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Losing bets — 2 Comments

  1. Nice one Ian. I’m afraid that Ireland is a largely a nation of inveterate gamblers and there is some in-built genetic trait that drives many, many people to look for something for nothing. What, for example is the point of the horse-racing industry other than to make book-makers rich? Every day the results feature on the sports news as if they were of some importance and Saturday afternoons the media is awash with commentary. What of the Lotto? Did you see the amount of money that was being spent and the rate at which it was being handed over yesterday? The organisers know all too well that distributing that amount among more people would not generate the same sales so they continue not to put a ceiling on any prize. More greed.
    Contracts for difference anyone? “Yeah put me down for a few million, I ‘ve got loads” says one Mr S. Fittzpatrick who “isn’t a gambler at all. He likes nothing more than a quiet game of cards in his local pub on a Friday night.” “Oh and throw in a few bank shares while you’re at it.” Nobody would decry investing in businesses but when people buy for speculation rather than investment they deserve to lose and if they can’t afford it, tough!
    AMuch of this downhill slide began in this country in the mid 60s when AIB was formed and the gentlemen of decency and integrity who ran the financial institutions in this country were replaced with shysters intent on lining their own pockets. AIB have hardly been out of the financial scandal headlines since and a new generation of incompetents is now running the show. Matthew Elderfield will do something in the short term but once his contract expires, the gambling habit, suppressed for five years, will be out of the traps quicker than a greyhound. Remember, you heard it here first.

  2. We didn’t suffer quite so badly but I still know people who are certain property is a good bet. It’s not. Unless you own it, keep it and wait a very long time to realise it. We used to advise clients to diversify their investments but there was always the client who ha a couple of rental houses and swore property made them a better return. He forgot the costs involved! I’m putting my money on the lottery!

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