Howard’s back, fresh off travel (and a Florida speeding ticket), and he’s not easing in—this episode is a full reset on what’s happening inside the degenerate economy and why de-globalization is starting to matter more than people want to admit.

Howard explains why the degenerate economy index has doubled over three years but is now struggling: there’s an oversupply of degeneracy—you can get it anywhere now, from vaping to prediction markets to options trading—and when it’s everywhere, the demand has to catch up. At the same time, de-globalization is pushing the world toward hoarding and hard-asset playbooks: gold, metals, energy, copper… and a rotation that’s pulling money out of software and into defense, metals, and “real stuff.”

Then Michele takes Howard straight into the center of the storm: Robinhood—and Howard’s uniquely positioned here as an early investor and long-time observer. They break down what the market is missing: not just the fundamentals, but the psychology. Howard walks through how the StockTwits stream went from nonstop anger during the GameStop aftermath (“Vlad should go to jail”) to nonstop euphoria at the highs (“Vlad’s a genius”)—and why all news can’t be bad news, and all news can’t be good news.

They dig into earnings, the crypto narrative, why Howard personally discounts crypto’s importance, and what actually matters long-term: accounts, assets, and product execution. Howard also explains why he doesn’t love Robinhood’s “plant a flag everywhere” international plan—and why a pipes-and-rails strategy could be more powerful globally.

Finally, Howard frames the long game with context: Robinhood vs Schwab by market cap, what retail missed in the private-to-public era, and why he watches the valuation gap as a signal for opportunity. He closes with a blunt view: the tools for degeneracy are in the hands of people now, the debate will rage on, and Robinhood may be the best-positioned “arms dealer” in that ecosystem.

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It’s a holiday edition of The Howard Lindzon Show with Michelle Steele, and the conversation spans everything from the Degenerate Economy Index to the future of prediction markets, regulation, and Gen Z’s relationship with risk.

Howard breaks down why he recently added Amazon to the Degenerate Economy Index, explaining how AI, logistics, self-driving, and even Rivian fit into the next phase of market evolution.

The discussion expands into why prediction markets are not just betting—but a new form of media—and how platforms like Robinhood, Coinbase, Polymarket, and Kalshi are racing to own distribution and the customer wallet. Michelle and Howard also react to the Wall Street Journal’s framing of “financial nihilism” among Gen Z, pushing back on the idea that young investors are abandoning hard work in favor of gambling.

Howard draws a sharp line between investing, sports betting, and prediction markets—while arguing that vaping and addictive consumer products pose a far bigger long-term threat than betting itself.

The episode closes with a candid look at SEC regulation, market chaos vs. clarity, and why 2026 could mark peak prediction markets—as these platforms increasingly shape headlines, narratives, and how people understand probability in real time.

Welcome in to The Howard Lindzon Show with Michele Steele — where culture meets technology meets money… and the Degenerate Economy Index is the map. Howard breaks down the “degenerate economy” as a lighthearted lens on a hard topic: the tidal wave of speculation, prediction markets, and modern “betting UI” colliding with investing in real time. We dig into Invest America’s $250-per-kid momentum, Nasdaq’s push toward a 23-hour trading day (bad degeneracy? inevitable progress?), and Kalshi “combos” that feel like parlays for people in Patagonia vests. Then it’s a deep dive on Robinhood: from scrappy trading app to something closer to an American “super app,” now leaning into event contracts, prediction markets, and the decentralization of information and expertise — with all the power (and volatility) that comes with it. We wrap with community buzz: Paramount, Netflix, and Warner assets trending, the drama of bids and personalities, and why the ultimate battle might not be “streamer vs streamer”… it’s attention. Drop your take in the comments: Are prediction markets the future layer of finance and media — or just the next chapter of the 24/7 casino?