Trump was the perfect Madisonian teachable moment. A horrifying figure who I wouldn’t trust to watch my drink while I got up to hang my coat. The lesson should have been clear: scale back the power in the Oval Office. But now that the pendulum has swung the other way, they “are urging him to follow President Trump’s example”. This is why we can’t have nice things.
Meanwhile, in a world where people are putting their own money on the line, people are still holding out hope that Trump will win the election he just lost. The market for predicting the winner of the presidential election has 10’s of thousands of transactions and places the probability that Trump or Biden wins at 103%. As an economist I find it disconcerting that I can still buy contracts of “Biden to win” at 88 cents. The lesson I’m taking away is that (at least when Trump is involved) there’s a wide margin of error on how accurate the prediction market estimate is.