Rumsfeld Says He Nixed Terror Futures Plan After Flap

Reuters ^ | July 30, 2003 | Reuters

[ejdrapes]

Rumsfeld Says He Nixed Terror Futures Plan After Flap

WASHINGTON (Reuters) - Defense Secretary Donald Rumsfeld said on Wednesday he killed a proposed terrorism futures market because it was doomed to failure after an uproar in Congress, but he did not have enough information to judge whether it was a bad idea.

Rumsfeld said he scrapped the Pentagon's scheme to let investors bet on the probability of wars, terrorist attacks and assassinations as a policy analysis tool "an hour after I read about it."

On Capitol Hill after a closed briefing with senators, he said it was clear "that even if it happened to have been a brilliant idea, which I doubt, it would not have been able to function in the environment that was created."

He said he hoped to have time this weekend "to learn more about it and see what I think of it, and how it happened and whether it made sense or didn't make sense."

Rumsfeld canceled the program on Tuesday, a day after Senate Democrats brought the Pentagon's Policy Analysis Market to light, condemning it as a sick scheme to let investors profit from political turmoil and death.

The Policy Analysis Market would let anonymous traders wager money on when and whether such events as the overthrow of the Jordanian monarchy might take place, with the idea that would help the Pentagon forecast terrorism trends based on the predictive abilities of the markets.

Some senators said the plan showed retired Adm. John Poindexter, who oversaw it, was unsuitable for his Pentagon post where he is spearheading the Total Information Awareness Program to collect information about potential terror threats from private databases.

Poindexter was convicted of deceiving Congress in the 1980s Iran-Contra scandal -- a conviction that was later set aside.

[eniapmot]

One of Rumsfeld's character defects is that he is the only one who has brilliant ideas.

[Michael.SF.]

This sounds more like the Onion then Reuter's. But then Reuter's is quite a joke as well.

[SouthParkRepublican]

Am I the only one who thinks this is one of the most zany, hair brained, Ralph Kramdon schemes ever?

[fooman]

Rummy should go back and read 'Blind man's Bluff' and learn how we found the H bomb that fell off the coast of spain.

Also look at the political markets, run by iowa. These markets work, period.

May not be pc, but they work. I guess we would rather put our head in the sand rather than collect free intel from some of our enemies. Too bad.

We may just miss out on that dirty bomb attack....

[fooman]

ping

[onedoug]

Rumsfeld Nixed Terror Futures Plan

I sure cleaned up on that contract.

[Callahan]

An interesting idea gets killed by a bunch of dumb, grand-standing Democrats. Of course the me-too Repubs followed suit. Message to those brainstorming the war on Terror: don't think outside the box. You might offend Diane Feinstein.

[Eric in the Ozarks]

The concept was sickening.

[fooman]

I dont understand what is so offensive about finding out what are enemies are doing? We pay money for leads.

I do not understand what is so offensive about this?

[fooman]

ping

[fooman]

http://www.freerepublic.com/focus/f-news/955950/posts


How these markets can be effective.

[Fred Mertz]

When they said this would be an anonymous site, I knew they were lying.

I thought it was a foolish escapade. Maybe it's something the deep thinkers saw value with, but it was and hopefully is a bust.

[fooman]

what do you mean?

[my_pointy_head_is_sharp]

It's official: The Pentagon is run by morons!!!

[Fred Mertz]

What do you mean what do I mean?

[Callahan]

I take it you don't own stock in any insurance companies. Wouldn't want to "market in death."

[Varmint Al]

It was a brilliant idea, but the execution was lacking. They should have had the CIA contact some place like Onion to actually provide the betting location. They could have pulled it off and have been provided the money and charge a very small fee to place each bet. The CIA could have covered the difference and made sure that Onion would make a profit and not expose who was really behind the scheme.

Here are some of the benefits of the betting:

• Thousands of people would be thinking about and studying current events trying to "connect the dots" to make money.
• Some of these people (greedy terrorists) would have inside information and bet on possible terrorist events that might not have been previously identified.
• Any terrorists who would not be planning on suicide, would be interested in making profit from their inside knowledge.
• The increase in betting would be an excellent indicator that a terrorist event is eminent.
• With the CIA involved, all bets could be traced right to the very computer that they were placed from. These computers might have more important information on them that could also be obtained, quietly.
• Remember, it was the Democrats and the mainstream media that went ballistic when they heard of the scheme. Both entities do not want the Republican administration to succeed.

I am sure there are many more valid reasons and possible intelligence benefits that would be possible, but I can't think of them at the moment.

Good Hunting... from Varmint Al