The Higher Standard

Why Government Spending Is Soaring & How Elon Musk Plans to Fix It Nov 19, 2024

In this episode, hosts Chris, Saied, and Haroon tackle the behemoth that is U.S. government spending. With deficits skyrocketing 287% year-over-year and the national debt now exceeding $33 trillion, the hosts break down how this level of fiscal mismanagement impacts everything from mortgage rates to Social Security. They also delve into Elon Musk and Vivek Ramaswamy's bold new roles in the Department of Government Efficiency, dissecting what their proposed agency cuts mean for the average American. Spoiler: The Department of Education and IRS might be on the chopping block.

➡️ As always, the conversation is packed with sharp humor and insightful analysis. Whether you're intrigued by the $250 billion deficit balloon in just one month, or curious about how Treasury bond issuance influences your car loan, this episode has you covered. By the end, you'll have a deeper understanding of why "balancing the budget" isn't just a catchy slogan—it's a necessity. Plus, a sprinkle of conspiracy theories and Musk's Dogecoin-inspired department name makes this one a must-listen.

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🔗 Resources:

Deficit spending surges to $250 billion in one month (The Kobeissi Letter via X)

What Elon Musk and Vivek Ramaswamy could abolish in the name of government efficiency (Yahoo! Finance)

Elon Musk and Vivek Ramaswamy appointed to lead Trump’s “Department of Government Efficiency” (CNN)

Federal deficit reaches alarming new heights (Yahoo! Finance via Instagram)

How government spending affects you (Yahoo! Finance via Instagram)

Americans fall further behind on debts as household debt reaches all-time high (Yahoo! Finance)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Why You’re Paying More for Cars, Homes, & Everything In Between Nov 12, 2024

The average age of U.S. homebuyers has soared to 56, proving that owning a home now requires both age and a level of patience previously reserved for waiting in line at the DMV. Saied, Chris, and Haroon hilariously dissect this trend, blaming skyrocketing home prices, nosebleed mortgage rates, and a painfully thin housing inventory for forcing younger buyers to stay on the sidelines—or back in their parents’ basements.

➡️ With a cocktail of sharp humor and real talk, the hosts unpack how these shifts impact everything from family planning to the American Dream itself (spoiler: it’s expensive). They also debate whether "strategic investing" is just code for "hope and prayer" in this market. Tune in as they turn these bleak economic trends into laughs while giving you the lowdown on navigating the financial jungle without losing your sanity—or your sense of humor.

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🔗 Resources:

Job growth slowed sharply last month (Wall Street Journal)

Even Some High-Income Americans Can't Afford New Cars Anymore (Bloomberg)

Homebuyer average age rises to 56 amid rising homeownership costs (CNBC)

Mortgage apps to buy a house are down 45% from pre-pandemic levels (Nick Gerli via X)

Warren Buffett is now building his cash balance at an unprecedented rate (The Kobeissi Letter via X)

28% of shoppers who used credit cards have not paid off the presents they purchased for family and friends last year(CNBC via Instagram)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Election Economics: How Inflation, GDP & The Fed Shape 2024’s Future Nov 05, 2024

As the U.S. approaches Election Day on November 5th, the trio dives deep into the intersection of politics and economics, exploring how election outcomes could impact the market and your wallet. With rising anxiety reflected in the VIX index, your hosts discuss the historical volatility seen during previous elections, particularly in 2008 and 2020, and how this year’s political climate feels different yet uncertain. They dissect the implications of potential policy shifts and the Fed's monetary strategies, all while keeping the conversation light and humorous.

➡️ Anecdotes and witty banter interlace the serious discussions, making complex financial concepts more relatable. Join Saied, Chris, and Haroon as they navigate these critical topics with their signature blend of insight and levity, ensuring you’re informed and entertained as you head to the polls.

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🔗 Resources:

Election 2024: Inflation Outlook (Morgan Stanley)

October 2024 Beige Book Insights (Federal Reserve)

Episode 253 | Markets vs. The Fed: Who’s Right About Inflation 📈 & Employment? 📊 (The Higher Standard via YouTube)

A Look at Historical Market Patterns in Election Years (CME Group)

U.S. economy grew at 2.8% pace last quarter, powered by consumer spending (CBS News)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Markets vs. The Fed: Who’s Right About Inflation & Employment? Oct 29, 2024

In this episode of The Higher Standard, Chris and Saied take the stage as a dynamic duo, flying solo without their third musketeer, Haroon, who’s off on PTO (probably in a pickleball tournament or hiding from the Fed). With no one to keep them in check, the two dive headfirst into a whirlwind of financial insights, market predictions, and why the MAG 7 tech giants are carrying the S&P 500 on their backs like Atlas — except Tesla, whose latest earnings had investors buzzing despite mixed results. It’s a "two wise men" operation this week, and things get as real as inflation at a gas pump on payday.

➡️ Chris and Saied break down the love-hate relationship between the markets and the Fed — one’s bullish, the other’s just a buzzkill. They riff on whether inflation is here to stay, question if we’re headed for stagflation, and poke fun at economists trying to predict a recession like it’s the weather. Along the way, they tackle rising insurance premiums, paycheck-to-paycheck living, and the surreal cost of burritos ($46 for breakfast?!). With humor, hard-hitting insights, and a few Monopoly references thrown in for good measure, this episode is a wild ride through the tangled mess of today’s economy.

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🔗 Resources:

Financial insecurity and cost of living (Business Insider)

Tweet on inflation and financial markets (Kobeissi Letter via X)

Tweet on housing affordability crisis (Kobeissi Letter via X)

Tweet on MAG 7 stocks and market concentration (Kobeissi Letter via X)

Tesla's Q3 Earnings Report (Yahoo Finance)

Existing Home Sales Fall To 14 Year Low (Yahoo Finance via Instagram)

Here’s when prices might ease, per Fed’s Daly (MarketWatch)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Housing Market Update: Prices Falling in 26 of 28 Major Cities Oct 22, 2024

Consumers might have to wait two to three years for their perceptions of inflation to normalize, as highlighted by Fed’s Daly, leaving many still wincing at higher prices. Meanwhile, falling home prices are causing significant distress, particularly in ten states where mortgage balances now exceed property values.

➡️ Episode 252 of The Higher Standard podcast dives into the alarming drop in US mortgage applications, which saw a 17% decrease—the largest since April 2020—along with potential benefits for homeowners in certain cities as interest rates tumble. The discussion also covers the anxiety surrounding credit card debt among Americans and JPMorgan’s new strategy to attract affluent clients with enticing branch experiences. Wrapping up, Chris, Saied and Haroon tackle why so many companies are firing Gen-Z employees, emphasizing a disconnect between workplace expectations and work ethic in today’s job market.

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🔗 Resources:

Here’s when consumers might finally stop wincing at higher prices, according to Fed’s Daly (MarketWatch)

Falling home prices are hitting homeowners in these 10 states the hardest — with up to 10% of mortgage balancesnow topping their property values (Business Insider)

JUST IN: US mortgage applications have dropped by 17.0% over the last week, the most since April 2020 (X / The Kobeissi Letter)

22 cities where homebuyers and owners will benefit most as interest rates tumble (Apple News)

The Most Splendid Housing Bubbles in America: Sept Update: Prices Drop in 26 of 28 Big Metros, even San Diego, Los Angeles (Wolf Street)

Americans are really anxious about their credit card debt (The Street)

'Signature bites' and free umbrellas: Inside JPMorgan’s plan to lure more rich people to its branches (Yahoo Finance)

Why So Many Companies Are Firing Gen-Z Employees (Inc.)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Kobe, Cash Flow, & Chasing Dreams: A Laid-Back Financial Chat Oct 15, 2024

The hosts take a hilarious trip down memory lane, reminiscing about the good old days of AIM (AOL Instant Messenger). They crack up over their embarrassingly bad usernames—ones that should probably never see the light of day again. You know that cringe-worthy online persona you thought was behind you? Turns out, it never really leaves! They dive into how their AIM alter-egos might still be haunting their present-day selves, proving once again that the internet never forgets. It’s a delightful mix of awkward nostalgia and a gentle reminder of how those early days of the internet shaped us all.

➡️ But it’s not all goofy usernames and AIM nostalgia. The conversation gets deeper (but still funny!) when they tackle how social media has made us all professional curators of our own lives. The hosts poke fun at the gap between the online versions of ourselves and the real deal, dropping truth bombs about authenticity and how everyone’s just trying to “fit in” online. And just when you think things couldn’t get more entertaining, they throw in some absurd ideas about modern marketing, suggesting brands take on the wild task of marketing to the homeless. It’s a genius blend of sharp social commentary and laugh-out-loud moments that’ll keep you thinking—and chuckling—long after the episode’s over.

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🔗 Resources:

Rate cuts were supposed to push mortgage rates lower. The opposite has happened. (AOL)

US credit card interest rates hit 23.4% in August, a new record. (The Kobeissi Letter via X)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

From Basic Budgeting to Port Strikes & Bananas Oct 08, 2024

The 250th episode of The Higher Standard podcast marks a significant milestone packed with our unique style of humor and engaging discussions on financial literacy. Hosts Chris, Saied, and Haroon navigate the complexities of budgeting and personal finance with an entertaining twist. They delve into the nitty-gritty of establishing a payday routine, breaking it down into digestible segments for their audience. The conversation emphasizes the importance of a 60/30/10 budgeting rule, where 60% of income is allocated to essentials, 30% to savings, and 10% to discretionary spending.

➡️ Chris and Saied share their personal experiences, illustrating how small daily habits, like enjoying a morning coffee, can contribute to overall financial well-being. The episode captures the essence of making finance relatable and fun while equipping listeners with actionable strategies to improve their monetary management. Additionally, the episode features a lively segment discussing the ramifications of the recent port strike, highlighting its potential impact on the economy and consumer prices. With witty banter and insightful commentary, your favorite anti-economist hosts create a lighthearted atmosphere, making financial literacy feel accessible and engaging for everyone.

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🔗 Resources:

Harold Dagger President of the International Longshoremen’s Association (Plant Based Omnivore via Instagram)

Over 50,000 port workers across the United States are now on strike for the first time since 1977. (The Kobeissi Letter via X)

Sean ‘Diddy’ Combs hires his jail mate Sam Bankman-Fried’s lawyer (Fortune)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Housing Market Has A BIG Problem Oct 01, 2024

Chris takes the helm for episode 249 of The Higher Standard podcast, delivering an insightful solo deep dive into the economic landscape. The episode kicks off by addressing the Federal Reserve's unexpected 50 basis point rate cut and its implications for the U.S. economy, drawing parallels to previous cuts in 2001 and 2007 that preceded recessions.

➡️ With a focus on the housing market, Chris unpacks the complexities of mortgage rates, home prices, and why current market conditions make rental property investments less profitable. He also delves into the intricacies of bond market reactions, providing listeners with a comprehensive understanding of the current financial climate and what it may mean for the future.

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🔗 Resources:

US consumers believe the economy is in a recession (The Kobeissi Letter)

The US consumer confidence index declined (The Kobeissi Letter)

Fed Governor Bowman explains dissent on rate vote, says she’s worried about inflation (CNBC)

JPMorgan CEO Jamie Dimon says he remains skeptical (Bloomberg Economics via X)

U.S. Home prices are up…. A lot. (Lance Lambert)

The median US mortgage payment fell 2.7% YOY (The Kobeissi Letter)

If you could magically conjure up 1.5 million housing units (Lance Lambert)

Buying a rental property in America is no longer profitable (Nick Gerli)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Fed Cut Rates Half A Point, Now What Sep 24, 2024

Episode 248 of The Higher Standard is here and Saied, Chris and Haroon break down the key takeaways from the Fed's decision to cut a full 50bps for its first rate cut of the cycle. The last two times this happened historically was in 2001 and 2007. After each of those was a notable recessionary economy.

