On Equidaily.com today Andy Beyer's recent column is in huge Drudge-like letters "The Racing Industry is About to Learn Some Hard Economic Lessons."
In the article he explores the dysfunctionality of racing in raising their prices while bettors are leaving.
Imagine the following discussion in the executive suite of a modern-day corporation.
Executive 1: "The economy is killing us. Customers are deserting us. Our business is terrible. What are we going to do?"
Executive 2: "I've got an idea. Let's raise our prices!"
Executive 1: "Raise prices! Brilliant!"
Surely no business - not even the Detroit auto industry - would be foolish enough to do this when the country is plunging into a deep recession. But there is one industry that believes raising prices makes economic sense.
Handle will be down again in 2009. And it will be in large part self inflicted.