Insider Finance - Business - 'Quiet quitters' should watch out

Nicholas Carlson October 13, 2022

Hello, Insiders. Last night Alex Jones mocked the verdict ordering him to pay nearly $1 billion to Sandy Hook victims’ families: “Do these people actually think they’re getting any of this money?” So can he actually get out of it? 

In short, it would be enormously hard — but not literally impossible. He may appeal the jury’s decision, but that is unlikely to work. He could declare bankruptcy and try to start over, but it would be difficult to convince a court to write off the debt. All that’s to say, Jones is a serial comeback kid, but this may be a bind from which he cannot escape.

The latest

• US inflation remains sky-high. If the September jobs report opened the door to larger Fed rate hikes, the latest CPI print blew it off its hinges. 

• An investor that agreed to back Elon Musk's Twitter bid wants out of the deal. Read the full scoop.

• The James Webb telescope just captured another striking image: a rare “fingerprint” in space. Check it out here.  

The big story

Credit: iStock; Rebecca Zisser/Insider

Did you “quiet quit” at work? Watch out. Experts are warning that people who’ve been coasting on the job could be the first to be laid off during a recession. 

Insider’s Aki Ito first highlighted the trend of “coasting culture” back in March. Her essay about the rise and fall of hustle culture — and how workers are deciding to take it easy at work instead of leaving their jobs — sparked the viral debate about “quiet quitting.”

Because employees had the security of a hot job market for the past several months, they’ve been able to get away with dialing back at work — or, as some workers argue, acting their wage. But now, as recession fears loom, experts say those who coast may be the first to get the boot. 

"In good times, employers are looking at their disengaged workforce and trying to figure out how to engage it," one expert told us. "In bad times, they're looking at their disengaged workforce and trying to figure out which part to let go of."

Read the full story here.

And for a full breakdown of the trend, check out: What “quiet quitting” is actually about.

Top reads

Credit: cjp/Getty, Tyler Le/Insider

• America's best tool to prevent a recession is facing a death spiral. Publicly funded data is falling behind — which means we could end up with deeper, longer recessions and higher inflation. So if you think we're having a hard time fighting inflation now, wait ’til the Fed has to fight it blindfolded.

• It’s probably time for Mark Zuckerberg to step down. Letting someone else run Instagram, Facebook, and WhatsApp is the only way to save Zuckerberg’s empire, writes senior correspondent Linette Lopez. Plus, she adds, it would be in the best interest of society. Read her analysis explaining why.

• Wealthy people who moved to Miami are radically transforming their homes. Gone are the days of simple white-on-white decor in Florida homes — newcomers (including the 100,000 New Yorkers who moved there during the pandemic) are instead embracing color and texture. Take a look at what they're doing.

• It's getting harder to own and run Airbnbs in spots across North America. Local governments and residents are fighting back against short-term rentals — and in some cases, banning rental stays. From Aspen to Montréal, here are 18 cities and towns where it’s getting tougher to run Airbnbs.

• The American mall is dying out. Once-bustling malls are going bust as online sales boom. There are currently around 700 malls — and experts say soon, there may just be 150 left. Go inside the decline of the mall.

Today’s sound bite

Is this headline real or fake? "Little Debbie mascot comes out as gay on National Coming Out Day this week."

Play along on our weekly game, Two Headlines and a Lie.

Watch this

The rise and fall of Russian oligarchs. They didn't have much trouble buying up yachts, jets, and mansions — that is, if they didn't end up in prison, exiled, or mysteriously dead. But the war in Ukraine has turned the world against members of this opulent uber-class. Where did all the money come from, and is there still a chance of them holding on to it?

Today's team

Nicholas Carlson (@nichcarlson), Hallam Bullock (@hallam_bullock), Lisa Ryan (@lisarya), and Jordan Parker Erb (@jordanparkererb).

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