Deepest apologies if this has already been posted... I missed it if it has...

Gambling and the Law: Of Course It's A Depression
6 April 2009

"Buy when there is blood in the streets, even if the blood is your own." Baron Nathan Rothschild

There is a generally accepted definition of an economic recession – a decline in gross domestic product for two consecutive quarters. But people don't agree on what is a depression until years after the fact.

There is a difference, like the distinction between neurosis and psychosis. A neurotic may have problems, even severe, distressing ones. But a psychotic has at least temporarily lost touch with reality.

The legal gaming industry is facing a psychotic global economy.

Take, for example, Penn National Gaming. In mid-2008, Penn Gaming was in the final stages of being acquired, when banks decided to cut off all financing for corporate takeovers. But Penn Gaming's lawyers had done a great job writing in protections. The banks panicked, ....