The Ben Shapiro Show - October 29, 2026


The Alaska 'Decoy Candidate' Scandal, Explained

THIS Talarico Clip Is The Dumbest Thing On The Internet

Episode Stats


Length

24 minutes

Words per minute

191.9

Word count

4,788

Sentence count

335

Harmful content

Misogyny

9

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Transcript

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00:00:00.000 It should be a criminal offense to lie or mislead the electorate.
00:00:05.000 Yes, yes, let's work for that.
00:00:09.000 Yes, yes, it should be a criminal offense to mislead the electorate.
00:00:13.000 So, why did the person who was just talking, you know, the Democratic candidate in Alaska, apparently her campaign attempted to cheat the electorate of Alaska with one of the most absurd tricks in the history of American politics?
00:00:24.000 So, this is an insane story out of Alaska.
00:00:27.000 If you've been watching that Alaska Senate race, which again is extremely, extremely tight within the margin of error, And it pits a sitting senator, Republican, Dan Sullivan against Mary Peltola, an Alaska Democrat.
00:00:38.000 But it also includes another person named, wait for it, Dan Sullivan.
00:00:42.000 And that seems like a gigantic coincidence, right?
00:00:44.000 I mean, two guys named Dan Sullivan, both running for Senate in Alaska of all places.
00:00:49.000 I mean, that's kind of strange.
00:00:51.000 How could such a thing have occurred?
00:00:52.000 Well, now the New York Times is reporting on the sordid details of how this came about.
00:00:57.000 According to the New York Times, in the summer of 2025, a staffer for Mary Peltola, the Alaska Democrat who was eyeing a run for the Senate, received unusual instructions from top campaign aides.
00:01:07.000 Find as many people named Dan Sullivan in Alaska as you can.
00:01:12.000 A weird request, right?
00:01:14.000 Well, the staffer did it and went through all the voting records and produced a gigantic list of all the Dan Sullivans.
00:01:20.000 That was not a random request, says the New York Times.
00:01:22.000 Dan S. Sullivan is the name of the state's Republican senator.
00:01:26.000 And if the Peltola campaign or its allies could track down and persuade another Dan Sullivan to run for Senate, the confusion could cost the senator crucial votes on the state's unusual four person ballot.
00:01:35.000 And the plan worked because they found a retired teacher from a tiny fishing village along the Alaska panhandle.
00:01:41.000 reachable only by errantcy and announced his candidacy for the Senate.
00:01:45.000 His name was Dan J. Sullivan.
00:01:48.000 Now, the Peltola campaign, they're saying they had nothing to do with this, but according to the New York Times, doing some actual reporting.
00:01:55.000 So, you know, like slow clap for the New York Times doing some actual journalisming.
00:01:59.000 The New York Times looked into it and they found based on interviews and text messages along with documents prepared for a potential lawsuit against the campaign that not only did Miss Peltola's team work with people trying to recruit Mr. Sullivan to run for Senate, but the effort was much broader.
00:02:14.000 The group worked to coach To coax other would be spoilers into the race to dilute the incumbent's support and help catapult the Democrats' victory.
00:02:23.000 One of the people speaking up is one Elisa Rios, Peltola's former campaign manager and a longtime aide, who was fired back in August.
00:02:30.000 She said, Alaskan voters need to know.
00:02:33.000 There's a lot of speculation, and voters should get the full picture when making their decisions.
00:02:37.000 While she says that Peltola was not directly involved, she was definitely aware.
00:02:43.000 So the New York Times did interviews with some 12 people who participated in or were told of the plan.
00:02:49.000 And they obtained dozens of text messages providing updates on the progress of the effort.
00:02:54.000 Well, last week, as the Times prepared to publish the article, Rios, who had been planning to file a wrongful termination lawsuit against the Peltola campaign, contacted the Times and said she wanted to retract her statement, which is weird.
00:03:06.000 And the Times doesn't have to abide by that because if they think that you're lying in the retraction, they can print the original.
