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Forum Post: Betting on election?

Posted 2 years ago on Dec. 26, 2011, 11:21 a.m. EST by toukarin (488)
This content is user submitted and not an official statement

Saw a news article about some group of traders trying to create a 'derivative' allowing people to basically bet on the outcome of the presidential elections... As if the really wealthy ones don't already have some inkling of the results beforehand... Guess it might allow them to recoup some of the money they spent financing the campaigns huh?

http://online.wsj.com/article/BT-CO-20111221-709555.html

5 Comments

5 Comments


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[-] 1 points by FrogWithWings (1367) 2 years ago

Gamble on the 2012 Elections! Win big OR if you're wrong, yep, line up for a bail out! Either way you get to finance your candidate for free so you may as well work both sides. YOU CAN'T LOSE!

Ya gotta love this America! In the almighty holy dollar we trust!

You do know that certain gambling losses are actually 1:1 tax deductible, right?

Buy a United States President TODAY! Prosperity for sale for those who can afford it!

http://www.zerohedge.com/news/senator-coburn-presents-subsidies-rich-and-famous

"Dear Taxpayer,

Americans are facing tough times. Millions are still out of work. Wages remain stagnant, while health care costs, tuition, and other household cost continue to rise. Many homeowners owe more for their houses than they are worth.

With families across the country struggling to make ends meet during these economically trying times, many are left with few options so they are turning to the government – some very reluctantly – for assistance. The government safety net has been cast far and wide, with almost half of all American households now receiving some form of government assistance. But most taxpayers will be asking why when they learn who is receiving what.

From tax write-offs for gambling losses, vacation homes, and luxury yachts to subsidies for their ranches and estates, the government is subsidizing the lifestyles of the rich and famous. Multimillionaires are even receiving government checks for not working. This welfare for the well-off – costing billions of dollars a year – is being paid for with the taxes of the less fortunate, many who are working two jobs just to make ends meet, and IOUs to be paid off by future generations.

This is not an accidental loophole in the law. To the contrary, this reverse Robin Hood style of wealth redistribution is an intentional effort to get all Americans bought into a system where everyone appears to benefit."

[-] 1 points by toukarin (488) 2 years ago

You do know that certain gambling losses are actually 1:1 tax deductible, right?

I did not know that. Does that mean if I buy a bunch power ball tickets I can make that a tax write off?

[-] 1 points by FrogWithWings (1367) 2 years ago

I think you have to gamble big, I used to know the code, but, I think we should lobby congress so we can even write off getting high.

[-] 1 points by toukarin (488) 2 years ago

In reference to my original post, here is an excerpt from the WSJ article...

"For instance, Ireland "s Intrade allows members to bet on events ranging from whether President Obama or Newt Gingrich will win the election, to whether the U.S. economy will slump into a double-dip recession or Israel launches air strikes against Iran before the end of the year."

Apparently its already to possible (and legal!) to do that in Ireland... given how the military-industrial complex functions in this country I shudder to think about the possibilities if such 'trades' were allowed to happen here...

e.g. If the trade is "Will US invade Iran" I wonder how much the decision would be influenced by people investing in the trades... rather than the will of the people...

[-] 1 points by FrogWithWings (1367) 2 years ago

Gee, with enough money on it, who would care about being able to write off the losses? These bastards are going to have their way unless we do something serious to stop them.