Our news coverage could be worse. If we had this policy, there would be no reporting of racing news.
Illinois racing will limp along for the time being. Nice of them to give me time to get the Empire rolling.
Does the industry really need another committee to discuss the problems of the industry?
Back in July, Thoroughbredbrief had this post, outlining the influence that lenders play in this game of ours. This was before the current credit crunch.
Seems to me, if the we shut out all the noise regarding ADW's, interminable meets and cannibalistic scheduling, we get down to the problem.
Too many horses chasing too little money. If one is going to run their breeding operation like a business then one has to understand some basic principles of supply and demand. It's a fun game until the music stops and we realize we are short several hundred chairs.
21 November 2008
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The Bid
Greatest horse ever to look through a bridle
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Re-reading my post on lending is a little spooky. I'd like to say it was prescient, but I'd be lying.
I see these deals fall through. The loan goes bad, and the banks institute an action, and, as the facts come to light, the shady dealing is exposed. It's astonishing. Like, "okay, A owns 50% of this horse, B owns 25% of it, C owns 10% of it, and D owns 30%. No, that can't be right, let me do the math again. No, I have the math right. How can you sell over 100% interest in a horse. Oh ... never mind."
The things that are accepted practices in this industry would astound people outside the industry. Like the Lundy case (mentioned in my last post). I am sure there are plenty of people who wouldn't blink at the transactions at issue there, but I'll bet they took notice of Judge Goodwine's ruling. That's a good precedent. Goodwine was not screwing around.
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