00:03:11.000 Also, Ms. Rios' interviews were consistent with the Times' other reporting.
00:03:15.000 According to the New York Times, the operation began in the summer of 2025 to lure potential spoiler candidates onto the state's unusual four person ballot.
00:03:24.000 In one early meeting, according to Rios, aides with the DSCC, the Democratic Senatorial Campaign Committee, introduced a veteran Democratic operative named Jared Kurtz to Rios and Anton McParland, who at the time was Peltola's chief of staff.
00:03:38.000 And Kurtz was introduced as a specialist in secret ballot maneuvers.
00:03:42.000 Well, months later, in early 2026, Kurtz participated in a video call with members of the ballot composition team.
00:03:48.000 And he told the team he had made contact with one of the myriad Dan Sullivans.
00:03:54.000 And apparently, Kurtz said that he was amenable to running if it would help Peltola.
00:03:59.000 Kurtz told us when we found him he said that the new Sullivan, the fake Dan Sullivan, said he hated Trump.
00:04:08.000 And if it was going to help Mary, he liked Mary.
00:04:09.000 He had no interest in being a politician, but if this could help, he would do it.
00:04:14.000 According to the FEC, a pro Peltola super PAC called 49th State PAC paid Wingspan Strategies, a firm co owned by Kurtz, about $87,000 back in the fall.
00:04:24.000 Text messages show communications between the DSEC and the Peltola campaigns.
00:04:28.000 This isn't just, by the way, the Peltola campaign.
00:04:30.000 It's the Democratic Senatorial Campaign Committee, which means like the National Democratic Party.
00:04:36.000 And the DSEC celebrated alongside the campaign when an Alaska court cleared the way for the fake Dan Sullivan to stay on the ballot.
00:04:43.000 Other Dan won will be on the ballot.
00:04:45.000 Shelby Danchik, a DSEC employee, wrote in internal group chat.
00:04:49.000 Three people, including two Peltola aides and a member of the DSEC staff, reacted with heart emojis.
00:04:57.000 Now, again, the timeline here is pretty astonishing and clear.
00:05:00.000 The Peltola campaign, with her probable general awareness, but certainly with the knowledge of pretty much all of her campaign aides, literally went and found a list of Dan Sullivan's.
00:05:11.000 This is very reminiscent back in the 1990s when Michael Jordan was the biggest name in sport.
00:05:15.000 There was a company that famously couldn't get Michael Jordan to endorse them.
00:05:20.000 And obviously, Michael Jordan was very expensive.
00:05:22.000 So they found like a random Michael Jordan to go endorse their product.
00:05:25.000 And then they put on their product, this thing is great, Michael Jordan.
00:05:30.000 And then, of course, that ended with lawsuits and they had to pull it down and all the rest.
00:05:33.000 But apparently, if you do this in an electoral campaign, it's totally fine, even praiseworthy, apparently.
00:05:41.000 So, again, according to the timeline, in 2025, the Peltola campaign aides told the staffer to find all the Nance Hullabens.
00:05:46.000 In January 2026, one of the chief of staff for Peltola, this Anton McParland, texted the DSCC's director of campaigns I'm hearing that our friend in the state is being noticed.
00:05:58.000 And DSCC replies, We will check in.
00:06:00.000 In early 2026, That contractor, Kurtz, said he found a Dan Sullivan who was willing to do it.
00:06:07.000 And McParland asked for regular updates from our friend Jared.
00:06:11.000 And again, Jared would be Jared Kurtz, the contractor.
00:06:15.000 In May of 2026, the actual real Senator Dan Sullivan filed for reelection.
00:06:20.000 In late May, Kurtz traveled to Petersburg, where the decoy Dan lived.
00:06:24.000 And decoy Dan then switched his personal party registration from unaffiliated to Republican just before the deadline and then filed to run for office.
00:06:31.000 And then he hired Amber Lee, a Democratic strategist who has publicly supported Peltola.
00:06:36.000 In early June, Alaska Republicans moved to remove Dan J. Sullivan, the fake one, by referring the case to the FEC.
00:06:45.000 The Election Commission Director of Alaska Division, Carol Beecher, issued a decision that Decoy Dan could not appear on the ballot, finding that Decoy Dan's filing was not a good faith candidacy and was made to confuse the voters.
