If you’ve followed my thinking on this you know I’ve long had a pretty low opinion of political betting markets. Their user base tends to lean right, with the built-in bias you would expect that to cause. They’re also prone to manipulation. But the biggest problem is that, in my view, they’re largely derivative of polls and the press narratives. Garbage in, garbage out. I will simply note that the wild gyrations all of them have been doing over the last three or four days provide, I think, some backing for my argument.
I’ve told you a few times about Professor Michael McDonald’s early vote analysis. He has a paywalled final analysis of the early vote in North Carolina. The upshot is that by conventional early vote analysis, Donald Trump appears poised to win North Carolina. That wouldn’t be a surprising result either on the basis of history or the current polls, which show a dead heat race with the slightest advantage to Trump.
But McDonald also notes that it is an unusual cycle with conflicting signals. The polls look more favorable to Harris than the numbers in the early vote. Actual votes matter more than polls of votes, by definition. But this is a reminder of what early vote analysis is based on. We’re largely going on party registration and limited demographic markers as a proxy for voter intention. Those will generally point in the right direction, except when they don’t.
If you’ve followed my thinking on this you know I’ve long had a pretty low opinion of political betting markets. Their user base tends to lean right, with the built-in bias you would expect that to cause. They’re also prone to manipulation. But the biggest problem is that, in my view, they’re largely derivative of polls and the press narratives. Garbage in, garbage out. I will simply note that the wild gyrations all of them have been doing over the last three or four days provide, I think, some backing for my argument.
As I argued in today’s Backchannel, I believe Harris, win or lose, has run an almost flawless campaign. To the extent that is true, we had a preview of it in that cruelest month, July 2024. I do not think there was a single story published discussing murmurs from Harris world about whether Biden should drop out, what kind of race she might run, anything like that. It goes without saying that that kind of chatter would have been poisonous for the Democrats’ eventual chances. Despite some people’s illusions, Harris was always the only plausible replacement candidate. It doesn’t take a genius to know such chatter would be damaging. But as I argued in the last post, it comes down to execution. It’s not enough for the potential candidate not to be talking, or her top advisors. It’s a matter of controlling every random person who might claim to have insight into Harris’ thinking. That requires a total level of discipline that starts at the top. I suspect it’s only really possible if, as we’ve been told by the people in Biden world, Harris remained absolutely loyal to Biden until the moment he decided to step aside. I don’t want to rehearse that whole question again. But that is a very, very tough position to be in. It would be irresponsible not to be ready for the call to come. But even the hint of preparation for it would be disastrous. It was an accurate preview of the kind of campaign Harris would run.
The great secret and poverty of campaign reporting is that the majority of it is based on reading the polls or the eventual result and then writing a story of the campaign to match that outcome, predicted or real. Every losing campaign is run by idiots and vice versa. With that reality in mind, I wanted to share some opinions in advance of the results. I think Kamala Harris has run an almost flawless campaign. Many people think a great campaign is made up of a great strategy, or perhaps a great speech. The truth is that campaigns are almost all down to execution. That’s particularly so in an early 21st century American presidential campaign, when the main constituencies and issues are chosen in advance and not by the candidate.
An upstart city council or even House candidate might upset the status quo with an outside-the-box campaign or set of issues. Presidential campaigns don’t work that way. Presidential campaigns are won by energizing and mobilizing key constituencies, shaping the issue agenda in your favor and having more days on offense than defense. On the constituencies front, that means base and reach constituencies. On issues, it’s mostly about raising the salience of issues where a majority agrees with you. Above all, it’s about not making mistakes. It’s also about running a campaign of the quality that you force a lot of mistakes by your opponent. As I said, it’s mainly about execution.
As Clear A Referendum As Ever Could Be: Donald Trump slogged through the final weekend of his third presidential campaign as the Republican Party nominee demonstrating in blatant ways nearly every facet of the misbegotten character that makes him unfit for public office at any level.
He mimed stroking and fellating a microphone on a rally stage in Milwaukee. He talked favorably of the press corps in attendance taking bullets intended for him at a rally in Pennsylvania. He said he should have never left the White House after his 2020 election defeat, contemplating a coup by intransigence. He bizarrely claimed that the counting of votes should be over by 9 p.m. on election night, thus stoking anew bogus election fraud conspiracies centered on the time it takes to count votes.
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