The bad news is in, and that is that the vote on H.R. 5767 has been defeated in the House Financial Services Committee.

Bummer.

So it looks like America - and by extention the world - is stuck with the useless, unworkable piece of crap that is the UIGEA.

Looking back, I am a little surprised at the strategy of bringing the matter to a vote right now. The Bill appeared to be gathering momentum and co-sponsors, so it would have seemed better to wait a bit longer and let the momentum build.

Either way, it is a sad day when legislators feel it is their duty to put the onus of enforcing laws on financial institutions, rather than actual law enforcement officials.

It is also a sad day for horse racing fans too, since I would imagine that a natural backlash by banks will be to block ALL online gambling transactions, including legal horse racing bets.

However, if there is a light at the end of the tunnel, it is that this matter has illuminated our newest enemy, and he is Rep. Spencer Bachus of Alabama.

Bachus has been quoted as saying, "The banks have decided that this is a financial burden. We have decided, on the other hand, that our children are worth protecting."

That kind of backwards, self-serving, non-logic of using a non-problem (children gambling online) to justify supporting a bad  ideological law shows that this clown considers himself to be the self-appointed moral authority for the entire nation.

We'll be re-visiting him in the future.