FIRST OF 5 NEW TOPICS…WHAT’S CAUSING ALL THE FORECLOSURES AND PERSONAL BANKRUPTCIES?

The News Journal keeps missing the point with the new statistics on personal backruptcies, and foreclosures. They have it right when it comes to the incredible increases in the number of foreclosures and bankruptcies, but they have it wrong when they explain WHY there are so many. Of course the generally accepted reasons are mainly the economy in general, and all kinds of complicated bank stuff I can’t figure out. But, there is a
yet to be acknowledged darker factor.

A significant reason for the bankruptcies and foreclosures are four large luxurious ,glittering hot spots containing thousands of slot machines. BY THEIR VERY TECHNOLOGY (FANCY WORD FOR “RIGGED”) FORMAT, COUPLED WITH THE GREEDY INSTANT GRATIFICATION NATURE OF PEOPLE WHO GAMBLE, IT IS DOCUMENTED THAT 96.4% OF THE PEOPLE WHO ENGAGE IN THE SLOT MACHINE FANTASY WORLD, WILL LOSE IN THE LONG RUN.
Buildings from which the owners make millions in profits from taking other peoples’s money every single week, are not by design, customer friendly.

I have questioned a number of bankruptcy attorneys. Some of them have increased their business by more 40% directly due to gambling losses. Of course, many such victims will not admit that gambling is the root cause of the problem, so we can assume that the 40% admissions rate is only a fraction of the real statistic.

I took this angle to a News Journal reporter who did a very comprehensive article on the subject of bankruptcy. I asked if she came across any facts which linked gambling to backruptcy statistics. I got the expected reply, “No one mentioned it”. But, then a light bulb went on in said reporter’s head. “Wait!” she said. “We did have a very unusual statistic for which we had no explanation. For some reason, there was a massive increase in the number of retired persons filing for bankruptcy.”
I replied “There’s your connection” “Take a ride down to Harrington, Dover, or, Delaware Park. Look around and make an educated guess as to the general age of the faces at the slot machines”. “That’s the statistic you never discovered”.

The same would probably be true of foreclosures. I personally know of 22 people who have lost their homes because of it. I have been told about at least 50 more….and I know that there have been several thousand more in Delaware, since the birth of slots.

Let’s throw this into the mix. Two weeks ago I gave a presentation to the Hockessin Rotary Club, and I distributed Delaware court statistics verifying more than 20 million dollars stolen by compulsive gamblers from employers, co-workers, and even company clients. The American Institute of Property and Liablilities Insurance Underwrites studied the issue throughout the country, and declared that ‘THE NUMBER ONE CAUSE OF MAJOR IN-HOUSE FRAUDS AND EMBEZZLEMENTS IS EMPLOYEE COMPULSIVE GAMBLING. Greed was the number two cause, and substance abuse was number three.

If those kinds of crime statistics were related to any other crime category, there would be a front page press conference story by the Attorney General. Specialized task forces would be formed to stop this massive 20 million plus crime wave. But, because the root cause is state sponsored gambling, no one is saying or doing a damn thing about it. INTERESTING, HUH?

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6 Responses to “FIRST OF 5 NEW TOPICS…WHAT’S CAUSING ALL THE FORECLOSURES AND PERSONAL BANKRUPTCIES?”

  1. Duffy Says:

    In short Gerry says:

    “There are many bankruptcies. They are generally accepted to be caused by things beyond my understanding therefore I will make assumptions devoid of facts in order to link this problem to something I can understand. Now here is a commercial.”

  2. Duffy Says:

    Gerry responds:

    “Duffy, to you even read what you write?
    After saying that there are certainly financial realities that I do not fully understand…
    I CLEARLY GAVE THE SOURCES OF MY INFORMATION……SPEAKING TO BANKRUPTCY ATTORNEYS, COUNSELING COMPULSIVE GAMBLERS(THE 50 I MENTIONED SPECIFICALLY) AND I KNOW OF MANY MORE BY SPEAKING TO HUNDREDS OF COMPULSIVE GAMBLERS EVERY MONTH, AT CONFERENCES, MEETINGS, GA GROUPS, ETC.
    Don’t even challenger me on this one….it’s MY field, I’m the expert and you know zero on the topic compared to me. Next time, stick to topics you at least know something about.(even if it’s only a little bit). The tiny little credibility I was giving you is now totally evaperated”

    Saying something louder doesn’t make you right. That you have spoken to people doesn’t mean that gambling is in any way connected to the increase in bankruptcies. You have not given one shred of proof that there is any causal relationship between the two. Give me some factual proof that there’s a relationship. Blind assertions and wild speculation may be good enough for mainstream media but bloggers are particular about things like facts.

    That 40% figure is from thin air and anecdotal at best. Are some people going bankrupt because of gambling? Very likely, yes. Does that mean the massive increase in bankruptcies tracks with that? No. More likely it’s connected to the subprime market meltdown and the softening of Real Estate broadly. Combine that with more stringent bankruptcy laws and very aggressive lending (c.f. MBNA et al.).

    Gerry, it’s usually considered bad form to respond privately to a post unless there’s a good reason to take it private.

  3. ANNON II Says:

    Gambling: Welfare for the track owners.

  4. Gerry Fulcher Says:

    DUFFY…you’re stupidity has no limits, apparently. Listen carefully; instead of attacking some one who has forgotten more about the destructive results of compulsive gambling than you will ever know…use your extensive insight with computers, and google,
    Impact of gambling on bankruptcy and foreclosures
    Read it and then I will expect (but never receive) your apology.
    You can learn from your computer what I learned first hand from dealing with compulsive gamblers for the last 30 years.
    By the way, it is a little disappointing to meet a fellow Irishman who is so uncharatceristically tunneled vision; and so single-minded as to just HAVE to disagree wit me at all costs, about EVERYTHING.
    I missed being born in the old country…County Sligo…but, I’m sure I would not have liked you in that country either.

  5. annon II Says:

    As I understand it, the statistical sample for proof that the problem is Gambling, are all and only the people that talk to Gerry Fulcher.
    Hardly a randomly selected sample.
    But enough to mislead Gerry.

    No wonder why Gerry constantly needs recognition for his expertise.
    He alone determines truth or falsehood.
    He probably also knows the origin of the universe.
    God also knew until Gerry denied His existence.
    LOL

  6. Tristan Kraack Says:

    Thank for the article, be excellent article.

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