6/09/2004

6-09-04 - 1

6-09-04

More big money on Party Poker. I've been playing a lot of 5-10 6-handed lately. It's great because A) the limit is low enough you have a lot of fish still, B) you get more action with 6-handed, I get bored playing 10-handed, C) you can really study all the players and get good reads on them because there are fewer D) I can play two tables instead of four and still get a lot of hands, which lets me focus more on each table.

Lately I've really been noticing the way the pros circulate on party poker. There are a lot of pros on all the time; "pros" in the sence that they play poker for a living. The pros are like sharks, circulating, sniffing for blood, they come and go from the tables looking for the big money bleeders. If a table lights up, someone starts pumping money out, the sharks attack, they line up in the waiting list trying to get in. The fish don't even realize what's happening, that they have a big giant target on their head. They think they're playing pretty well, just getting a bad run of cards. We're talking to them, chatting with them, trying to keep them relaxed and happy.

In gambling, the only big long-term winner is the house. Just like in the market, the big winner is the brokers, the hedge funds, and the investment banks.

I've been reading about so many scandals recently, it's just mind-numbing. The justice department believes torture is justified if ordered by the commander in chief; of course American citizens who are even *accused* of terrorism are "enemy combatants" and can be held and tortured outside the law. Bernie Ebbers who ran WorldCom was one of the great corporate robbers of the modern era; he falsely inflated profits, took giant loans from the company for himself, etc, and now it's come out that Citigroup, which underwrote Worldcom and took stock public for Worldcom, knew that Worldcom's finances were shaky, and nonetheless encouraged their customers to buy it and talked it up on the street. I've been reading "The Trial of Henry Kissinger". The crimes commited by Nixon and Kissinger and just staggering. The war in Iraq is a horrific crime against humanity, but it's nothing compared to what these maniacal men did; endorsing genocide in Bandladesh, committing genocide in Laos and Cambodia, assasinating democratically elected officials and conspiring with a criminal dictator in Chile, etc.

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