Barney Frank & Internet Gambling

[WhiskeyGirl]

Are internet gambling and credit card debt related?

In my mind, these are two different beasts and should be considered separately.

In the real world of the internet, millions of people world-wide get together each day and game together on-line.  They pay for access, adventure together, die, trade, and do many things as adults.  They live again and go to work in the morning.  They do all of these things without ruining lives, destroying their credit, or running up tabs paid for by taxpayers.

The internet world of 'gaming' keeps these adventures in the virtual world - the world of risk taking, gambling, and make believe.

For every dollar bet, how many people in the real world actually win big?

And the bill provides for mechanisms for state and local taxes to be collected and re-distributed.

The law currently prohibits credit card companies and banks from processing bets placed on online gambling Web sites.

read more here -
http://www.foxnews.com/politics/2009/05/06/lawmakers-bet-internet-gambling-legislation/

In the real world, how would government guarantee that these internet betting sites are honest?  The odds are against you offline, but state regulation and inspection, in theory protects you from unnatural extreme fixes to machine that make it impossible to win.

What protection is there for gamblers in the fantasy world of the internet?  Who keeps the internet honest?

When people take out credit cards dishonestly, set up dishonest accounts, who guarantees all these bad credit cards?  Will taxpayers be stuck bailing out the banks after the 'credit' bubble bursts?

[WhiskeyGirl]

Is it possible to keep the internet honest?

Why not keep the internet gambling separate from the credit cards that pay for bet making?

On-line bookies now legal.  Why don't we just let everyone work as a bookmaker in America?  If you can take bets on-line, why not in person?

People go gaming on the internet every day.  They live for a few hours in a fantasy world where 'characters' live, die, battle, trade, and go broke.  When they log off, they leave the fantasy behind and go to work.  They pay a flat fee, a reasonable fee.  A market driven fee.

What harm have they done to real life people?  Have they destroyed their families?  Lost their home?  Job?

Why not allow fantasy gambling?   Is the world better off with gambling debt?  Bad credit card debt?  A credit card bubble?

How much of the banks current problems are due to fraud and bad credit card losses?  In theory, we've seen the bad mortage debt, but where is the credit card debt lurking?  Maybe that's the next financial crisis?  The next need for government intervention?

IIRC, former investment banks like Goldman have little 'consumer' exposure.  Who's going to lose?  Taxpayer money down the toilet again.

Gambler escapes jail for eBay fraud

“He was interviewed again on March 20. He said some of the money he received went to his Betfair gambling account and he gave someone called Chris £1000 to settle a drugs debt. He admitted he had a gambling problem and was seeking help for that.”

http://www.eveningnews24.co.uk/content/news/story.aspx?brand=ENOnline&category=News&tBrand=ENOnline&tCategory=news&itemid=NOED06%20May%202009%2015%3A29%3A22%3A443

[WhiskeyGirl]

How will Barney Frank keep the internet honest?

[WhiskeyGirl]

Barney Frank promotes 'family' values - (Does this make him a Conservative in Democrat clothing?)

“Barney Frank is now introducing a family values bill in congress to promote and allow Internet gambling. He previously introduced bills that required banks to loan money to people the banks knew could not repay the money. Which is a large part of the reason we are in this financial mess. Banks have had to pay billions of dollars in penalties over the last 20 years because they refused to make these bad loans required by Barney and his friends.”

http://www.timesenterprise.com/opinion/local_story_126221145.html

 

I really wanted to use that angel!

[Slogger]

If Barney Frank promotes it, be suspicious.

Have you noticed how anything will be condoned as long as it can be taxed?

Prostitution, gambling, liquor, cigarettes (and now pot) are not so despicable if tax money is accumulated.

[WhiskeyGirl]

If Barney Frank promotes it, be suspicious.

Have you noticed how anything will be condoned as long as it can be taxed?

Prostitution, gambling, liquor, cigarettes (and now pot) are not so despicable if tax money is accumulated.

How can you tax something over the internet?  Any surefire way to know EXACTLY where someone is playing?  Nationa?  State?  City? 

Is the 'revenue sharing' and doling out going to be fair?  Who decides on the formula?  Is 'revenue sharing' a red herring?