October 5, 2009 -
Timothy Geithner, he's our man! If he can't do it.....well,
we're screwed. Okay, maybe not screwed, per say. But
seriously folks, did you ever stop to consider whether
getting online gambling regulated in the U.S. really isn't
the best thing after all. I mean, who knows what will happen
if and when big name brands like Harrah's are permitted to
stake a share at online gambling. I mean, a guy like me
might be out of a job for Christ sakes!
But then again, I remind myself to take a look at how
the UK and Euro online gambling industry is faring,
which as you know, is indeed regulated and is being
prowled by many a big name gambling brand. And wouldn't
you know it, I still have a job!
The only reason I'm bringing up Tim Geithner anyways
is because he is the U.S. Treasury Secretary, and it's
the Treasury Department, which is essentially in charge
of overseeing the whole implementation of the Unlawful
Internet Gambling Enforcement Act (UIGEA). Ya, I know.
You would have thought the UIGEA had been implemented by
now, considering it was passed back in 2005.
But, it hasn't, and now there's a growing number of
U.S. Congressional members, including
Representatives Barney Frank and Pete King, who
have written a letter to Mr. Geithner, urging him to hold
off on implementing the UIGEA. Warning that doing so
would burden the financial-services industry during a
time when economic strife is already making things
burdensome, the letter informs Geithner that a bill to
delay the implementation of the UIGEA, as well as one to
regulate online gambling will be moving through Congress
In other words, rather than just say the UIGEA sucks
and shouldn't be passed (which it does and which Barney
Frank did kind of say early on), the letter makes it
clear that motions are being taken to offer a sound
solution to the UIGEA.
And that my friends, is called
regulation, and would certainly help out an ailing U.S.
economy, which is probably why an overturn of the UIGEA
stands a much better chance now than it ever has or ever
will - not to mention the fact that a
Democratic-controlled Congress is in power these days.
October, 2009 | Categories: