to spend and/or invest. The reason is there is no confidence that this administration knows what they are doing or has projected out the consequences of their actions, and rhetoric to date.
IF they took bailout money.. ahem... they werent successful, were they.
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As it's the second occurrence of this reference; either the President has no understanding of how the private sector works, or is insensitive to it believing in confidence that he and his administration know better how each individual and corporation should spend their money. Either choice results in zero growth, business closings, contraction in the market, and increased unemployment.
you mean the bailout money? The people's money?
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Again, you directly link the words of Obama to the decline in the Vegas economy... according to you, that started a year ago. You cant prove the first part, the second has been disproven.
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