Friday, February 24, 2012

Winners & losers

The other evening I watched an old movie with Bob Hope as the "Lemon Drop Kid." He played a race track tout who conned people into believing that he knew which horse would win. He'd give them the horse's name if they'd meet him later to share their winnings. He conned eight different people with eight different horses in eight different races and had eight different meeting places. Seven suckers lost, but he was a "sure thing" to win.

This movie reminds me of the touts pushing stocks on television. They tell folks how to make money if the market goes up or if it goes down. They give advice on what stocks to buy and which ones to dump. This Ponzi scheme makes Bernie Madoff look like a piker. Suckers buy, suckers sell, suckers win and suckers lose. The touts always make money.

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