Posted by Nolan Dalla on Aug 24, 2015 in Blog, Essays, Politics, What's Left |

The Poker Community Responds to the Stock Market Crash

It’s still way too early, but it looks like the American stock market is about to take another nose dive.

At the time of this writing, investors stand to lose about $65 billion in total value on what’s being called “Black Monday.” Never mind that recent “profits” were an illusion, a money mirage, nothing more than a incendiary balloon loaded full of false hope and hot air, vulverable to explosion.

Sixty-five billion dollars evaporated. Within about an hour, right after the market opened and while most of the West Coast was still slumbering in bed. That’s comes out to about $300 for every adult living in this country. That’s more than the entire net worth of all 32 teams in the National Football League combined (valued at $60 billion). Then again, just to give some added perspective about how ridiculously out of control military entitlement defense spending has become, that doesn’t begin to cover the cost of the F-22 Raptor fighter aircraft program (which is estimated at $79.2 billion and could soar higher). The market still needs to drop another $14.5 billion in value, and then the losses will catch up to what those planes are going to set back the taxpayer while American infrastructure continues to crumble.

Indeed, lots of people lost a shitload of money today. Victims, if you can call them that, certainly included the privileged one-percenters, riding a financial tidal wave on the backs of the middle and lower classes that’s been swelling across the economic sea for nearly three decades now. However, far more victims are likely to include average working people with their 401K retirement accounts vested in blue chip stocks. They got fucked. But they need not worry. Walmart is still hiring greeters at $7.25 an hour.

Funny isn’t it, how millions of good hardworking people suffer financial setbacks and some even lose fortunes (think of the unfortunate shareholders who plunged back into the market last week only to wake up in a panic on Monday). Yet Wall Street, which is the world’s largest casino district, continues to rake in the vig big time, enjoying another recent frenzy of investment, yet remains perpetually subject to the whims of economies on the other side of the world.

Given all that’s happened since the alarming crash of 2008, one would think there’d be an loud outcry demanding reforms, and even punishments for those responsible for the crisis. Well, there have been some reforms and punishments. Not targeting the huge investment firms and banks, mind you. Indeed, there’s another sector of the economy that’s been targeted, far more so than those who did some truly awful things with other people’s money.

Consider this fact: The online poker industry has had more executives charged with crimes than the total number of bankers who went to jail for the financial meltdown of 2008. READ MORE HERE

That’s hard to believe, isn’t it? I’m not saying that some of the owners of Full Tilt and UltimateBet didn’t deserve to serve serious jail time. They should have been charged and then convicted. However, put into perspective — we poker players been punched in the face and kicked in the ass, while the real gangsters avoided any repercussions. This relatively small industry has been prosecuted far more severely than the entire banking system which nearly triggered a global depression which might have created massive political panic and social chaos, had the government not rightly stepped in and forced a bailout, perhaps saving Western democracy. The facts bear this out: First there was the Unlawful Internet Gambling Enforcement Act, passed in 2006. Then, the gauntlet of Black Friday came down in 2011 — effectively ending quasi-legal online poker inside the United States. Since there, far more draconian measures have been introduced in many states, and at the federal level.

Online poker remains illegal in 47 states, and there’s now a well-financed movement to cripple it even further. Opponents of online poker want it shut down completely, and then criminalized. Citing the potential to ruin lives and harm society, Sheldon Adelson’s heaviliy-bankrolled Coalition to Stop Online Gambling has made far more progress than any liberal watchdog group demanding the reform of financial markets. Any many members of congress, including a few presidential candidates are listening to him, pledging their support.

That said, many of us are getting angry about this. We’re angry about the sense of misplaced priorities in this country. We’re disgusted by such an incomprehensible misappropriation of legal resources, going after people who like to play poker instead of those who caused immeasurable hardship and heartache for hundreds of millions of people.

Accordingly, I was pleased to see several influential voices in the poker community speak out against the hypocrisy of letting financial markets run wild much to the peril of common investors, while admonishing the evils of online poker. Here are some of the best Tweets I noticed this morning:

Gaming stocks all down; LVS, WYNN, MGM, BYD, IGT, SGMS all tumbling #RJnow — Howard Stutz (@howardstutz) August 24, 2015

Wouldn’t it be nice if all Americans could play online poker to try to win back the $$ they lose by gambling legally on the stock market? — Eric Raskin (@EricRaskin) August 24, 2015

Click your mouse, lose your house — Adam Small (@AdamLoebSmall) August 24, 2015

If you ask me the markets are over reacting to the One Direction breakup — Nick Wealthall (@nickwealthall) August 24, 2015

Pretty bad day for legal stock market gambling in the US. Hopefully the DOJ steps in and protects the children — David Baker (@DMBakes) August 24, 2015

The stock market is probably reacting to the news that I have some money in it. — Sigh Hersh (@Ugarles) August 24, 2015

Don’t gamble at poker, they said. Invest in the market, they said, Ensure your children’s future, they said. — Brad Willis (@BradWillis) August 24, 2015

Of course, I couldn’t resist adding my own zingers:

You fools who lost a bundle on stocks should have put your $$ in something safe….like real estate. Oh wait. Never mind. #capitalismsucks — Nolan Dalla (@nolandalla) August 24, 2015

So now that China’s broke, who in the hell are we gonna’ borrow money from? #bankersdidthis — Nolan Dalla (@nolandalla) August 24, 2015

At least there’s some good news about the stock market crash: Sheldon Adelson booked a loser today. — Nolan Dalla (@nolandalla) August 24, 2015

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