00:07:00.000 So Decoy Dan challenged that in court, and the Alaska Superior Court said, no, no, no, you have to let him on the ballot.
00:07:06.000 And everybody inside the Democratic headquarters was celebrating.
00:07:11.000 In late July, Decoy Dan told the New York Times he voted for Hillary, Biden, and Kamala and voted for Peltola for Congress.
00:07:18.000 In August, again, it's always somebody being personally betrayed by being fired that leads to these sort of stories coming out.
00:07:25.000 It's never anybody doing this on principle.
00:07:28.000 The Peltola campaign demoted McParland and fired Rios.
00:07:32.000 Dan J. Sullivan insisted he ran on his own.
00:07:35.000 And the NBC reported that the DOJ had issued a grand jury subpoena to compel information from witnesses linked to the Decoy Dan campaign.
00:07:43.000 And again, there's money changing hands.
00:07:45.000 This week, Peltola and her campaign denied.
00:07:48.000 The DSEC claimed no involvement.
00:07:50.000 The Peltola PAC denied paying Kurtz.
00:07:52.000 Kurtz hit his LinkedIn, made his ex private, and nobody responded to requests for comment.
00:07:56.000 By the way, here is what the actual ballot in Alaska will look like.
00:07:59.000 This is the sample ballot in Alaska.
00:08:02.000 And as you can see, this is very confusing because Daniel J. Jr. Sullivan Jr. is listed just above Dan S. Sullivan.
00:08:11.000 So it says Gerald Hikus, registered Republican, Mary Peltola, registered Democrat, Sullivan Daniel J. Jr., and then Sullivan Dan S., registered Republican incumbent.
00:08:21.000 Okay, that's confusing and it's deliberately confusing.
00:08:26.000 And the fact that his middle initial J means that he comes alphabetically before Dan S means that his name is listed first.
00:08:31.000 So if you're just in a rush and you want to vote for Dan S. Sullivan, the actual senator, you just mark the ballot for the first guy named Dan Sullivan.
00:08:39.000 That's what you do.
00:08:41.000 You're mildly confused and it's deliberately designed to be confusing.
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00:09:49.000 Now, CNN was out there saying this isn't illegal.
00:09:51.000 And technically, it might not be illegal.
00:09:53.000 It might not be.
00:09:53.000 We'll get to the legality in just one second.
00:09:56.000 So this is not illegal.
00:09:59.000 It is not new.
00:10:02.000 But given the fact that there is so much focus on this particular issue right now, the two Dan Sullivans, and that the DOJ filed a lawsuit to try to pause any kind of formalizing the vote until things are worked out, if the incumbent Republican, Dan Sullivan, doesn't win, this is something that is sending Democrats scrambling, no doubt.
00:10:29.000 I mean, it should send Democrats scrambling, at least on a political level.
00:10:32.000 The Attorney General, Ty Blanch, says, well, whether or not it is illegal, it certainly should be illegal.
00:10:36.000 Obviously, that's true.
00:10:39.000 If it's cheating, if it's fraud, is it illegal?
00:10:42.000 And the answer is, it certainly should be.
00:10:44.000 And so, look, that's why there's an investigation, and that's why we have law enforcement.
00:10:47.000 And then, you know, we're not talking about ongoing criminal investigations, but we do have now a civil investigation, a civil suit that is hoping and asking the federal court to step in to stop this.
00:10:57.000 It cannot be in this country that you can have an election that is cheating.
00:11:01.000 And fraud, but that there's nothing wrong, and we're all okay with that.
00:11:04.000 And the Alaskan citizens, they're not okay with that.
00:11:07.000 The people in this country are not okay with that.
00:11:09.000 And neither is President Trump, and neither am I. Right?
00:11:13.000 It is truly insane, truly insane that this is not illegal.
00:11:18.000 Obviously, it should be.
00:11:18.000 The DOJ has brought a complaint.
00:11:20.000 It's under the National Voter Registration Act, specifically 52 U.S. Code 20501B3 in the Act's Finding and Purposes section.
00:11:28.000 It says one of the law's purposes is to protect the integrity of the electoral process.
00:11:33.000 And so the DOJ is saying, well, you know, this isn't protecting the electoral process and therefore it's violative of the law.
00:11:38.000 It's a little bit vague for a statutory violation, frankly.
