louis c
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Fri Sep-19-08 11:50 AM
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Here's My Explanation of the Current Bailout on Wall Street |
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Edited on Fri Sep-19-08 11:53 AM by louis c
for those of you here at DU who may not know, I represent the workers at a horse track. The largest group are mutuel clerks (that's really how you spell mutuel when referring to clerks at a racetrack). Those are the individuals who take the customers' bets.
Here's how I explained the wall street crisis and now the rally.
If, day after day, our customers lost at the betting windows, they would stop coming. That's the crisis.
The rally today is as if we here at the track decided that all those bettors who bet today, or any day in the future, that we would pay off if they won. But, at the end of the day, we would redeem all their losing tickets, at face value (minus 10%), if they lost.
I bet we would have a hell of a crowd today, and in the future, under those circumstances.
That's what's happening on Wall Street today with our money.
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louis c
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Fri Sep-19-08 02:58 PM
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Greyhound
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Fri Sep-19-08 03:00 PM
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2. And the track goes out of business in less than a quarter. n/t |
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Thu May 09th 2024, 02:27 AM
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