➡️ Real estate agents are also dropping like flies already, falling to the lowest number of reported employed agents since 2014. Almost as shocking is that the 23andMe CEO Anne Wojicicki has lost her entire board of directors in a single day. Lastly, as tragic as the Diddy situation may be, you know they guys had to unpack it and cover some of the absolutely stunning and strange revelations.

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🔗 Resources:

Key takeaways from the Fed’s decision to deliver a jumbo-sized interest rate cut (CNN)

Last 2 times the Fed’s first cut was 50+ bps (Geiger Capital via X)

BREAKING: The number of full-time real estate agents and brokers in the US dropped to 440,000 in 2023, the least since 2014 (Kobeissi Letter via X)

23andMe CEO Anne Wojcicki ‘surprised and disappointed’ by board resignations: Read the memo (CNBC)

Sean ‘Diddy’ Combs to remain in custody after judge denies bail appeal in racketeering conspiracy and sex trafficking case (CNN)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

We Are Getting A Rate Cut This Week Sep 17, 2024

In episode 247 of The Higher Standard, Saied, Chris and Haroon dive deep into a lighthearted discussion about the unexpected appearance of cockroaches in their studio. As they transition into the financial content, the team tackles a listener question on how to find the best real estate agent. And of course they had to cover the guaranteed rate cut happening this week when the FOMC announces their decision on Wednesday, September 18th.

➡️ The second half of the episode shifts gears with a robust debate about LeBron James and his impact on the economy, comparing his legacy to other sports icons like Tom Brady. They also touch on pop culture, covering everything from the Bad Boys movie franchise to Jackie Chan’s unique quirks.

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🔗 Resources:

Inflation falls to 2.5% year-over-year lowest since Feb. 2021 (Yahoo! Finance via Instagram)

Where inflation is…. And isn’t (Yahoo! Finance via Instagram)

Housing costs keeping inflation over 2% (Yahoo! Finance via Instagram)

Fresh jobs data tests how deeply Fed will cut rates ahead of government payroll report (Yahoo! Finance)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Real Money Making Habits That Can Make You Millions Sep 10, 2024

In this episode of The Higher Standard, your charming hosts Chris, Saied, and Haroon dive deep into the habits that might be holding you back from financial freedom, inspired by Humphrey Yang’s insightful YouTube video “The Middle Class Habits Keeping You in the Rat Race.” The trio dissects the habits that seem harmless but might be chaining you to mediocrity, and they share their own witty takes on breaking free and creating real wealth. Get ready for some laughs, real-talk advice, and actionable steps to escape the rat race for good. Spoiler: It's not just about skipping that morning latte!

➡️ Expect a dynamic conversation that balances humor and depth, with takeaways like the importance of investing in yourself, mastering delayed gratification, and rethinking the way you approach money management. Whether you’re just starting your financial journey or a seasoned pro, there’s something in here for everyone — and as always, it’s delivered with the signature banter that keeps you coming back.

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🔗 Resources:

The Middle Class Habits Keeping You in the Rat Race (Humphrey Yang via YouTube)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

What You Need To Know About Rate Cuts & How to Make Millions Sep 03, 2024

In episode 245 of The Higher Standard podcast, Chris, Saied, and Haroon dive into the latest market-moving headlines. They start with a bombshell from Jerome Powell, who finally hints that the Fed might cut interest rates. But before you get too excited, they break down why rate cuts tied to a looming recession might spell trouble for your stock portfolio. The hosts then shift gears to the housing market, discussing how U.S. home prices have hit a record high, making it tougher than ever to afford your dream home.

➡️ And if that wasn’t enough, they expose some jaw-dropping admissions from Mark Zuckerberg that could change the way you see Big Tech. Lastly, they take a fascinating detour into the lucrative (and risky) world of professional whistleblowing—spoiler alert: you can make millions if you play your cards right!

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🔗 Resources:

Jerome Powell says "time has come" for Fed to cut interest rates (Bloomberg Business via Instagram)

Rate Cuts That Come With Recession Aren't Good For Stocks (Yahoo! Finance)

U.S. Home Prices Hit A Record High (Yahoo! Finance via Instagram)

Mark Zuckerberg just admitted three things (House Judiciary GOP via X)

How To Make Millions As A Professional Whistleblower (GQ via Apple News)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The BIG We Told You This Would Happen Episode Aug 27, 2024

In this episode of The Higher Standard podcast, Chris, Saied, and Haroon dive into the timeless lessons of Robert Kiyosaki's "Rich Dad, Poor Dad," reflecting on the book’s enduring insights into wealth-building strategies. While they acknowledge the value of its principles, the hosts candidly express their mixed feelings about Kiyosaki’s modern-day social media persona, suggesting that his transformation might have taken some of the shine off his original teachings.

➡️ The conversation then shifts gears to current events, where the trio tackles the latest Bureau of Labor Statistics data, followed by a deep dive into the startling news that the U.S. economy created 818,000 fewer jobs than initially reported. They discuss the implications of this revision, including the Fed confronting the reality of potentially losing up to a million jobs in their forecast. On a lighter note, the hosts sprinkle in some pop culture commentary, from Ashanti and Nelly's baby news to the potential $550 million fallout from a rumored Jennifer Lopez and Ben Affleck divorce, and even a nod to Lil Jon's surprise appearance at the DNC. As always, Chris, Saied, and Haroon deliver sharp insights with their signature wit.

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🔗 Resources:

Bureau of Labor statistics shenanigans (ZeroHedge via X)

Fed Confronts Up to a Million US Jobs Vanishing in Revision (Bloomberg)

US economy created 818,000 fewer jobs than previously reported (Fox Business)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

These Are The Influencers You Can't Trust Aug 20, 2024

In episode 243 of The Higher Standard podcast, hosts Chris, Saied, and Haroon dive headfirst into the world of social media financial influencers, giving a no-holds-barred critique of those you should avoid at all costs. They call out big names like Grant Cardone, Pace Morby, Kris Krohn, Luke Belmar, Albert Preciado and more.

➡️ As the conversation shifts gears, the hosts tackle some of the hottest financial news floating around Instagram. They break down the cooling inflation rates, the credit card debt that's soaring to dizzying heights, and Starbucks' bold move of poaching Chipotle's CEO like it's a new menu item. It wouldn’t be The Higher Standard without a little pop culture flair, the hosts wrap up with a whirlwind tour through the latest celebrity news and jaw-dropping headlines—from Adele’s engagement to Rich Paul to Tom Cruise’s Olympic-sized stunt planning.

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🔗 Resources:

Inflation cools to lowest level since march 2021 (Yahoo! Finance via Instagram)

U.S. consumer price index (NBC Chart Of The Day via Instagram)

Overall inflation below 3% for first time since march 2021 (Yahoo! Finance via Instagram)

Credit card debt hit record $1.14 trillion (NBC Chart Of The Day via Instagram)

Starbucks soars after poaching chipotle CEO (Yahoo! Finance via Instagram)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Emergency Economic Fireside Chat Aug 13, 2024

The stock market’s recent nose dive has everyone buzzing, and The Higher Standard crew is here to break it all down. Chris, Saied, and Haroon dig into the fleeting positivity of the 2Y/10Y spread—did it really mean anything, or was it just a tease? Meanwhile, Dave Ramsey’s relentless “buy, buy, buy” mantra gets a skeptical side-eye as the hosts question whether it’s time to pump the brakes instead of the gas.

➡️ As if things weren’t shaky enough, U.S. credit card debt hits a staggering $1.14 trillion, and job growth falls way short of expectations. With unemployment creeping up to 4.3%, the guys explore whether we’re headed for a full-blown recession or just a rough patch. Buckle up—this episode is a wild ride through the latest financial turbulence.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

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👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Caution, Recession Ahead? (Investopedia)

Credit card debt hits record $1.14T (Chart Of The Day)

Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3% (CNBC)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

How To Get Rich In This Economy Aug 06, 2024

Getting rich can happen a lot of different ways, but very few instances are quick or by chance. Most people build wealth over time by following the principles that Chris, Saied and Haroon lay out for you at the top of episode 241 of The Higher Standard podcast.

➡️ But don't stop there, the boys jump in to all the financial information you need to know in order to stay abreast of what is going on in the economy. The only other thing they can do to make it easier to build wealth is just give you the money.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Job openings dip slightly in June amid signs of 'turbulence' in labor market (Yahoo! Finance)

The Fed needs to cut rates. Now. (Bloomberg Opinion)

Trump turns up heat on Fed ahead of expected rate cuts: 'It's something that they know they shouldn’t be doing.' (Yahoo! Finance)

The US national debt just surpassed another milestone: $35 trillion (Yahoo! Finance)

GDP: US economy grows at faster-than-expected pace in second quarter as inflation eases (Yahoo! Finance)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Financial Terms You Didn't Know You Needed To Know Jul 30, 2024

We get it. Some times on The Higher Standard podcast we throw around a lot of financial terms that not everyone is familiar with. Chris, Saied and Haroon aim to fix that, in part, by practically defining a lot of financial terms for you that you didn't know you needed to know in episode 240 of the show.

➡️ From balance sheets to high yield savings accounts. From securities to bonds. From EPS to P/E ratios. We got you covered.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

What Is an Asset? Definition, Types, and Examples (Investopedia)

Net Worth: What It Is and How to Calculate It (Investopedia)

The Bond Market and Debt Securities: An Overview (Investopedia)

What Is the Formula for Calculating Earnings per Share (EPS)? (Investopedia)

Price-to-Earnings (P/E) Ratio: Definition, Formula, and Examples (Investopedia)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Shocking Financial Statistics Of The Average Person & Looming Rate Cuts Jul 23, 2024

Episode 239 of The Higher Standard podcast starts off with Chris, Saied and Haroon diving in to some of the top financial mistakes people make. Some of these may sound basic or simple, but you would be shocked at how many people are impacted by these problems every single day.

➡️ For the second segment of the show, the boys go deep on the first strong probability of a Fed Funds rate cut. See, we told you that we don't only bring you bad news.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Powell indicates Fed won't wait until inflation is down to 2% before cutting rates (CNBC)

Powell Says US Data Offer Confidence That Inflation Is on Path to 2% (Bloomberg)

Markets are betting there's a 100% chance the Fed cuts rates in September (Yahoo! Finance)

Wall Street Economists See Compelling Case for Fed to Cut Now (Yahoo! Finance)

No rush for US Fed to cut rates, IMF's chief economist says (Yahoo! Finance)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Investing For Your Kids And Recession Red Flags Jul 16, 2024

In this jam-packed episode of The Higher Standard, Chris, Saied, and Haroon dive headfirst into the fiery debate of 529 plans versus brokerage accounts for kids. With Chris hilariously comparing brokerage accounts to the wild west and Haroon trying to make 529 plans sound as exciting as a superhero origin story, this segment is both informative and entertaining.

➡️ And just when you thought things couldn't get crazier, Saied drops the bombshell that US bankruptcies have hit their highest level in 14 years. It’s the perfect mix of financial advice and economic drama you didn’t know you needed. Don’t miss this rollercoaster of an episode that turns financial turmoil into pure podcast gold.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

US Bankruptcies hit the highest level in 14 years (Global Markets Investor via X)

Job openings have been rapidly declining (Game of Trades via X)

50 housing markets where home prices are down the most from peak (Lance Lambert via X)

Price cuts on the US Housing Market just hit their highest level in six years (Nick Gerli via X)

A massive housing bubble has developed, and is about to pop, in the South (Nick Gerli via X)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

EBITDA Explained, Inflation Persists & Hawk Tuah Jul 09, 2024

Welcome back to another episode of The Higher Standard podcast, where Chris, Saied, and Haroon dive into the latest in finance, investing, and pop culture. Today, we're breaking down some intriguing insights and bringing a touch of humor to your financial woes. First up, the boys aim to demystify "EBITA" – yes, we know you probably thought it was a hip new tech term, but no, it’s just Earnings Before Interest, Taxes, and Amortization.

