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"he drank it all up"

Posted by Moe on June 14, 2003

I've heard the phrase "he drank it all up" many times for many years. Here's my question. Do people who use the phrase, as in "he inherited a small fortune but he drank it all up and left his family poor", actually mean the person spent virtually all the money on booze? Or does it usually mean that he was profligate and extravagant in terms of possibly wine, women, song, travel, gambling, fancy clothes, and such like?