Frank gets one Right - Republicans need to Back Economic Freedom

Patriot Room ^ | 5-5-09 | Scott Martin

[Scott Martin]

When the liberals are seen as being on the side of economic liberty, and conservatives are seen as opposing it, something has gone seriously awry. But such is the case right now on at least one issue: online gambling. And Barney Frank (of all people) is the voice of reason.

U.S. Representative Barney Frank will unveil legislation on Wednesday to roll back a U.S. ban on online gambling, he said in a statement on Tuesday.

The Massachusetts Democrat said his legislation "will enable Americans to bet online and put an end to an inappropriate interference with their personal freedom."

And Barney Frank is 100 percent correct.

Full disclosure: I have made the majority of my income over the past three years playing online poker, a game that has repeatedly been ruled a game of skill in the court of law. That is neither here nor there - this issue is simply one of individual liberty - but I do have a horse in this race.

Ronald Reagan identified the ideal more than 34 years ago, in his "A Time for Choosing" speech on behalf of Barry Goldwater:

You and I are told we must choose between a left or right, but I suggest there is no such thing as a left or right. There is only an up or down. Up to man's age-old dream - the maximum of individual freedom consistent with law and order - or down to the ant heap of totalitarianism. Regardless of their sincerity, their humanitarian motives, those who would sacrifice freedom for security have embarked on this downward path.

But it is the party of Reagan that is responsible for butchering a couple of his principles over this issue...

More at the link.

[Moose4]

Oh snap. I agree with Bawney Fwank on something.

}:-)4

[misterrob]

Bawney also slapped Geithner hard saying they threw him out there before he was ready.

[Martin Tell]

I can think of better ways to throw away my money, still it's not the government's business if others want to lose this way.

That said, there is already a problem with the ubiquity of gambling in our society - the worst are the State rackets (lotteries). And it is my concern when gambling addicts and their families go on welfare or the bums steal to support their habits.

It's not an easy question, but I don't think we gain anything by "regularlizing" this industry. It was better when gambling (and porn) were illegal. One could always find them, but being illegal, one could also avoid them if one wished. Part of the allure of gambling in the old days was that it was illegal.

[Scott Martin]

Gambling is more and more evolving into something that is not just the house taking gamblers money. Not that there was ever anything wrong with that either - people who choose to trade dollars for entertainment value should have the freedom to do so.

But nowadays, there are sports betting and poker communities with almost zero juice - which makes it essentially the stock market, although a zero-sum one. At its base, it is two people wagering and the one that has better information or ability than the other one profits in the long run. The losers go bankrupt, or get smart first and quit playing.

Which is pretty much how most money is earned in this country.

I think your better instinct was the “it’s not the government’s business” answer.

[Martin Tell]

Admittedly, it's anecdotal, but the NYT had a story a year or so ago about a college student who got hooked on online poker and held up a bank to get more money. I suppose he could have got hooked on day trading and done the same thing, but I still am uneasy about creating more opportunities for such things.

For every sophisticated punter trading on superior knowledge to win at sports betting or online poker, there are dozens of loser-suckers. There have to be, otherwise the system does not work.

And I really don't like the "money for nothing" ads pumped out relentlessly by the State lotteries. I once had a secretary whose retirement planning consisted of buying lottery tickets. She would not listen to me when I showed her the math. Lotteries are a tax on poor folks who can't do math.

[Scott Martin]

I would certainly agree that the state has no business running a gambling operation, which is what most are doing. Of course, the state seems to be doing many things it shouldn’t be doing lately.