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I think if you look people are buying -- -- tickets would do you think that with the economy the way it is more people will be taking that chance -- with a quick pick.
Apparently not so says my next guest he is professor John -- of the University of Illinois.
-- we -- to explain what I law through sales are down at a time like this.
Well actually I'm -- -- -- -- I think people are getting smarter they're tired of throwing their money away their time tired of throwing it into the toilet of the lottery.
They're starting to take those dollars and put him back into the consumer economy they'd much rather buy cars refrigerators and televisions or even save those dollars.
And and put them into retirement CT is seedy types of investments now so this is actually good news for the economy and the smartest thing we could get him.
Is encourage people not to play the lottery but to get reinvested.
In the consumer economy which would have a multiplier effect which you know -- moment.
Professor I'm surprised to hear of this I think is terrific news on you -- -- you're delivering to us how about this.
It is it possible -- the gambling market is becoming saturated.
But when I first got into this country 35 years ago you couldn't gamble except in Las Vegas and then eventually in New Jersey but -- I can go anywhere now -- a take a chance.
You know we had in the nineteen in 1990 ninth US national gambling impact study commission.
It called for a moratorium on the expansion of any type of gambling anywhere in the United States.
It called for the recapitalization of various types of gambling including -- backs on various games in the state lotteries.
And so we had this US federal commission that said this is lose lose for the United States and and for the world economy.
He didn't see FDR in the Great Depression saying we can gamble ourselves rich let's build casinos.
Actually gambling is is like throwing gasoline on the recession.
And people are gonna have to decide government government officials are going to have to decide that they're just gonna keep on gambling this money away out of the consumer economy.
Or they're gonna put it back into the consumer economy and stimulate that economy you forget wouldn't want that would nearly half trillion dollar stimulus -- you forgetting something.
Legalize the law for -- gambling is the most efficient way of taxing poor people don't forget.
-- -- -- click on the ethics of this I mean we talk about ethics in various business connotations the Wall Street fallout.
Where we have governments advertising something.
That no other business could advertise because it would be fraudulent for them -- -- -- And here we have governments promoting something that they know creates new addicted gamblers knew bankruptcies in new crime.
It the National Commission compared this to drug addiction.
They said these video lottery terminals -- electronic gambling in particular is like the crack cocaine to creating new addicted gamblers.
Well government should not be feeding an addiction they should not be preying on their own citizens we should stop this predatory type of gambling.
And reinvest in the consumer account we've got to got I think my professor I'm afraid we're out of time okay but -- heard your message yet loud and clear thanks for bringing it to a professor we appreciate it.
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