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Take the 10-1 Ladbrokes brokered convention bet

January 25th, 2012

The chances are a lot tighter than that

Ladbrokes put up a market overnight on there being a brokered convention to choose the GOP 2012 nominee for the White House. The opening price was a mouth-watering 20/1

It then soon moved to 16/1 and by the time I became aware of it the price was down to 10/1.

Even though it’s an eventuality that rarely happens it’s being talked about a lot at the moment following South Carolina and the prospect of a Newt Gingrich nomination. Mitt Romney, as we are seeing, is having problems with the broad Republican base while there are many in the party elite who are ultra-concerned about having Newt at the top of the ticket.

Initially they’d been broadly happy to support Mitt but now that his effort is faltering it’s suggested that they’ll try anything to block Newt

There’s a lot of talk of another candidate acceptable to the establishment being promoted but given the timings and the need to complete legal requirements to get on each state ballot it might be hard for such a person to secure enough delegates in time for the convention in August.

The terms of the Ladbrokes bet are simple – that the eventual nominee will be other than Romney/Gingrich/Santorum/Paul. I think the chances of that happening are better than the odds being offered – hence a good value bet.

Mike Smithson @MikeSmithsonOGH




  • http://tomknoxbooks.com SeanT

    “You wouldn’t have spotted Thatcher in 1974 or Churchill in 1937″

    Sure, but Thatcher didn’t reach power until 1979, and didn’t start really turning things around until 1984, which means that even if a new Thatcher comes along, we’re a decade away from real national revival (which actually sounds about right).

    Excuse me if I don’t turn cartwheels.

    FWIW I wouldn’t characterise Britain as a sinking ship, more a kind of old, rusty destroyer, with a totally knackered engine, drifting at anchor.

    She needs a total refit, and probably a new engine, before she will be seaworthy once again.

  • Ishmael_X

    rEd needs to SMILE at the tory cheers. Looking sad and grumpy does him no good at all.

  • http://edmundintokyo.wordpress.com/ Edmund in Tokyo

    I like the way they stagger the elections in different parts of the country – especially the way the voters in Iowa have a decent chance of actually having met the candidates.

    If we’re going to have constituencies we should let them decide when to have elections, rather than doing them all on the same day.

  • Socrates

    What’s this obsession with the damn production industries? Service sectors are a larger share of the world economy, have higher growth projections and provide higher paid, better quality jobs with lower health problems. The UK is excellent not just in finance, but also law, higher education, scientific research and creative industries. This isn’t the Victorian age any more, and recreating their economy won’t help us in the modern world.

  • http://twitter.com/MorrisF1 Morris Dancer

    PMQs begins. E. Miliband arises and is cheered by Coalition benches again.

    Q1 is on GDP figures, unsurprisingly. Asks what’s gone wrong. Cameron says times are difficult, figures disappointing but not unexpected. Says they reflect the overhang over the debt and deficit, higher food and fuel prices and the eurozone crisis. Refers to forecasts for other comparable nations which are similar or worse to our own and cites low interest rates.

    Q2 says people are fed up with Cameron’s excuses, and that growth ahs been flatlining since the 2010 spending review. Says the government’s approach is total arrogance. Quotes Osborne ‘steady and sustained economic economy with falling unemployment’. Asks how bad things must be to shake Cameron out of complacency. Cameron says the question ignores his previous answer, ‘No more boom and bust’. Says there is not one ounce of complacency and reels off list of measures. Speaker intervenes to quieten Labour benches. Cameron says Labour’s answer to a debt crisis is to borrow more.

    Q3 Miliband says Cameron and Osborne are byword for self-sastisfied, smug complacency, and that they’re failing on borrowing. Refers to unemployment, lower GDP, asks when the PM will face up to the fact his policies are failing the country. Cameron says the economy grew last year and more people are in work now than at the GE. Uses Balls quote on IMF, and the IMF said that fiscal consolidation is part of resolving the problems facing the UK economy.

    And pause.

  • sam

    When David Cameron says “when he was in charge” does it resonate?  I have to say I don’t think many people associate Ed Miliband as the driving force behind the last govt, even though he was part of it.

  • Mike Smithson

    Both Ed and Dave quite good in that first exchange

  • Anonymous

    REd was not at all convincing.

  • The Screaming Eagles

    It does seem to be a system with a lot of merit.

    I like how the smaller states generally are front loaded in the primary calendar.

  • Sunil Prasannan

    I love Ed! He’s my hero!

  • antifrank

    Mr Dancer, may I say that your factually neutral summaries of what is said at Prime Minister’s Questions are a boon to those of us that can’t watch or listen to them?  Many thanks.

  • The Screaming Eagles

    Odd on the day that the economic indicators are dire for the government, and Ed didn’t win on the economic questions.

