October 20th, 2008
excerpt:
The country is facing a financial meltdown which relates in part to over-leveraging and what for some has become bet making on financial instruments and schemes involving sophisticated economic modeling.
The government has no choice except to respond decisively. Taking a cue from military strategy, the assumption is that the more overwhelming the financial intervention, the greater the likelihood that chaos can be averted. While the alternative of inaction is indefensible, it is not the case that every action makes sense.
Internet gambling
A month ago, for instance, the House Financial Services Committee voted out the greatest antisavings construct in modern times. It eviscerated an anti-Internet gambling enforcement statute that I architected and got passed just two years ago in the wake of a scandal involving a political insider named Jack Abramoff.
How does implicitly authorizing Internet gambling relate to problems in the financial markets?
Housing excesses may have detonated the current crisis, but in the background is a multidecade trend of borrowing rather than saving, at both the public and private levels. On the assumption that the day may now be past when foreigners willingly will bankroll our borrowing habits, the question is whether the federal government should encourage individual citizens to spend excess cash gambling or saving and investing.
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Playing against the odds | press-citizen.com | Iowa City Press Citizen
Author Contact Info: Jim Leach
2 Responses to “[Opinion] Playing against the odds – Iowa City Press Citizen (10/18/08)”
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November 13th, 2008 at 6:56 am
You obviously don´t play poker. Also, I it must be nice to somehow enjoy the unique position of knowing what is best for others. But hey this is the new USA. We pay lip service to individual freedoms, but then pass laws restricting them. Your argument could be extended to any frivolous purchase as well … maybe you should try to ban QVC as well. BTW all investing is bet making to some extent or another. Sounds like you want bet making with guaranteed upside. Good luck.
November 14th, 2008 at 9:33 am
Excellent points by Matthew Krump.
Jim Leach your words remind me of George Bush, and look how he has turned out, a tyranical, self centered king, who thinks he knows it all, and has literally destroyed our economy in 8 years.
Interestingly enough Jim Leach your service to our country in public office has not been appreciated:
By W. David Gardner
InformationWeek
November 9, 2006 03:38 PM
“Online gamblers miffed at recent federal legislation that seeks to block Internet gambling were cheering after Representative Jim Leach, R-Iowa, the sponsor of the anti-gaming legislation, was defeated in this week’s election.”
http://www.informationweek.com/news/internet/ebusiness/showArticle.jhtml?articleID=193700297
I am a poker player, it is a game of skill, it is Un-Constitutional to restrict me from playing. What is happening to America? Land of the Free home of the Brave?