It does happen. I've met more than one family where an elderly mother and/or father where forced back into working because they invested in their entire life-savings into their child's (or nephew's, niece's, etc...) hair-brained get-rich-quick scheme.
That said, I don't see how it's governments role to make sure people don't screw themselves over. Bring on casinos, lotteries, and open investement as far as I'm concerned.
I agree with the exception of the lottery. I'd rather not have the state involved in this. I just don't like my tax money funding (even if the lottery more than pays for itself) something I consider immoral.
How is your tax money funding the lottery when you admit that it more than pays for itself?
In fact, the lottery where I live pays hundreds of millions of dollars into a school fund every year; money that your tax dollars otherwise would have to pay for.
I suppose I have to support some of the infrastructure it uses before it becomes profitable. I just don't want the state involved in that sort of activity. It's the same reason I wouldn't like war even if we paid for it with the spoils.
That said, I don't see how it's governments role to make sure people don't screw themselves over. Bring on casinos, lotteries, and open investement as far as I'm concerned.