On Gambling / Risk-taking

Everything is gambling if one of the following conditions exist: a) You don’t understand the game b) You’re not smart enough to play the game or c) You have a losing expectancy of success when you calculate your weighted probability of success vs. failure.

Governments Won’t Stop Drinking Until Livers are Transplanted

It seems like a collective group o f people, under a democratically elected government, are incapable of stopping their drunken debt demise until they get a liver transparent (eg. debt-restructuring or bailout).

How do we stop this?  MORE REGULATION. MORE LEGISLATION. We need legislation that makes it illegal to run a deficit. No excuses.

There should be no excuses. We need a small government with less socialist policy.  Capitalism and free markets can help take care of the rest.

The Logic of Socialism (or Lack Thereof)

If person A is offered $1 FREE and person B is offered $5 FREE and person A refuses due to unfairness, person A is exhibiting the poor logic of a socialist and some liberals.

Socialists think (or maybe their problem is that they don’t think enough) it’s better to have everyone enjoy a worse quality of life than have unfairness. Many people are socialists–people who didn’t take economics or do their homework.

Risk-Centric Labor Market, Incentives, and Public vs. Private Sector

Risk-Centric Labor Market
Most people are direct workers who perform work for the managers and founders--the greatest risk takers--in society.

I believe the propensity to take risks is one of the greatest determinants of someone’s career choice. Being able to manage risk well is not a skill too many people have. This is one of the reasons why debt is so prevalent.   People aren’t managing risk appropriately or simply “kicking the can down the road.”

I suggest that we need public sector employees to assume greater risk by having clear targets and being paid on performance rather than simply a guaranteed salary.