  • tim

    Dave on the NHS is pathetic.

  • Anonymous

    REd’s sole approach seems to be that the PM is out of touch.

  • The Screaming Eagles

    Ed is much better when he asks awkward questions to Cameron and avoids the jokes.

  • Anonymous

    With manufacturing you can export your products to other countries i.e. money coming into the UK. With service sectors like law, money is mainly transferred or redistributed within the country. To be honest lawyers are just as much asset strippers as accountants are. We need money coming IN to the country, not being redistributed to greedy asset strippers.

  • http://twitter.com/MorrisF1 Morris Dancer

    And resume.

    Q4 is on ‘flagship health bill’ and loss of support for it. Much laughter from Labour backbenches. Cameron makes lame second opinion joke, then says thousands of GPs not just supporting but implementing the Government’s reforms. Speaker again silences Labour benches. Cameron cites one GP from Doncaster (E. Miliband’s constituency).

    Q5 says Cameron is out of touch on the NHS. Miliband cites GP survey and Royal College of Nursing, neither of which are pro. Cameron says Miliband is out of touch with Doncaster. Cameron bangs on about extra this and that in the NHS since the election. Says Labour wants to cut NHS spending and would make it worse not better.

    Q6 Miliband says morale down and waiting times up, and cites Conservative-dominated Health Select Committee slamming the changes. Says nobody wants the bill and refers to no more top-down reorganisations quote, and asks Cameron to put aside his arrogance and drop the bill. Cameron says Miliband panics and backs down at the first union upset but the Government doesn’t. Refers to a Shadow Health Secretary quote in favour of GP-related changes.

  • Rotten Borough

    Ed is doing well today. He must keep banging on about NHS. This is the Achilles heal.

  • Marquee Mark

    Er…because it is EdM’s own constituency?

  • Anonymous

    Why is Cameron waffling on about Doncaster?

    (Or “Donc’ster” as he pronounces it)

  • Mike Smithson

    Agreed. this is a much better performance from Ed today.

    I liked the way he lowered his voice after one or two of his questions. He normally sounds as though he is screeching. 

    DC 7/10
    EdM 7/10

  • http://twitter.com/MorrisF1 Morris Dancer

    Thank you, Mr. Antifrank. One does one’s best :)

  • http://tomknoxbooks.com SeanT

    I agree we need to show confidence in ourselves if we are to dig ourselves out of this mess.

    Ergo, the one thing the government could do – indeed MUST do, right now, today – is give the go-ahead to Boris Island.

    This is the only way to get us back on our feet, massive infrastructure investment: other budgets must be cut to do it if necessary, though I suspect private BRIC finance would be very keen on such a potentially lucrative project. The Chinese think long term, a glittering new London airport is  - long term – a tantalising investment.

    Boris Island would also mean we are serious about linking our economy to those areas of growth: right now we don’t have direct air links with half the most important cities in Asia and Latin America. Even Jakarta!

    Build it and they will come. But build it. And f*ck the little birds. And the Lib Dems.

  • tim

    Cameron is deluded if he thinks that he’s got a battle with the Trade Unions on the NHS, he’s got a battle with sanity, as the Select Committe report yesterday emphasised.

  • Anonymous

    M Mark:

    And?

  • http://twitter.com/MorrisF1 Morris Dancer

    Quite hard to call, actually. E. Miliband made surprisingly little headway, but it was more down to Cameron being robust than his opposite number buggering it up.

  • Socrates

    The majority of international trade in the world is now service sectors and will increase its share in future.

  • Anonymous

    Looking at the two front benches, the Labour lot are the least photogenic.  When did Labour select on some ugly criteria?

  • Anonymous

    He was far more convincing on the NHS than the economy, that’s for sure.

  • The Twisted Fire Stopper

    I was expecting a really nasty tempered PMQs today. It was actually a bit bland

  • tim

    That’s because Dave is clueless on the NHS
    Who on earth thought rambling on about a GP in Doncaster was a good idea?

  • Richard Nabavi

    What nonsense.

    We have one of the top two centres for financial and other business services in the world just a few miles from your flat, with a huge competitive advantage over most of the alternatives.

    Sure, we have loads of problems as well, but many of those are now being addressed.  It will take time, of course.

    Above all, this isn’t a zero-sum game. China doing better doesn’t mean we do worse.

    What’s more, there’s far too much doom and gloom about public spending.  We don’t need to get back to 1870 levels of spending as a proportion of GDP.  2003 levels* will be fine.  The public sector managed to provide public services then, didn’t it?  We just need to cut out the Brownian wastefulness.

    * With one proviso: spending on the NHS and care for the elderly will have to be higher.  But there’s plenty of other places for savings to be made to compensate.

  • The Screaming Eagles

    I’m regretting missing the cricket for this.

