Despite the best efforts of a coalition composed mainly of fierce partisans on the left, with a few know-nothings, illiterate hacks, and some cowards on the right, a good idea will see the light of day.
A U.S. government plan to create a market allowing traders to bet on the likelihood of terror attacks and other events in the Middle East has been revived by the private firm that helped develop it.
The market, called the Policy Analysis Market (PAM), will allow traders to buy and sell contracts on political and economic events in the Middle East, including assassinations, the overthrow of regimes and terrorist attacks. The market is scheduled to start trading next spring.
It originally was developed and funded with the assistance of the Defense Department, where officials cited the uncanny ability of other futures markets to predict election results, weather patterns and other complex events.
Heated public criticism forced the Pentagon to end its association with the project, but its Web site, which was idle for several months, now has an announcement saying it will be open for business in March 2004.
Now that Poindexter is gone, look for liberals to explain how this system is really different from the old system and that they don’t really mind this version. This was a good idea, this remains a good idea, and Ron Wyden and Byron Dorgan can kindly shut up and talk about something they understand.