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Michael Gracie

Debt crazy. Make that insanity.

“Insanity: doing the same thing over and over again and expecting different results.” – Albert Einstein

Grant Williams does a heck of a job explaining the situation

MG signing off (because owing nothing means you can)

Top Poker Players Sometimes Short on Cash

Of all places, via Bloomberg:

When watching “High Stakes Poker” or the World Series of Poker on television it’s easy to assume that all these people with mountains of chips in front of them are millionaires and living the American poker dream. The sad reality is that a reasonable number of them are broke or, even worse, deep in debt to their fellow players, banks and loan sharks.

A simple case of poor long-term money management skills? Or the poker industry’s dirty little secret, hidden behind the marketing veil, in order to lure more suckers into the game?

I suspect it is a combination of the two.