Land of the casino

April 5, 2012 9:06 am

Robert Reich, the former Labor Secretary in the Clinton administration argues that state and federal lawmakers are turning America into one giant casino.

“Anyone who says you can get rich through gambling is a fool or a knave,” Reich writes. “The only sure winners are the organizers – casino owners, state lotteries, and con artists of all kinds.” Got that right.
Reich calls organized gambling a “scam”  that “particularly preys upon people with lower incomes – who assume they can’t make it big any other way, who often find it hardest to assess the odds, and whose families can least afford to lose the money.” Your government at work.

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.

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