SUNDAY, OCTOBER 23, 2011
My grandfather loved to gamble. So, it is no surprise that my father likes to gamble. I confess that even I enjoy the occasional challenge of facing an opponent when both us have a little skin in the game. But my grandfather--who didn't always follow his own advice--gave my father some advice which he has taken seriously and passed on to me, to wit: Don't gamble with the grocery money..........
I proffered that the game was a dangerous one for all but the largest players. Why? Three reasons: First, those players have access to information, connections and great gobs of capital that can move markets, and they are perfectly capable of making money when markets go down as well as up. Second, they have so much money that even severe losses will not prevent them from buying groceries and paying their mortgages and utility bills. Third, the government will step in to prevent them from going bust if it believes this means preventing a systemwide financial meltdown............
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