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Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
There are many harsh lessons to be learned from the gambling experience, but the harshest one of all is the difference between having Fun and being Smart.
I have long understood that losing always comes with the territory when you wander into the gambling business, just as getting crippled for life is an acceptable risk in the linebacker business. They both are extremely violent sports, and pain is part of the bargain. Buy the ticket, take the ride.
Who do you think I am, Pete Rose? I don't bet. I come from a long line of compulsive gamblers. Gambling scares me.
Gambling is legal and betting is legal, for what I bet.
I will never be in the stock market. It's just gambling. I'm a gambler, but I'll gamble on the practicality of things.
A weekend in Vegas without gambling and drinking is just like being a born-again Christian.
You shouldn't have any betting in the locker room at all, whether it's baseball or it's horses. You can't beat the horses. You can't beat any kind of gambling because they have the odds.
Remember this, folks - I am a Hillbilly, and I don't always Bet the same way I talk. Good advice is one thing, but smart gambling is quite another.
The gambling known as business looks with austere disfavor upon the business known as gambling.
