Betting Against Betting Markets

Alex Klein thrashes InTrade:

So could the online market know something about the GOP field that the rest of us don’t? Conversations with several economists indicate that the answer appears to be a resounding no. While InTrade’s cold hard data can seem soothing to many a frazzled political journalist, there’s just one problem: In this context, so early in a nomination race, the numbers it produces are virtually useless.