HOME / the horse race: Pundits analyze the elections; we analyze the pundits.

The Horse Race charts the presidential election campaign using three measures: 1) the opinion polls (we use primarily the NBC News/Wall Street Journal poll); 2) the Iowa Electronic Markets; 3) our own index of pundit opinion. (Movements in the Pundits' Index are justified and analyzed below.)

The Iowa Electronic Markets are a project of the University of Iowa College of Business administration. They are real markets, with real money at stake. We follow two. Both trade in shares that pay out after the election. The Winner Take All market will pay $1 for each share in the winner. (Thus WTA share prices reflect the market's judgment, at any moment, of the chance of a candidate winning.) The Vote Share market will pay each share a fraction of a dollar equaling that candidate's fraction of the popular vote. (Thus VS share prices reflect the market's judgment of the likely popular vote.)

The Iowa folks' thesis is that markets are better prognosticators than opinion polls or pundits. You be the judge. For more information, or to invest, visit the Iowa Electronic Markets site.

Starting soon, "The Horse Race" will also include the race for control of Congress.

NOTE: Because of the details of how these markets work, the prices on Clinton and Dole don't add up to $1. Because the opinion polls allow for "undecided," poll numbers and the Iowa VS prices are not directly comparable.

IEM Vote-Share Market vs. NBC/WSJ Poll

IEM Winner Take All vs. Pundit Index

Iowa Electronic Market, 7/18/96
Vote Share Winner-Takes-All
Dole Clinton Dole Clinton
Open 44.8% 55.0% 33.9% 63.9%
Close 44.6% 53.0% 33.9% 65.0%
Pundits' Index
Clinton: 84%, up 2 points from last week
Dole: 15%, down 3 points from last week
Perot: 1%, first week in pundits' index


Toast. Roadkill. Buzzard bait. Finito. That's the near-unanimous verdict on Bob Dole after another week of self-destruction. Having teased his few remaining pundit investors with a momentary surge in the polls, Dole has resumed losing ground. Even the normally stalwart Iowa market has traded him down a couple of points. Dole's public image is now in the grip of four diseases:

The Quayle Syndrome: In 1988, Dan Quayle's early idiocies led fellow Republicans and pundits to view him as an idiot, which in turn led them to view everything he did thereafter as idiotic. Dole is fast earning a similarly self-reinforcing reputation as an aimless bumbler. Even conservative scribes construe his every move, fairly or unfairly, as a gaffe. When Dole skips the NAACP convention, pundits conclude that he's confused rather than decisive. When Dole offers platform language to resolve the GOP's abortion debate, Paul Gigot scoffs, "This is about the third time he's resolved it." When Israeli Prime Minister Netanyahu seduces Washington, the Wall Street Journal asks, "Why Isn't Bob More Like Bibi?"

The Anonymous Back-stabbing Syndrome: Pundits don't like to kick a candidate when he's down. Instead, they invite the candidate's "friends" to kick him. Now that Dole is in trouble, the chat shows are abuzz with gossip about Republicans scorning him: "Even his closest friends have told me. ..." "His staff tells me. ..." "The campaign handlers are tearing their hair out. ..." "The despair in Congress among Republicans is unbelievable."

The Joke Syndrome: Once a candidate has been sufficiently caricatured and disowned, he becomes an object of sport rather than serious discussion. Right-leaning pundits are now comparing Dole openly to Michael Dukakis, Walter Mondale, and even Hurricane Bertha.

The "Dark Side" Syndrome: Long before the pundits decided Dole was a bumbler, they decided he was mean. So now, every time he tangles with a public figure (Katie Couric, C. Everett Koop), reporters snicker that he's on the rag. This week's exhibit: Dole's casual speculation that former Democratic Rep. Kweise Mfume "was trying to set me up" by inviting him to address the left-leaning NAACP. Dole's remark was treated as an outrage in Friday's papers and replayed as such on all the weekend chat and quiz shows (though it could well be true).

Dole's best hope lies in an outside force that might shake up these deadly market dynamics. As though on cue, three candidates leapt into the race this week: Libertarian nominee Harry Browne and Reform Party hopefuls Ross Perot and Dick Lamm. After launching his candidacy July 9, Lamm was upstaged by Perot July 10, written off by Al Hunt (kindly) and Maureen Dowd (unkindly) July 11, and gang-banished by TV's talking heads over the next three days. The prevailing theory is that Perot owns the loyalty of most of the Reform troops, and, with money and control of the ballot-counting process, can seize the rest.

The early line on Perot is that he'll draw fewer votes than in 1992, because 1) we know him better now and love him less; 2) there's no longer a glaring, unaddressed national crisis from which he can promise to save us; and 3) he's entering the race with 13 percent of the vote and, like previous third candidates (e.g. John Anderson), will lose much of his support in the election's final days as voters decide to back one of the top two candidates in order to defeat the other. The pundits think Perot might help Dole by attacking Clinton in the fall TV debates, but otherwise will hurt Dole by stealing anti-incumbent votes, tilting Midwestern states to Clinton, and focusing on issues at the expense of the character questions on which Dole hopes to run.

--William Saletan

William Saletan co-founded and edited The Hotline, a daily digest of political news, and is the author of a forthcoming book on the politics of abortion.

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William Saletan is Slate's national correspondent and author of Bearing Right: How Conservatives Won the Abortion War. Follow him on Twitter here.
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