Obama Playing Poker With Homeowners: John F. Wasik
(Corrects RPM company name in 12th paragraph.) Dec. 29 (Bloomberg) — Managing your financial affairs in this season of political transition is like being in a poker game when a stranger shows up. Its hard to know how to play a hand until you get a sense of the new guys strategy.
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Poker terminology:
- OPENERS - Cards in a hand that qualify a player to open the betting.
- SPLIT [OPENERS] - In draw poker, to discard one or more openers, usually to draw to a straight or flush. Normally requires the opener to declare the act and retain the discards so that the act of opening can later be validated.
- RUNNER-RUNNER - A hand made using both of the last two cards dealt.
- IN - Still eligible to win the pot. "I'm in" is often spoken as one adds chips to the pot, calling.
- FAMILY POT - A pot where all of the players at the table are participating, even after each has had an opportunity to act.
- RAGS - Board cards that are small, not suited and not in sequence, e.g., 9-5-2. When "rags flop", it is unlikely that anyone has a good hand, except possibly the big blind in an unraised pot.
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