Robert Reich, the former Labor Secretary in the Clinton administration argues that state and federal lawmakers are turning America into one giant casino.
Reich rightly takes aim at a Justice Department ruling in December that reversed its long-held position on Internet gambling. “That decision is about to create a boom in online gambling,” he wrote. ”Expect high-stakes poker to be available on every work desk and mobile phone.” Hence, the giant casino.
Reich also criticized the “Jumpstart Our Business Startups” or “JOBS” Act, which President Obama is expected to sign into law on Thursday.
“It allows so-called “crowd funding” by which people whose net worth is less than $100,000 can gamble away (invest) up to 5 percent of their annual incomes in any get-rich-quick scam (start-up) that any huckster (entrepreneur) may sell them,” he wrote. ”In the interest of “streamlining,” Congress has streamlined the way to fraud. Although start-ups will have to market themselves through third-party portals approved by the Securities and Exchange Commission, this is like limiting Bernie Madoff to making pitches over the radio.”
Spot on all around.