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Detailed text transcripts for TV channel - MSNBC - 20100731:15:32:00

gentlemen, good morning. good morning. good morning. tim, you said this is brought to us by the same people who brought us subprime mortgages. can you explain that comment? yes. well, you know, barney frank and his subcommittee were charged with oversight over fannie mae and freddie mac. and they seem to think that some private mortgages were a good idea. if you like that idea, you re going to love internet gambling. okay. according to the new york times, legal online gambling could yield, tim, $42 billion tax dollars over ten years. exactly. but reportedly create 30,000 jobs. what do you say to that? well, that s what is always said. it s a way to tax folks and get more money. if i could make one point about that, i served as executive director for the national gambling impact study commission. we spent two years and $5 million looking at the social and economic impacts of gambling, reporting to the congress and the president. this is the report that we issued. it s

Detailed text transcripts for TV channel - MSNBC - 20100731:15:31:00

week s stampede. the next legal fight in the battle over arizona s immigration law will come the first week of november. a federal appeals court die nen the earlier request. bp says it will try to seal that rup cured o that ruptured oil well on tuesday. promising news this morning for people who live near that wildfire north of los angeles. the fire is now 62% contained. it has now burned about 52 rather, 22 square miles since it erupted on thursday. those are your fast five headlines. a bill would overturn a law banning online gambling is heading to congress. it would legalize online poker and other nonsports betting. some lawmakers are not willing to roll the virtual dice. joining us now, executive director of the pokers players alliance and the director of the national gambling impact study commission tim kelly.

Detailed text transcripts for TV channel - MSNBC - 20100730:16:54:00

that that is estimated between $10 billion and 4 billi$2 billi. tim, even the house financial services committee chair barney frank says that, look, if people want to spend their money foolishly, it is not up to the government to stop them. what do you say to that? well, i kind of agree with the intent of your question. i think this is all about tax revenue and i think it is interesting that it was brought about by the same people that brought us the mortgage debacle that we have fallen into. it s an attempt to raise some money by regulating something that actually is quite harmful. i headed up the national gambling impact study commission. we generate a report which was given to congress and the president in 1999. my guess is that barney frank has not read the report, because after studying the issue for two years and spending $5 million doing so, we concluded that internet gambling should be prohibited. in fact it was the only form of gambling that the commission decided should b

Detailed text transcripts for TV channel - MSNBC - 20100730:16:52:30

Detailed text transcripts for TV channel - MSNBC - 20100730:16:52:30
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