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?