WHY I LOVE THE DAILY RECKONING

Because we are on the same page -- TDR and I. Today they took on Trash Vegas:

In the homeland, meanwhile, prices are still going up - especially in that Mecca of the absurd and extravagant, Las Vegas. Prices of residential real estate rose 47% last year. And Donald Trump reports that every one of the 1,282 units in his 64-story hotel/condo are already reserved by buyers - despite the fact that not a single shovel has yet hit the sand. So many other high-rise projects are being discussed that builders are talking of the "Manhattanization" of the desert city - with skyscrapers full of luxury condos all up and down The Strip. If anyone knows why people would want to live in Las Vegas, he does not work here at The Daily Reckoning headquarters. Still, the city attracts 5,000 new residents every month.

If anyone knows why people would want to live in Las Vegas, he doesn't know what he's talking about. My guess is that the Vegas residential market will be one of the hardest hit in the crash, considering most of the population depends entirely on tourist spending to support their living. Hello, recession! Goodbye, Vegas tourists! Did you know Vegas generates more revenue off retail commercial development than casino gaming? It's true. Calling Cards Drug tests Alcohol tests