Frank's Online Gambling Bill Draws Bachus Into Debate
The House Financial Services Committee began the markup procedure for Barney Frank's new bill seeking to declaw the UIGEA and begin the process to the regulation of online gambling. Spencer Bachus of Alabama was the primary speaker denouncing the bill, as expected.
Bachus said that children had to be protected from Internet casinos, as he claimed the earlier in age one is exposed to gambling, the greater the chance that compulsive gambling develops, and the stronger the compulsion.
This is in direct contrast to today's article in the scientific journal "Psychology and Aging', which quotes a study by Rutgers University's Center for Gambling Studies that found elderly adults exposed to gaming for the first time are four to five times more likely to suffer problem gambling than those exposed at an early age.
Bachus also argued that credit cards make spending on gambling much easier than cash, allowing patrons to overspend their budget, another point he thinks makes a case for laws against online gambling.
But isn't this point valid for all Internet businesses? Does Bachus advocate a ban on Amazon.com, or E-Bay? And isn't the same premise basic to all credit card shopping? Should credit cards be illegal?
Further, isn't it ironic that a prominent member of the Financial Services Committee should lecture individuals on proper money management while institutions under his oversight are crumbling?
Bachus also asserted allowing legal online gambling was tantamount to setting up casinos in children's bedrooms. This implies that everything on the Internet may as well exist in kids' rooms. That would include crazed Holy Rollers; should religion be banned online?
Bachus' reasoning continues to be faulty. The markup stage passed without problem; it remains to be seen at this afternoon's vote whether his colleagues see through his tall tales.