➡️ And just when you thought this episode couldn’t get any more eclectic, we shift gears to the world of entertainment. Will Smith made a heartwarming return to music with his BET Awards performance, Jamie Foxx spills the beans on his mystery illness, and J.J. Redick has some thoughts about the Lakers drafting Bronny James.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

EBITA Explained (Nicolas Boucher via LinkedIn)

Where do wealthy younger and older investors see the greatest potential for growth? (CNBC Chart of the Day via Instagram)

Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected (CNBC)

Fed’s preferred inflation gauge shows prices rose at slowest pace since March 2021 (Yahoo Finance via Instagram)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Mind Pump's Amazing Adam Schafer Returns Jul 02, 2024

Some of you might not know this, but The Higher Standard podcast wouldn't be here if it were not for Mind Pump's Adam Schafer. Chris and Saied were long time fans of Mind Pump, the #1 fitness podcast in the world. Adam and Chris formed a friendship over time and the idea to create The Higher Standard in a model after Mind Pump was born. You may even note the homage to the Mind Pump studio in The Higher Standard's aesthetic.

➡️ It has been a while since Adam Schafer and Chris had an opportunity to sit down in front of a hot mic and talk about life. It's been nearly 10 years since Mind Pump started and a lot has changed. Adam is thinking a lot about the next chapter of his business and his life. The boy talk about cars, watches, the evolution of business, why being an "influencer" is a bad idea and so much more.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Bringing Truth To Health & Fitness Worldwide (Mind Pump Media)

Some Random Dude (Full Compression via Instagram)

Pejman Ghadimi (Exotic Car Hacks via Instagram)

Episode 232 | 💥 The Get Dynasty Origin Story (The Higher Standard )

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Fed Admits They Were Wrong Jun 25, 2024

Chris, Saied, and Haroon kick off this episode of The Higher Standard podcast with a look in to dive deep into what was once the hype around the Bilt credit card program. The Flashy Rent Credit Card was backed by Wells Fargo Bank and is costing them $10 million a month thanks to some poor business decisions. Sometimes when something sounds too good to be true, it is. And yes, even big, sophisticated banks can make bad decisions sometimes.

➡️ Even though Chris forgot his introduction in this week's show and Saied stole the show closing, they still managed to provide some economic insights on the Fed holding rates unchanged, what the CPI report means for you and what could potentially be the "mother of all layoffs."

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly. (Wall Street Journal)

Another more-of-the-same report on CPI rent (and OER) (Jay Parsons via X)

The mother of all mass layoffs is coming (ZeroHedge via X)

Buying conditions in the US housing market have collapsed (Game of Trades via X)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

GDP, CPI & All The Data You NEED to Know Explained Jun 18, 2024

In this episode of The Higher Standard podcast, Chris, Saied, and Haroon dive deep into the essential economic data impacting today's market. They kick off with the critical information you need to understand about GDP and CPI, highlighting the significance of the latest CPI print.

➡️ The discussion then moves to the US yield curve problem, including its record-breaking inversion of 702 days. The hosts explore the longest streaks of low unemployment, the surge in people working multiple jobs, and the dramatic 47.1% rise in US home prices since 2020. arket shifts, Trump’s trial verdict, and the postponement of the Mike Tyson vs. Jake Paul fight.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Tomorrow's CPI inflation data is HUGE (Kobeissi Letter via X)

The US Yield Curve (Charlie Bilello via X)

The US Treasury yield curve has been inverted for 702 days, the longest streak in bond market history (Kobeissi Letter via X)

This is one of the longest streaks of low unemployment ever (Investopedia)

The number of people working multiple jobs in the US hit a near-record of 8.4 million in May 2024 (Kobeissi Letter via X)

Home prices in the US are up 47.1% since 2020 (Kobeissi Letter via X)

CEO of Reventure’s interpretation of Realtor.com data (Nick Gerli via X)

Market backs off on hopes for interest rate cuts following strong jobs report (CNBC)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

How Much Home Can You ACTUALLY Afford Jun 11, 2024

In episode 233 of "The Higher Standard," Chris, Saied and Haroon dive into the crucial topic of home affordability, exploring how much house you can actually afford without breaking the bank or sacrificing your prized Pokémon collection.

➡️ They delve into the latest housing market trends, discussing the surge in new single-family homes for sale as highlighted by The Kobeissi Letter and the rising listings in the US housing market noted by Mohamed A. El-Erian. Lance Lambert’s insights on housing affordability also get the spotlight, while the trio adds their unique commentary on job market shifts, Trump’s trial verdict, and the postponement of the Mike Tyson vs. Jake Paul fight.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

The number of NEW single-family houses for sale has surged (The Kobeissi Letter via X)

The US housing market is finally starting to see listings rise (Mohamed A. El-Erian via X).

Housing affordability is the story (Lance Lambert via X).

Job openings fall to lowest level since February 2021 (Yahoo! Finance).

Trump trial: After guilty verdict (NBC News).

Mike Tyson vs. Jake Paul fight postponed (NBC News)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Get Dynasty Origin Story Jun 04, 2024

In this episode of The Higher Standard podcast, hosts Chris, Saied, and Haroon engage in an insightful conversation with Alessandro Chesser, co-founder of GetDynasty. GetDynasty is revolutionizing estate planning by offering a platform that allows users to create and manage living trusts entirely online. This innovative approach helps protect assets, avoid probate, and ensure seamless inheritance. Highlighted in the discussion are Dynasty's notable investors, including Bill Ackman, Henry Ward, and Jerry Murdock, underscoring the company's strong backing and potential impact on democratizing wealth management.

➡️ If Alessandro looks strikingly handsome, you can chalk that up to good genetics as he also happens to be the cousin of the one and only Sal Di Stefano, who is partially responsible for The Higher Standard podcast's creation.

Learn More Here: https://www.getdynasty.com

📌 Get Dynasty On:

https://www.youtube.com/@GetDynasty

https://www.instagram.com/getdynasty

https://www.tiktok.com/@getdynasty

https://www.facebook.com/getdynastycom

https://x.com/getdynasty_com

https://www.linkedin.com/company/getdynasty/

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Mind Pump Media (Mind Pump's Website)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Shelter Is Propping Up Inflation May 28, 2024

Sometimes the title says it all. Shelter is actually propping up inflation and Chris, Saied and Haroon have the data to prove it.

➡️ Specifically, shelter accounts for approximately 33% of the total CPI and approximately 40% of core inflation. With this much weighting, you can't hit the Fed's 2% target without a decrease in shelter costs.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Inflation cools off in April (Yahoo! Finance via Instagram)

Inflation has not fallen in a single month since January 2021, according to Zerohedge (Kobeissi Letter via X)

U.S. Rental vacancy (Kobeissi Letter via X)

Housing Market Data (Redfin)

Total US household debt increased by $190 billion in Q1 2024 (Kobessi Letter via X)

U.S. Household debt climbs to a record $17.69 trillion (Yahoo! Finance via X)

US credit card delinquency rates jumped to 8.9% in Q1 2024 (Kobessi Letter via X)

U.S. jobless claims jump to highest level in eight months (Yahoo! Finance)

In New York City, rents grew more than seven times faster than wages last year (Unusual whales via X)

Fed Governor Waller wants ‘several months’ of good inflation data before lowering rates (CNBC)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

A Conversation With Fridays Founders May 21, 2024

It's been a while since the boys have had a guest on and they thought why not keep it in the family. Saied's cousin, Weiss Surkhabi, MD and his co-founder, Dr. Sina Arham join us to talk about their journey in building their company "Fridays." Fridays aims to provide patients with weight loss solutions that fit their biology and their budget. They believe in a patient's right to fair and equitable medical treatment to achieve their healthiest weight. Essentially treating obesity as a disease before someone's health deteriorates in to so many of the conditions that tend to develop afterward.

➡️ If you have followed the show, you already know that Chris is a big fan of peptides and what they mean for longevity and preventative care. So naturally it made sense to speak to two subject matter experts on some of the more popular variants and the nuances of how and when they are prescribed. Of course, it wouldn't be The Higher Standard podcast if we didn't get in to the nuances of how the business was started, the challenges that needed to be overcome and the lessons learned along the way.

Learn More Here: https://www.joinfridays.com

📌 Join Fridays On:

Instagram: https://www.instagram.com/joinfridays/

TikTok: https://www.tiktok.com/@joinfridays

Facebook: https://www.facebook.com/joinfridays

LinkedIn: https://www.linkedin.com/company/joinfridays

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Breakdown of all lifestyle (Dave Pascoe's Website)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Most Important Lessons In Investing May 14, 2024

Okay, look, we admit it. We are a tiny bit older than 20 years-old and sure, that makes us the "old guys." But, it does mean we have lived through some good and bad decisions. Particularly when it comes to investing. Chris, Saied and Haroon open the show by breaking down their most important lessons in investing. Some have lead to big wins and some have lead to big losses. We hope they help you decide whether or not you are will to take the risk and invest on your own.

➡️ After a prolongated trip down memory lane, the boys dive right in to the week's important data and what yo should watch out for, Neel Kashkari is doing Neel Kashkari things again and rental vacancy for apartments is at its highest level in 4 years. Then, just after the hour mark, they pivot to Haroon's pop culture segment which includes all the things you should know from the past week. We got rap beefs, met galas and artificial intelligence.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

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🔗 Resources:

Notable data this week (Chris Naghibi via X)

Fed may need to hold rates steady all year, Kashkari says (Reuters)

U.S. Rental vacancy (Kobeissi Letter via X)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

How To Value Real Estate Like The Pros May 07, 2024

So many people use Zillow or Redfin to determine the value of their home, but should they? Even if you get a value, how do you have confidence that it is the right one and not skewed by the wrong data? Realtors would tell you to leave it to the professionals, but a fun fact is that Realtors are not licensed to value homes, but rather only to sell them. Chris, Saied and Haroon are going to tell you how to value your home like a licensed real estate appraiser.

➡️ The great real estate professionals use this same methodology when they try to figure out what value to sell your home for or what the offer price should be of a home you are looking to buy. It's time you knew how to do it too.

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✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: http://www.thspod.com

🔗 Resources:

Notable data this week (Chris Naghibi via X)

Consumer confidence hits lowest level since July 2022 (Yahoo! Finance via Instagram)

U.S. Economic grows slower than expected in first Quarter (Yahoo! Finance via Instagram)

Avg. 30-year fixed mortgage rate is 51 bps below the cycle high (Lance Lambert via X)

Mortgage rates rise further above 7% (Yahoo! Finance via Instagram)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

How To Begin Investing In Real Estate Apr 30, 2024

If you have ever wondered if you can ask a question and be a guest on the show, the answer is absolutely... yes! Episode 227 of The Higher Standard podcast brings us a long time listener and first time caller, Vache. The young father-to-be sent a direct message to Chris about how to begin real estate investing and plan for his future. Saied, Chris and Haroon thought it would make a wonderful segment that would provide value to all. So we hope you like this analytical breakdown and personalized approach. If you have any questions or would like to be on the show, please do not hesitate to reach out.

