We’ve been searching for the word that would best describe betting on the outcome of world events, such as when an individual is going to die or when a war will start. After a great deal of searching, one word stands out. … That word is “icky.”
How untoward that we would place bets on the demise of others. Worse yet is that these types of betting schemes can be dangerous because we incentivize those placing the bets to actually facilitate the event to occur. This is especially troubling when it comes to policy matters in which elected officials are involved.
Think about all the inside information that is in the heads of local, state and federal leaders. What is to prevent them from sharing that information with someone close to them who then bets on whether a bill is likely to become a law?
We already know that Congress is notorious for its insider trading on both sides of the aisle. Case in point is former Speaker Nancy Pelosi and her financial analyst husband, making millions over the years through their investments. It’s no wonder that efforts to prohibit this insider trading in Congress have been quashed several times.
It’s well past time that Congress passes the bills to curb the insider trading abuse. While they’re at it, they should also ban wagering on death and war.