Jan

6

1. The clearinghouse makes sure there is money to clear the trade. As soon as the trade is done, bingo, the money is in the account. You don't have to go collect the rent check before the deadbeats spend it on drugs or hire a lawyer to dun the deadbeats. You don't have to go to the bank, wait in line, deposit the cash. You don't have wait til payday to get repaid.

2. It seems there is a sucker born every minute, and they line up to give up their nickels. And it can be done day after day. In a small town, you make too many sharp deals and the locals won't deal with you anymore. Seems the same old tricks can be used again and again in the market, at least for a while till they figure it out.

3. There is anonymity. When you make a total fool of yourself, lose a bundle, the boys don't laugh at you, snicker behind your back when you come back to the table. You can come back, and try again, hiding your shame. (see 2 above).

4. You get instant credit to buy or sell without filling out a thousand forms and waiting weeks, calling the banker a dozen times, obtaining appraisals, only to get rejected.


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