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Intrade: No veto-proof Senate

Posted At : October 30, 2008 04:23 PM | Posted By : D McKee
Related Categories: Election

Whether you're giddy with anticipation of "veto-proof" U.S. Senate, led by Harry Reid (D-NV), or fretful with trepidation thereof, it's not going to happen.

Who says? The Intrade Prediction Markets, that's who. (Go to the drop-down menu and you can search futures-market bets on 35 Senate races. The one Democratic seat the GOP had hoped to capture, Mary Landrieu's (LA), has swung firmly back into the "blue" column. By the same measure, two Republican seats that were briefly thought to be at risk, those of Saxby Chambliss (GA) and Minority Leader Mitch McConnell (KY) appear likely to stay "red."

Open seats in Mississippi, Idaho and Nebraska will remain staunchly Republican, while ones in Virginia and New Mexico should go Democratic this time around. Odds are lengthening for GOP incumbents Gordon Smith (OR) and Elizabeth Dole (N.C.), and things aren't looking conspicuously better for John Sununu (N.H.) and convicted felon Ted Stevens (AK).

The wild card is Minnesota, where Intrade continues to post a higher probability for challenger Al Franken (D) than for incumbent Norm Coleman (R). But Coleman has inched slightly ahead in popular-opinion polls since he switched to an all-positive ad campaign (even to the extent of repudiating direct-mail pieces that bore the fingerprints of Nevada's Sen. John Ensign). If I were a betting man, I'd buy "Coleman" futures, but ...

... even if Intrade calls Minnesota right, the best-case scenario is a seven-seat pickup by Dems. Split the two unaffiliated seats -- Bernie Sanders (VT) caucuses with the "blues" and Joe Liebermann (CT) with the "reds" -- and it still only gets Reid to 57 seats.

I'm predicting 56. And the presidential election? Based on a whole raft of factors -- plus my essentially pessimistic nature -- I say it's too close to call and we're in for a long Tuesday night. 

Comments (Comment Moderation is enabled. Your comment will not appear until approved.)
mike_ch's Gravatar InTrade bounces around a lot. I'm guessing they'll fall one short (or two if you don't trust Lieberman.) But it's not about being veto-proof, it's about being filibuster-proof, since there's no real hope for McCain anymore.

Also, http://www.fivethirtyeight.com/2008/10/road-to-270... That cell phone conversation at the intro is hilarious.
# Posted By mike_ch | 10/31/08 2:28 AM