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Online Gambling, Fannie Mae Bailout and WTO

Daily Update

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Online Gambling, Fannie Mae Bailout and WTO

Congressman Barney Frank sponsors legislation to legalize online gambling.

President Bush endorses the taxpayer bailout of mortgage giants Fannie Mae and Freddie Mac.

India raises the question of immigration reform as part of World Trade Organization negotiations.

1. TECHNOLOGY

Congressman Barney Frank sponsors legislation to legalize online gambling.

CEI Expert Available to Comment: Senior Fellow Eli Lehrer on why the federal government should leave gamblers alone:

“A system of market discipline is the preferred option. It would leave much regulation of gambling to market forces. Government would enforce laws against force and fraud and collect taxes from gambling companies the same as from any other businesses. Gambling site operators would, as a practical matter, submit to substantive oversight of non-skilled games but would have some choice of regulatory authority. This system fits in best with the nature of the Internet and the long-term interests of the public.”

 

2. BUSINESS

President Bush endorses the taxpayer bailout of mortgage giants Fannie Mae and Freddie Mac.

CEI Expert Available to Comment: Special Projects Counsel Hans Bader on the origins of the crisis:

“The White House is now backing away from its threat to veto the pork-filled bills that would bail out government-backed mortgage giants Fannie Mae and Freddie Mac. Fannie Mae’s executives engaged in massive accounting fraud to inflate their multimillion dollar bonuses. They also used heavy-handed tactics against the press and lawmakers like Paul Ryan and Richard Baker to fight off reforms that would have curbed their risky practices. Fannie Mae’s liberal supporters on Capitol Hill, like Barney Frank, Charles Schumer, and Chris Dodd, are now using mortgage bailout legislation to subsidize left-wing groups that support them, like ACORN and La Raza, at taxpayer expense.”

 

3. INTERNATIONAL

India raises the question of immigration reform as part of World Trade Organization negotiations.

CEI Expert Available to Comment: Adjunct Fellow Fran Smith on how India is negotiating:

“It seems that India is interested in having more Indian and developing country professionals allowed into the U.S. on temporary-entry visas without cumbersome and lengthy procedures. India’s commerce minister Kamal Nath reportedly said that before India makes an offer on opening up financial services, he would like to hear what the U.S. and EU would offer on immigration.”