I previously blogged about an attempt to establish a Federally-regulated futures exchange that allows individual investors to wager on political events. Unfortunately, it looks like the idea will be shot down:
The Commodity Futures Trading Commission is poised this week to reject plans for so-called political event contracts, a lucrative derivative deal that would allow firms to wager on Congressional races as well as the presidential battle, the people briefed on the matter said. The agency is expected to decide, in part, that such trading amounts to gambling — and that it could unduly influence election results.
I’d disappointed – I think political futures exchanges could be a valuable tool in shaping and predicting our political world, and I think that the influence on election results would certainly be no more damaging than the current ridiculous campaign finance laws.