➡️ Should the target inflation rate be 2%? The Fed is going to keep rates higher for longer after all. And, some interesting side hustle data that we thought would be compelling enough to share. Of course, no show would be complete without Haroon's growing pop culture segment.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

🏆 Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

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👕 THS MERCH: https://thspodcast.myshopify.com

🔗 Resources:

Inflation will likely be above the Fed's 2% inflation target for the rest of 2024 (The Kobeissi Letter via X)

The Fed is keeping interest rates higher for longer than normal (Yahoo! Finance via Instagram)

This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be 'More Attractive' Than an Office Job (Entrepreneur)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

You Need To Do This Before You Build A Business Apr 23, 2024

Do I need a corporation? Do I need an LLC? What the hell is an "S" corporation and a "C" corporation? We have been asked this question so many times that it became obvious we needed to provide some insight in to what you need to know and do before you build a business. Chris, Saied and Haroon are here to help you get your business started with the right foundation in episode 226 of The Higher Standard.

➡️ Inflation also came in super hot and layoffs are happening in the market with some of the largest companies in business today. We also have an extra sexy dose of pop culture coming your way with commentary on Coachella, Caitlin Clark, Joe Rogan, Max Holloway, UFC and more.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

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TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you.

✔️ Click the link and start today: http://www.transcendcompany.com/THSP

👕 THS MERCH: https://thspodcast.myshopify.com

🔗 Resources:

Inflation comes in hotter than expected in March (Yahoo! Finance)

Where inflation is… and isn’t (Yahoo! Finance via Instagram)

Powell Dials Back Expectations on Rate Cuts (Wall Street Journal)

Credit card delinquency rates are still on the rise (Yahoo! Finance via Instagram)

Apple will lay off over 600 employees in California (CNET via Instagram)

Tesla plans to lay off more than 10% of workforce as sales slump (CBS News via Instagram)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Before You Buy A Property, Recession Warning & The Perfect Wife Apr 16, 2024

In a jam packed episode of The Higher Standard podcast, Chris, Saied and Haroon cover everything you need to know before you buy a property. They then jump over the the importance of financial literacy in schools before the hit the hardcore data segment. A big recession indicator is flashing red, total credit card debt is up while the saving rate is plummeting and the boy have concerns of the looming inflation print. They think we won't see a probably of a rate cut until likely July at the earliest.

➡️ Episode 225 is also the beginning of testing a third show segment where Haroon hits us with some popular culture topics to discuss. Some will be finance related, some will not be, but for those of you who wanted to hear more about our thoughts and a more intimate look at who we are. We got you.

💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?

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✔️ Click the link and start today: http://www.transcendcompany.com/THSP

🔗 Resources:

Value of a financial education: why more schools are providing financial literacy classes (CNBC via Instagram)

The US economy is flashing a recession warning that has only been wrong once in the last century, top economist says (Kobeissi Letter via X)

Total credit card debt vs. savings rate (Kobeissi Letter via X)

Oregon Player comes forward as $1.3 billion powerball lottery winner, officials say (USA Today)

Lara Croft is the ‘most iconic’ video game character, new polls finds (NBC News)

‘House of the Dragon’ Drops ‘Dueling’ Season 2 Trailers as HBO Makes Viewers Choose Between Rhaenyra and Alicent (Variety)

The UConn men's basketball team has won back-to-back NCAA championships (Variety)

Bad Boys: Ride or Die (Screen Rant)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Four Paths To Millions, Lots Of Data & Kashkari Gets It Apr 09, 2024

Years after reading an article on CNBC titled "There are 4 main paths to becoming a millionaire—and this is the easiest one, says money expert" Chris still feels like the salient points are still very much relevant to this day. Chris, Saied and Haroon kick off the show with Rich Corley's 4 paths to becoming a millionaire from his book titled "Rich Habits."

➡️ Episode 224 then pivots to a breakdown of Jerome Powell's love for Neel Kashkari, some fresh perspective on the FOMC's thoughts and methodology on what may happen next and an 800,000 payroll mistake.

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🔗 Resources:

There are 4 main paths to becoming a millionaire—and this is the easiest one, says money expert (CNBC)

Remarks from Chair Jerome H. Powell at the Macroeconomics and Monetary Policy Conference (Federal Reserve Bank of San Francisco)

We now have…Higher for longer back? (Kobeissi Letter via X)

The Fed’s preferred inflation measure rises to 2.5% (Kobeissi Letter via X)

Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000 (Zero Hedge)

Corporate Profits reach new highs & profit margins hover at historic highs (Yahoo! Finance)

⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

You Need A Trust, The Fed, Housing & Diddy Apr 02, 2024

Friends, please make sure your financial seat backs and tray tables are in their full upright position because we are about to tell you why you need a trust. Make sure your economic seat belt is securely fastened and all carry-on luggage is stowed underneath the seat in front of you like Diddy sneaking through customs or in the overhead bins like his drug mule.

➡️ We are going to dive in to the last Fed meeting, the impact to the rate environment and talk to you about how it impacts you in the near future. Then, even though home prices rose 2.4 times faster than inflation since 1960s, new home prices are now down 20% and THS is here to tell you why.

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Resources:

Top takeaways from Jerome Powell’s FOMC press conference (Yahoo! Finance via Instagram)

The FED Reserve posts record loss of $114 billion in 2023 (Yahoo! Finance via Instagram)

A rush of money has hit US corporate bond markets in 2024 (Mohamed El-Erian via LinkedIn)

Average rate for U.S. savings accounts (Chart of the Day via Instagram)

Home prices rose 2.4 times faster than inflation since 1960s (CNBC via Instagram)

New home prices are now down 20% (Kobeissi Letter via X)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Investment Strategy & Wild NAR Settlement Mar 26, 2024

After many repeated requests, Chris shares his own basic investment strategy that took his personal growth portfolio from $0 to over $1,000,000 with as little oversight as possible. He provides you the names of the low cost index funds he uses, the allocation to each and then explains how he has built his portfolio from there. This is not investment advice; however, it is what he did to create his wealth in the markets and is still what he does today. This strategy will work for the novice investor and for most experts; however, your own risk profile will determine if it is the best strategy for you. The Higher Standard boys, missing Haroon, then turn to the landmark lawsuit settlement by the National Association of Realtors and its potential impacts to the housing market. They dive in to the stock market's wild levels lead by the Magnificent 7 and then cap off the episode with a quick look at the rental housing market with a new found economist.

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Resources:

What to Know about the New Rules for Buying and Selling Homes (Wall Street Journal)

Real Estate Stocks Slide Following Landmark Realtor Settlement (Yahoo! Finance)

U.S. Home Values Are Growing Faster Than National Debt (Investopedia via X)

Stock concentration is now at Great Depression levels (The Kobeissi Letter via X)

Rental Housing Economist (Jay Parsons via LinkedIn)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The #1 Wealth Killer & Why The Jobs Report Is Broken Mar 19, 2024

Chris, Saied and the spirit of Haroon are back at it and still playing with an updated beta version of the format for "The Higher Standard" podcast. We are trying to hit you right in the face before the intro, before the shenanigans with useful financial literacy. We are still going to get in to current events and our take, but we want to make sure that each and every single one of you find value within each episode. So, please let us know what you think. We start off today's show with the #1 one killer of wealth. Auto debt can be way more deadly to your financial prosperity than you know. In breaking this all down, Chris and Saied share their mistakes along the way. Then they hop on over to a detailed breakdown on why the jobs report is broken and why the numbers you are hearing do not match the reality of the world around you.

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Resources:

February jobs report: US economy adds 275,000 jobs, unemployment rate hits 3.9% (Yahoo! Finance)

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month (Zero Hedge)

Employment numbers actually fell (The Kobeisissi Letter via X)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

How To Get A Perfect Credit Score, Inflation & Shelter Mar 12, 2024

In this "The Higher Standard" episode, Chris, Saied, and Haroon mix humor with economic deep dives. They cover building a top credit score and analyze S&P 500's performance via Bloomberg. Next, they tackle CNBC's report on the Fed's latest inflation measure. They then explore SuperCore Inflation with The Kobeissi Letter and tackle rent inflation's mysteries with the Washington Post. Plus, they dissect dire predictions of a $34 trillion debt crisis and rising mortgage rates from Fortune. Join them for a blend of laughs and insights in today's financial seas.

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Resources:

S&P 500 Sector Performance (Bloomberg)

Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago (CNBC)

Core services less shelter inflation is a key metric that the Fed follows, also known as SuperCore Inflation (The Kobeisissi Letter via X)

Rent is driving inflation. But there’s something off in the data (Washington Post)

Pending homes sales are officially back below 2008 levels in the US (The Kobeissi Letter via X)

Hotshot Wharton professor sees $34 trillion debt triggering 2025 meltdown as mortgage rates spike above 7%: ‘It could derail the next administration’ (Fortune)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Hack A Massive Discount On A Mortgage & The Fed Ain't Playing Mar 05, 2024

The boys start the show right off the bat with a commonly asked about mortgage hack that will actually save you a whole lot of money. The problem is that it isn't really something too many people actually do. It requires discipline, planning and making sure your bank applies the payments correctly. The rest of the episode is spent diving in to the Fed and their rate cut paradigm. By all outward measures, the FOMC should take a victory lap in that they have gotten inflation back in line while employment remains strong according to the data. You do know that Chris, Saied and Haroon already don't trust the jobs reports though. Episode 219 of The Higher Standard brings you a lot to think about as far as what may come for the economy and how to plan for your financial future. Also, Chris needs to stop doing drugs, he thinks he can take The Rock.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Interest rate cut expectations continue to scale back (Kobeissi Letter via X)

Assets: Total Assets: Total Assets Less eliminations from consolidation (St. Louis Fed FRED Economic Data)

Fed Minutes show unease over premature cuts (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Economic Conspiracy, Trump Sneakers & AI Problems Feb 27, 2024

The boys are off and running with shenanigans from the beginning. Haroon inadvertently opens his energy drink before the show started so he can't entertain you with his usual unnecessary interruptions, but don't worry, he filled his can with water for reasons we still don't fully understand. They spend a good amount of time recapping Jerome Powell's commentary from Jackson Hole, Wyoming which were clearly designed to strike fear in to the markets. One of their favorite economists, Mohamed El-Erian is very concerned that the Fed's actions to date may have 'destroyed the housing market by crushing both supply and demand.' Which was a fantastic segue in to the complete trash nonsense that Zillow is attempting to market. What do you do when home affordability is at an all time low? Rates are rising, home values haven't come down. Well, if you're Zillow, you offer a 1% down payment program to lure in homebuyers so you can sell more leads to Realtors.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Japan is no longer the world's third-largest economy as it slips into recession (CNBC)

0.3% decline in Q4 GDP (Mohamed A. El-Erian via X)

U.S. Layoffs more than double month-over-month to start 2024 (Yahoo Finance)

Frigid temperatures chill US retail sales, factory production (Reuters)

Investors bought 26% of low-priced US homes that sold in Q4 2023 (The Kobeissi Letter via X)

Excess Supply Of Apartment Deliveries Now, But Possible Shortages By 2026 (Forbes)

What to know about the debut of Trump's $399 golden, high-top sneakers (NPR)

Data Show the Economy Is Booming. Wall Street Thinks Otherwise (The Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Mountains Of Debt, Influencers Are Fake & Circle Of Trust Feb 20, 2024

Dive into the financial deep end with Chris, Saied, and Haroon for episode 217 of The Higher Standard podcast where they slice through the week's money maze with sharp wit and wisdom. From the dizzying heights of household debt mountains—mortgages to credit cards—revealed by The Kobeissi Letter, to decoding the inflation crystal ball before the big CPI reveal of 2024, they've got you covered. Don't miss their take on TikTok's "get-rich-quick" gurus, where the math's as fuzzy as a two-dollar wig, and the Airbnb arbitrage scandal that's left investors with pockets emptier than a politician's promises. They are brining all the smoke and dropping names of some of the most cliché of “influencers.” It's all about keeping it real with laughs, insights, and advice that could just save your financial bacon. Tune in for a rollercoaster ride through the money matters that matter!

