October 24, 2009
AMEN
From John Stossel:
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In my state, the government tried to put
bookies who take bets on horse races out of business by creating a
state agency to run off-track betting. The New York City Off-Track Betting Corporation,
which has a Governor-appointed board of directors, has been so
incompetently run that it now LOSES $38 billion per year despite its
government-granted monopoly. Taxpayers are now on the hook for over
$228 million.
An activity that was so lucrative to bookies that they risked arrest to pursue it becomes a money-loser when the state tries to do it.
An activity that was so lucrative to bookies that they risked arrest to pursue it becomes a money-loser when the state tries to do it.
Posted by: Sarah at
08:34 AM
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This is one of those stories that just makes you shake your head in dismay. Maybe they could hire the ex-bookies to turn it around.
Posted by: Ruth H at October 24, 2009 02:23 PM (WPw5a)
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Old Soviet joke: put the government in charge of the desert, and soon there will be a sand shortage...
Posted by: david foster at October 24, 2009 04:53 PM (NJAcI)
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