Re: This is when you apply the squeeze play.
This is a squeeze play, not just a blind steal. You either have to fold 76s to a 3BB raise and one caller, or as in this case you push 3700 chips into the pot, which gives you maximum Folding Equity against the loose raiser and the caller.
You cannot bet 1500 with 76s because of the reasons already stated above. You give the raiser great pot odds if he had a decent hand, and if he calls well forget it, the caller is coming along because it will be too nice of a pot to get away from.
You are trying to put maximum pressure on the loose raiser here, because he will have one more person to act behind him even if he calls your all-in because of the caller, and will tend to fold his weak hand. The caller will then have to have a very strong hand to continue because you made your all in move with two people showing "strength" in front of you, so you must have a good hand, at least that is the perception you are going for.
This situation is clearly outlined in HOH as well. You like to make this move with two cards that are not too bad that could do well on the flop and not be dominated, so 72 is not the hand for this maneuver, but 76s, or T9s, PPs.
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