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Household debt, mortgages, auto loans, student loans, and credit card debt (The Kobeissi Letter via X)

The first big inflation report of 2024 is coming out. Here’s what the CPI is likely to show (Market Watch)

TikTok Influencers Promise They’ll Make You Rich. The Math Doesn’t Add Up (Rolling Stone)

Investors in Airbnb arbitrage business allege they were defrauded in scheme promising ‘higher returns than the stock market’ (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Jerome Powell Did Community Banks Dirty Feb 13, 2024

In this exhilarating episode 216 of The Higher Standard Podcast, Chris, Saied, and Haroon dive into the the tumultuous tumble of regional bank stocks, led by New York Community Bancorp's dramatic diva moment — cutting dividends and flaunting losses like it's going out of style. But don't let NYCB's solo act fool you; while they're busy singing the blues and getting sued by shareholders for a throwback to their 1997 stock price, Moody’s isn't here for the nostalgia, slapping them with a junk rating faster than you can say "financial meltdown." Meanwhile, Powell plays it cool, promising rate cuts with the enthusiasm of a parent telling their kids they’ll think about getting a puppy.

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TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Regional Bank Stocks Fall After New York Community Bancorp Cuts Dividend, Posts Loss (The Wall Street Journal)

New York Community Bank’s Problems Look Mostly to Be Its Own (The Wall Street Journal)

New York Community Bancorp is sued by shareholders as stock sinks to 1997 level (Reuters)

Moody’s Cuts NYCB to Junk, Extending Sharp Decline in Shares (The Wall Street Journal)

Powell insists the Fed will move carefully on rate cuts, with probably fewer than the market expects(CNBC)

Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

A Big Week, FinTech Bubble 2.0 & A Bezos Mentorship Feb 06, 2024

With this weekly cadence, the boys have a jam packed episode of data and things to challenge your perspective about what's going on in the market. They hit CRE and office prices, the yield curve inversion, corporate debt defaults and even a theoretical Tech Bubble 2.0 discussion. Lots of charts, lots of fun and all The Higher Standard you can handle.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Key events this week (Kobeissi Letter via X)

14% of all CRE loans and 44% of office buildings loans are now in negative equity (Kobeissi Letter via X)

The inventor of Wall Street's favorite recession indicator predicts a slowdown this year - and slams the Fed for making things worse (Business Insider)

Corporate debt defaults soared 80% in 2023 and could be high again this year, S&P says (CNBC)

'You are now living through Tech Bubble 2.0': A 32-year market vet warns stocks are doomed to suffer substantial losses with valuations at historic highs and the economy on the verge of recession (Business Insider)

The S&P 500 is back at a record level for the first time in 2 years (Mohamed A. El-Erian via X)

Fed’s favorite inflation gauge rose 0.2% in December and was up 2.9% from a year ago (CNBC)

Jeff Bezos shares his childhood working on a ranch (MoneyCelebs via YouTube)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Your Best First Investments, Home Sales & Repos Jan 30, 2024

The Higher Standard is back, fresh off their new once a week cadence. It feels equally as weird for Chris, Saied and Haroon. Behind the scenes, our boy Hayden, is getting up to speed on all the editing work. The end goal is to bring you all better content, better shows and better guests. We start off episode 214 with a hard look at the housing market and where it could be going. Chris expresses concerns for the "repo" market and the pressure it may ultimately put on the Fed to cut rates earlier than expected. Then the boys dive in to a long segment on saving and investing your twenties, why that's so important and what you can do to build wealth right now!

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Resources:

2023 was the worst year to buy a house since the 1990s. But there's hope for 2024 (NPR)

December home sales slump to close out worst year since 1995 (CNBC)

In the Market: Repo market may throw a fit, spur Fed to action (Reuters)

Here’s why it’s so important to start saving and investing in your 20s (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Last Thursday, Bostic Is A Hater & Cash Is Moving Jan 23, 2024

This was a sad episode. Reluctantly, the boys have decided to try and change things up a bit by going from two shows a week down to one. Chris, Saied and Haroon are eliminating the Friday episode so that they can focus on improving the quality of content and growing the brand. They say the definition of insanity is doing the same thing over and over again and expecting a different result. I guess we are a little crazy. But not as crazy as the CEO who was the most accurate home-price forecaster in 2023. Chris has objections to that stance. The Fed's Raphael Bostic expects rate cuts to happen in the third quarter and Saied is convinced they are trying to scare the economy out of the optimism. And the Biden administration may have actually got something right for once. We are as shocked as you are.

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Resources:

This CEO was the most accurate home-price forecaster in 2023. Here’s what he expects for 2024 (Fast Company)

The $8.8 Trillion Cash Pile That Has Stock-Market Bulls Salivating (Wall Street Journal)

Fed’s Raphael Bostic expects rate cuts to happen in the third quarter (CNBC)

Macy’s to Cut About 2,350 Jobs, Close Five Stores (Wall Street Journal)

Biden administration unveils proposed changes to big banks’ overdraft fees (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Truth About The Data & We Are Changing Jan 19, 2024

The boys stepped in to the studio a little saucy from an earlier business meeting over steaks and adult beverages. So much so that they forgot to do the introduction of the show. After 20 minutes of a sobriety check, they hop in to a recession discussion pointing out that history is pretty clear that we have not in fact avoided a recession. Although Chris disagreed with an article from The Wall Street Journal, he thought it was worthwhile to share for additional recession perspective. Saied breaks down the massive 2023 economic loss as he take a victory lap for calling it a year in advance. And, despite what you heard, Wall Street is not buying all the homes and driving up home prices. Oh! And Haroon sounds like Grover.

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Resources:

Recession avoided? History says otherwise (CNN)

It Won’t Be a Recession—It Will Just Feel Like One (Wall Street Journal)

Fed reports record loss for 2023 amid surge in interest expenses (Reuters)

No, Wall Street investors haven’t bought 44% of homes this year (Housing Wire)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Office Space, Crypto, CPI & A Strange Suit Jan 16, 2024

Chris, Saied and Haroon kick off the show with a slow and sexy leisurely introduction. They know the road ahead is filled with some dark data and wanted you to be nice and warm for the cold, hard truth. Then the roundhouse of data which signals that office space has hit an all time high vacancy number across the country. A sign of the potential challenges that are on the horizon for the sector. Then in a surprising turn of events, a Bitcoin ETF was actually approved by the SEC. The Higher Stand was stunned at this move after all the open criticism from high ranking government officials and long respected investors like Warren Buffett and Charlie Munger, not to mention Jamie Dimon is openly not a fan. The new inflation report is in and after cooling most of 2023, it is back up incrementally. Then the boys spend a good amount of time breaking down the newly announced $100 million dollar lawsuit filed by Grant Cardone against John Legere for defamation.

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Resources:

Offices Around America Hit a New Vacancy Record (Wall Street Journal)

Here’s what a bitcoin ETF actually means for investors (CNBC)

Inflation Edged Up in December After Rapid Cooling Most of 2023 (Wall Street Journal)

Finance guru Grant Cardone slaps telecom big John Legere with $100M defamation suit (New York Post)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Mounting Debt, Real Estate Agents & Drugs Jan 12, 2024

This is an eclectic episode where the boys talk about boiling frogs and somehow relate it to the $34 trillion mountain of nation debt. Then they dive right in to how the pain in the real estate market is now beginning to have a heavy impact on Realtors with 45% of US real estate agents saying they're struggling to pay rent. If buying a home wasn't bad enough, home and auto insurance is becoming nothing short of impossible. It could be worse though, if you're the National Association of Realtors president who announced she is resigning after a "blackmail threat." Then to cap off the show, Chris, Saied and Haroon dive in to how the insanely high rent in most markets is impacting Gen Z.

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Resources:

The $34 trillion mountain of national debt is a 'boiling frog' situation for the US economy, JPMorgan warns (Business Insider)

‘Incredible distortions in our marketplace’: 45% of US real estate agents say they're struggling to pay rent — another bad omen for the housing market. But 2024 could be better (Money Wise)

Buying Home and Auto Insurance Is Becoming Impossible (Wall Street Journal)

Rent is so expensive for Gen Zers that almost one-third are living with their parents, new report finds (Fortune)

National Association of Realtors president says she is resigning after blackmail threat (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

We Have Not Avoided A Recession Yet Jan 09, 2024

Despite all the positive commentary regarding the increasing likelihood of a "soft landing," Chris, Saied and Haroon are not convinced that the economy is in a good place. Episode 209 kicks off with a look at the looming CPI report data and US national debt. Then they break down how the Fed has stopped talking about a recession for three consecutive meetings in a row now. The Higher Standard boys urge you not to make the same mistake that many made during the dot-com and housing bubbles because they believe The Great Correction is coming.

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Resources:

What To Look For From The December 2023 CPI Report (Forbes)

US national debt hits record $34 trillion as Congress gears up for funding fight (Yahoo! Finance)

The Federal Reserve is done talking about recession (Business Insider)

A soft landing for US economy is 'increasingly conceivable' but not 'inevitable': Fed's Barkin (Yahoo! Finance)

Recession deniers are making the same mistake as during the dot-com and housing bubbles, top economist David Rosenberg says (Business Insider)

5 Best Money Resolutions for the Middle Class, According to Experts (Yahoo! Finance)

Fed Minutes Suggest Rate Hikes Are Over, but Offer No Timetable on Cuts (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Cash Or Trash And $100 For That Ass Jan 05, 2024

Trying something new, Chris, Saied and Haroon wanted to play a little game of "Cash or Trash." In this game they asked for you, the listener, to ask any questions you wanted to or name a popular social media personality you wanted to hear their opinion on. The idea was not to disparage anyone, but provide a roadmap and some insight in to what we look at when trying to determine if someone on social media is what they are representing themselves to be. Since The Higher Standard has not done an episode like this before, we really want to hear your thoughts. Did you like it or was it "trash?"

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Resources:

2024 Global Investment Outlook (BlackRock)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Happy New Year, Real Estate & Recession Red Flags Jan 02, 2024

Happy New Year friends! The Higher Standard is kicking off the year with some heat to make you think about all the positive data you are hearing. Chris and Saied were in the studio just before New Year's Eve to cook up this banger for you, while Haroon remained out on a prolongated PTO. He may be out on a sabbatical at this point. The boys dive in to the home prices and some red flags you need to be aware of. Then after giving you the you the good, bad and the ugly, they drop seven reasons why there is likely to be a recession in 2024. We hope it makes you think about what is in store for the year. Thank you for a wonderful 2023 and for supporting the show!

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Resources:

Home prices are up in all major U.S. cities, except one (CNBC Chart Of The Day via Instagram )

2023 Home Price Growth, by City (The Kobeissi Letter via X)

End of the Middle-Class Dream? (Newsweek)

Home prices to heat up after Fed rate cuts with 88% of market overvalued (Business Insider)

U.S. Pending Home Sales Stuck At 22-Year Low Despite Falling Rates (Yahoo! Finance via Instagram)

10-Year Treasury Yield Sees Biggest December Drop Since 2008 Crisis (Yahoo! Finance via Instagram)

Recession Outlook 2024: 6 reasons why a 2024 downturn looms RBC says (Business Insider)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Nike Translated, Silent Depression & No Pigeons Dec 26, 2023

That's right! While most other podcasts are on a winter break, The Higher Standard boys are still bringing you some fresh content the day after Christmas. We cover all the topics you want to hear most in this holiday banger. Mortgage rates could soon drop to 6.5% and Saied, Chris and Haroon will tell you why they know that is likely to be true. The housing market slowdown is rippling through the economy. Nike sinks 10% after it slashes their sales outlook leading to $2 billion in cost cuts. And, finally, we top you of with a U.S. is in a silent depression debate. 2023 isn't over yet, let's gooooooooo!

