A federal appeals court ruled Friday that states can regulate prediction markets like gambling, dealing a major blow to the booming industry.
A federal appeals court ruled Friday that states can regulate prediction markets like gambling, dealing a major blow to the booming industry.
“The economy,” in this sense, is bullshit. The media uses the term and the stock market interchangeably, but the average person doesn’t. The value of the stock market has zero correlation in the well-being of the average person. It’s only “the economy” for the wealthy, who have significant amounts of money in stocks. Most people care about cost-of-living and income. Neither of those depend on the value of the stock market.
it DOES have correlation to how tge average person is doing. Take when the stock market goes down sharply for at least a year for example (2008 and 1929-1932) there were negative things happening to the average person.
It has some correlation, though 2008 wasn’t because of the stock market. It was an issue with loans and banks. It affected the stock market, and caused a large downturn, but the stock market didn’t cause it.
I’m not educated enough in 1929 to make a comment, but I believe it was similar there. The stock market crashed, but it was an effect, not a cause. It can be an indicator of bad things happening in the economy, but it is not the economy.