Posts Tagged ‘Economy’
Online Gambling in a Failing U.S. Economy
November 11th, 2011 | 
Author: Article by Magyck Sysop
Imagine about a country where general public safety is at great risk due to law enforcement layoffs, where states are forced to release criminals from jail because they cannot afford to maintain county jails and state prisons and where funding cuts for basic public education jeopardizes the future leaders of business and government?
It gets worse… this country can no longer afford to secure its borders and drug cartels from neighboring countries are able to come and go as they please, poor and impoverished immigrants (and even more criminals) infiltrate this country without any documentation allowing even more burden on an already financially broken land.
In desperate measures, this country begins to again increase an already crushing deficit by taking “loans” from other world leaders whom do not share “The Dream” of which this country was founded upon. Unable to repay foreign debt and before too long, not only is their “Dream” crushed, but her people will soon become citizens of a third world country.
Unfortunately this is the current financial status our very own United States and if we do not make some changes in our mindset… this is our future.
But do not write off the future of America just yet. Fortunately there are a few state governors think it it’s time to look at other forms of revenue and their eyes are on legalized internet gambling. After all, the house always wins and the taxation of all those participating within the internet gambling community will pay their dues by way of good old fashioned American income tax.
New Jersey was actually the front line of the online gambling revolution by passing a state bill allowing land based casino operators to offer New Jersey residents a safe and secure way to gamble online. However as of yesterday, Gov. Chris Christie vetoed the bill which would have legalized local online gambling Atlantic City casinos to set up gambling websites for residents of the Garden State.
This is a devistating economic blow as it was estimated that intrastate online gambling in New Jersey would produce at least 0 million in revenue, of which about million would be paid to the state in the form of taxes and although that may not be enough to solve their state’s failing budget, it is an annually recurring form of cash flow to keep the state out of the red.
Although there was the question of whether online gambling would cut into the revenue of the land based casinos in Atlantic City, one independent study claims that it would probably reduce Atlantic City revenues by 5% at the most and if individual casinos also operate the gambling websites, the Atlantic City casino revenue would simply be taken from one pocket and put into another.
Online gambling has been officially outlawed in the United States since 2006 (UIGEA / Unlawful Internet Gambling Enforcement Act), as when Congress forbid banks and credit card companies from processing online gambling transactions within the United States.
However, while Congress can pass laws governing a national commerce, by definition: “The United States” cannot dictate what individual states do or do not allow within their states…. although legal challenges on a national level would no doubt be plenty.
In the past, the U.S. Justice Department has declared over and over again that just about all forms of online gambling are illegal, although it has not specifically addressed online/interstate gaming issues such as state lotteries and horse racing which is widely accepted in states like Kentucky.
Opposition from Indian tribes will be likely, as they realistically have a monopoly on land based casinos in many states (other than Nevada and New Jersey) as well as offshore Internet gambling sites and at least some online casino operations.
Of course, there are those who argue that government can never successfully prohibit anything. Witness such blatantly ignored laws as traffic regulations, drug laws and prohibitions against tax chiseling. Supporters of this view would say that gambling will happen and the government might as well take its cut.
Supporting this view is the experience of offshore sites like Poker Stars and Full Tilt Poker. Although it’s illegal for Americans to gamble on these sites, it’s illegal for the sites to allow it and it’s illegal for financial institutions to transfer the money, an estimates 10 million Americans play regularly. In other words, governments that let the revenue from gambling elude them may wind up behind the 8 ball.
What Kind of Interest Rates Can You Expect For a Home Mortgage?
When applying for a home mortgage, interest rates should always be taken into consideration. There are different things that can affect interest rates for a mortgage. Understanding what causes the rates to vary, can help people to get the best possible rate for their mortgage.
It is first important to know the mortgage market. Supply and demand will greatly affect interest rates. When there are more people buying homes and applying for mortgages, rates tend to go up. As fewer houses are being sold, requiring fewer home mortgages, rates often become much better.
It is always good to know the condition of the economy. This is based on the Federal Reserve and inflation rates. A good economy experiences inflation, which causes the Federal Reserve to raise federal fund rates. Though this is a short-term rate, it greatly impacts mortgage rates. The Federal Reserve will raise rates during inflation to deter people from trying to borrow money, in an attempt to bring inflation back down. These rates tend to change about every six weeks, so it is important to keep track of what is going on with the Federal Reserve. The rates are always raised and lowered based on the economy.
There are many online sites out there that can help people to calculate their interest rates for a home mortgage. Specific information about the mortgage must be entered to get an estimate. These sites use factors like the term of the mortgage, amount of the mortgage, and people’s financial background to calculate interest rates. Though this is only a rough estimate, it can give people an idea of how much they should expect to pay.
In order to help lower interest rates, it is best to put more money on the down payment. The more money that is paid up front, the less that will have to be paid long term. When people do not have to pay as much money on a long term basis, the rates will more than likely go down.
Interest rates are a major part of calculating the cost of a home mortgage. They can be dependent on many things. Economy, financial standing, house price, and the overall mortgage market can all affect how much people can expect to pay for a home mortgage. When trying to determine how much money will need to be saved for a mortgage, it is important to remember to calculate interest rates.
Posted in Mortgage | 
Tags: Economy, Financial Background, Home Mortgage Interest, Mortgage Interest Rates, Mortgages Rates | 
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Cash Back in 2009
The CARD ACT was passed by President Obama as of late, and what does it mean for you when it comes to rewards and your credit card? Do you think credit cards are going to get rid of cash back rewards completely? It all depends on who you talk to, but I wanted to let you know exactly what I thought of the ACT, and what you can expect from the credit market.
Back in the early 80s, we were in a very similar recession, where the banks were holding back on loans, and credit, but obviously, it was nothing like it was today. In fact, today is going to be probably be a once in a lifetime thing, and if you can weather out this storm, you can get by anything.
The free market
The thing I love about America is our free market, and you should most likely never see your rewards go away? Why is this you might ask? It’s because of the competition that is out there. If one card wants your business, they are going to offer 1% cash back, and what do you think the other companies are going to do? They are going to follow suit.
Today, there are still great reward cards out there. You can save on gas, groceries, and just about anything else. If you pay your card off in full each and every month, you can really take advantage of these credit companies. Don’t let the economy bother you, and don’t worry about the rewards, because I can’t see them going away!
Posted in Cashback Rewards Cards |
Tags: Economy, Lifetime Thing, Loans, Obama, Reward Cards |
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