00:11:41.000 Jonathan Turley is saying maybe there is a risk of obstruction.
00:11:44.000 Like, if you lie to law enforcement about the thing you were doing, you can be prosecuted for obstruction of justice, even if the underlying activity is not criminal in nature.
00:11:52.000 Fox is now reporting that there is an ongoing criminal investigation into the fake Dan Sullivan.
00:11:58.000 Quote, multiple grand jury subpoenas will be issued in the coming hours and days.
00:12:01.000 There are preservation orders to cell phone companies that are being prepared regarding text messages and emails that may build a timeline for how Daniel J. Sullivan was placed on the ballot.
00:12:11.000 Now, the original statute cited by the Alaskan Electoral Commission.
00:12:15.000 That removed Decoy Dan from the ballot was 52 U.S. Code 30124.
00:12:21.000 No person who's a candidate for federal office or an employee or agent of such a candidate shall fraudulently misrepresent himself or any committee or organization under his control as speaking or writing or otherwise acting for on behalf of any other candidate or political party or employee or agent thereof on a matter damaging to the other candidate.
00:12:37.000 So, again, kind of on point, kind of not.
00:12:40.000 So, as a legal matter, this is in a murky gray area.
00:12:43.000 As a moral matter, it is perfectly obvious.
00:12:45.000 What is happening here?
00:12:46.000 The Democrats tried to steal this election by activating a fake Dan Sullivan to be on the ballot next to the real Dan Sullivan.
00:12:53.000 Mary Peltola is desperately attempting to misdirect away from this story.
00:12:57.000 Here she was.
00:13:00.000 This is just another distraction. 0.95
00:13:03.000 It's another diversion.
00:13:04.000 Every day it's some new, you know, look over here moment.
00:13:09.000 Not Dan Sullivan, registered Republican incumbent, voted for this war in Iran.
00:13:15.000 14 times.
00:13:17.000 Lisa Murkowski quit voting for that war in Iran six months ago, and he's doubling and tripling down.
00:13:24.000 And this is not somebody who's working in our best interest.
00:13:28.000 And anybody who's working in our best interest isn't going to talk about the nonsense.
00:13:33.000 This is all stuff to sell newspapers, this is all stuff to get subscriptions.
00:13:39.000 Nobody at the New York Times cares about affordability in Alaska.
00:13:44.000 Okay, again, this is the Democratic all purpose redirect.
00:13:47.000 So if you are a Michigan Senate candidate who loves terrorism, You say that you're just not concerned.
00:13:51.000 Those people who are asking me about terrorism, it's just they're not concerned about affordability.
00:13:56.000 Now, the people who are asking you whether your campaign attempted to steal an election by getting a person with the same name as your opposing candidate to run, those people just aren't concerned about affordability, right?
00:14:06.000 You just go right to the emotivism.
00:14:09.000 My opponent's motivations are bad.
00:14:10.000 That's the real issue here.
00:14:11.000 The president put out a statement on this.
00:14:14.000 He says, It has just been determined that the Democrats in Alaska illegally searched for and recruited a man named Dan Sullivan to run against our distinguished Republican senator, Dan Sullivan.
00:14:23.000 In order to defraud, confuse, and obfuscate the election, thereby taking votes away from the real Senator Dan Sullivan.
00:14:29.000 The New York Times reports that Democrats have insisted they have nothing to do with the other Dan Sullivan on Alaska's Senate ballot.
00:14:35.000 But aides with the Mary Peltola campaign and DSEC were part of a months long secret plan to recruit him to run, as well as other candidates.
00:14:41.000 The Democrats' false statements were made under oath in federal court.
00:14:44.000 Therefore, they perjured themselves and should be liable for very serious consequences.
00:14:48.000 Mary Peltola should suffer the legal and political consequences for what she has done.
00:14:51.000 He's not wrong about any of this, by the way.
00:14:53.000 If perjury is committed, people should go to jail for all of this.
00:14:55.000 Senator Murkowski, who can hardly be called A staunch, ardent Republican, right? 0.99
00:15:00.000 She's about as rhinoe as it's possible to be. 0.99
