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@hugo7
It may not be the correct definition, but imo one key difference with most gambling is that it's done through bookies/casinos. The odds are always against you and in their favour. So over any given period you are more likely to lose than to win. In which case if you are taking calculated risks you'd never play.
The other differentiator (IMO) is how close you get to pure chance. I am not saying that "investments" can never be a gamble, but you usually haven't boiled the game down to such a binary outcome.
I'm with TW2 on most of his/her points. I don't claim to know a great deal about the credit crunch, but from what I do know it is not simply a case of dodgy bankers putting it all on black.