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Resources:

Mortgage Rates Could Soon Drop to 6.5%. The Bond Rally Helps (Barron’s)

How the Housing Market Slowdown Is Rippling Through the Economy in Five Charts (Wall Street Journal)

Nike sinks 10% after it slashes sales outlook, unveils $2 billion in cost cuts (CNBC)

Is the U.S. in a ‘silent depression?’ Economists weigh in on the viral TikTok theory (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Patrick Bet-David's Reverse Market Crash Exposed Dec 22, 2023

As fans of Patrick Bet-David, Chris, Saied and Haroon were getting asked to review his "Reverse Market Crash: The Worst Possible Economic Outcome" video on YouTube. So we thought we would take a stab at watching it for the first time live and giving you our visceral and real reactions to it. It should be no surprise that The Higher Standard boys agree with many of PBD's points; however, they do clearly disagree on some of it. Oh and yeah, we went full clickbait with the thumbnail and title. We blame our marketing department, Haroon.

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Resources:

Patrick Bet-David (Wikipedia)

Reverse Market Crash: The Worst Possible Economic Outcome (Valuetainment via YouTube)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Tumultuous Times Ahead, Haroon On PTO & Uncertainty Dec 19, 2023

Spoiler alert, Haroon is once again out on PTO. Man, The Higher Standard podcast must have some incredible employee benefits. So to honor the unsupervised recording, Chris and Saied elected to go almost entirely off script. No show notes, no structure, just two old friends talking about the economy and their lives. Chris and Saied dive in to what a "soft landing" for the U.S. economy means for you. They hop in to regional bank indexes pivoting past their "contagion period" losses to erase all the damage done by Silicon Valley Bank's collapse. And, the boys go H.A.M. on Janet Yellen who predicted a soft landing for the U.S. economy. This episode was so good that Haroon actually text the boys that he thought it was a really good listen and we all know he hates listening to this show.

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Resources:

Economists now predict the U.S. is heading for a soft landing. Here's what that means.. (CBS News)

Regional bank indexes just erased all losses since the fall of Silicon Valley Bank (Yahoo! Finance)

Janet Yellen on Why She Predicts a Soft Landing for the U.S. Economy (The Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

No One Knows What Happens Next & The Two Comma Club Dec 15, 2023

After a brief hiatus, the boys are back and ready for the December 12-13 FOMC meeting results. They already know it's going to be a "pause," but Chris, Saied and Haroon predict what they think will be the rhetoric coming out of the meeting. More likely than not is a rally based on pure market optimism. The boys pivot to a thorough breakdown of the wealth stratification in America today because we have reached an alarming milestone. The top 1% of American earners now own more wealth than the entire middle class. Lastly, they round out the show with a discussion regarding the housing market and what lower rates could do to the economy while Larry Summers issues a sharp warning for the real estate entrepreneur bros.

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Resources:

A 'severe recession' may be coming in 2024 as the stock market, job market flash warning signs, strategist says(Business Insider)

The top 1% of American earners now own more wealth than the entire middle class (USA Today)

Homebuyer conundrum: If mortgage rates fall, bidding wars will follow, expert says (Yahoo! Finance)

Home prices will fall for the first time since 2012, Redfin’s chief economist predicts. Here’s why they will still be ‘out of reach’ for many buyers (Fortune)

Here's Where Mortgage Rates and Home Prices Are Heading, According to Zillow and Redfin (Money)

Bank of America CEO Brian Moynihan says YOLO spenders aren’t wrung out just yet: They’re ‘in pretty decent shape’ (Fortune)

The Fed will spark a 'seismic moment' if it cuts rates, and should wait for overwhelming evidence the economy is slowing, Larry Summers says (Business Insider)

How many times will the Fed cut rates? Here's what Wall Street expects for the key stock-market driver in 2024 (Business Insider)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Jordan Franks | From Football To Finance Dec 12, 2023

Jordan Franks is a fan of The Higher Standard having heard about it from the one and only Mind Pump! Having a huge personal interest in finance and building wealth has helped this former professional football player pivot to post football life with a zeal toward building his next chapter with the same discipline and commitment. After an impressive college football career at Jordan played in the National Football League (NFL) for the Cincinnati Bengals and Cleveland Browns. He capped his career by winning Super Bowl LVII as a member of the Kansas City Chiefs in 2022 just before his retirement. It's a fascinating episode with an inside look at how he plans to build wealthy moving forward, how NFL athletes are paid and his thoughts on the economy.

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Jordan's Links:

Personal Training Website

Instagram

Wikipedia

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Inflation Doesn't Solve All Problems & RIP Charlie Munger Dec 05, 2023

Chris, Saied and Haroon are back and trying to read the economic tea leaves to help us all figure out what may or may not happen next. Inflation cooled in October, but that doesn’t mean we have officially “beaten it.” But, even the Fed’s Waller is out sounding confident that we have. There has been a strong pull back in consumer spending, which the boys think is really good news for the battle against inflation. The cost-of-living squeeze isn’t getting much better though. Don’t forget that inflation dropping to the target of 2% still means things are getting slowly more expensive. Even though all this is happening, cash hoarding investors are ready to invest in the market when the time is right. Lastly, the great Charlie Munger has left us and the boy are slightly devastated in their own, special comedic way. May he rest in peace.

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TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Inflation continued to cool in October (Yahoo! Finance via Instagram)

Just How Bad Is the US Cost-of-Living Squeeze? We Did the Math (Bloomberg)

Consumers Pulled Back on Spending, Inflation Eased in October (Wall Street Journal)

Median New vs. Existing Home Sale Price (Kobeissi Letter via X)

Fed’s Waller expresses confidence that policy is in the right place to bring down inflation (CNBC)

Investors Are Hungry for Risk—and Holding Record Cash Sums (Wall Street Journal)

Charlie Munger, Who Helped Buffett Build Berkshire, Dies at 99 (Bloomberg)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Current State of Housing & It's Not Our Fault Dec 01, 2023

In a jam packed episode 198, Chris, Saied and Haroon are very caffeinated and coming in hot. Recorded back-to-back with BallerBusters: Chapter 2 and a very special guest, you can just feel the palpable stench of the powerful combination of sarcasm and data. Kicking off the show, the boys jump into US holiday retail sales. They quickly pivot to how much the “typical American” has in a 401(k) account. Then wham! Its all housing market updates all day for you the rest of the way. Almost too much data for you to handle. I guess that’s why we are the #1 financial literacy podcast in the world isn’t it? Let’s go!

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Resources:

Growth in US holiday retail sales (CNBC Chart Of The Day via Instagram)

Here's how much — or little — the typical American has in a 401(k) (CBS News)

Stocks, houses, and commercial real estate are all expensive – and prices are under 'notable' pressure, Fed economists say (Business Insider)

40% of all US homes currently don't have mortgages (The Kobeissi Letter via X)

Existing Home sales drop again in October (Yahoo! Finance via Instagram)

Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985 (Business Insider)

‘To buy or not to buy, that is the question’: BofA reveals rent is cheaper than mortgages in all but two of 97 major metros (Fortune)

OpenAI brings Sam Altman back as CEO less than a week after he was fired by board (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

A Market Crash, Housing Impossible & Not So Open AI Nov 28, 2023

Yea though I walk through the valley of the shadow of the recession, I shall fear no Gary Shilling. Gary has been a permanent bear in the markets, but he did call and make a lot of money of The Great Recession. Now he is saying you can expect stocks may crash 30%, a recession looks imminent, and commercial real estate is a bubble about to burst. We give you 8 of his best quotes from a new interview. Chris, Saied and Haroon once again break down the impossible mess of the housing market. And, then place all tray tables and seat backs in their locked and upright positions because the boys are going all in on OpenAI's massive CEO debacle.

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TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Stocks may crash 30%, a recession looks imminent, and commercial real estate is a bubble about to burst, market prophet says. Here are Gary Shilling's 8 best quotes from a new interview (Business Insider)

The US Housing Market Has Become an Impossible Mess (Bloomberg)

OpenAI Investors Try to Get Sam Altman Back as CEO After Sudden Firing (Wall Street Journal)

OpenAI’s Unusual Corporate Structure Gave the Board Complete Control (Chartr Daily via Instagram)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Inflation Drops, NAR Gets Popped & Racks and Bibles Nov 24, 2023

October is in and it appears to have moderated, cooling measurably more than anticipated. Consumer prices rose 3.2 percent in the year through October, decelerating from the previous month and showing encouraging signs under the surface, but is it enough to keep Jerome Powell and The Fed data dependent and focused on the potential for future rate cuts? Saied, Chris and Haroon breakdown what they think "higher for longer" may mean and what you should actually expect. Walmart CEO says "deflation could be coming this holiday season" and the boys take the opportunity to remind you that they feel we are already in an earnings recession. Lastly, what would an episode of The Higher Standard be without a healthy degree of trash talk? Did you know that almost no one else in the world pays a 6% real estate commission outside of Americans? Join the boys as they dive in to how the rest of the world buys and sells homes. Oh! And, full disclosure, everyone had a cocktail or two this episode.

Sponsored By Transcend Company:

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Resources:

October Inflation Report (New York Times)

Wholesale prices fell 0.5% in October for biggest monthly drop since April 2020 (CNBC)

Deflation could be coming this holiday season, Walmart CEO says (CNBC)

Almost No One Pays a 6% Real-Estate Commission—Except Americans (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Recession Saga And A Market Adjustment Nov 21, 2023

Welcome back to the number one financial literacy podcast in the world! It's The Higher Standard podcast. This episode Chris, Saied and Haroon continue to breakdown why they think we are likely already in a recession and the overwhelming likelihood that a "soft landing" was never actually possible. Owning a home has gotten way too unaffordable and despite the rhetoric from too many real estate economists, the boys think we have a long adjustment period in front of us. Lastly, there appears to be some mounting evidence that Airbnbs being banned actually helps rental rates go down in cities with new restrictions. All facts, no cap.

