On Sun, 18 Aug 2013 01:26:07 -0700, Gunner Asch
wrote:

On Sat, 17 Aug 2013 21:52:47 -0500, F. George McDuffee
wrote:

On Sat, 17 Aug 2013 18:16:14 -0700 (PDT), "
wrote:

On Saturday, August 17, 2013 6:54:28 PM UTC-4, F. George McDuffee wrote:




The fact that no laws seem to have been violated is not a

justification for continued unethical and counterproductive

[in the aggregate] activity but rather a highly persuasive

argument for the immediate re-enactment (and draconian

enforcement) of new and improved versions of Glass-Steagall

to reconstruct the firewalls and bulkheads between the

financial services sectors and the reanimation of the CFTC

with reimposed position limits in the commodity markets

[among many other things] and the re-regulation, if not

prohibition, of "derivatives" aka gambling contracts.




I think letting states have lotteries is worse. It harms people that can little afford to be harmed.

Dan

Indeed it is. Operationally this is a tax on stupidity, but
then so are derivatives where, like jack in the beanstalk,
you trade the cow [real cash money] for a bag of magic
beans...

==No one forces one to buy a ticket. Never forget that.==

If one has "surplus" cash they want to **** down a rat hole...thats
their choice.

As for me...my "surplus" cash goes to other things...food, gasoline,
taxes etc etc.

======================

"No one forces one to buy a ticket. Never forget that."

Indeed, but be reminded this is the thickness of one EZ
wider rolling paper from the ancient rationale "If god
didn't want them sheared, s/he wouldn't have made them
sheep."

It is also a fine point, given the pervasive and
increasingly effective propaganda/advertising, if the less
educated/intelegent/critical thinkers among us can form the
requisite intent to legally purchase lottery tickets [or
derivatives]. Although laxely enforced, most states have
prohibitions against minors, persons of diminished mental
capacity, etc. from purchasing lottery tickets, and if they
do win, the state will generally not pay (thus victimized
them twice).

Operationally, lotteries are Ponzi schemes in their most
elemental form, without the fig leaf of an asymmetry in
international postal reply coupon valuation [Ponzi], or the
magic of split-strike conversions in the stock markets
[Madoff].

Even the winners are hosed in that the big bucks pay offs
aren't what they seem. These are generally paid in
installments over 20 years or so, and if the winner elects
to take the money and run (having noted the state bond
ratings), the prize is calculated on a NPV [net present
value basis at some fantastical rate of interest] and the
winner gets less than half of the advertized prize, out of
which s/he must then pay income taxes.

Much of the lottery money is syphoned off in sales/G&A
expenses, and very little is left to support "education," or
what ever it was that the pols promised it would support
when the lotteries were introduced.

It is an interesting thought experiment to consider, at the
macro/holistic economic level, what would happen if all
state lotteries were abolished.