As we approach March Madness with its endless talk about “beating the brackets,” one should be reminded that this is yet another way your government intrudes into your life and curtails your freedom.
As you may know, gambling on college basketball is illegal in all states except Nevada, where it remains a $600 million dollar business. Leave it to Nevada to be honest enough to decriminalize what others call sin, tax it and allow people to enjoy what they are predisposed to do in the leisure time.
To consider the ramifications of profiting from so-called “sin,” one need only need to know that the greatest impediment to decriminalizing marijuana and other “recreational drugs” does not come from public outrage or even the public health sector. It comes from those who profit from “big law,” the law enforcement community and judicial apparatus which profits mightily by the criminalization, prosecution, defense and incarceration of those involved in the drug trade.
Life’s croupiers …
Considering how much taxable revenue could be raised and how much street crime and major drug trafficking could be suppressed, one wonders why the government still objects to the decriminalization of drugs when they openly condemn both alcohol and cigarettes – while hypocritically taxing them to fund their social programs and other “public service” initiatives. One thought is that they want people to die early to help solve the burgeoning and out of control social security problem. But the real reason is that most politicians are lawyers, the special interests lobbyists are lawyers – and in this world, the wants and needs of lawyers trump the citizens as they serve as life’s croupiers. It doesn’t matter who actually wins or loses, they always rake in the house percentage by serving on both sides of the issue. It is the main reason that most legislation and law is circuitous, impossible to fully understand and incomprehensible enough to make everybody need the services of a lawyer to stay out of trouble.
But that’s not the real story …
The real story is that gambling has been legally sanctioned by our government. To such an extent that it has imperiled our entire financial system and created an almost never-ending workload for attorneys, accountants and others who profit from man’s misery.
One need only consider those who promoted H.R. 5660 the Commodity Futures Modernization Act of 2000 which was enacted ostensibly to “reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes.
Section 117 titled “PREEMPTION” inserts this language into the law “This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability).”
That is, our legislators knowingly recognized that derivatives could be construed as gambling (or gaming as per the verbiage) and precluded the states from acting upon enforcing existing gambling laws. For those who do not recognize the term “bucket shop”
“Typically the criminal law definition refers to an operation in which the customer is sold what is supposed to be a derivative interest in a security or commodity future, but there is no transaction made on any exchange. The transaction goes 'in the bucket' and is never executed. Without an actual underlying transaction, the customer is betting against the bucket shop operator, not participating in the market. Operating a bucket shop would also likely involve violations of several provisions of US federal securities or commodity futures laws. <Source>
Sound familiar? No wonder why the Wall Street Wizards demanded that their democrat legislators exempt them from prosecution in the states who recognized the illegality of what they were doing. And now we find ourselves reaping what our legislators have sown in our names: massive fraud and corruption which has led to the near destruction of our financial system.
Who are these bastards? Among complicit others like Robert Rubin, Larry Summers, Bill Clinton, the drivers of this outrage have been immortalized in another piece of legislation offered up to protect the public: the Gramm-Leach-Bliley Act. These are the asshats created, passed and implemented the laws that paved the way to the market meltdown.
Both parties are complicit …
“Democrats point to two Republican-backed bills — the Gramm-Leach-Bliley Act, passed in1999, and the Commodities Futures Modernization Act, passed in 2000 — that broke down the firewalls between Wall Street and commercial banks and banned regulation of credit default swaps, an insurance-like product bought by financial services companies to cover their risky subprime mortgage investments. American International Group, rescued by the Federal Reserve on Tuesday, is one of the biggest sellers of these swaps.”
“Several Obama advisers played a role in securing the passage of both bills. Former Iowa Republican Rep. Jim Leach was another sponsor of the 1999 legislation. Leach co-founded Republicans for Obama and spoke at the Democratic National Convention last month in support of the Illinois senator.”
“Former Clinton Treasury Secretaries Robert Rubin and Lawrence Summers, both Obama advisers, supported and helped negotiate the bill. At the November 1999 signing of the legislation [a last minute act by Bill Clinton], Summers praised it as “a major step forward to the 21st century.” <Source>
Gambling on our future …
Unless we abolish many of the current banking bills, we may never be able to recover from the follies of those who create nothing by "paper investments” which are protected by bought and paid for politicians. Until you see regulatory reform regarding the creation, sale and use of derivative products, there is every likelihood of this crash being sustained or repeated in the near future.
Truth be told, the entire bailout is conditioned on allowing selected financial institutions to keep the fictional valuation of bad paper on their balance sheets long enough so that the taxpayer can eventually make them whole again. To the great detriment of society, the taxpayer and our future generations.
Obama and the future …
There is every likelihood that President Obama and his democrat cohorts will de-criminalize certain drugs and gambling (pardon me, “gaming”) in order to enhance taxes (pardon me again, “revenues”). Much in the same way that the government hypocritically taxes tobacco while at the same time demanding warnings that “tobacco use may kill you.” Or taxes alcohol when it can be proven that many criminals are under the influence before, during and after their crime spree.
Back to brackets …
While the actual chances of an employee or employer being prosecuted for illegal gambling at work are very small, participating in one of the major pools may subject you to further scrutiny – especially from IRS should you win one of the mega-pools.
However, nothing will protect you from our bought-and-paid-for legislators who regard the average citizen/voter as being less important than fellow politicians, government workers, unions, illegal aliens and the special interests which pay their campaign bills.
Good luck with your choices. Me, if I choose to participate, I ask a colleagues kid to fill out my form – seems he has a better handle on winning than almost everyone else in the office.
“Nullius in verba.”-- take nobody's word for it!
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell
“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar
“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS