A lottery where everybody wins | Arkansas Blog

Sunday, August 31, 2014

A lottery where everybody wins

Posted By on Sun, Aug 31, 2014 at 7:11 AM

CFED.ORG
  • cfed.org

Coincidence: The Arkansas Democrat-Gazette reported today on plans by state Sen. Jimmy Hickey to push a contract with a consultant who'll come up with ways to help the flagging Arkansas lottery. (Count me as skeptical about Hickey's good intentions. He's no lottery fan.)

But here's a winner from the New York Times: A report on the use of lottery gimmicks by savings institutions such as credit unions to encourage people to save by offering lottery drawings on deposits. 

They offer what are known as prize-linked savings accounts, which essentially treat every deposit as a ticket in a prizewinning raffle. The idea is to offer the thrill of gambling without the risk. Even perennial losers keep their savings.

These accounts have won support from a rare combination of liberal poverty advocates and conservatives who like the private market-based approach and emphasis on personal responsibility. In Congress, bills to modify federal banking laws and permit more financial institutions to offer prize-linked accounts have Republican and Democratic co-sponsors. And several states, including Indiana, Connecticut and New York, have modified their banking laws to allow credit unions to offer such programs.

Everybody wins. Losers still have savings, earning a speck of interest at today's rates.

Tags: , , ,


Favorite

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

  • Saturday's open line, plus some political notes

    The Saturday open line, with some political odds and ends:
    • Dec 15, 2018
  • Obamacare's ruin: Where are the boastful press releases from Arkansas Republicans?

    Silence so far from Republican politicians such as Leslie Rutledge on achievement of their long-stated dream, death to the Affordable Care Act. Could that be because most people now understand what a good thing President Obama did with its passage? Update: Rutledge applauds and offers empty promise of coverage.
    • Dec 15, 2018
  • Entergy demolishes old power plant near Stamps

    Entergy, the state's largest electric utility, yesterday used explosives to destroy the major parts of its closed Couch Plant near Stamps, which dated to 1943 and was designed to burn fuel oil or gas at two generating units. Named for power company founder Harvey Couch, it's been out of commission since 2013.
    • Dec 15, 2018
  • More »

Readers also liked…

  • Among the last words from Kenneth Williams: 'Finger Lickin' Good Fried Chicken'

    What's purported to be a final-words essay from condemned prisoner Kenneth Williams was distributed today by Deborah Robinson, a freelance journalist in Arkansas.  He reflects on his execution, his victims, reactions of inmates and big servings of fried chicken, which he says are given to all inmates on execution days.
    • Apr 27, 2017
  • The LR chamber does the public's business. Is it accountable? Blue Hog on the case.

    Matt Campbell, lawyer and Blue Hog Report blogger, has sent a Freedom of Information Act request to Jay Chessir, director of the Little Rock Regional Chamber of Commerce, and Mayor Mark Stodola related to the publicity stunt yesterday  built around withdrawing from the mayor's rash pronouncement that the city would seek an Amazon HQ2 project even though the city  didn't meet the company's criteria.
    • Oct 20, 2017
  • Presidential thriller, co-author Bill Clinton, coming to bookstores in 2018

    June 2018 is the expected publication date for a novel collaboration by former President Bill Clinton and crime writer James Patterson.
    • May 9, 2017

Slideshows

  • Arkansas vs Ole Miss at War Memorial stadium in Little Rock, Saturday, Oct. 13, 2018. After leading for much of the game, Arkansas lost 37-33 when Ole Miss scored the game winning Touchdown with less that 2 minutes left. 
  • Margaret Clark Adventure Park
    New sculptures, preschoolers play area dedicated in Riverfront Park in Little Rock.

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation