Archive for the 'Economy' Category

Online Poker Black Friday AfterMashup Q&A!

Tuesday, April 19th, 2011

I will be blogging soon about my personal take on this whole thing. I just haven’t had the time to really sit down and write something up as I’m busy regrouping and planning.

Don’t worry. I’m not leaving poker. I love it too much.

That being said, for those of you who are looking for information.

Q. So WTF just happened?
A. The US Attorney for the Souther District of New York and the New York field office of Federal Bureau of Investigation (FBI) have indicted PokerStars, Full Tilt Poker and Absoute Poker with bank fraud, money laundering, and illegal gambling offenses.

A. No lie. See the Department of Justice news release summary CLICK HERE.

Q. Wait WAT did you say?
A. Seriously, read the entire indictment: CLICK HERE and there is a Civil suit: CLICK HERE.

tl;dr? Check out the Poker News Timeline.

Q. OK there are a lot of smart people in poker, some are lawyers, what are they saying?
A. Yes, this is true. There are a lot of smart people in poker, and for most’s people job security, you want to keep them in poker. That being said, there are some things you should read:

My Thoughts on the Online Poker Indictments – Black Widow of Poker (lawyer, poker player)

Here’s a Cliff’s of the full DOJ indictment – 2p2er teddyFBI (lawyer, poker player)

Federal Poker Indictments: Revisiting Prohibition – Gambling and the Law blog.

A Former Lawyer’s take (consolidation)- Mash up on 2p2.

The Intersection of Law & Online Poker – Craakker blog, Poker playing lawyers I believe.

Q. OK wtf, this is insane, who do I complain to?
A. There are a couple of easy channels for you to voice your opinion. NOW is the time to do so. Online poker is all over the news, eyes are on this industry, speak now, speak loud, speak smart, speak again and again. Here are some easy links for you to speak out:

President Obama’s facebook townhall – April 20 @ 1:45pm PDT / 4:45pm EDT

Department of Justice Facebook page. – You will have to “like” the page so you can comment, might be a nice time for Facebook to implement an “unlike” button.

Poker Players Alliance take action page – while I’m not 100% on the PPA (more on that when I get my personal thoughts up), they do make it easy for you to email your representatives, follow through, it’s just a few clicks.

The PPA Wants to Know How This Impacts You. – Tell them how it impacts you, it cannot hurt, imo.

BOOM documentary: Make your voices heard! – My partner, Krantz, is getting personal takes documented for this troublesome time.

Q. Wait Joe, you are an affiliate, I’m an affilate too. What does this mean for me?
A. While I will make another post with my personal thoughts there are two good posts by some friends of mine you should read.

My Thoughts On Today – by Jeremy, owner of Pokeraffiliatelistings

The Fallout From The Full Tilt / PokerStars Pullout – Bill Rini’s blog.

Q. What are the other politicians saying?
A. Good question, I’m sure more will be said but Rep. Barney Frank as spoken out.

Rep. Frank: Administration ‘wasting time’ with online poker crackdown. - The Hill blog.

Q. OK Joe, I read all that stuff already, anything I missed?
A. There are a few lighter takes on this situation.

Hey Smile! podcast – a take off of Hey Ball – a positive look on the poker world.

The New Poker World Order – Wicked Chops Poker blog.

U.S. Is Cracking Down on Online Poker – Tosh.O blog.

daily gssp – quite a smilar mash up to this one by PKRGSSP!

Q. Now that I have all day, no poker, what can I watch that has instant updates?
A. All of us in this business are wondering what to do with our time, here you go:

Follow KevMath on twitter.

Listen to the QuadJacks Podcast.

and as long as you can stand some Boston sports rants, follow me on twitter as well:

Thanks for reading,

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A little more on Strategic Foreclosure

Monday, May 10th, 2010

Strategic Foreclosure is becoming more mainstream. It is a movement in social economics. More and more are doing it, so many credit ratings will drop.

Will a credit rating of 600 in three or four years now be the new 700? If those who could afford their underwater mortgages start walking away, what holds for the future of those buying houses? I find it interesting that those who are paying loans that are much greater than their home value (underwater loan) are technically referred to as having Negative Equity.

Well, when we think we have negative equity in poker, what we do is fold.

I cannot blame them for folding, sure seems like the right thing to do.

Watch CBS News Videos Online

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An American Tragedy (Bet against the American Dream)

Thursday, April 15th, 2010

Want to know how the economy got f’ked up? (sorry Mom, but the f-word is the only one to describe what you are about to hear.)

Take 45 mins and listen to this:

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

All credit to This American Life : Inside Job for an outstanding program.

Find more about Magnetar and the failure of our economic system that caused the current crisis:

Bet Against the American Dream from Alexander Hotz on Vimeo.

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