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The Conscience of Thoroughbred Racing

TAMPA BAY TODAY – APR 29

It might have taken a while but it certainly it appears that, if his maiden breaker here on MAR 25, RACE 6 is any measure, Shug McGaughey has gotten a late developing son of Medaglia d’Oro, North Dakota (6-1), right where he needs to be.

Coming from far back in his maiden score, I’m sure of the quality of the competition but I’m certain the 4YO has a brilliant turn of foot, which Antonio Gallardo cut loose at mid-far turn, the momentum carrying him 5-wide at headstretch before sprinting away impressively.

The spacing of 35 days is perfect, as is the weekly workline at his Payson Park base for this and the extreme outside post should be no factor as he is sure to drop far off the pace early. This is a pretty salty group with lots of high profile connections but ability should win the day.

Check out the Tampa Bay Live Video on the homepage and take a look; think you’ll be impressed.

The early line is probably a pipe dream but we will take him straight-would grudgingly settle for half the morning line, and we’re key boxing exacta with the very sharp hard-hitting claimer Last Promise (9-2) and the likely rebounder That Quality (6-1).

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3 Responses

  1. Thanks for another triple score John. Instead of the recommended key ex box, I took another shot with the triple based off of your write up and the home page video you provided for viewing. A $2 wager returned $26. A nice ROI. A Red Barber Cat Bird Seat kind of a day. My investment in Google was also quite profitable as well today. Maybe I’ll tap open a Mel Allen Three Ring Ballentine, Lol. Back in the sixties the quart bottles of Ballentine used to include a puzzle on the cap which I would view as a sobriety challenge. If you couldn’t figure the puzzle, it was probably time to stop drinking. Much the same with the Morning Telegraph on a Friday night.

  2. Only the 1% get the big bucks Jon. Just like with Servis and Navarro, it’s Willie Sutton time once more. Read the following lines iearlier today on the “internets”, All about the transfer of wealth from the middle class to the wealthy. Hope you don’t mind my sharing my angst.

    The Fed will deploy more than $1.45 trillion in support of investors in leveraged assets—more than double the size of the 2008 Troubled Asset Relief Program, and over $7,000 for each working-age American. That includes $750 billion to purchase recently downgraded junk bonds and bond exchange-traded funds—an unprecedented intervention in the private credit markets.

    Pumping trillions of dollars into corporate credit and even high-yield debt will further distort markets already shaped by a decade of easy-money policies. This is no abstract concern. The result will be an acceleration of two economy-wide transfers of wealth: from the middle class to the affluent and from the cautious to the reckless.

    The transfer from the middle class to the wealthy continues a trend begun in the wake of the 2007-09 financial crisis.

    But bankruptcies among highly leveraged businesses often pose surprisingly little risk to employment. More often than not, creditors choose to keep businesses staffed even when restructuring to retain value for the long-term. By preventing these bankruptcies, the Fed is doing more for equity holders and junior creditors than for employees.

    Almost Spot On

    Authors Sam Long and Alexander Synkov are almost spot on.

    What did they get wrong?

    This trend did not begin in the wake of the 2007-09 financial crisis.. Rather it’s been an ongoing process.

    Importantly, this is the third major acceleration in the process.

    The first major acceleration began in the wake of the dot-com bust when the Fed bailed out the lenders who made loans to worthless companies. Housing prices soared to the moon as the Fed stood by and watched. Bernanke denied there was a bubble. The transfer of wealth to the likes of companies like Countrywide Financial was massive.
    The Second acceleration was in response to the bust. For the second time, the Fed held rates too low to long. Asset prices went to the moon and speculation surpassed that of the housing bubble and the dot-com bubble.
    This preposterous entry into Junk bonds and other bailouts is the third major acceleration and the Fed had to bend some rules to do so. Buying junk bonds is illegal under its actual mandate.
    Pole Vaulting the Boundaries

    Some claim the Fed pushed the boundaries by buying junk bonds.

    I suggest When you take illegal actions and enter numerous uncharted territories on balance sheet expansion, junk bonds, and bond ETFs you are not “pushing” the boundaries, you are pole vaulting over them.

    Too Big to Fail

    Note my post earlier today: Carnival Deemed Too Big to Fail, Rescued by the Fed.

    Carnival needed money. The Fed became the lender of last resort.

    Carnival could easily file for bankruptcy reorganization and reschedule debt payments. One of my friends commented “This is just a play to save the equity, who are Trump’s friends.”

    OK but why would the Fed do this?

    “Because he has appointed a ball-less group of wimps. It largely does what he wants. Particularly on a petty issue like this,” replied my friend.

    The transfer of wealth from the middle class to the wealthy just accelerated.

    What constitutes “too big to fail” keeps getting smaller and smaller.

    Why Rob the Middle Class?

    Some may be wondering why the Fed has targeted the middle class.

    Because as Willie Sutton once replied when asked why he robbed banks, “Because that’s where the money is.”

    The poor do not have any assets or money left to setal.

    There Are No Temporary Measures, Just Permanent Lies

    Under guise of virus support, the Fed Will Buy Junk Bonds, Lend to States to the tune of an additional $2.3 trillion in additional aid.

    Dear Jerome Powell, please tell the truth. This is not virus support, it’s stock market support.

    This new junk bond “tool” is now permanent.

    Always remember, There Are No Temporary Measures, Just Permanent Lies.

    Mish

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