00:15:02.000 She says, While some may try to write this off as just how politics works now, ballot stacking should have no place in our electoral process.
00:15:09.000 Run and win on your merits, your views, your policy ideas, your accomplishments.
00:15:12.000 By contrast, recruiting candidates to manipulate the field and influence voting outcomes is simply wrong.
00:15:17.000 Alaskans deserve the honest truth from Mary and her campaign.
00:15:19.000 What has been revealed is a pattern of lies and cover ups and a culture of deception that belongs nowhere in our elections or among our elected officials.
00:15:27.000 Now, again, Democrats are trying to redirect away from what is an extraordinary scandal.
00:15:31.000 I mean, it really is kind of incredible.
00:15:32.000 Imagine, again, if the shoes were on the other feet.
00:15:36.000 If, on a presidential level, Donald Trump had recruited another man named Joe Biden to run against him to misdirect votes from, you know, the Joe Biden.
00:15:46.000 All they have in the Democratic bag right here is basically misdirect.
00:15:50.000 Here's Senator Chris Murphy.
00:15:53.000 The New York Times article was based on interviews with 12 people they said who participated in or were told of this plan or the would be candidates that the team tried to recruit.
00:16:03.000 It's not like they just had one person saying this, it was a pretty deeply sourced report.
00:16:08.000 About the lengths they went to to try to get other Dan Sullivans on the ballot.
00:16:12.000 I mean, would you like it if another Chris Murphy ran on the ballot?
00:16:17.000 But I wouldn't have any worry if the ballot in Connecticut said incumbent Senator Chris Murphy.
00:16:24.000 I would trust that everybody who wants to vote for me is going to vote for me.
00:16:27.000 But you're missing the underlying story here.
00:16:29.000 The underlying story is that Donald Trump has basically declared that he believes any election that results in a Democrat winning is an illegitimate election.
00:16:41.000 Well, no, that's actually not the underlying story.
00:16:42.000 The underlying story is that you guys literally tried to steal an election by going and recruiting a dude with the same name as the Republican candidate.
00:16:49.000 Mary Peltola, I mean, she's been relegated to some pretty weak defenses here.
00:16:52.000 Here she was saying this election isn't about her on her worst day. 0.99
00:16:56.000 No, it's about you and your campaign literally trying to steal.
00:16:59.000 Like, I've never seen a clearer attempt to steal an election than this one.
00:17:02.000 Pretty astonishing.
00:17:04.000 Ms. Peltola, former staff members have alleged that you've subjected them to angry outbursts and used derogatory language.
00:17:11.000 How do you respond to these allegations?
00:17:13.000 You have a minute.
00:17:14.000 Thank you.
00:17:15.000 You know, I do not think that this election is about me on my worst day.
00:17:20.000 And I found so many of these allegations concerning and outright fabrications or mass exaggerations of the truth.
00:17:30.000 Just unbelievable. 0.96
00:17:32.000 But by the way, Peltola's campaign, she is far, far, far too radical for the state of Alaska.
00:17:37.000 The New York Times has more on Mary Peltola. 0.98
00:17:40.000 Quote, four former staff members said they directly heard her use the word fat.
00:17:45.000 Over the years, in some cases about her own staff members, an allegation the campaign denied.
00:17:48.000 She also used the word retarded, according to former aides and text messages viewed by the New York Times.
00:17:53.000 Peltola also disparaged Planned Parenthood, particularly one of its regional board members.
00:17:58.000 So even the left seems to be turning on her a little bit. 0.96
00:18:01.000 She also required her aides to feed live crickets to her family's pet chameleon. 0.93
00:18:06.000 She's kind of a mess.
00:18:07.000 She's also been tied via donors to Black Lives Matter activist Sean King, according to the Alaska story.
00:18:13.000 Federal Election Commission records show Michael Kishnick of Palo Alto, California, contributed $2,000 to Alaskans for Mary, Peltola's campaign committee.
