“Everyone knows that Americans who participate in government-run lotteries have improbable odds of winning. Economists have shown that these lotteries are essentially a regressive tax on lower income Americans and that consumers should not rationally participate. If the private sector was making profits from these lotteries, instead of government coffers being filled with billions, there would be claims of  abuse of low income Americans, fraud and deceit, lawsuits, and criminal investigations. Where is the Consumer Financial Protection Bureau? Many may argue: “Well, these folks are voluntarily choosing to buy a lottery ticket”. I don’t disagree, but what is the difference between that argument and the fact that Americans voluntarily took out their mortgage loans (and all the documents and disclosures they signed were government mandated forms)? Also, I haven’t commented on the Affordable Care Act until now, but the LA Times article below hit me as the height of hypocrisy. Think about it, this is the same government that sued major mortgage loan servicers alleging improper mortgage loan servicing practices, forced multi-billion dollar settlements down their throats (without much evidence of economic harm), mandated elaborate mortgage servicing standards and hired government monitors to enforce the settlement terms and these standards. And yet the roll-out of ACA proves the government is no better.” Mike Perry, former Chairman and CEO, IndyMac Bank

Mega Millions recipe: longer odds, bigger pots and fewer winners, Los Angeles Times, December 12, 2013

Many who enrolled in health plans still await confirmation, Los Angeles Times, December 12, 2013