There have been two passes to you, and if you don't bid, the auction is OVER. Should you take action? Should you let it go? When the auction is at a low level, below 2♠, you should strongly consider taking action. The points are probably fairly evenly divided around the table and the auction may well belong to the brave. Always in the front of your mind should be the realization that to go down -50 or -100 is better than allowing Them to make 140 or 110.
Here's a little guideline to help you decide. Mentally steal a king from your Pard's hand and bid as you would with three more points. Your choices are to overcall, which promises a Darn Good five-card suit or double, which promises shortness in the opponent's suit, and four cards in unbid majors as well as tolerance for any other suit. And then there's Pass... choice number three.
This is a fun topic for members of the Clint Eastwood School of Bidding, since we hate to give in gracefully. We'll continue on Friday. For now, ready to try a few?