From sports betting and online casinos to prediction markets and meme stocks, gambling is no longer just an industry. It is becoming the American way of life.
Ms. Sethna once again provides great illumination on where our national society is at, and where it's going. I hope she continues to write these insightful essays.
It has little to do with financial hope or desperation.
Too many people just need to feel something. A win, A Loss, something..anything to take their minds off their broken families, the endless scrolling of bullshit, the lack of real friendships..most people don't even know their immediate neighbours anymore. It's a distraction with a hit of dopamine. It is a last ditch effort to feel something...
I think some of the gambling is fueled by the economic desperation of the people. Think of how many people who can't afford it buy handfuls of lottery tickets. Gambling is a regressive tax on the innumerate.
The “Hail Mary” economy will escalate as job losses & inflation (stagflation +) continue on their self inflicted trajectory. A special thanks to congress and their handlers for the childish fiscal irresponsibility for 45* years and a kudos to Nero* and his crew of 🚌 sociopaths.
*Clinton was the only potus to largely maintain a balanced budget perhaps he had “better”things to do w his time.
The other side of that coin is that more and more of the less risky options for investment have disappeared. People used to build out an apartment over their garage as a start for investing. That has been mostly eliminated through zoning. They used to buy properties to build up a rental portfolio. That has been squeezed out by institutional investors taking up that segment as other options have dried up. They used to start up small businesses. That has been made much harder through taxing and regulation.
That has squeezed people that don't have a lot of money to invest in anything. Say, for instance, you are a 30 something saving up to buy a house. Where can you put it to build up until you have enough for a down payment where it will collect interest? If you put it in a bank, you will be paying 20% or so of the interest in taxes. If you put it in some other investment, you will be paying capital gains on it when you take it out to use.
Traditionally, the way people started out with their home (as their largest investment) they had the option of buying a crappy "fixer-upper" and putting sweat equity into it. Now, they are competing against people who buy them and fix them up with upgrades already done so there is no way to put in sweat equity. Even if they manage to find a fixer-upper, they have an ever increasing gauntlet of regulation to go through. A city near me has set the limit of $300 worth of work done on a home before requiring a city inspection. Many will not even inspect a home unless all work was done by a licensed contractor.
They get swayed by the anecdotal gains in risky investments. Everyone brags about the money when they are up but are really quiet about losing their butt on a stupid investment. That makes the risky investments look so much more attractive. That is not even counting whatever is the new trendy super investments being peddled by the hucksters.
Yes, a quirk of human behaviour is to abandon careful planning and evaluation when overwhelmed with negativity and distraction. Fear, as well, displaces rational and critical thinking.
I'm sure they know this, the manipulators and profiteers, but haven't considered likely outcomes.
They are gambling too but won't be on the winning side as they fuel their own collapse.
I've often said if I had enough money to gamble, I wouldn't need to gamble. I've heard others say that a rise in the number of casinos is often an indication of looming economic collapse. Seems to be the case.
Ms. Sethna once again provides great illumination on where our national society is at, and where it's going. I hope she continues to write these insightful essays.
- BG
It has little to do with financial hope or desperation.
Too many people just need to feel something. A win, A Loss, something..anything to take their minds off their broken families, the endless scrolling of bullshit, the lack of real friendships..most people don't even know their immediate neighbours anymore. It's a distraction with a hit of dopamine. It is a last ditch effort to feel something...
I think some of the gambling is fueled by the economic desperation of the people. Think of how many people who can't afford it buy handfuls of lottery tickets. Gambling is a regressive tax on the innumerate.
The “Hail Mary” economy will escalate as job losses & inflation (stagflation +) continue on their self inflicted trajectory. A special thanks to congress and their handlers for the childish fiscal irresponsibility for 45* years and a kudos to Nero* and his crew of 🚌 sociopaths.
*Clinton was the only potus to largely maintain a balanced budget perhaps he had “better”things to do w his time.
The other side of that coin is that more and more of the less risky options for investment have disappeared. People used to build out an apartment over their garage as a start for investing. That has been mostly eliminated through zoning. They used to buy properties to build up a rental portfolio. That has been squeezed out by institutional investors taking up that segment as other options have dried up. They used to start up small businesses. That has been made much harder through taxing and regulation.
That has squeezed people that don't have a lot of money to invest in anything. Say, for instance, you are a 30 something saving up to buy a house. Where can you put it to build up until you have enough for a down payment where it will collect interest? If you put it in a bank, you will be paying 20% or so of the interest in taxes. If you put it in some other investment, you will be paying capital gains on it when you take it out to use.
Traditionally, the way people started out with their home (as their largest investment) they had the option of buying a crappy "fixer-upper" and putting sweat equity into it. Now, they are competing against people who buy them and fix them up with upgrades already done so there is no way to put in sweat equity. Even if they manage to find a fixer-upper, they have an ever increasing gauntlet of regulation to go through. A city near me has set the limit of $300 worth of work done on a home before requiring a city inspection. Many will not even inspect a home unless all work was done by a licensed contractor.
They get swayed by the anecdotal gains in risky investments. Everyone brags about the money when they are up but are really quiet about losing their butt on a stupid investment. That makes the risky investments look so much more attractive. That is not even counting whatever is the new trendy super investments being peddled by the hucksters.
Yes, a quirk of human behaviour is to abandon careful planning and evaluation when overwhelmed with negativity and distraction. Fear, as well, displaces rational and critical thinking.
I'm sure they know this, the manipulators and profiteers, but haven't considered likely outcomes.
They are gambling too but won't be on the winning side as they fuel their own collapse.
I've often said if I had enough money to gamble, I wouldn't need to gamble. I've heard others say that a rise in the number of casinos is often an indication of looming economic collapse. Seems to be the case.