00:18:21.000 Kishnick, the co founder of Credo Mobile, was also among the founders of Real Justice Pack, a national political organization created with Sean King and other progressive activists to elect prosecutors committed to changing policing, bail, and prosecution policies, and to recall those who did not support catch and release policies.
00:18:39.000 So, again, she is a mess of a candidate.
00:18:42.000 And then, stack on top of that, the fact that her campaign pretty obviously allegedly tried to commit election fraud and. 0.99
00:18:49.000 Alaskans should think about this before they decide on whether or not to vote for her.
00:18:55.000 So, terrible things happening over in Alaska.
00:18:57.000 We'll see how it affects Mary Paltola.
00:18:59.000 Meanwhile, over in Utah, the authorities have decided that it's time to prosecute Kalshi.
00:19:04.000 Before all of this came down from Utah earlier in the week, we recorded an episode of Titans on Tomorrow with the founder of Kalshi, Tarek Mansour.
00:19:11.000 Folks, full disclosure as always, Kalshi is one of our sponsors.
00:19:13.000 You've seen them on the show a bunch.
00:19:15.000 Well, that's relevant because now Utah is attempting to bring charges against Kalshi.
00:19:20.000 Again, based on what I think is a deep misinterpretation of the law, Utah has now charged Calche and its founders.
00:19:29.000 Basically, they are attempting to put people in jail because they are saying that a prediction market is a betting market.
00:19:35.000 That is what Utah is currently saying.
00:19:37.000 According to NBC News, Utah on Wednesday filed criminal charges against prediction market operator Calche and two of its executives, months after a federal judge rejected Calche's effort to prevent Utah from enforcing its strict anti gambling laws against the activity.
00:19:52.000 The felony charges are a new tactic.
00:19:54.000 By the way, kind of crazy, because the charges include 13 counts of violating the state's prohibition on gambling and another charge involving profiting off illegal activity.
00:20:05.000 They're basically attempting to.
00:20:06.000 To charge them with felonies that could amount to 75 years in jail for running a prediction market, which is, um, they're rapists in Utah who are not getting 75 years.
00:20:17.000 Now, this whole thing comes down to whether prediction markets and betting markets are exactly the same thing, right?
00:20:23.000 Because Utah bans, say, sports betting markets, like DraftKings.
00:20:29.000 And so they're also trying to ban Calchie, saying they're the same thing.
00:20:31.000 So in the interview that I did with Tarek Mansour, I asked him this specific question like, what is the difference between a prediction market and, say, a gambling market?
00:20:40.000 And here is the answer.
00:20:44.000 People have tried to compare it on the one hand to the stock market.
00:20:46.000 People have tried to compare it on the other hand to, say, sports betting, like draft kidding and polling.
00:20:51.000 So, if you were to sort of break down those various silos, one being polls, one being sports betting, and one being a stock market, which one is the prediction market most similar to and how?
00:21:03.000 The difference is the structure.
00:21:04.000 Like one of them is happening on an open marketplace where the incentive of the market is to match Ben with Kelly.
00:21:11.000 And whoever is smarter or whoever has a better opinion will win on an open and free competition.
00:21:15.000 And the market is like the New York Stock Chains, like Caoshi.
00:21:17.000 We take a small percentage fee out of the transaction.
00:21:21.000 Or are you betting against a house whose sole purpose is to make you lose?
00:21:25.000 And that's the whole distinction.
00:21:26.000 And why do we treat it differently?
00:21:28.000 Why does the law treat it differently?
00:21:29.000 It's because on a market, it has positive externalities because we get a forecast out of it.
00:21:35.000 We bring in and we incentivize people to do smart things and to do research.
00:21:38.000 And the more they do that, the more the markets are efficient, the more accurate the prices are.
00:21:41.000 And so we can predict different things, whether it's weather or sports or other things.
00:21:45.000 Which makes us make better decisions and get smarter by the future.
00:21:47.000 But then, the second thing is, some people are not doing it to speculate to make money.
00:21:50.000 They're doing it to hedge and insure themselves against the bad risk.
