Barney Frank - says -"Legalize online gambling!"

[Dallas12]

U.S. Rep. Barney Frank, a Massachusetts Democrat and head of the U.S. House Financial Services Committee, at a news conference on Tuesday morning outlined his agenda for the coming months, including an attempt to have online gambling and poker prohibition repealed.

Congressman Frank said recently in an interview that legalized online gambling plays an important role in the current U.S. economic crisis.

"I think if we do this right we should make online gaming legal and subject it to a reasonable taxation like anything else," he said. "This does not conflict to our effort to stimulate the economy. This isn't bad for the economy."

Gambling on the Super Bowl this past Sunday was widely believed to have generated close to $90 million in Vegas alone. The online gambling sector is likely to have made several times that number.

Barney Frank's agenda included the following:

Says favors a federal insurance program for municipal bonds.
Says Bank of America will testify at hearing next week on Treasury Dept's $700 billion TARP bailout program.
Says wants to maintain mark-to-market accounting but try to contain its consequences to banks' businesses.
Says wants prohibition on executive compensation that encourages excessive risk.
Says inspector general will demand that TARP recipients fully account for how they use federal funds.
Says intends to toughen liability on securitizers.
Says Treasury Dept shouldn't ask Congress for more capital until it shows that money is being used responsibly.
Says thinks Treasury Dept might ask Congress for more federal funds.
Says hopes for repeal of online gambling regulations.
Says national flood insurance program to be extended in omnibus legislation until September.

I GOT THIS FROM US Gamblers it is a weekly e-mail newsletter

[ScareCrowAKA]

He has supported it for a while. Him and Ron Paul are big advocates. I like most of Franks view personally. However, he takes a few of them to the extreme. Like opposing the bill to restrict protests near soilders funerals. Why the "F" does anyone need to protest at a funeral... Come on. Also the whole housing crisis that contributed to then goes on TV 4 yrs later and totally contridicts himself... -2003, "The more people exaggerate these problems (the problems that lead to the crisis we are in now), the more pressure there is on these companies (Fannie and Freddie), the less we will see in terms of affordable housing" "the bill would potentially weaken the bargaining power of poorer families and their ability to get affordable housing" and now he says its fannie and freddies fault for irresponsible lending practices... Thats true, but he advocated for those practices. But anyway im done. Sorry for that

[ScareCrowAKA]

Oh and ya. If you dont want this to econmic mess to happen again. Make it Illegal for credit card companies, banks, car dealerships, etc... to charge people with poor credit 25 " F "ing % interest

[bkniefel]

It's about time for politicians to consider the beneficial outcome from the legalization of online gambling for the economy. lol I think they should have a stimulous package to regenerate these efforts and stimulate the economy. Thus, making these billion dollar bonuses justifiable from our taxes.