The government banksters think, "How can we encourage saving among the poor, the stupid, the minorities? Let's see. Well, the poor, the stupid and the minorities like to buy lottery tickets. Let's make saving money like buying a lottery ticket!"
On July 30, 2009, the FDIC will host its seventh meeting of the Advisory Committee on Economic Inclusion (ComE-IN). The Advisory Committee was formed to provide advice and recommendations on initiatives to expand access to banking services by underserved populations. This meeting will focus on prize-linked savings and issues and challenges related to reaching out to underserved and low- and moderate-income consumers.
This is wrong on so many levels. It's bad enough that we have gotten to the point of a huge underclass with no desire to save money. This I blame largely on the easy credit and consumption mindset pushed by both government and industry (lenders as well as manufacturers and retailers).
Given that government and industry have created this huge, stupid, underclass, it's offensive to see that same government and industry now manipulate the underclass with lottery gimmicks. You know what would encourage savings? No more easy credit! You want a new TV? Then save the money for it. No financing! You need a car? Save up and buy a beater. You don't need to finance a new car.
But easy credit to the underclass is highly profitable for the banksters, especially when they know they'll get a government bailout if the loans go bad. So the cycle of irresponsibility and debt slavery continues.