Quiet Quitting Is Going To Ruin Your Career | Shepard Smith

You're introducing a cancer into your culture; eventually, you're going to have to do surgery and cut it out. I don't know where this started; it's the worst idea I've ever heard. [Applause] [Music]

So, quiet quitting: a temporary pandemic hangover, byproduct of low unemployment, or a long-term thing? You know, Chef, the economy is changing. Obviously, we're going into a whole new metric where some people work at home, some people work at a distance, some people go back to the office. We don't know how it's going to shape out in the long run. It's more project-based, and otherwise, you're hired and you're trusted to finish things off.

Now, some ideas are bad ideas and some ideas are stupid ideas, but very rarely can you combine both, and that's what we have here. This is the dumbest idea I've ever heard in launching a career. What I'm hoping I can do—and I've told the recruiters, because I've got about 10,000 people inside of the companies that we're investors in plus the supply chains—I've asked them, can we identify these people early and help them get jobs with our competitors? Because this is the most competitive weapon I've ever seen.

If you're a quiet quitter, you're a loser; you're Un-American. That's what I think. You know, workers are so in demand. We started talking, I don't know, a year and a half ago about how power to the workers, power to the workers—this is part of that, right? It could be, but really your job is to find something you're passionate about and find a way to work with your team. Really, it's about culture. You know, I'm an investor in small business in America, 50 to 500 million—that is 65% of our economy. These are family businesses.

You build a culture when you bring somebody in that slams shut their laptop at five o'clock. You're introducing a cancer into your culture; eventually, you're going to have to do surgery and cut it out. The whole idea would be to avoid these people. I don't know where this started; it's the worst idea I've ever heard because it's against what we do in business. We try to build teams that work together to achieve something, set objectives, and work together.

It doesn't matter whether you're working anymore at six a.m. or two in the morning; you're just getting your job done. That's the freedom the economy is giving you now on a distance basis. Nobody's asking you to work nine to five; they're asking you to get your job done. If you walk in your interview and say, "I only work from nine to five; then I stopped working," I can't wait to get you into my competitor. Help me find these people. This is like a virus; this is worse than COVID.

Alright, I got it. You're on the fence about quiet quitting. All day, all day long around here, we've been reporting on what an awful day it was on the street. Do you see the market downward trend continuing?

Now, yeah, I do for a while. I mean, we've really got to adjust to the hawkish comments that Powell made today, and that's okay. I've seen this movie multiple times. Any investor that's invested for more than 20 years has been through multiple cycles like this. What happens is, at the end of the day, you get that jolt down almost a thousand points. Volatility is really the hallmark of Fed rate hikes, but we have a remarkably strong economy, Chef, and that's because we printed over six trillion dollars, and it's still sloshing around out there.

The reason we have inflation is we keep printing. So, you know, we've got a lot of bills. Keep printing money; we're going to have this problem systemically. So we stop doing this, and you can debate the politics of it, but the midterms are coming. I'm going to make an assumption right now that after the midterms, there'll be no more bills printing any more money. Not that I want to get into politics, but I think we're done doing this.

Now, you know, Fed Chair Powell said more rate hikes are coming. Sounds like more and more are coming until they see inflation is under control. Is that the right move? I think it is because we're at 8.2 percent. So if you're sitting in cash, you're basically being taxed at eight percent. But really, half of this inflation is supply chain damage.

What we really need to do is actually—we've got this remarkable situation we've never had before: we're at full employment with remarkably hyperinflation. That's never happened before, so you have to start to question the productivity of full employment. We need more employees in all businesses to fix the supply chain problem, so I'm hoping the FED and Powell are doing a masterful job. I really have to give him credit on at least not popular everywhere, but he's really trying to land that plane; he's doing a good job.

He's trying to own it a bit. But at the end of the day, half our problems is just fixing our supply chain. I've got companies that can't buy anything anymore because they can't get the supplies out of the Port of Los Angeles. We have to make it here, 30% more expensive. We've got a lot of work to do in this economy, but I'm always bullish. I love entrepreneurship, and that's why as we started talking about quiet quitting, just say no.

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