Sponsored By Transcend Company:

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Resources:

Recession: The Stars Continue To Align (Forbes)

Owning a Home Has Gotten Pricey, Fast. A Market Adjustment Is Coming (Barrons)

The best evidence yet that banning Airbnbs will make rent go down (Business Insider)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

JP Goes Hard, Nouriel Roubini Sells Out & Head Bobbing Nov 14, 2023

This show, like Saied's jumper 15 years ago is "moist." The boys start off acknowledging there is a noticeable hum in Haroon's microphone. We apologize for the technical glitch. Jerome Powell finally proves he is about that life. Sadly, Chris, Saied and Haroon are horrified at one of their favorite economists selling out in the most hypocritical way possible. And, if that wasn't bad enough, Planet Fitness is raising prices so that you can get your Tootsie Roll and pizza treatments. This economy is out of control! Someone ring the "lunk" alarm things are getting out of control.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Federal Reserve ‘Won’t Hesitate’ To Raise Rates Again If Necessary, Powell Says (Forbes)

Jerome Powell says to “Close the fucking door.” when climate protests interrupted his speech today (Wall Street Bets via Instagram)

Right Now Is a Bad Time to Spend Money (Wall Street Journal)

Crypto Critic Nouriel Roubini is Launching a Token (Yahoo! Finance)

Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest (Wall Street Journal)

CHART OF THE DAY: Inflation will hit the Fed's 2% target by April and keep falling, analyst says (Business Insider)

Beloved fitness brand may have very bad news for customers (The Street)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Slowdown Signals Cooling Economy, SBF Will Die In Jail & 3 Amazing Reviews Nov 10, 2023

Let's not mince words here, we got three spectacular reviews and they were the highlight of our night. Thank you to the listeners who made this episode extra special. The episode of The Higher Standard podcast is a ton of fun at every stop. The boys briefly touch on mortgage demand dropping to approximately 50% of pre-pandemic levels, a sharp slowdown in hiring and where to put your money while all this is going on. Saied couldn't resist diving head first in to Sam Bankman-Fried's most recent conviction on all seven federal charges against him and both Chris and Haroon show no sympathy. Make sure to stay tuned all the way to the end when the guys are simply at a loss for words.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Mortgage demand is now down 50% from pre-pandemic levels (The Kobeissi Letter via X)

Sharp U.S. Hiring Slowdown Signals Cooling Economy Ahead (Wall Street Journal)

If Interest Rates Are Peaking, What Investments Are Likely to Do Best? (Wall Street Journal)

Sam Bankman-Fried Is Convicted of Fraud in FTX Collapse (Wall Street Journal)

Sam Bankman-Fried found guilty on all seven criminal fraud counts (CNBC)

Desperately Faking Riches: Inside A Hong Kong Businessman’s Outlandish Efforts To Get On The Forbes Billionaire List (Forbes)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Fed Leaves Rates Unchanged, Stickier Inflation & Finally M&A Nov 07, 2023

The boys called it, The Fed has left rates unchanged. Granted, it wasn't that hard of a call as all the data seemed to suggest that was the overwhelming likely result. Yet, somehow Jamie Dimon came out sounding hawkish after Jerome Powell came out dovish. Adjustable-rate mortgage demand jumps nearly 10% and Wells Fargo is now warning of a 1980s style recession. Confused, don't be. Saied, Chris and Haroon are here to break it all down and make sense out of all this chaos. All facts, no cap. Bars.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

The Federal Reserve leaves rates unchanged. Here’s what that means for your wallet (CNBC)

JPMorgan CEO Jamie Dimon suspects Fed 'may not be done' raising rates amid 'stickier' inflation (Yahoo! Finance)

Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford housing market (CNBC)

M&A to explode in 2024 as roughly 1,200 companies are expected to run out of money (Yahoo! Finance)

Housing Market Crash: Wells Fargo Warns of 1980s Recession (Investor Place)

Private sector payrolls rose 113,000 in October, less than expected, ADP says (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

What All This Debt Could Mean For You Nov 03, 2023

Chris, Saied and Haroon unpack the outstanding mortgage market by rate before hopping in to an example of how tenuous the business has become for lenders and their employees. Then they dive in to some chart work with sexy visual stimulus regarding the current state of the consumer credit market. To round off the show ahead of jumping in to Saied's self-inflated basketball ego, they boys take a look at Americans' net worth at every age.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Outstanding mortgages by their mortgage rates (Kobeissi Letter via X)

The Mortgage Market Is So Bad Lenders Want Ex-Employees to Give Back Their Bonuses (Wall Street Journal)

Credit card balances in the U.S. have crested at $1 trillion (CNBC Chart of the Day via Instagram)

Here’s Americans’ net worth at every age—for people under 35, it’s up 142% (CNBC)

Fed's preferred inflation gauge shows biggest monthly jump since May (Yahoo! Finance)

M&A to explode in 2024 as roughly 1,200 companies are expected to run out of money (Yahoo! Finance)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

GDP, Economists, Consumption & Rates Cuts Oct 31, 2023

U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected, but Chris, Saied and Haroon aren't convinced this is a good thing. They look back at previous recessions and some of the GDP trending before and after declaration to try and determine if the newest GDP print really has any meaning. Mohammaed El-Erian seems to share many of the same fears regarding the impact of rates on the economy and is apparently equally as skeptical of the GDP print. Jamie Dimon then rips central banks a new one for being 100% dead wrong on economic forecasts. Then this dark episode takes a darker turn as The Fed's Raphael Bostic doesn't foresee a rate cut coming until "late 2024." And, for those of you who missed Haroon's desk pop of a Monster Energy mid-show, don't worry, he comes back strong in episode 189 of The Higher Standard.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected (CNBC)

Strong GDP growth isn't a sign the US has escaped a recession, and interest rates are a big headwind to economic activity, top economist Mohamed El-Erian says (Business Insider)

Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts (CNBC)

Fed’s Raphael Bostic doesn’t foresee rate cuts coming until ‘late 2024’ (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Housing Affordability, Realtor Problems & Saied Is Grumpy Oct 27, 2023

From the very beginning of this data heavy episode Saied is salty, dare we say even – grump! Come for the discussion on housing affordability versus renting, mortgage rate debates and updates on the National Association of Realtors antitrust lawsuits. But, stay for the sassy attitude that Saied is bringing to the table. Listen as Chris and Haroon are attacked at every turn by an unprovoked attack.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Peptide Therapy, Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

As mortgage rates hit 8% for the first time in 23 years, affordability continues to fall off a cliff (The Kobeissi Letter via X)

There’s Never Been a Worse Time to Buy Instead of Rent (Wall Street Journal)

America’s Downtowns Are Empty. Fixing Them Will Be Expensive (Wall Street Journal)

Is the ongoing run of Fed rate hikes “taking away the American dream”? This economist says so (Yahoo! Finance via Instagram)

Why the housing market is going from tough to terrible (CNN)

The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar (CNBC)

Morgan Stanley makes a bold, tough prediction for home prices next year (The Street)

Fastest declining Housing Markets (1-year drop) (The Kobeissi Letter via X)

Rocky few months for NAR (The Real Deal via Instagram)

Real-Estate Commissions Could Be the Next Fee on the Chopping Block (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Recession Red Flags, Home Sales Slow & Treasuries Pop Oct 24, 2023

Your favorite bank CEO, Brian Moynihan is back at it again with a full on contradiction from just a year ago. Chris, Saied and Haroon waste no time calling him to the carpet. Not to be outdone, Peter Schiff pointed out that Bank of America has unrealized losses of approximately $47.8 billion dollars. The boys get in to home sales data which indicate that 2023 may be the slowest year since The Great Recession. Not helping things is the 10-year treasury which just moved above 5.00% for the first time since 2007. All the recession red flags are waving and The Higher Standard podcast is here to give you the raw, unfiltered truth.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Big banks are quietly cutting thousands of employees, and more layoffs are coming (CNBC)

Bank of America warned consumers they would be pushed to the ‘point of pain’—and CEO Brian Moynihan says we’ve now reached that point (Fortune)

BoA lost $47.8 Billion (Peter Schiff via Instagram)

Home Sales on Track for Slowest Year Since Housing Bust (Wall Street Journal)

10-year Treasury yield breaks above 4.9% for the first time since 2007 (CNBC)

Morgan Stanley shares fall over 6% as wealth management results disappoint (CNBC)

Oil jumps as Iran increases rhetoric against Israel, US stockpiles drop (Yahoo! Finance)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Rents Dropping, Syndications Popping & Apple Juice Oct 20, 2023

Spoiler alert, it's cheaper to rent than it is to buy in many markets and Chris, Saied and Haroon are here to break it all down. They use the Austin market, which was a major growth market during the pandemic, as a prime example of the stress that may be forcing rental rates further down. They take a break to celebrate some of the nation's top colleges eliminating student loans entirely, but then get back to the apartment market by citing Miami's downward rental trends. Finally, to cap the show, Chris and Saied talk a whole lot of trash about novice syndicators like Brad Sumrok. Oh, and apparently Haroon opens up apple juice jars with his rear end.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Mortgage Cost Surge Makes It Cheaper to Rent in Tough US Market (Bloomberg)

Austin has over 120K apartments in pipeline (The Real Deal

Some of the nation’s top colleges are eliminating student loans (CNBC)

Miami’s Rental Market Roller Coaster Is Headed Downhill (Wall Street Journal)

Multifamily mentor Brad Sumrok built an empire. Now, the cracks are showing (The Real Deal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

CPI & PPI Swing, A Housing Bubble & Fraud Oct 17, 2023

Saied, Chris and Haroon are back in the lab with a fun filled dive in to the wild swings of CPI, PPI and a full breakdown on whether or not this will ultimately influence the Fed's next meeting. The boys unpack some housing data and similarities to The Great Recession's housing market bubble and today.

Sponsored By Transcend Company:

TRANSCEND your goals! With a telehealth physician directed personalized treatment plan you can get a PERSONALIZED PLAN for Hormone Replacement Therapy, Cognitive Function, Sleep & Fatigue, Athletic Performance and MORE. Their online process and medical experts make it simple to find out what’s right for you. Click the link and start today: http://www.transcendcompany.com/THSP

Resources:

Consumer prices rose 0.4% in September, more than expected (CNBC)

September PPI inflation rises above expectations (The Kobeissi Letter via X)

Dollar steady on underlying moderate PPI data, dovish Fed officials (Reuters)

Incomes are falling in 17 states. Here's where Americans are falling furthest behind (CBS News)

The housing market looks like a bubble, 2008 regulator says (CNN)

Goldman Sachs says home prices are now more unaffordable for the average buyer than they were during the 2008 housing bubble. Here are the 2 things they say would have to happen for home prices to crash (Business Insider)

Auto-loan interest rates are now at their highest since 2008 (The kobeissi Letter)

How this 77-year-old widow lost $661,000 in a common tech scam: ‘I realized I had been defrauded of everything’(CNBC)

Housing industry urges Powell to stop raising interest rates or risk an economic hard landing (CNBC)

Wholesale inflation rose 0.5% in September, more than expected (CNBC)

Fed officials see ‘restrictive’ policy staying in place until inflation eases, minutes show (CNBC)

Bankman-Fried was very concerned about his image, including his big hair, ex-girlfriend Ellison testifies (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

What This Crazy Bond Market Means For You Oct 13, 2023

Chris, Saied and Haroon have been building up slowly on our collective knowledge and discussions about the bond market. Well, in this episode we put it all together and talk about how its current status is likely going to impact you and all the news you're hearing. But first, the boys jump in to some compelling financial facts they quote from one of their favorite X pages - The Kobeissi Letter. One of the boys' favorite economists Mohamed A. El-Erian says that "something is likely to break" after the most recent jobs data came out. And, we are in the worst bond selloff since 1787 which allegedly ends the "Free-Money" era. Chris and Saied also lovingly sound off on Internet trolls because it wouldn't be an episode of The Higher Standard without some sassy banter.

Resources:

The Kobeissi Letter (via X)

How much can and should the government borrow? (Bloomberg Opinion via Instagram)

The 5% bond market means pain is heading everyone’s way (Bloomberg)

‘Something Is Likely to Break’ After Jobs Data, El-Erian Says (Bloomberg)

Markets Brief: Will Bond Yields Top 5%? (Morningstar)

Long Bonds’ Historic 46% Meltdown Rivals Burst of Dot-Com Bubble (Bloomberg)

Worst US Bond Selloff Since 1787 Marks End of Free-Money Era (Bloomberg)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Redfin v. NAR, Housing, Squatting & Sex Talk Oct 10, 2023

Redfin can't cut ties will the National Association of Realtors ("NAR") because they have a monopoly over the Multiple Listing Service or "MLS." The MLS is a database established by cooperating real estate brokers to provide data about properties for sale and it is under the sole dominion and control of NAR. The MLS allows Realtors to see one another's listings of properties for sale with the goal of connecting homebuyers to sellers. There is only one problem, you have to belong to NAR to have access to it. Chris, Saied and Haroon get in to and give you their perspective of how this looming fight may shake out. Saied then pivots to an article by the Wall Street Journal in which they break down the elements of why your home may not be selling. Lastly, Chris goes deep on the Brentwood Airbnb tenant who has refused to leave and has not paid rent in over 540 days that made national headlines. Also, fun fact, Haroon belongs to a very curious WhatsApp thread titled "Sex Talk" which he states he uses the end-to-end encryption service to talk to friends about "sports." Does he have a valid excuse? Tune in to find out...

