Tuesday, January 1, 2013
Polictical Negotiations And Poker Playing
This analysis of the fiscal cliff deal is similar to others made by progressives. I posted this one because it describes the administration's poker playing style. Poker players call it a tight-weak style. Players with that strategy lose when they have weak hands, and they fail to maximize their potential gain from strong hands. In this case, the administration had a strong hand, but it did not take advantage of the cards that it held. Moreover, it will be in a weaker position in future negotiations over the debt ceiling. Tight-weak players lose big when they do not hold a strong hand. The implication is that we cannot expect the administration to accomplish much over the next four years.