Manipulating the Presidential Futures Market
Here is an interesting article about apparent attempt at a speculative attack on the Bush contracts. It reminds of a story and a prior link, where I talked about the proud history of gambling on presidential elections. For many years, prior to mass media and communications technologies, betting odds were the gauge of who was ahead in a given election. Looking to effect the same bandwagon effect spoken of in this article, Joe Kennedy Sr. made a stop in Vegas on his way out to California prior to the 1960 election, and bet heavily on his son. The Conspiracy to Keep You Poor and Stupid
posted by Hatcher at 8:09 AM
2 Comments:
Just a comment on the reliability of the other blogs frequently linked to by Hatch. If you read down to the next article after the presidential markets one, the blogger criticizes the makeup of the economists who signed the declaration promoting a higher minimum wage. Aside from the fact that economists are allowed to make moral judgements that equity might outweigh efficiency, the writer criticizes the fact that several law school professors have signed the document and states that no law professor could ever qualify as an economist. Perhaps he has forgotten about Ronald Coase, a Nobel Laureate and a favorite of conservatives like himself.
I, unlike President Bush, have no problem admitting a mistake. I made the mistake of using the errors in the "Conspiracy to Keep you Poor and Stupid" blog as a blanket condemnation of all of the blogs to which Hatch links. This was Hatch's first link to this blog and the errors made by these guys should not be used as a general reflection of the accuracy of the information published by the other nut jobs to which Hatch posts links.
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