John W. Kindt, a professor at the University of Illinois and Focus On The Family’s go-to source for “gambling = crack cocaine” quotes, thinks legalizing gambling in the US is a bad idea. Why? Because crazed stock traders on Wall Street would channel millions/billions/trillions into this new market, creating a speculative bubble that would dwarf the subprime mortgage debacle and put the final nail in the US economy’s coffin.
If you examine that claim carefully, what Kindt appears to be saying is that overeager Wall Street traders are the problem, not the sector in which they choose to invest, unless Kindt also believes that houses are evil (what with their walls lined with cocaine stucco and all). Nevertheless, it’s good to hear someone else coming out against the publicly traded online gambling company model and the Bwin/PartyGaming merger — at least, we think that’s what Kindt said. (It’s hard to tell when he’s frothing at the mouth like that.) Read more.