Slate Money: The WeBurnout Edition (Jan 12, 2019) – Detailed Summary

Episode Overview

In this episode, hosts Felix Salmon, Anna Szymanski, and Emily Peck dive into three main topics: the recent viral conversation on millennial burnout, the peculiar rebranding trend at companies like WeWork, and the sudden resignation of the World Bank president. With energetic debate and a signature blend of data-driven skepticism and wry humor, they interrogate pop narratives, business buzzwords, and global leadership politics.

Segment 1: Millennial Burnout – Myth or Reality?

[00:53–14:48]

Key Discussion Points

• Millennial Burnout Article

  • Inspired by Anne Helen Petersen’s viral BuzzFeed article.
  • Claims that millennials are more burned out than previous generations, largely due to a precarious job market and increased economic pressures.

• Is Millennial Burnout Unique?

  • Felix notes a University of Phoenix poll reporting that 55% of people feel burned out, across all ages—and most blame work ([01:03]).
  • Emily summarizes the BuzzFeed thesis: “Millennials are burned out because of the economy... so precarious out there for working adults now” ([02:14]).
  • Anna challenges the narrative, arguing: “...if you actually look at statistics, the idea that most millennials out there have precarious jobs... is simply not supported by anything.” ([03:28])
  • Emily counters by citing the disproportionate student debt load, housing costs, and challenging job market, especially for non-college grads ([04:00]).

• The Data Debate

  • The hosts wrestle with conflicting data on millennial fortunes compared to prior generations.
  • Emily: “...real estate is far more expensive for us now...” ([06:16])
  • Anna: While incomes may be comparable or higher, disposable income is squeezed by health care, housing, and education costs ([06:06]).

• Structure vs. Precarity in Work

  • Felix: “If you’re in a more precarious situation where you don’t really know what your career even is... that creates a bunch of kind of low-level stress that exacerbates whatever the hard work parts are.” ([02:45])

• Is It Just “Being a Grown-up”?

  • Anna (as “elder millennial”): “You mean being a grownup? Like, I’m sorry, like, I’m a millennial. I’m 36. I’m an old millennial.” ([07:12])
  • Emily: Pushes back—“the real economic and psychological labor of building one’s life... I trade my iPhone for my dad’s pension any day.” ([07:23], [14:48])

• Is the Past ‘Mythical’?

  • Anna: “We’re comparing it to this mythical past that never existed.” ([08:16])

• Destigmatizing Mental Health

  • All agree on the need to destigmatize mental health issues at work.
  • Felix: “...there’s still a stigma around people just taking mental health days off work... it should be much easier and much more common to do that.” ([08:22])

• Policy Implications

  • Universal support for better childcare, support for working parents, and awareness of mental health—even as the panel spar over causes and narratives ([12:22–13:39]).

Notable Quotes

“I trade my iPhone for my dad’s pension any day.”
—Emily ([14:48])

“There is, as Emily said, like, this BuzzFeed piece did touch a nerve. I think it touched a nerve among people of many ages, not just among millennials.”
—Felix ([09:44])

Segment 2: The Great Rebranding (or “Dbranding”) – WeWork Becomes “We”

[14:48–23:05]

Key Discussion Points

• WeWork’s Name Change

  • WeWork is renaming its holding company “The We Company.”
  • Felix dubs it “dbranding”: moving away from the flagship brand’s name.

• Why Do It?

  • Emily: “There’s two strategies... house of brands... or branded house” ([16:33]).
  • Felix: “What this says to me is they’re a little bit ashamed of their brands. Would you agree with that?” ([17:54])
  • Emily: Sees it as “cosmetic change” in strategy, not substance ([18:26]).

• The Tech Aspiration

  • Anna: “I think what they’re really trying to do is make themselves appear more like [a tech company]... because of how tech companies are valued” ([18:35–18:52]).

• Expansion into Other Businesses

  • Discussion of WeLive (residential space) and WeGrow (preschool/coding academy).
  • Felix recounts a child choosing between “Spanish, Mandarin, or Hebrew”—to Anna’s consternation ([20:01–20:20]).
  • “That’s a horrible idea.” —Anna ([20:22])

• When Is Rebranding a Good Idea?

  • Emily presents classic name changes (Pepsi from “Brad's Drink,” Nike from “Blue Ribbon Sports,” eBay from “AuctionWeb”) ([21:01]).
  • The team agrees product rebrands are different from holding company rebrands:

    “I just don’t think there’s a case to rebrand a Holdco or to create a new brand which is just your holding company brand.”
    —Felix ([21:35])

• Holding Companies – Who Cares?

  • Emily: “No one cares what the holding co is called. They care about the brands.” ([21:50])

• Consensus

  • All regard “The We Company” move as ill-advised.

    “It’s a stinker.” —Emily ([22:59])
    “Everything WeWork does is ill advised.” —Anna ([23:00])

Segment 3: The World Bank – Leadership Vacancy, Global Power

[23:05–34:32]

Key Discussion Points

• Jim Yong Kim Steps Down

  • President of the World Bank leaves abruptly despite a recent re-nomination and successful funding efforts ([23:05–23:57]).
  • Speculation about possible “mini scandal” and rumors ([24:02]).

