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U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

wsj.com

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Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#81

Post by pojzon »

bs7280 wrote: post #77
roncesvalles wrote: post #61

Earlier quoted context omitted.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

People should not be getting into politics for the money. I want senators who are doing it because they want to see a change in the world.

They want to see a change! In theirs account balance. Its still part of the world. Their world.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#82

Post by [deleted] »

roncesvalles wrote: post #61
the13 wrote: post #54

Just prediction markets? They should be banned from all trading and active investing, period.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

[deleted]

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#83

Post by [deleted] »

bs7280 wrote: post #77
roncesvalles wrote: post #61

Earlier quoted context omitted.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

People should not be getting into politics for the money. I want senators who are doing it because they want to see a change in the world.

[deleted]

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#84

Post by jrmg »

Kalshi and its peers are legal because they’re commodity futures trading, not gambling.¹

Are senators not allow to buy any commodities futures now (it reads like it)?

¹I, and I think most reasonable people, think this is ridiculous - it’s obviously gambling in a trenchcoat, but that’s what they claim…

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#85

Post by direwolf20 »

ToValueFunfetti wrote: post #78
andrewflnr wrote: post #65

Earlier quoted context omitted.

> Often the senator's aides earn more than the senators themselves. Fine. People motivated by money should take jobs other than sitting in Congress.

~Everybody is motivated by money or else not motivated at all. Money is potential energy for essentially any objective you might have, whether that's developing new tech or donating to charity. By cutting money out, you just select for the subset of people who are more motivated by power or status or who already have more money than they know what to do with.

Senators should be paid three times the lower quartile wage.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#86

Post by 2ndorderthought »

roncesvalles wrote: post #61
the13 wrote: post #54

Just prediction markets? They should be banned from all trading and active investing, period.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

If you can't make it on 175k you might need to go to rehab.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#87

Post by mothballed »

andrewflnr wrote: post #65
roncesvalles wrote: post #61

Earlier quoted context omitted.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

> Often the senator's aides earn more than the senators themselves. Fine. People motivated by money should take jobs other than sitting in Congress.

I don't think people that are electable are usually the kind of people that should be in congress. If you have the kind of personality and allegiances to be representing the common man, you can't get elected due to how that process works.

Sortition makes way more sense to me for something like a congress. You just end up with a random selection of the population.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#88

Post by TimTheTinker »

roncesvalles wrote: post #61
the13 wrote: post #54

Just prediction markets? They should be banned from all trading and active investing, period.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

The 15% cap likely only applies to IRS-reportable gains on the congressperson's personal tax return. That unfortunately doesn't preclude insider trading by spouses, within IRA accounts, or within wholly or partially owned c-corporations controlled by the congressperson or a close family member.

We need a federal law that says: "the definition of material non-public information (MNPI) is extended to mean any non-public information those in federal, state, or local government are privy to that may affect securities prices, and individuals in or adjacent to government are equally subject to prosecution for trading on it".

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#89

Post by 420official »

andrewflnr wrote: post #65
roncesvalles wrote: post #61

Earlier quoted context omitted.

But then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.

> Often the senator's aides earn more than the senators themselves. Fine. People motivated by money should take jobs other than sitting in Congress.

Not paying officials enough leads to bribery and corruption. Take away their avenue for insider trading, but let them make a healthy living off it in my opinion.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#90

Post by maxbond »

the13 wrote: post #54

Just prediction markets? They should be banned from all trading and active investing, period.

Not to say they shouldn't be prohibited from trading in more markets or all markets, but prediction markets are so narrow in scope there could be a market on the way a particular senator votes on a particular bill. There will definitely be prediction markets made on the outcome of major proceedings the senator would be voting in, such as confirmations, on multiple platforms.
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