In 2004 my friends and I had a party which was fun except for the results
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In 2000 I watched the TV and ran down to tell my parents which states had been called-I specifically remember Florida being called and my parents being really surprised how early it'd been called and assuming it was going to be an easy Gore victory.
This year I think I'll have the major network's sites open as I constantly check results. Maybe some TV too. Maybe a party. I hope I start a tradition of parties, but my friends aren't too political, so I don't know.