Casinos and Credit
The first casino, the Imperial Palace, in Biloxi, MS. is set to open its doors on Dec. 20, this year, followed by the Palace and Isle of Capri by the end of this month. Mississippi knows how much butter these places furnish for the state budget bread...It's a shame we Alabamians still haven't seen the light. The rant from the religious right is always the same and always far from the truth. For instance, they say the casinos cause a lot of bankruptcies. The truth is, bankruptcy (at an all time high last year, and probably this year too) is a product of the plastic card industry, making about 800 billion dollars a year off of...well, a piece of plastic, and casino folks bankruptcies are like a pea next to the proverbial elephant when it comes to bankruptcy. When you throw your money down the throat of a slot machine, you only walk out broke...Plastic, on the other hand, means you will be paying off forever, and that's why the banking industry is so hell bent on getting rid of greenbacks altogether. Merry Christmas, ya'll!
posted by porchwise at 8:31 AM
11 Comments:
For instance, they say the casinos cause a lot of bankruptcies. The truth is, bankruptcy (at an all time high last year, and probably this year too) is a product of the plastic card industry
Although I agree with your statement generally, the statistics on the rate that "gambling as a pasttime," is increasing in the US, are staggering. I blogged on this here.
I'm out there looking for a gambling-based mutual fund right now for my retirement. :-)
Scary! That's why I NEVER gamble. I think I have an addictive personality..well, maybe not exactly that but close enough. Anyways, I just posted a couple of new entries that I, personally feel are really good (not to brag, you understand). It's not that I have to go and recruit readers for my blog or anything...
Aren't we the only state that has no lottery? We have had these 777 game lounges pop up at an alarming rate in my part of East Birmingham -- dpn't know if you've seen any of those. They operate like casinos and have some Catch 22 operating method where the actual casinos are out of the state and are only "accessed" online in these casinos.
You have to remember that we are in a state that recognizes that Jesus turned water into wine, but will say in the same sentence with a straight face that wine is the devil's work.
Here in oregon we've had legal gambling for a while. I don't agree w/it myself, because i am a student of human nature & I know that there are people who have a lot of trouble in that area. I worked in bars for years and know that gambling goes on, no matter whether it is legal or illegal, BUT, it's not only that it's made legal, it's ADvertised & the people who have problems are COAXED into doing it for other peoples profit. Morally reprehensable, in my opinion.
kvatch:
Not a bad idea. I think I'll look into that too...mutual funds are like hedging your bets in the stock market.
dotbar: I've been reading your blogs for at least four months and, yes, I like that industry term you coined.
sheri:
Absolutely right and astute, as usual.
l>t:
The stock market uses a lot of 'coaxing' to get people to gamble on their game. Would you call this 'morally reprehensable'? And it's us stock market gamblers that keep profits piling up in brokerages. I see little difference. I tend to look at it this way: if you're an adult and not mentally disabled, you have a right to decide where you want to spend your money and spending is always a gamble.
Credit Cards are the absolute scourge of our economy. They are what allow us to prop up our dwindeling production with consumer retail spending. Did you know that the average rate of savings in the U.S. is negative!?!? That's absolutely ridiculous... it means the average person in the US is living beyond their means.
And yes, gambling is only gonna bankrupt those people that have a VERY serious problem, not the whole god damn country.
There is nothing wrong with credit cards. They are a convenient way of purchasing big ticket items without having to carry around large wads of cash. They are a neccessity in today's economy. Have you tried renting a car with cash lately?
All you have to do is pay off the balance within the allotted time and that's that. No interest is due.
Where is the problem?
Roman: The problem is this country has a negative savings rate. The amount of 'revolving debt' (credit card balances) that an average family carries has increased almost 400% in the last two decades, even accounting for inflation. I should know, since I did an research paper on it my senior year economics seminar class.
Yes, the problem ultimately lies with the individuals that choose to put those balances on their cards, but that doesn't mean that the problem doesn't exist.
(Sorry, you asked where the problem was)
HAPPY NEW YEAR'S
i lost a credit card outsidea casino once. not the brightest thing i have ever done
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