    The perception is that Ed didn’t get a victory today given how bad the economy performed today.

  • astateofdenmark

    I think its a proxy for the “we have trade, current account and fiscal deficits and somthing must be done.”

    ie boost exports.

    The other thing the service sector does is provide jobs. High-value manufacturing is almost completely automated.

  • Anonymous

    I agree although I doubt REd was convincing to the general public  many of whom will have spotted he ignored the PM’s answers and so went on to make a clanger on the statistics, such as waiting times.

  • Plato

    Well that was much better from EdM – still a trifle shouty, and a perplexing decision to stop mid attack, and then change subject.

    SaveEd had a good day :^)

  • Anonymous

    Economy: No score draw.

    NHS: Miliband 2-0 Cameron (But hardly anyone was watching this particularly match)

  • Plato

    Blimey

    ITVRichard
    ord Mandelson actually being hissed at by some in audience as he blames banks for eurozone crisis. He says debt problem is their fault #WEF

  • Rotten Borough

    No doubt focus groups are telling Labour this is what people are beginning to think about Cameron

  • Anonymous

    It was actually slightly surreal from Cameron.

    “He’s out of touch with a GP in Doncaster!”

  • Richard Nabavi

    May I second antifrank’s sentiments.

  • Anonymous

    REd didn’t even get a draw as he clearly was sticking to his script despite what the PM said. An automaton.

    He can’t think on his feet.

  • http://twitter.com/MorrisF1 Morris Dancer

    Either that or he was suggesting Miliband doesn’t know what’s going on in his own constituency.

  • The Screaming Eagles

    Ed Miliband quoted a GP from Cameron’s constituency a while back.

    What is sauce for the goose….

  • http://tomknoxbooks.com SeanT

    Well, I think you’re absurdly optimistic. Sorry.

    We are in relative decline and will be for the next century, that is inarguable. The question is whether we will enter absolute decline, i.e. actually get poorer over time. That is now far from impossible.

    I have two hopes: the shale gas revolution, if it pans out the way I see it, is going to seriously lower energy prices across the globe, eventually. There is almost nothing better for an economy than cheaper energy. This will be a big big boost.

    Also, such are now the fiscal constraints on any government it will be impossible for Labour to get back into power in 2015 or (more likely) 2020 and f*ck it all up again: no one will lend them the money.

    So the UK is bound to be governed in a relatively sensible way for a decade, as we literally have no choice. That stability may allow us to sweat off the debt and get back to real growth.

    But it is going to be damn hard and damn painful, whatever happens, and you are irrationally sanguine.

  • tim

    Bizarre, but Cameron’s weakness on health isn’t new.

    I suspect the story coming out of this PMQs is the control orders one.

    Judging by Camerons response the govt is going to allow terrorist suspects to travel to London in the run up to the Olympics.

  • Anonymous

    Bit of a flat PMQs I thought.
     
    Until Lisa Nandy (Lab, Wigan) stood up. ;)

    Not spotted her before. Merits further research methinks…

  • Anonymous

    Seems to be an effective win for Miliband.

    #saveed back in full force..

  • Anonymous

    Someone needs to tell the PM you don’t pronounce it “Donkes-ter”…

  • The Screaming Eagles

    Growing up, we used to call it Doncatraz, as it used to have 3 prisons.

  • Anonymous

    HenryG has been singing her praises for months.

  • Anonymous

    Chris Blackburn fan:
    About right.

    Miliband “won” on the economy, simply because the news is so bad.

    But Cameron effectively reeled off the Government’s excuses for a nice clip on the news, the best he could’ve done under the circumstances.

    On the NHS Cameron waffling about a GP in Doncaster was just plain wierd though.

  • http://twitter.com/MorrisF1 Morris Dancer

    Vielleicht.

    Countries can be surprisingly resilient and bounce back from huge disasters. Rome thrived after Cannae, Byzantium had three excellent Comneni emperors after Manzikert, Britain was victorious after the Nazis swept across Europe.

    I’d also point out that the possibility of instability in rapidly growing countries or other black swan events should not be forgotten. Just as decline is not inevitable, neither is prosperity.

  • The Screaming Eagles

    It was a score draw on the economy, but Ed won on the NHS.

  • Anonymous

    “If that Q4 construction figure (-0.5) is accurate, december must have been a shocker”

    It was.

    But January  MAY be a little better in housing but weaker in commercial. 

  • Anonymous

    I think it’s less about boosting exports ( easier said than done ) and more about substituting imports. The high value end is best for exports but as you rightly point out it creates few shopfloor jobs, but some well paid technical and management ones.

  • Richard Nabavi

    It’s certainly going to be hard for the next few years – don’t get me wrong.  That’s true of lots of other countries as well, of course.

