Tagged: mega millions

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...

Gambling on the Future

The state where I live, California, needs money to pay for massive infrastructure improvements, a sprawling penal system whose budget is larger than most sovereign nations’, and the salaries and pensions of a bloated bureaucracy. Our movie star governor, Arnold Schwarzennegger, has a plan. Rather than issue more municipal bonds, the interest on which must...