Americans spent more than $300 billion on legalized gambling last year. Much of that money was lost—which is as much a surprise to lottery-ticket buyers as rising interest rates are to adjustable-rate mortgage (ARM) holders. Housing has varied in value since yaks were traded for yurts, but who could possibly have foretold that ARMs would ever be adjusted higher, or that house values would ever cease to go up? And really, is there any difference between holding an ARM that cannot possibly be repaid and holding a lottery ticket?
Yet, through absolutely no fault of their own, the vast majority of people who hold lottery tickets never see a return on their money. We would ask that the Fed open its borrowing window to exchange Federal Reserve notes for lottery tickets. Most legalized gambling operations are incredibly profitable—on a par with the outrageous megabuck salaries of the masters of the universe—because they are monopolies enforced by sovereign powers. If we persist in not bailing out individuals who, through no fault of their own, are unable to get any return on their lottery tickets, we risk the entire meltdown of gambling monopolies. You can bet on it.
Please let me know where I can turn in my 8-tracks, lottery tickets, and old newspaper subscriptions. We really need the money.
Sincerely Yours,
Vance K. Opperman
Unintentional Financial Victim
