House of Cards

The House voted today on a bill that outlaws internet gambling. Well, sort of. It allows states to run lotteries on-line and allows people to bet on horseracing. Somehow lotteries and ponies are safe forms of "crack cocaine."

Anyway, not sure why Congress, again, is sticking it's nose in our business. Make it legal, bring that business on-shore, and collect taxes, create jobs, and provide a service that American's clearly want. In fact, one of the main beefs that people have with allowing gambling is that, supposedly, bad sorts hang out around casinos. Well, internet gambling takes care of that. All the revenue, none of the hassle.

People want to gamble, let them. People spend too much money gambling, that's their problem. Are the feds going to tell me when I've bought too much on Ebay? How about if I buy a new car I can't really afford? What's next, putting a cap on my credit card limit, or telling me I'm too extended on that second mortgage. How about doing something about all those no interest for six months credit cards I keep getting pre-approved for? Lot's of people lose their homes because they can't make the payments. It's sad, but it's also on them. Why is gambling any different (well except for lotteries and ponies-no one ever overextends on them. Nope, no compulsive gamblers ever get into trouble on those two, that must be why they get a special carve-out). This isn't the government protecting us, it's the Feds arbitrarily deciding which businesses get to survive, and which go under. Which entreprenuers get to make money, and which have to lose. Who gets a job, and who loses one. Talk about slapping away the invisible hand.

Also note that states have the right to decide if they want to allow bricks and mortar casino gambling within the state, but under the House law they have no say in internet gambling.

The good news is that it doesn't look like the Senate will pick this up. The bad news is that the House will keep passing it, at 317-93, it's going to be around for awhile.

Bet on it.