In an unprecedented move, the Commodity Futures Trading Commission (CFTC) announced that it had filed lawsuits against several states to block their efforts to rein in prediction markets.
One can conservatively speculate that 50% of CONgress is on the take and/or terrified of mob threat "accidents" to their immediate families. Once "in" that deeply, their only choice seems to be to double down on going for vacations (eg- drunk Lindsey with princess wand). If they truly communicated and cooperated with each other, ways to escape could emerge but details about how it all started and was sustained in the first place further haunts them. Treason is an exclusive but completely repugnant clubhouse. When "honorable" (as they continue to address each other-- cue bulb horn honks) men & women stubbornly refuse to admit personal/professional guilt, no wonder every challenge becomes a holy war.
Those states are royally pissed, because online gambling robs them of essential direct tax revenue. And put local casinos and betting parlors out of business, that then must fire actual human beings in the state.
The online companies can conceivably be registered *anywhere.* Including Russia and Nigeria. There's apparently a growing proportion of "grey market" sites, as well as outright phishing and other scammers. That are happy to take your money when you lose; but refuse to pay out when you win.
EVERY state in the union is also looking at growing funding shortfalls as AI replaces humans with bots. Only human beings earn salaries that can be taxed.
Lost tax revenue means tens of millions of humans are not earning incomes. The answer seems obvious: tax the UberRich to the Nth degree and provide government income to the rest of us.
The Middle Way is probably best. Tax them not too much and not too little. For a start, return corporate and upper echelon tax levels to pre-Reagan, and fully fund IRS. Assemble a brain trust of top Dems to explore what's easiest and most practical; and then craft SCOTUS-proof legislation.
Taxing unearned income and capital gains will be the most tricky. Tax earnings and capital to high, and capital flight could ensue.
Within the last week, my home state (New Jersey) just lost a federal appeals court case with the CFTC on this issue. If this matter does end up going to the Supreme Court, I wonder if there's any chance that the Court would side with the states. I'm not optimistic.
Shame, shame, shame. The only question can be: will they get their comeuppance or will they continue to prosper like maggots in the shit they dumped? Children cry with hungry stomachs every night in this country while the Twump boys grasp their blankies and suck their thumbs waiting for their Lobster Thermidor to be prepared by their private chefs.
“but States’rights are so important. (How else will we regulate abortion?)”
Seriously - the only good bit of news here is that there are people inside the administration that are making bets and cleaning out these platforms. I just imagine the 🎃 losing his mind when he finds the staffer that has been taking money away from his family.
The argument that prediction markets aren’t gambling is absurd. You place a money bet and win or lose. It’s the very definition of gambling! The mental gymnastics here to justify their endless grift are astonishing.
Thank you for pointing out more trump corruption and pay to play misdeeds. It's something that needs greater attention and investigations. Everything trump and his corrupt family touch enriches themselves at the expense of others. I know for certain that trump and his brethren are thieves, scammers, crooks and criminals, but I do not know if dems are up to the task of holding these corrupt slime balls accountable. If there is no punishment for the corruption and crimes, the corruption and crimes will continue. Just ask Obama and Merrick Garland how playing nice and slow walking indictments worked out for them. Dems are more likely to be explaining the price of eggs as trump and family rob the hen house.
No, it's not a casino, which is defined as "a public room or building where gambling games are played." It could be better called an online gambling site but as I recall, if you call it "gambling" it's illegal in most places. That's one reason they use cryptocurrency and locate servers outside the U.S.
A casino or bookmaker (the house) sets the odds. This is supposed to be the “market” through the participants (betters) setting the odds which = predictions via the wisdom of the betters. In both the ‘winners’ get a payoff.
I can’t imagine the pretzel logic that calls either an investment. The ‘prediction’ market reminds me more of a game show where participants bet money they’ve won & one of them already has the answers to the questions.
Prediction markets put money behind predictions—the price = the odds. Feels like gambling, but legally it’s trading on real-world outcomes. The marketplace of people is the “market.” There’s no House.
Just another example of who is running the show - the BILLIONAIRES! Thanks to this Corrupt Regime and an economic system RIGGED in their favor. Anything for a buck. No matter what it is. We are ALL being Screwed by the Billionaires as we live in the Second Gilded Age. It is going to take a Teddy Roosevelt to take them apart and take them down. Because they now control so much of what is America and the world. A small/large example Private Equity Jared Kushner roaming around the world on "business for America" all the while stuffing his pockets. And bets being waged on the Trump war and people making money on what happens "before" it happens. Politicians and the Roberts 6 bought and paid for.... Cartoon two billionaires talking "I own one plane, two yachts, four houses, and five politicians". Nothing is going to change until and unless we have people with the guts to take them on and take them down. If your favor politician will NOT do this then all they are doing is putting Band Aids on a MASSIVE GAPPING WOUND infecting us all! "Burned By Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet" by Chuck Collins.
Corruption piled on top of more corruption. Where are those of decent, moral conscience? Anyone out there?
One can conservatively speculate that 50% of CONgress is on the take and/or terrified of mob threat "accidents" to their immediate families. Once "in" that deeply, their only choice seems to be to double down on going for vacations (eg- drunk Lindsey with princess wand). If they truly communicated and cooperated with each other, ways to escape could emerge but details about how it all started and was sustained in the first place further haunts them. Treason is an exclusive but completely repugnant clubhouse. When "honorable" (as they continue to address each other-- cue bulb horn honks) men & women stubbornly refuse to admit personal/professional guilt, no wonder every challenge becomes a holy war.
I suppose primaries are a way to eliminate the "problem" of mob rule.
It’s a “problem” in the same way that gang-rene too frequently requires a prosthesis.
Those states are royally pissed, because online gambling robs them of essential direct tax revenue. And put local casinos and betting parlors out of business, that then must fire actual human beings in the state.
