Gambling is bad, except when it's investing
Rick Neuheisel is expected to be fired today as Washington's football coach because he violated NCAA rules prohibiting gambling. Essentially the football coach bet a whole heap of money on the NCAA basketball tournament and WON! Now, if the coach had put that money into the stock market there would be no problem. Gambling on sports, like the stock market, is highly speculative and relies on beating the odds in order to turn a profit, although the wins and losses in the stock market tend to be more incremental. So, if gambling and putting money into the stock market are essentially the same thing, why is it considered taboo to bet on your own team, while (during the bubble at least) stock options were a major recruitment tool? Neuheisel is being fired for gambling on Maryland in 2002 and winning, but if he had gambled on ImClone everything would be cake.

Also, if we are to put Social Security accounts into private investment accounts, maybe we should be allowed to take the money and bet on a Cubs-Red Sox World Series. That would pay huge dividends (presumably taxable since it won't come from the stock market).

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