Thursday, April 14, 2011

Capitalism isn't working

The online firm Scottrade polled 226 registered investment advisors for their opinion on the amount of retirement money people will need to live at the level of comfort they are used to enjoying.
71% of them stated that one million dollars will not be enough.  People between the ages of 25 to 42 will require 2 to 3 million dollars for a comfortable retirement.  You young'uns better get hoppin'. 

Shortly after Katrina destroyed much of the Gulf Coast economy, the Governor of Mississippi was quoted as saying the first thing to do was get the casinos in Biloxi operating because "Casinos are the life blood of the state of Mississippi".  Wow, I wonder what Adam Smith would say about that!

Writing about a particular firm in the New York Times on April21, 2007, Brad Stone stated "revenues will inevitably flatten as the company matures.  If it wants to keep treating investors to torrid growth, the company needs to develop other ways to make money."  Again, what would Adam Smith say about that?

The Adult Entertainment Industry says there is room for pornography in the economy because "a market for porn exists".  The impramatur of the market is greater than the infalliblity of the Pope.

More news on gambling.  (Proponents call it 'gaming'.  Isn't that cute?)  The state of Florida is considering changing Florida into a state with full  casino gambling.  There are casinos in Florida now, mostly run by the Seminole Indians.  It is proposed to start with twenty-six counties and proponents claim the state could get S2.5 billion in first four years from license auctions and taxes.
Of course, this is being considered because the government is running a deficit and can't meet its obligations.  Legislators refuse to tax people because people who earn their money should keep it.  Except of course, they should remember to spend their money on slot machines and card games.  Then the state can tax the profits of the casino.  That's okay.
Not enough to fund education and schools with lotteries.  We must fund police, firemen, libraries, highway construction, etc. with gambling profits.
These are ideas from the 'family values people'.  What hypocrisy.  What cowardice.

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