Economics/Class Relations

The stock market is going to hell

Nicholas Carlson, November 21, 2022
Hello, Insiders! Elon Musk’s Twitter is already a very different place to work. Those who remain at the company say they’ve been told to work 84-hour weeks. And a recent photo of a Twitter employee sleeping at the office went viral.

 

I asked if any of you had similar experiences sleeping at work. Many Gen Xers and baby boomers said they were happy to do so “when it is necessary.” John B. said he slept at work “many a time” while working as a software developer for Microsoft in the 1990s and early 2000s: “It was kind of fun.” David B. likened it to pulling an “all-nighter” in college: “Well… it’s no different when you enter the workforce.”

 

But not everyone is open to the overnight grind. One workplace well-being expert told Insider’s Jacob Zinkula that the Musk-model is no longer “cool or acceptable” for younger generations of workers. You can read more on that here, and keep sending me your own stories at insidertoday@insider.com.

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The big story
Tyler Le/Insider
Whether the US economy goes into a recession or not, the stock market is royally screwed.

 

It may seem like the problems affecting the market and economy are the same, senior correspondent Linette Lopez writes, but in reality, the heartburn facing each is wildly different.

 

On the one side, you have the economy, which is trying to work out a violent, but relatively short-lived bout of inflation. And on the other, there’s the stock market, which is facing down a ferocious correction that isn’t going to end anytime soon. This isn’t just a little hiccup, it’s a huge comedown after a decade-long debt-fueled party. 

 

“It doesn’t matter whether it’s technically a recession,” one legendary fund manager told Lopez. “It’s a bear market. We sit in the middle innings.”

 

Wall Street’s hype machine will come up with silly reasons why relief is just around the corner, but it’s not. All stocks can do is fall in a spectacular fashion. And all investors can do is get out of the way.

 

Go inside Wall Street’s bad hangover here.

Top reads
Ted S. Warren/Isaac Brekken/Elaine Thompson/AP; Anna Kim/Getty; Amazon; Anna Kim/Insider.

 

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“A group that tracks weights and measures has reached a big decision about a small unit. The ‘leap second’ will be scrapped in 2035.”
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Today’s team
This edition was curated by Nicholas Carlson (@nichcarlson), and edited by Hallam Bullock (@hallam_bullock), Lisa Ryan (@lisarya), Jordan Parker Erb (@jordanparkererb), and Bob Bryan (@robertbryan4).
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