Comments on economics, mystery fiction, drama, and art.

Saturday, February 06, 2010


"Speculators may do no harm as bubbles on a steady stream of enterprise.But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done."

J. M. Keynes, in The General Theory of
Employment, Interest, and Money

"It's like on Wall Street, when your heart is in your throat. You make the wrong move and you could lose your clients' money...Wall Street is just a form of legalized
Dave "Spider" Perry, a 41-year-old f
ormer bond trader, living in Las Vegas,
in The Wall Street Journal,
February 6, 2010, p. A-10

Headline in The Wall Street Journal, February 6, 2010, p. A-1:

"Firm Engineers Vegas Wedding Between Wall Street and Sports Betting"

The lede:

"LAS VEGAS---Investors are sometimes accused of treating the stock market like a casino. Now, one Wall Street firm wants to treat casinos like the stock market.

"Bond-trading specialist Cantor Fitzgerals in March took over the management of sports betting at the M Resort..."

Their approach includes in-game betting (e.g., on such things as whether a pass will be completed or a field goal made), in addition to the formerly standard win/lose, with-the-spread/against-the-spread betting.

Be afraid. Be very afraid.


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