Las Vegas stripped by deep recession. Don’t
believe it….! It so happened that I had to visit Las Vegas for Home furnishing
trade fair (related to my business) in World Market Center. When landed the
land of Las Vegas I realized the affect of recession. Empty roads and empty
heavy discounted hotel rooms represented the declaration of heavy recession,
confirmed by the hotel receptionist and the taxi driver. The present deserted
Las Vegas looked like an age old desert land.
World market center once was packed with
vendors and customers did not seem to gather crowd this time. There was enough
number of exhibiting vendors as usual but failed by minimized visiting retail
customers. Customers visited from Brazil, Mexico, Canada, Honolulu, other parts
of US, and neighboring countries gave negative indication, rather avoided over
buying for their stores. Many deals ended up in heavy bargains. The show
however, did not turn up as expected. In fact I work as representative for
overseas importers of home furnishing textiles
, thought could manage approaching
exhibitors. Many commented “O! Boy no homes no home furnishings.” Realized chose
wrong time to visit and wasted money on the trip. An alarming signal to US
administrations to bring solutions to overcome as soon as possible, delay will
only aggravate unemployment. Small industries and shops would wind up.
Mange to put full stop on excessive escalation of housing
cost so housing become cheaper so each house has new curtains/ cushion, bed
linen, bathmats rugs are bought and decorated in new affordable houses.
Actual bailout needed for small and medium textile sectors
so can survive this crisis. An incentive program on made in US products and
gift items, as this sector consumes more employment without special skill than
a car or weapon industry.
Research and education in agricultural sectors so fullest
utilization and consumption is achieved even from the agricultural waste.
Each morning me and taxi driver chatted
different subjects but finally ended up economic crisis blaming mortgage crisis.
But none realized mortgage was not the real crisis rather lack of buying power
and artificially escalated cost of housing and essential commodities led to
unaffordable situation. O! Boy Life in US is gonna crazy V low income will end
up crazy, income slashing 30-40% down “Wanna bailout for safe life.” “We have
many layoffs and closures. Unemployment is real hell we need to get out of it.”
Hey! Obama middle and low income who I chatted with, favor you in they expect
also a lot from you be prepared.
Next generation solutions are to handover money to the
citizens and ask them to spend on non essential luxury goods and give record
and save tax. US$ 13 would only be enough to 13 water bottles would never
serve purpose if spent on essential commodities as demand of essential
commodities does not decline that fast as the MP3 or camera.
Housing prices will go on crashing until real customers
afford to buy. Affordable Mortgage rates possible only when housing values
reach at real prices. Keep check on speculators. And invent productive
investment resources so money is not wasteful investment.
Life of low
income group is real hell. A woman in world market center, worked for a coffee
vendor explained “I start working at 7am and end at 10pm. That’s not finish I
sleep at 2 am because of my child.” Even then I do not get enough money to
manage. Shows how competitive the labor market is? Is not the story of one woman
alone, the entire low and middle income group would narrate the same story!
Creating more jobs and resources are the only solution to
put to an end to labor competition.
In Los Angeles many illegal immigrants working for cheaper
wages eating away jobs. Incentive and disincentives for own population at
At airport An African American taxi driver
to me “Good day enjoy your trip, no to worry! Its recession vanish in 2 years.
Love India and rich culture”