00:21:53.000 And that's why these markets are regulated as a federally regulated marketplace.
00:21:56.000 The other one actually roots out the smart people.
00:21:59.000 If you're a sharp or a smart bet on draft kings, what happens?
00:22:04.000 You get limited.
00:22:04.000 Like the card counters get kicked out of the casino and then they figure out who the losers are and they keep giving them, they figure out how to make them addicted so they keep losing.
00:22:12.000 That model is regulated differently because their draft king sets the odds and you need to make sure that the state by state, like, hey, don't screw.
00:22:18.000 Screw your customers too much.
00:22:19.000 Don't give them too many tools for addiction and whatever, like to promote addiction.
00:22:23.000 Whereas in an open market, it has to be the rule.
00:22:25.000 It's more about do you have fair rules and are they uniform across all 50 states?
00:22:31.000 Now, listen, obviously, Cal, she's a sponsor of the show, clearly.
00:22:34.000 I mean, I say it every single day.
00:22:35.000 So no matter what I say, everybody will take it with a grain of salt, which is totally fine.
00:22:39.000 I will just say I find Tarek Menser's argument about prediction markets versus betting markets pretty convincing on economic, legal, and intellectual grounds.
00:22:48.000 So prediction markets, as an intellectual framework, are distinct.
00:22:51.000 From pure betting markets like against the house.
00:22:55.000 I'm not the only one who says this, right?
00:22:56.000 Economists, Eric Snowberg, Justin Wolfers, Eric Zitsowitz, they argued in the Handbook of Economic Forecasting, they said, quote, prediction markets quickly incorporate new information, are largely efficient and impervious to manipulation.
00:23:09.000 Which is right.
00:23:10.000 In 2007, a bunch of famous economists, Nobel Prize winning economists, people like Kenneth Arrow and Daniel Kahneman and Robert Schiller, they said, quote, using these markets as forecasting tools could substantially improve decision making in the private and public sectors because basically you're putting your money where your mouth is.
00:23:24.000 You think, That it's going to rain tomorrow.
00:23:26.000 And so you put your money on that.
00:23:28.000 And now you're not just having an opinion, you're actually having to put your money behind the opinion.
00:23:35.000 Well, again, none of this is an argument at how people use or abuse prediction markets.
00:23:39.000 You can absolutely abuse CalShee, right?
00:23:41.000 You can be somebody who is obsessed with putting money and quote unquote betting on CalShee.
00:23:45.000 But you can also do the same thing with stock markets or with futures options.
00:23:48.000 You can treat them like gambling apps.
00:23:50.000 Probably a bunch of friends have done this and lost a bunch of money day trading.
00:23:53.000 But prediction markets conceptually are about using belief about future events to define financial decisions and hedge risks.
00:24:01.000 They act more like a futures market, say like a grain future, which allows you to defray the risk of a bad harvest by putting money on a futures option that shorts the market, meaning it gives you the option of buying grain at a lower price in a few months and then selling it at a higher price.
00:24:16.000 And that's been a hallmark of global markets for a century, another point that Tarek Mansour makes in our interviews.
00:24:21.000 Did you watch the whole interview?
00:24:22.000 I know that a lot of people have very strong feelings about prediction markets.
00:24:25.000 I think that the interview is fascinating.
00:24:28.000 I certainly think that Utah's attempt to extend the law without actually defining the difference between a prediction market and just sports.
00:24:35.000 Sports betting, DraftKings.
00:24:37.000 I think that that is assuming the conclusion that is not yet in evidence.
00:24:42.000 So you should go watch the entire interview.
00:24:43.000 It really is fascinating, even if you disagree with me or disagree with Tarek.
00:24:47.000 What an amazing video you just watched.
00:24:49.000 Wasn't that amazing?
00:24:50.000 Well, you know, if you think so, head on over to dailywire.comslash subscribe to watch the full show ad free or check out this crazy story here.