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View Diary: Alan Grayson Rips the 'Liar' Alan Greenspan a New One (233 comments)

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  •  Take Hollywood, for example, (5+ / 0-)

    to clarify the difference between banking and gambling:

    Hollywood Tries to Block Market for Movie Bets

    ...many of the film industry’s major players, and some sympathetic lawmakers, have aligned in an 11th-hour push to block new financial instruments that would allow traders to swap contracts tied to box-office results, ...

    These instruments which the financial sector creates are nothing other than gambling addicts making things to bet on. Why pretend otherwise? There's nothing beneficial to society in it at all.

    Before long we'll be seeing a new class of "Financial Instruments" called "The next guy to walk into the restaurant will wear a tie." Then we'll sell insurance on people's "position" on that. Then we'll bundle both the positions and the insurance and sell that.

    Seriously: gambling is economically useless for a society, and destructive of common sense and perspective. Cut all forms of it completely away from banking, call it gambling, and tax winnings at 95%.

    Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

    by Jim P on Thu Apr 08, 2010 at 12:35:53 PM PDT

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