The online companies can conceivably be registered *anywhere.* Including Russia and Nigeria. There's apparently a growing proportion of "grey market" sites, as well as outright phishing and other scammers. That are happy to take your money when you lose; but refuse to pay out when you win.
EVERY state in the union is also looking at growing funding shortfalls as AI replaces humans with bots. Only human beings earn salaries that can be taxed.
then, maybe that should end? I think so. Taxing AI provides relief for humans, something we definitely need.
To my knowledge, neither DC or statehouses have no idea how they will replace tax income that will be lost when machines replace humans.
And if and when they do, Republicans will push to lower taxes on the corporations and the Epstein class even further.
Lost tax revenue means tens of millions of humans are not earning incomes. The answer seems obvious: tax the UberRich to the Nth degree and provide government income to the rest of us.
The Middle Way is probably best. Tax them not too much and not too little. For a start, return corporate and upper echelon tax levels to pre-Reagan, and fully fund IRS. Assemble a brain trust of top Dems to explore what's easiest and most practical; and then craft SCOTUS-proof legislation.
Taxing unearned income and capital gains will be the most tricky. Tax earnings and capital to high, and capital flight could ensue.
there here they just don't have enough money to fight this grift corruption
Within the last week, my home state (New Jersey) just lost a federal appeals court case with the CFTC on this issue. If this matter does end up going to the Supreme Court, I wonder if there's any chance that the Court would side with the states. I'm not optimistic.
Bet you're right (sorry).
Pretty much sums up Trump’s America: a federal regulatory agency trying to stop state efforts to regulate.
You forgot about abortion.
So much for states’ rights, once a Republican obsession.
This is such a crime family! Weren’t they the ones screaming about Hunter Biden? This is 100 times worse!
Every Accusation Is A Confession is an iron-clad law of the Corruption Party.
100% true.
They still bring it up. Fox doesn’t cover corruption stories at all.
The corruption is staggering.
Shame, shame, shame. The only question can be: will they get their comeuppance or will they continue to prosper like maggots in the shit they dumped? Children cry with hungry stomachs every night in this country while the Twump boys grasp their blankies and suck their thumbs waiting for their Lobster Thermidor to be prepared by their private chefs.
The wider the wealth gap grows, the greater the shame. But wait. Hold on a minute... The Trumps have no shame.
“but States’rights are so important. (How else will we regulate abortion?)”
Seriously - the only good bit of news here is that there are people inside the administration that are making bets and cleaning out these platforms. I just imagine the 🎃 losing his mind when he finds the staffer that has been taking money away from his family.
LOL!!! Good one.
Pigs at the trough. Fat for the slaughter.
The argument that prediction markets aren’t gambling is absurd. You place a money bet and win or lose. It’s the very definition of gambling! The mental gymnastics here to justify their endless grift are astonishing.
Our local public high school accepts advertising from Kalsi and Kalsi has prediction bets on the school’s high school soccer games 😳
Get em hooked early! A sad state of affairs when that is a 'winning' business model.
End stage capitalism is much like end stage cancer in that way.
Indeed. Agreed!
I LIKE’d your comment, but I’m horrified. Where is your HS?
LA County
Thank you for pointing out more trump corruption and pay to play misdeeds. It's something that needs greater attention and investigations. Everything trump and his corrupt family touch enriches themselves at the expense of others. I know for certain that trump and his brethren are thieves, scammers, crooks and criminals, but I do not know if dems are up to the task of holding these corrupt slime balls accountable. If there is no punishment for the corruption and crimes, the corruption and crimes will continue. Just ask Obama and Merrick Garland how playing nice and slow walking indictments worked out for them. Dems are more likely to be explaining the price of eggs as trump and family rob the hen house.
Snake oil is snake oil.
Criminals and collaborators.
Curious as to why everyone has gone along with referring to this as the “prediction market,” market being the curious word. Isn’t this just a casino?
No, it's not a casino, which is defined as "a public room or building where gambling games are played." It could be better called an online gambling site but as I recall, if you call it "gambling" it's illegal in most places. That's one reason they use cryptocurrency and locate servers outside the U.S.
I will add, though, that I’ve been hearing journalists refer to the people who participate in prediction “markets” as bettors, not investors.
A casino or bookmaker (the house) sets the odds. This is supposed to be the “market” through the participants (betters) setting the odds which = predictions via the wisdom of the betters. In both the ‘winners’ get a payoff.
I can’t imagine the pretzel logic that calls either an investment. The ‘prediction’ market reminds me more of a game show where participants bet money they’ve won & one of them already has the answers to the questions.
Prediction markets put money behind predictions—the price = the odds. Feels like gambling, but legally it’s trading on real-world outcomes. The marketplace of people is the “market.” There’s no House.
You just described gambling
The whole family is corrupt and stinks to high heaven.
Just another example of who is running the show - the BILLIONAIRES! Thanks to this Corrupt Regime and an economic system RIGGED in their favor. Anything for a buck. No matter what it is. We are ALL being Screwed by the Billionaires as we live in the Second Gilded Age. It is going to take a Teddy Roosevelt to take them apart and take them down. Because they now control so much of what is America and the world. A small/large example Private Equity Jared Kushner roaming around the world on "business for America" all the while stuffing his pockets. And bets being waged on the Trump war and people making money on what happens "before" it happens. Politicians and the Roberts 6 bought and paid for.... Cartoon two billionaires talking "I own one plane, two yachts, four houses, and five politicians". Nothing is going to change until and unless we have people with the guts to take them on and take them down. If your favor politician will NOT do this then all they are doing is putting Band Aids on a MASSIVE GAPPING WOUND infecting us all! "Burned By Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet" by Chuck Collins.