Tagged: other people’s money

Lotteries, Poker, and Other People’s Money

Braving odds of 176 million-to-1, scores of otherwise sensible Americans, including several of our intelligent friends, were infected with Lottery Fever this past week, standing in lines of up to three hours to buy a ticket at “lucky” liquor stores and gas stations. The prospect of a $640 million jackpot and the assurance that some...

Taking Responsibility for the Mortgage Mess

From trustworthy publications like the august New Yorker to the journalistically sound Los Angeles Times, and from just about every other mouthpiece on the respectability spectrum, we’re learning that the Big Mess in our economy is largely the fault of Wall Street fat cats who helped bundle terrible housing loans into decent-looking packages that are...

Insider Trading

The U.S. stock market is the world’s largest casino, except in this particular gambling den players don’t know the odds on their wagers. They just bet and hope. There’s very little correlation between a company’s real value and its stock price or between its earnings and its stock price. If there were, anyone could safely...