THE BELMONT CLUB: The Racetrack Of The Mysteries. “One view is that horses don’t lose races as much as bettors make bad bets. For every Corzine who bet on Europe and lost there will be those who bet on Europe’s loss — and won. But the other view is that something about this particular race track creates huge unmanageable risks. The difference in this case, over a situation in which the financial institution is a spectator standing outside the transaction, is that the European crisis is itself caused by financial imprudence. The financial crisis has an element of recursion to it; financial institutions are losing huge sums by misreading other financial structures. It is almost as if the horses in a race could also enter bets at the track.”