Just watched Jim Cramer talk about being bullish on DKNG, and about how young people “love gambling” on sports, and “even on cricket”. Just bugged me how oblivious that statement is.
Money for “young people” today is anything but easy — it's really hard. It's nearly impossible to make enough to buy a house, and for the few who can, what happens when the furnace goes out or the roof leaks? Crippling debt.
Boomers have enjoyed a life of financial security that no generation in this country has ever experienced. But instead of establishing a system that extends that opportunity to future generations, they've passed law after law to protect their own safety at enormous cost for us to inherit. And the carrots they do dangle for us (e.g. Draftkings, gambling) follow that same design — security for them and total risk for us.
It's not lost on young people that the house always wins. But generally speaking, we're not gambling because we hate work and have all this disposable income to play with. We're rolling the dice and praying for a little easy money in life, here and there, despite knowing the odds. Chalking it up to “young people love gambling” is a slap in the face.
Made me think of 'It's a Wonderful Life', and the juxtaposition between Bedford Falls where everyone had some stake in the community, and Pottersville, where one rich man controlled the whole economy. Guess which one was full of casinos and desperation.