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Powerball lottery madness spreads to big media

Topic closed. 80 replies. Last post 11 years ago by CASH Only.

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Chief Bottle Washer
New Jersey
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Posted: October 19, 2005, 9:47 am - IP Logged

You can disagree, but I just quote facts.  When the record books are written, they are written with the annuity jackpot figures.

For some reason, there seems to be a few people who are so emotionally tied to a cash value number that all objectivity goes out the window.

Frankly, I could care less about whether it's a record or not, but when I put on my reporter's hat I quote the facts, and the fact is that the cash value does not determine the record, whether you personally agree with that statement or not.

 

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    New Mexico
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    Posted: October 19, 2005, 10:02 am - IP Logged

    I agree, Todd.

    However, it sort of keeps Euro Millions, UK, Canada and other lotteries where no annuity's offered out of the running for 'record jackpots'.  If they're unwilling to use that method to make the jackpot awards appear larger than the dollars, Yen, whatever,  they're giving away, then they'll never stand a ghost of a chance of awarding a 'record' jackpot.

    But that probably isn't a motivating factor to them, being foreigners.  They'd probably agree with you and could care less whether it's a record or not.

    I certainly do.

    Jack

     

    Absorb the good, ignore the bad, weigh the ugly.

    It's about number behavior.

    Egos don't count.

     

    Dedicated to the memory of Big Loooser

     

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      Member #972
      December 30, 2002
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      Posted: October 19, 2005, 10:02 am - IP Logged

      You can disagree, but I just quote facts.  When the record books are written, they are written with the annuity jackpot figures.

      For some reason, there seems to be a few people who are so emotionally tied to a cash value number that all objectivity goes out the window.

      Frankly, I could care less about whether it's a record or not, but when I put on my reporter's hat I quote the facts, and the fact is that the cash value does not determine the record, whether you personally agree with that statement or not.

      But surely you agree that an honest comparison and an honest record has to be made using the same annuity system.  I am not "emotionally tied to the cash value", but the cash is used to fund the annuities and since I can't compare the 2 different annuities, the cash value is all I have to go on in comparing the 2 jackpots.

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
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        Posted: October 19, 2005, 10:20 am - IP Logged

        You can disagree, but I just quote facts.  When the record books are written, they are written with the annuity jackpot figures.

        For some reason, there seems to be a few people who are so emotionally tied to a cash value number that all objectivity goes out the window.

        Frankly, I could care less about whether it's a record or not, but when I put on my reporter's hat I quote the facts, and the fact is that the cash value does not determine the record, whether you personally agree with that statement or not.

        But surely you agree that an honest comparison and an honest record has to be made using the same annuity system.  I am not "emotionally tied to the cash value", but the cash is used to fund the annuities and since I can't compare the 2 different annuities, the cash value is all I have to go on in comparing the 2 jackpots.

        You seem to be forwarding the notion that somehow the annuity jackpot is "not the real jackpot".

        In that case, let me be the first to let you know that the annuity jackpot is in fact a real jackpot amount, and you would in fact get that prize if you chose "annuity" (minus taxes, of course).

        Just because there are many (if not most) people who would choose the cash value in order to get a huge outpouring of cash all at once, there are some who would opt for the annuity, and for those people, they would receive the full value of the jackpot, over 30 payments.

        Just because you personally would not take that option (I assume) does not make the annuity value "less real".

        Once again, if you are objective about this, you will come to that conclusion.

        The record is not "record cash value".  It is "record jackpot".

         

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          Posted: October 19, 2005, 11:01 am - IP Logged

          It is the record jackpot under the new 30 year balloon annuity. That's all that can be said. Of course it is "real", but the difficulty is comparing it to the 2002 jackpot because of the change in the annuity length and structure.  If they say $164 million invested for 30 years makes more than $170 million invested for 25 years, okay, I'm sure it does, just as I'm sure investing any amount for 5 additional years makes more money. The only constant I can compare between the 2 jackpots is the cash value.

            Todd's avatar - Cylon 2.gif
            Chief Bottle Washer
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            Posted: October 19, 2005, 11:07 am - IP Logged

            It is the record jackpot under the new 30 year balloon annuity. That's all that can be said. Of course it is "real", but the difficulty is comparing it to the 2002 jackpot because of the change in the annuity length and structure.  If they say $164 million invested for 30 years makes more than $170 million invested for 25 years, okay, I'm sure it is just as I'm sure investing any amount for 5 additional years makes more money. The only constant I can compare between the 2 jackpots is the cash value.

            LOL You certainly are argumentative!

            The only amount you need to compare is the total amount of money you'd receive, not how much each payment is.  You are grasping for straws at this point - just let it go!

             

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              Posted: October 19, 2005, 11:27 am - IP Logged

              >The only amount you need to compare is the total amount of money you'd receive, not how much each payment is. 

