Obama's reelection odds sink on political futures trading site
President Obama's reelection odds have tanked along with the stock market in recent days on political futures trading site Intrade.
After holding steady at about 60% for most of the year -- and spiking to 70% in May when U.S. forces killed Osama bin Laden -- the chances that Obama would be reelected next year have plunged this month just like the Dow Jones industrial average.
After Monday's sharp selloff, political futures trading on the site pegged Obama's odds at 50.7%. And despite Tuesday's market turnaround, Obama's odds in early trading on Intrade had dropped to 50%.
Intrade and other prediction market sites like it operate similar to the stock market, allowing people to buy and sell shares of certain events, such as the 2012 presidential nominees or whether Steve Jobs will step down as Apple Inc. chief executive, based on their probability.
It's just another indication of the way politics and the economy are linked. But although Obama's fortunes have dropped sharply on Intrade, that's yet to spill over into his job approval rating. Gallup's daily tracking poll of the president's job approval has been holding steady this month at about 43%.
-- Jim Puzzanghera
Photo: Closing prices of the odds of President Obama's reelection. Credit: Intrade