What do President Barack Obama with his predecessor Richard Nixon? The love of Poker. And with George W. Bush? Hypocrisy in trying of people from to stop online playing.
Nixon's love Poker is well documented: he allegedly financed his first campaign with Poker winnings and to react bad to lose, a hand was O'Neill he famous from other poker players, House speaker tip, which informed him reprimanded: "any guy, of about a $40-pot hollers has no business as President."
Many Presidents Ulysses S. grant, Theodore Roosevelt, Franklin D. Roosevelt, Harry Truman, Dwight Eisenhower and Lyndon Johnson, among them were also poker players.
Truman can the keenest were: he had set a poker with President embossed seal, and he had a sign on his desk-a further poker reference declared "The buck stops here": bordering the dealer position was often marked by a knife with a buck horn as a handle, and so "Buck" would be passed.
4 March 1946 Truman played poker with Winston Churchill to 2:30 am, while she travelled together to Fulton (Missouri) where Britain's wartime leader was give his historic 'iron curtain'-speech. Play together created a more informal relationship, historian David McCullough draws. "Mr. President," said Churchill as the cards were dealt, "I think that if we poker play I Harry calls." "All right Winston," was the answer.
A poker face?What President Obama? In the Senate Chicago he played in a regular poker game with Republicans and Democrats every Wednesday evening (which start at 7:00 pm and often went until 2:00). And during the campaign 2008 he performed as a "pretty good poker player" as "hidden talent".
Despite this personal story closed on 15 April, President Obama of the Ministry of Justice of the U.S. sites of three of the most popular Internet poker sites (PokerStars, full tilt poker and absolute Poker). It was under the supervision of the 2006 unlawful Internet Gambling Enforcement Act (UIGEA) - an Act turned on in the last minute on a port Bill security done. Even a poker player in the school was signed into law on October 13, 2006 by President George W. Bush-.
The law, and make sure you follow this made it but not illegal for US residents to play online illegal for financial institutions to process transactions for online gaming sites to. For U.S. based sites closed, filled foreign companies, move the blank for a few years until in April. Well, if US citizens want to enjoy an American game (poker was developed in the Wild West) on the Internet (in the United States developed) they can only do it from abroad.
UIGEA prohibits games "subject to chance." But Poker really purely based on luck?
The monthly low-stakes game, that I with friends is to play the same players tend to win. This is because a high level of skill is involved. In fact, Poker is a mixture of logic (like chess), chance (like roulette) and behavioral science. President Obama certainly believes this also: Why else would he call himself "a pretty good poker player"? No one is called "a pretty good Lottery player".
But apparently think members of Congress, which is more skill than luck lottery. Free it, together with betting on horse racing and fantasy sports, from the online ban - make it clear that in reality, that really worried the law was not with the protection of people from gambling.
"Freakonomics" author Steven Levitt and his colleague Thomas miles published in may a paper examines "The role of skill and luck in poker". It compared the performance of the players of the past successes as "highly qualified" to other players in the 2010 World series of Poker. The highly qualified "achieved an average return on investment of more than 30 percent, compared to a 15 per cent for all other players." This big gap in are strongly indicates that the game is based on skill.
You also notice that when applying similar academic tests on asset management - an area as a highly qualified, at least by consumers pay billions of dollars in management fees - found "little evidence of skill in this domain".
"Little evidence of the craft" is also an apt description of our lawmakers 2006 priority - with a focus on pointless legislation such as online poker players, harassing, rather than financial shenanigans, above-market crash of 2007-2008. It is unlikely that history much of the Obama Department of Justice 2011 either think attack on poker players.
Daniel Freedman is the Director of strategy and policy analysis at the Soufan group, a strategic intelligence advice. His writings can be found at www.dfreedman.org. He writes a bi-weekly column for Forbes.com.
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