              No, you need to compare the total amount of money you receive over the same time period. 

                four4me's avatar - gate1
                MD
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                Posted: October 19, 2005, 11:44 am - IP Logged

                To bad they don't let people take half the cash and half in an annuity. This way one could have the best of both worlds. Then again if a person won he/she could set up an account to do the same thing just about. I don't know why people go through or bother to worry about what the payments are/would be. If you actually won you wouldn't give a rats _ _ _ one way or another. Just the fact that you won should satisfy your ambitions for all future endeavors That knuckle head from Kentucky who won said on TV he is receiving 18 thousand a day in interest on his win. Just how much money does one really need to live in the lap of luxury. I'd be more than happy with a thousand dollars a day in some interest bearing account.

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                  New Mexico
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                  Posted: October 19, 2005, 11:48 am - IP Logged

                  It is the record jackpot under the new 30 year balloon annuity. That's all that can be said. Of course it is "real", but the difficulty is comparing it to the 2002 jackpot because of the change in the annuity length and structure.  If they say $164 million invested for 30 years makes more than $170 million invested for 25 years, okay, I'm sure it does, just as I'm sure investing any amount for 5 additional years makes more money. The only constant I can compare between the 2 jackpots is the cash value.

                  The problem is semantic.  In your fuzzy headed, outmoded thinking the word 'jackpot' bears some relationship to a pre-tax dollar amount actually awarded to a prize winner. 

                  You think the fact that some enormous percentage of players take the cash,

                  and that the cash amount is a small percentage of the advertised jackpot,

                  you think that has some bearing on whether the jackpot is what's paid, pre-tax to a large majority of the winners

                  You think when the lotteries announce how much they've paid in prizes it ought to actually reflect the amount actually paid in prizes.  Not the amount that would have been paid out to the winners if they'd been feeble minded.

                  That's the trouble with people like you. 

                  Get it through your head.  The word 'jackpot' is whatever meaning the lottery folks want it to mean.  Not what you want it to mean.  It means whatever figure is posted on the billboard.... the two are synonymous. 

                  If you want some word that reflects actual pre-tax dollars paid out to lottery winners you are going to have to pick one out from among the various candidates and use it.  Otherwise you'll never get this straight.

                  Jackpot is an advertising word.  It has no meaning in the real world.  It ain't yours to define.  It belongs to the lottery authorities.

                  Same with the word 'record'.  Records are written down somewhere.  Not added up by people like you and puzzled over with a calculator trying to make sense of them.  In this case, 'record' is an advertising word.  It's intended to get the kine moving to the convenience stores to buy tickets.  That's all.

                  If you want to know some record, look it up.  Don't be trying to argue records that are official by being written down somewhere.    Don't be trying to dismantle a good advertising scheme.

                  Sheeeeze!

                  Trying to take a good solid advertising word and give it meaning!  You ought to be tarred and feathered.

                  Jack

                  Absorb the good, ignore the bad, weigh the ugly.

                  It's about number behavior.

                  Egos don't count.

                   

                  Dedicated to the memory of Big Loooser

                   

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
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                    Posted: October 19, 2005, 12:02 pm - IP Logged

                    >The only amount you need to compare is the total amount of money you'd receive, not how much each payment is. 

                    No, you need to compare the total amount of money you receive over the same time period. 

                    No, the amount of time it takes to pay has no bearing on if it is a record or not.

                    Incidently, it takes 29 years to pay the annuity now, and it took 29 years to pay an annuity when Jackie boy won the $314.9 million jackpot in Dec. 2002 (the previous record), so your point is...?

                     

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                      Greenwich, CT
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                      Posted: October 19, 2005, 12:14 pm - IP Logged

                      Adding more fuel to the fire! Wink

                      Given the time value of money...you would need $182 million today to buy the same things you could've bought for $170 million in 2002.  So we won't see the highest purchasing power from a top-level prize until $182 million cash is eclipsed.

                      I'm staying away from the "J" and the "R" words!

                        Todd's avatar - Cylon 2.gif
                        Chief Bottle Washer
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                        Posted: October 19, 2005, 12:15 pm - IP Logged

                        Thud

                         

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                          Greenwich, CT
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                          Posted: October 19, 2005, 12:17 pm - IP Logged

                          Haha!  Good luck tonight!

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                            Coastal Georgia
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                            Posted: October 19, 2005, 1:22 pm - IP Logged

                            Thud

                            I agree with the THUD

                             

                            I hope someone hits tonight if for no ther reason than to stop the insanity of whether or not the JP is a record.

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                              Posted: October 19, 2005, 1:51 pm - IP Logged

                              Is this the longest thread ever on LP (LOL) I maybe sorry I brought that up.

                              Argue

                                I agree with the one who said who really gives a rats___

                               It is a lot of bucks no matter what........... I hope thirty very needy deserving folks win.

                               Having said that I hope that I am lucky enough to hit a second tier prize and if not then it was not to be.

                               Good luck all players!