“Fears about a possible recession are pounding markets Monday, and Wall Street’s S&P 500 tumbled into the maw of what’s known as a bear market after sinking more than 20% below its record set early this year.”

+ The Hustle talked to one of the most successful investors in the world about inflation, the debt crisis, and the decline of the American empire. It’s worth reading this chat with Ray Dalio.

+ There’s no such thing as a free lunch. But there is a such a thing as a highly subsidized one. And many Americans have been feasting at that trough for years. “If you woke up on a Casper mattress, worked out with a Peloton, Ubered to a WeWork, ordered on DoorDash for lunch, took a Lyft home, and ordered dinner through Postmates only to realize your partner had already started on a Blue Apron meal, your household had, in one day, interacted with eight unprofitable companies that collectively lost about $15 billion in one year.” Times have changed. Profitably is back in vogue. Derek Thompson in The Atlantic: The End of the Millennial Lifestyle Subsidy.