Las Vegas continues to struggle with how to climb out of the current economic crisis. The numbers are overwhelming and all too familiar. The highest foreclosure rate, lowest graduation rate, tops in unemployment and a struggle with diversification. We continue our discussion with the BBC's Lawrence Pollard and panel of local experts and leaders about what's in store for Las Vegas looking ahead.
Lawrence Pollard, host, BBC's The World Today Chris Giunchigliani, County Commissioner, Dist E Robert Lang, Dir, Brookings Mountain West, and Prof of Sociology, UNLV
Household debt is very strongly tied to economic recovery. In Nevada our debt is largely "underwater" mortgages. Is there any mechanism other than foreclosure and short sale to diminish this debt?
The debt is clearly unsecured, could we (state, county or city) in any way cut into this debt? Could we force banks to write off 5% per year of any debt in excess of 130% the value of the property, for example?Scott Swank –Sep 2, 2011 10:28:03 AM
I'm hearing a lot of "We need..." and "We should..." and very little about how we're going to make such improvements within the current sociopolitical framework. Without taxes, we will have no revenue to improve education and otherwise invest in our society. Even our Democratic leaders won't talk about taxes. How is this not an intractable problem? If it's not, what's a feasible solution?Heidi –Sep 2, 2011 10:17:15 AM