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Monday, November 12, 2012

The Next Bursting Bubble!

The letter to the editor below has been ignored. The pertinent Boston Globe article is below.
Bubbles don't last!




When Paul McMorrow writes That more and more casinos can only work "if gambling erodes ever-greater portions of the real, productive economy", (11-6-12), he is issuing a warning which the Commonwealth of Massachusetts should grab our attention. The craze which is leading states to build more and more casinos is the sign of another bubble similar to the recent housing bubble which resulted in a major recession with millions losing their losses through foreclosures and many more millions losing their jobs.
 
The problem with bubbles is that they are never recognized until too late. There have been numerous bubbles from the famous South Sea Bubble to the recent one in housing. Every bubble benefits some people. They have to get in early and get out before it is too late. Casino gambling took off in the early nineties and has been growing ever since. The people who start investing in the bubble just before it is going to burst are the great losers. People are divided as to whether casino gambling is or is not a good way for the individual states to get additional revenue. But the gambling bubble is very close to bursting in the very near future. Even if it was a good idea in 1990, it is only a losing proposition right now.

Look at Connecticut. Both Foxwoods and Mohegan Sun are on the verge of bankruptcy. Next thing we know the state will be asked to advance subsidies to them so as to preserve, yes, "jobs, jobs, jobs." In Rhode Island both Twin River and Newport Grand have had to, ask for assistance from the state. Wake up, Massachusetts! So far we don't have any casinos even though some are being planned. It is not too late for our General Court to repeal the law authorizing casino gambling. It is time, even past time, for our state to get out of our casino craze.

Peter B. Denison  Somerset, Ma
 
 

R.I. and Mass. are in a gambling arms race

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