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Halfway to the weekend! Making fun of courtroom sketches is practically an American pastime. (Remember the infamous Tom Brady drawing?) But one artist is speaking out about people “dumping on court artists.”
In today’s big story, we’re ranking how different generations are doing in the current economy.
What’s on deck:
Markets: The bond-market crash hasn’t been kind to big banks.Tech: Many people are reportedly interested in getting implanted with Elon Musk’s brain chips.Business: A case study for how banning Airbnb in one city helped lower rent.
But first, an economic report card.
The big story
Economy all-stars
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When it comes to the economy, who’s winning?
It’s been a wild year, from rising rates and significant layoffs to volatile stock and bond markets. But what’s detrimental to one group could benefit another.
To get a lay of the land, I ranked how different groups are fairing these days from an economic perspective.
Boomers: Old age has never looked this good! Baby boomers are the undisputed winners of the economy these days. They’ve got a mountain of cash they’re happily spending on themselves. They’ve locked in rock-bottom mortgage rates and watched their home values skyrocket. And there’s an ultra-low-risk investment that can net them solid returns.
DINKs: Apologies for the early morning math problem, but what do two incomes plus no kids equal? Financial security! DINKs — dual income, no kids — are living the good life. Their median net worth is $399,000, putting them well ahead of couples with kids ($250,600). And don’t worry; a dog won’t break the bank. It just makes you a DINKWAD.
Generation Z: It’s still early for Gen Zers, but they’re off to a good start. After watching their parents and predecessors (millennials) struggle with finances, Gen Z is taking matters into their own hands. A May survey found more than half of Gen Z respondents had already started investing. They’ve also pushed for significant changes in the workplace to improve work-life balance.
Generation Alpha: It’s really early for this group, which is mostly under 13 years old. But there’s no denying their name exhibits some strength, and they’ve already achieved the impossible: making Gen Zers feel out of touch.
HENRYs: On the surface, most people would welcome the title of HENRY (high-earning, but not rich yet). But unlike horseshoes, being almost rich doesn’t get you that far. Wage growth has stalled, and industries HENRYs work in could face more layoffs. There’s also the added risk of AI coming for their jobs.
Millennials: Where to begin? It’s nearly impossible to buy a house. The cost of childcare continues to rise. Student loan repayments have started up again. And the fracturing of social media means there’s no place to post about how bad things have gotten. Life was a lot more fun when AIM away messages were the biggest concern.
Generation Beta: It’s probably unfair to include people who aren’t even born yet (Gen Beta starts in 2025). But first impressions are everything, and Gen Beta’s name leaves something to be desired.
Honorable mention
Generation X: Who?
3 things in markets
Brooks Kraft LLC/Corbis via Getty Images
Jamie Dimon warns about the possibility of the most serious global crisis since World War II. The JPMorgan CEO said the wars in Ukraine and the Middle East are “arguably the most serious since 1938.” Instead of worrying about the markets, Dimon said we should consider “the most important thing for the future of the world — freedom, democracy, food, energy, immigration.” Banks are getting crushed by the Treasury-market rout. Major lenders are sitting on more than $100 billion in unrealized losses due to crashing bond prices. The worst of the Treasurys’ sell-off is over, but banks aren’t in the clear just yet.Meet four of Goldman Sachs’ newly promoted managing directors. MDs represent the bank’s biggest rising stars, placing them one step away from the bank’s prestigious partnership. Meet four of the newest execs, including a fintech investor who used to teach hip-hop dance and a former political advisor.
3 things in tech
Joel Saget/AFP and Loren Elliott via Getty Images
Google, OpenAI, and Microsoft are blaming users when generative-AI models show copyrighted material. “Any resulting liability should attach to the user,” Google told the US Copyright Office. Plus, Andreessen Horowitz wants everyone to stop talking about AI’s copyright issue. Thousands of people are reportedly lining up to have part of their skull removed. They’d have one of Elon Musk’s brain chips implanted instead. His startup Neuralink received permission to start human trials and aims to operate on 11 people next year.Former President Barack Obama’s most-used apps. He gave a tour of his phone habits. And featured on his dock include Messages, Safari, music, and an email app — he also enjoys some popular mobile games.
3 things in business
Allen Berezovsky/Getty, Roberto Machado Noa/Getty, skynesher/Getty, Rowan Jordan/Getty, Tyler Le/Insider
Bob Iger’s not-so-triumphant return to Disney as CEO. It once sparked hope within the company. But insiders are now anxious — some described an atmosphere of lingering fear and organizational confusion. The most definitive proof yet that banning Airbnbs makes rent prices go down. After a California city banned short-term rentals, long-term rent prices dropped by 3%. It’s a single case study. But it’s also real-world validation of years of research that’s found Airbnb and its many copycats drive up rents and home prices.The story behind Scooter Braun’s right-hand man and the now-deceased Camila Sterling. David Bolno wanted to make her a star. But after Sterling died in his hotel room, he wanted the world to forget. Yet their relationship appears to be more intertwined than just making music.
In other news
What went wrong with WeWork — and what’s going to happen to your WeWork office.The US is quietly arming Taiwan against a Chinese invasion — but it could backfire.Florida prisons may violate policy by locking people in unsanitary shower stalls for hours on end.Eleven photos show tributes to “Friends” star Matthew Perry in New York City and Los Angeles.A career influencer says millennials and Gen Z don’t want to be managers anymore — here’s why.Founder Collective has quietly built a seed-investing powerhouse that just raised a $95 million new fund. Its secret sauce: staying small.
What’s happening today
The third Republican debate is tonight. Presidential hopefuls scheduled to take the stage in Florida include Vivek Ramaswamy, Nikki Haley, and Chris Christie. The event is hosted by NBC News.“A GRAMMY Salute to 50 Years of Hip-Hop” will air on CBS. The live concert features Will Smith, LL Cool J, Latto, 2 Chainz, Queen Latifah, Remy Ma, Gunna, and more.Earnings today: The Walt Disney Company, Bayer, Airbus, Biogen, and other companies.
For your bookmarks
Pilot duties
Chris Sattlberger/Getty Images
A commercial airline pilot explained what he really does on an 18-hour flight. He wanted to clear up the viral misconception that pilots just rely on autopilot.
The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.