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1-16-2009 @ 10:59AM
I think its interesting that you mention that no "legitimate" insurance company would take on more than it could pay out. Have you been watching the news over the last 4 months? Do you understand the Credit Default Swap market? This is EXACTLY that several large Banks and Insurance companies did. They took on more risk than they could ever pay out and now we are all feeling the effects.So I don't believe their aren't "legitimate" companies that did exactly that.As for those of you equating this a Madoff scheme, its not the same. In a classic Ponzi scheme you take money from the initial investors. You then promise them some amazing return. You recruit a new set of investors with the same promises and use their money to pay out the first set of people. Repeat this process over and over. The guys in first get some money and it all looks legit, the last guy in gets screwed and the planner walks out with a large part of everyone's money. In the case of You Play or We Pay they have it structured just like insurance. Its up to the individual to decide for themselves if they feel its worth it. Personally I don't think it is, after all I can manage my life if I can't play WoW for a few days one month. Home insurance is worth it for me because it would be difficult to manage if I didn't have my home for a few days and had no other options.
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