• Is the World Bank Losing Relevance?

  • Felix: “Maybe less important than it used to be... big infrastructure projects are mostly history, it’s now more a poverty alleviation institution” ([25:15–26:39]).
  • Now, World Bank operates mainly in the poorest countries.

• Who Will Lead Next?

  • Noting only men (all American) have held the presidency, and pondering a woman/non-American leader ([24:43–25:05]).
  • “They’ll throw a woman at it”—Anna’s cynical take ([24:56]).

• Politics of Appointment

  • Historically, the U.S. appoints the World Bank head; Europe gets the IMF ([26:51–28:46]).
  • In the Trump era, other countries may push back against a controversial pick like Ivanka Trump or David Malpass.

    “If he did something like that, then I think the rest of the world will just be like, okay, in principle, ... let’s actually have that open and transparent, merits-based [competition].” —Felix ([28:46])

• Will the “World” Stand Up to the U.S.?

  • “The Americans only have 16% of the vote, so they really need to wrangle support from the rest of the world. And... does this strike you as the kind of administration that can wrangle support from the rest of the world?” —Felix ([29:45])

• International Order – Cracking?

  • Emily: “That post-World War II world order just sort of falling apart...” ([30:33])
  • Anna: “There is a reasonable argument that it perhaps should not be an American who is the head of the World Bank.” ([30:42])

• Potential Female Leaders

  • Felix: Endorses Ngozi Okonjo-Iweala, Nigerian economist and former Finance Minister ([31:32–31:39]).
  • Anna: “She did an amazing job renegotiating Nigeria’s debt back in the day. She’s qualified.” ([31:37])

• Speculative Outcomes

  • Discusses possibility of Indra Nooyi (ex-PepsiCo CEO) as a compromise pick ([32:26]); Trump's lack of attention may allow it.

Segment 4: Crunchless Doritos and Gendered Snacking!

[32:51–34:49]

Key Discussion Points

• Doritos for Women
  • Indra Nooyi’s comments on differing male/female snacking habits.
  • Anna defends her intent: “She wasn’t saying like, women have to eat Doritos one way. She was saying, this is what our study showed, so we’re going to try to create a product people would like.” ([33:27–34:03])
  • Emily is unimpressed: “If they marketed low crunch Doritos, that’s just weird. No one wants those... The whole point of a chip is you get in there and you crunch the hell out of the chip.” ([34:32])

Numbers Round

[34:56–38:10]

Key Numbers & Moments

• Six – Months of paid leave in California’s proposed plan; Emily reflects on California’s “liberal goodies” ([35:04]).
• $27.7 billion – Pentagon funds left unspent last year ([35:53]).
• 202-452-3000 – The public office number for Federal Reserve Chair Jerome Powell; Anna suggests listeners “call up Jay Powell.” ([37:10])
• Brief side discussion on current Fed/monetary policy and Trump’s influence ([37:47-38:10]).

Notable Quotes & Timestamps

• “It’s a lot of we.” —Emily ([23:03])
• “We can talk about young people in Tunisia... Italy... countries where it is actually quite hard to make a go of it if you are millennial or younger.” —Anna ([10:59])
• “Employers trying to work with people who are worried about burnout... would have made sense 20 years ago and still make sense today.” —Felix ([12:39])
• “No one cares what the holding co is called. They care about the brands.” —Emily ([21:50])
• “Everything WeWork does is ill advised.” —Anna ([23:00])
• “If you have America and Europe both going along with this, then it’s almost impossible for anyone else to get a word in.” —Felix ([27:02])
• “She’s qualified.” —Anna, on Ngozi Okonjo-Iweala ([31:37])
• “Just send us a very simple email: Doritos for women. Good idea or bad idea. And we will tally it up and we will see whether Emily, or even...” —Felix ([34:08])

Tone and Style

• Friendly, energetic, and often deadpan; heavy on debate but inclined toward consensus on policy goals.
• Panelists blend personal anecdote with macroeconomic analysis, unafraid to call out buzzwords or media narratives.
• Frequent use of humor and light sarcasm.

Timestamps for Major Segments

• Millennial Burnout: [00:53–14:48]
• Rebranding/Dbranding & WeWork: [14:48–23:05]
• World Bank Leadership: [23:05–34:32]
• Doritos & Gendered Snack Marketing: [32:51–34:49]
• Numbers Round: [34:56–38:10]

Summary Takeaway

This episode blends sharp skepticism and progressive empathy as the hosts disentangle media narratives around millennial malaise, roll their eyes at corporate branding stunts, and analyze the shifting sands of global economic institutions. If you want to understand why “burnout” isn’t just for millennials, what WeWork’s rebrand signals about business identity, or why the next leader of the World Bank matters, this Slate Money edition delivers insights and laughs alike.