I increasingly feel that the reason for Congressional hearings to be open and recorded and annotated is market efficiency. The fed does not announce what it's going to do with interest rates until it announces it to everybody. But is that the case for the rest of Congress and legislation? If I can afford to have a fulltime lobbyist going to the committee meetings, don't I have an inside track?
In a separate post, Jon talks about the idea of "hosted lifebits" as the endpoint (well, an endpoint) in the evolution of social software. His book Practical Internet Groupware was years ahead of its time --- if you're young, ambitious, and want to know where the kitchen is, you could hardly do better than to dig into this stuff.