    But the problems are not insuperable and the decline not inevitable.  We’re in nowhere near as bad a situation as we were in 1979, when the consensus was that continued decline was unavoidable because of the structural and political problems.

    Of course, if Ed Balls becomes Chancellor or PM in 2015 then all bets are off.  That is one risk hanging over us.

  • Anonymous

    Score draw. Ed not losing= winning

  • Anonymous

    Cameron very bad tempered today.  He gave away the game, and made Ed look better than he actually was.

  • Anonymous

    Quite often the immediate judgement is moderated if not changed later in the day.

    Fun, isn’t it?

  • Anonymous

    For REd not winning is losing when he has such ammunition to hand.

  • http://twitter.com/MorrisF1 Morris Dancer

    But E. Miliband winning enhances his chances of staying, which is a strategic win for the Conservatives *and* Lib Dems.

    Pyrrhic, perhaps, except that Pyrrhus was a heroic and tactically astute hero-king and E. Miliband is a fratricidal little shit.

  • Anonymous

    Ed did better today. Cameron OK on economy but poor on NHS.

    Upthread – the fact Ed can’t think on his feet might be a danger for him if he manages to get as far as the next GE debates (there will be debates).

  • Anonymous

    Indeed I can’t get past the turgid scripts and presentation of Miliband. However, I do think the automaton comment is overstating it. I don’t think Labour are using such advanced technology.

    Miliband comes over as a reject puppet from a Gerry and Sylvia Anderson show (perhaps an early version of Thunderbird’s Parker). He is utterly tedious.

    Perhaps they shoud get the person who writes his scripts to do PMQ’s perhaps they can think on their feet and respond coherently to Cameron’s answers.

    What is it with Labour? Brown ignored the questions. Miliband ignores the answers. Are Labour just plain ignorant?

  • Anonymous

    I reckon it saved Labour from electoral armageddon at the last election. How short blinky’s memory is…..

  • http://aloadofoldstodge.blogspot.com Stodge

    Afternoon all :)

    I don’t share SeanT’s pessimism either – many societies have navigated their way through relative decline – it’s probably fair to argue Britain has been in decline since 1914. Post-industrial societies have to deal with the fact that other people can produce the goods you once did at a fraction of the cost.

    On Labour, and ignoring the usual hostility from the usual suspects, it was always going to be incredibly hard for anyone taking over after an election defeat after thirteen years in office. It’s impossible for any successor not to be tainted by the policy failures of the outgoing administration – the same happened to William Hague.

    Labour needs time to re-establish its credentials as an alternative Government. Some on here may say they never will – I suspect that’s foolish. Inevitably, the current policies will attract viable critiques which will form the basis of the alternative manifesto.

  • Anonymous

    There is a presentational problem on the Labour front bench, caused largely by Miliband’s scripts.

    It’s a nasty case of bad acting syndrome.

    Whatever answer Cameron gives, he is greeted by this bizarre display of wide-eyed incredulity from the opposition, generally accompanied by hand gestures. Miliband will invariably come out with this “he’s wrong!”, “He isn’t listening!” “He simply not answering the question!” “He doesn’t get it!” stock line, and repeat his question, whatever Cameron says. And he does it with this really awkward ‘shocked’ expression on his face.

    Basically, it’s all a bit am dram. Save the incredulity for the real clangers of answers. It makes it seem a bit more serious then. They should really be setting their faces to ‘concerned’, more.

  • Boulay

    Why is the NHS such an absolute obsession in the UK? Do British people thiink that if the NHS vanishes tomorrow then there will be no healthcare, bodies on the streets, etc? Considering most of the developed world functions as well if not better without an NHS equivalent I am perplexed. I have waited for news stories here in Switzerland about grannies and children not being able to be cured because the state does not provide free healthcare but have seen none.

    Strange.

    Perhaps one of the pollsters can find out for us which of the three national religions is most important, NHS, football or orange celebrities.

  • Anonymous

    Will all of your placemen be lacking in patriotism,they are living overseas after all.

  • Anonymous

    Now this is something I grudgingly have to respect the Labour Party for. They appropriated and bestowed so much praise on the NHS as a national institution that they helped create a mythos behind it which means it is virtually untouchable.

    .. It has something to do with values as well. People see the NHS and think that they’re proud to live in a country with free healthcare; most people aren’t really interested in the nuances of that – including insurance schemes v centralised control – they just see the NHS as ‘free healthcare’ and any attempt at reform is likely to be seen as an attack on that concept, whatever the truth.

    In addition, this country, linguistically and increasingly culturally, has a connection with the USA and people see (or hear about) the system there and think it compares very unfavorably with our own.

    So yes, the NHS has become, in many ways, untouchable. I actually agree with the basic concept of people being supported by the state as regards healthcare but I’m not sure that our particular way of doing that is the best it could be in terms of resources, economy, efficiency, etc.