Mark Gongloff has a rather silly attack on prediction markets today. Let's start at the beginning:

John McCain's presidential campaign is doomed -- at least, if you still believe what political futures markets indicate.
At the Irish electronic exchange Intrade, on which people bet on election outcomes and other events, the futures market suggests Mr. McCain has a 38% chance of becoming the 44th president. In the Iowa Electronic Markets, set up at the University of Iowa, Mr. McCain's Republican Party gets a 41% chance of winning the popular vote for the White House.

Um, a 40% chance of winning means that McCain is doomed? No, it means he has a pretty good chance of winning, just not better-than-evens.