their money back so all i'm saying is if you put money into the betting system like the new york racing association it's very possible that that money is becoming part of the shadow banking system but it is too right that horseracing is the only on line betting only legal online betting i mean there's still some offshore stuff that you can do and you know if you happen to know a bookie that's all done by telephone and words and what not but you know i think we have our own horse race that we've been talking here about it we've come up with a couple of names so we're going to have the bankers hot first up is burning q last stand ok bernanke is last in and many have compared this smallish tolerable thoroughbred to the horse that cited him irrational exuberance but there are a few critical difference between the two burnett his last stand or b.l.s. has added a number of payrolls to the team recently and has the second most well capitalized racing team ever at least on paper now they've been known to handle each other's team others teams outfit and ominously there are rumors that underneath the team st

and do that ok just stick with me this might take a few leaps of logic but we have the new york racing association and if you want to bet on a horse you can deposit money through your checking account or a credit card and what do they do with that they have to put it somewhere and a lot of times if they want to earn that rate of interest they will have to deposit this money with a big bank that might end up doing the repo with this money or a complex financial track so what do you mean by repo ok every purchase agreement and it's part of the shadow banking network so stick with me here that's when i lend you money and then you give me a collateral and you agree to repurchase it at some later time so basically i hold the collateral and you get the money in the meantime and there is an interesting historical parallel with this in washington d.c. right here with the d.c. metro system and this comes by way of economic policy journal yeah end of march of two thousand and eight used to write for it and the d.c. metro system put money back prepaid prepaid money on deposit with the scandinavian bank and t

their money back so all i'm saying is if you put money into the betting system like the new york racing association it's very possible that that money is becoming part of the shadow banking system but it is too right that horseracing is the only on line betting only legal online betting i mean there's still some offshore stuff that you can do and you know if you happen to know a bookie that's all done by telephone and words and whatnot but you know i think we have our own horse race that we've been talking here about we've come up with a couple of names so we're going to have the bankers. first up is bernanke you last stand ok bernanke he's last in how many have compared this smallish but tolerable thoroughbred to the horse that cited him irrational exuberance but there are a few critical difference between the two bernanke is less standard b.l.s. has added a number of payrolls to the team recently and has the second most well capitalized racing team ever at least on paper now they've been known to handle each other's team others teams outfit and ominously there are rumors that underneath the team