View from
the Catwalk
November 2008

Joe the Pit Boss

Dear President Obama,

I know you're probably exhausted from all that campaigning and stuff but I hear you're looking for somebody to help you run the economy. I think I know just the man for the job. His name is Joe the Pit Boss.

I worked with Joe the Pit Boss in the early 90's. Joe is a "man's man" with an east coast attitude, a west coast tan, an Elvis-style haircut and a wardrobe of Italian black suits, black shirts and white ties. He is truly a man of the world with an appreciation for high finance.

Joe the Pit Boss is a leader in the pit who reaches across both sides of the tables. Men want to be like him... woman want to be with him. He taught me a lot about the casino business and became my money management mentor and guru. I must confess in the early days I had a man crush, but I'm over it now.

Joe the Pit Boss doesn't have a degree or anything like that but he does have decades of casino experience for which he has developed a simple economic philosophy - Trust but Verify (he stole the phrase from the 40th President but he's dead now)

I'll never forget my first day on the job. Joe the Pit Boss took me aside and told me that "casinos are just like banks only they don't have receipts". He explained to me the importance of having tight systems of internal controls and accounting, stringent auditing processes and constant surveillance. He also told me "Young man, there's are lots of f#!&! scum bags out there always looking to take your f#!&! money. Keep your eyes on the moo-la and watch your f#!&! back."

Here's Joe the Pit Boss's top 5 casino economic principals that I think could be applied to our country:

Do whatever you can to keep players in your casino unless they're cheats or thieves.
Always make sure there is enough cash in the cage to pay out all the chips on the casino floor.
Credit is available to "qualified" players but cash is always better.
$5 players don't get to stay in the penthouse. Circus Circus is just down the road.
Make sure players pay off their credit before you cash them out and they go play next door.

Admittedly, Joe the Pit Boss is not much into the investment market or the share market. He disagrees with gambling. He's more into the flea market. But I think he would do a great job running the economy. Like you said, it's time for change and I believe that Joe the Pit Boss and "Casino-omics" is just what our country needs for the future.

- Enjoy the game

Willy J. Allison
willy@worldgameprotection.com