Resources:

NAR’t so easy: MLS control means partners can’t make a clean break (The Real Deal)

Why Is Your Home Not Selling? 5 Reasons It’s Sitting on the Market (Wall Street Journal)

Brentwood Airbnb tenant refuses to leave or pay rent for 540 days (The Real Deal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Everything You Need to Know About The Fed Oct 06, 2023

You asked for it and we heard you. Today's episode is a focused single topic edition with a deep dive in to everything you need to know about The Fed. How its Board functions, how they get the positions and more. Of course we had to take a few shots at Neel Kashkari because he often has an opinion that frustrates Chris and Saied. Then as a special ending, we cap the show with an homage to Saied's favorite topic, cryptocurrency. We cover five strange facts about Sam Bankman-Fried that are shockingly true. Stay tuned all the way to the end because some of these will blow you away.

Resources:

The 5 weirdest Sam Bankman-Fried stories Michael Lewis told to ’60 Minutes’ (Market Watch)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Meaningfully Higher, Global Economy, ARMs & Aloha Oct 03, 2023

After a long needed week off of production, the boys are back in the studio. Haroon kicks off the episode by actually making sure that all three red lights are on to ensure that no video or audio will be missed for this reunion episode. Chris spent a week in Kauai and returns to Saied and Haroon with some new found emotional warmth, no jokes about the male anatomy, but plenty of "aloha!" Jumping right in to things, Chris discusses how frustrated he is with the clickbait title and interview by The Fed's Kashkari to Yahoo! Finance. Then Saied and Chris go down a long rabbit hole of what holding rates "higher for longer" actually means for the global economy and not just the United States. For those of you who want to know "Is Saied still coughing every damn episode?" The answer is absolutely and we leave every single one in the show to annoy you as much as it annoys us.

Resources:

Fed's Kashkari: 40% chance of needing 'meaningfully' higher rates (Yahoo! Finance)

What could break under higher-for-longer interest rates? (Reuters)

Rising Loan Costs Are Hurting Riskier Companies (Wall Street Journal)

The Fed’s favorite inflation indicator rose less than expected in August (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Listener Appreciation Q&A Episode Sep 29, 2023

Saied, Haroon and Chris wanted to find a way to give back to the THS community and "thank you" all for your support. We know that at times we can't and don't always answer questions in the "DMs" as well as we would like to. So, we posted a Q&A opportunity on our respective Instagram accounts. We were overwhelmed with the wonderful questions asked and we can't thank each and every single one of you enough. This show is literally funded by your small gestures. Honest five star reviews and your engagement make long nights of editing, mixing and mastering audio for streaming and managing social media accounts worth it. The Higher Standard podcast is what is today because you have enabled us to keep going. Since we got so many questions, we will be trying to do more Q&As and make actually attempt to do a live show on YouTube in the not too distant future. Until then, we hope you enjoy the episode.

Resources:

Everything You Need to Know About the Bond Market (The Motley Fool)

10-Year Treasury Bond Yield: What It IS and Why It Matters (Investopedia)

How the 10-year U.S. Treasury Note impacts mortgage rates (MCT Trading)

Fed’s interest rate history: The federal funds rate from 1981 to the present (Bankrate)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Fed Holds, Housing Peaks & Saied Fisting Sep 26, 2023

In a spectacular display of machismo, Saied gives Chris not one, but three separate fist pounds during this sensational episode. Maybe Saied was just happy that the Federal Reserve left rates unchanged? Maybe it was the Fed's terrible track record of forecasting what the economy is likely to do? I guess we will never know, but what you will know for sure after this show is that we may be in the biggest housing bubble ever, Zillow shifted their 2024 home price forecast down and 30-year mortgage rates have in fact hit 8%. Economic data, financial literacy and a healthy portion of fisting. What else could you ask for?

Resources:

The Federal Reserve leaves rates unchanged. Here’s how it impacts your money (CNBC)

Take the Fed forecast with a grain of salt. It has a terrible track record (CNBC)

Biggest Housing Bubble Ever (Nick Gerli via X)

Zillow once again shifts its 2024 home price forecast. Here’s why (Fortune)

The Fed would be ‘flying blind’ on interest rate decisions after a government shutdown (CNBC)

30-Year Mortgage Rates Rise Again, Flirting with Historic Peak (Investopedia)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Fed Meeting, $100 Billion Loss & Saied is RFK, Jr. Sep 22, 2023

Please place all seat back and tray tables in their locked and upright positions, because you're about to go on a long voyage of economic data baby! Saied, Chris and Haroon are back and they have a lot to talk about in this episode. The September 20th Fed announcement hasn't even happened yet and Goldman Sachs is already saying that the Fed is unlikely to raise rates in November. So, naturally The Higher Standard had to chime in to the debate. Chris offers up a questionable segue into why a soft landing could not only be elusive, but then explains why the current Fed Policy is costing the Fed between $100 billion and $200 billion themselves. Chris and Saied then dive down deep in to the dark canyon of a hole that is the inverted yield curve where they discuss the wide spread between the 2-year and 10-year treasuries. Which also happens to be at it deepest inversion since 1981. Haroon provide an elegant hypothetical answer to an intimate personal question and legendary investor Jeremy Grantham is ringing alarm bells.

Resources:

Fed unlikely to raise rates in November, says Goldman Sachs (Reuters)

Why a Soft Landing Could Prove Elusive (Wall Street Journal)

Fed losses breach $100 billion as interest costs rise (Reuters)

Economist says S&P 500 will sink 40% due to recession (Business News)

Spread between 2- and 10-year Treasuries at deepest inversion since '81 (Reuters)

Legendary investor Jeremy Grantham rang the alarm on stocks and recession, warned about the housing market, and hailed Elon Musk's Tesla. Here are his 10 best quotes from a recent event (Business Insider)

The bond market has broken the longest time ever with a 10-year field, 3 month inversion at 212 days per Bloomberg (Unusual Whales via Instagram)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Inflation, Income, Home Prices & A 3 Star Review Sep 19, 2023

With an uncharacteristically early recording time, the boys come in extra hot and caffeinated. Saied finally admits to being 1 of the podcast's one star reviews; however, the show did receive a real, legitimate 3 star review from a listener. We wanted to address it head on and talk about the data behind the insurance position which upset someone. They, of course, save the expletive filled rage for the end of the show. This episode covers all the underlying detail of the latest inflation print which continues to show that the real cost of living is likely higher for most consumers. Then Chris and Saied pivot to an article on banks having $1.2 trillion dollars in "hot" deposits which they believe signals a much larger concern. Home prices according to Zillow seem to suggest that there have been tremendous gains still despite even some areas having lived through minor corrections in recent months. What does this mean? Saied and Chris will tell you their thoughts. Make sure to stay tuned all the way to the end because this one gets extra sassy in the last quarter of the show.

Resources:

Here’s the inflation breakdown for August 2023, in one chart (CNBC)

Banks Load Up on $1.2 Trillion in Risky ‘Hot’ Deposits (Wall Street Journal)

Real incomes fell last year. No wonder Americans were bummed out (Axios)

Home price shift, as tracked by the Zillow Home Value Index (ZHVI) (Lance Lambert via X)

August core inflation, excluding food and energy, rose 0.3%, hotter than expected (CNBC)

Fears over access to credit hit highest level in more than a decade, New York Fed survey shows (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

A HUGE Mistake, Goldilocks & Haroon Returns Sep 15, 2023

Haroon has returned and has already put in for his next PTO request in November where he thought he would be visiting the European country of Belize. While discovering that being Muslim is not an ethnicity, we quickly hop on over to a warning issued by JP Morgan's CEO, Jamie Dimon. Jamie D is suggesting that it would be a "huge mistake" to think the economy will boom. Yet, at the same time, new data suggests that the fall in home prices may already be over. Confused? Don't be, we explain what we think is happening. All three of us discuss the Fed's own economist's prediction of a "Goldilocks" scenario where we have no recession, low inflation, and positive growth. Then to cap the show Haroon provides some important life advice.

Resources:

Jamie Dimon says it’s a ‘huge mistake’ to think economy will boom with so many risks out there (CNBC)

The Fall in Home Prices May Already Be Over (Wall Street Journal)

The US is on course to build more apartments than ever in 2023 (Chartr Daily Instagram)

Business Bankruptcies Soar in August as Rising Interest Rates Bite (Bloomberg)

The Fed's own economists now expect a Goldilocks scenario: No recession, low inflation, and positive growth(Business Insider)

The man who bought the NYSE just made a $11.9 billion bet that he can fast-track your mortgage for far less than you’re paying now (Fortune)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Airbnb, Beige Book, Roku, WeWork & A Bromance Sep 12, 2023

In their second show without Haroon, who continues to be out on PTO in “The Sac,” Chris and Saied decide to crack a few of their own cans during the show in order to pay homage. Shortly after lamenting the value of Haroon’s contributions they jump in to New York City’s crackdown on Airbnb and what this could mean if other cities follow suit. They examine the Fed’s Beige Book data, what it tells us about the Fed’s perspective going into the September Fed meeting and give their predictions on whether or not there will be another 25 bps rate increase to Fed Funds. They then pivot to Roku’s stock jumping after laying off 10% of their workforce while WeWork is reportedly renegotiating all of its leases. The round out the show by reading on the National Association of Realtors new class action lawsuit, but stop short of a full analysis because they are going to need more time to review the legal filings. It is an episode chalked full of laughs and facts, so make sure to wear your manpon.

Resources:

New York City's crackdown on Airbnb and short-term rental goes into effect (Guardian)

Fed's Beige Book Shows Slower Activity Growth and Hiring in Peak Summer (Bloomberg)

Roku stock jumps after company says it will lay off 10% of workforce (CNBC)

WeWork CEO says company is ‘here to stay’ as it renegotiates ‘nearly all our leases’ (CNBC)

Monumental NAR lawsuit snags class action status (The Real Deal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Oh Yeah!, Insurance Changes & Happiness Sep 08, 2023

They boys open the show without Haroon who is once again out on PTO while he visits his in-laws in "Sac." They quickly jump in to a discussion regarding the changing landscape of home insurance in America. Many home insurers are starting to or have already cut natural disaster from policies as climate risks continue to mount. As a proxy, Chris and Saied leverage a Wall Street Journal article which asks the question "Are we ready for a $100 billion dollar catastrophe?" Global insured losses from natural disasters and the number of billion-dollar insured loss events worldwide have increased over time visibly. After all the negativity, Chris wanted to make a pivot in to something positive and highlights an article from CNBC which identifies the three things that Americans say define wealth in their mind. Shockingly none of them require making money, but most of them are a byproduct of making money. Without Haroon in the studio, you will need to pay homage to him by opening a beverage mid-show in order to cover for him in his obnoxious absence.

Resources:

The Fed's preferred inflation measure stayed high in July — and consumers are continuing to spend (CNN Business)

Bigger Pockets x The Data Deli Instagram (Instagram)

Full impact of Fed hikes still to be seen in real economy, ex-vice chair Blinder says (Reuters)

Home insurers cut natural disasters from policies as climate risks grow (The Washington Post)

Are We Ready for a $100 Billion Catastrophe? How About $200 Billion? (The Wall Street Journal)

Americans say these 3 things define wealth -none of them require making a lot of money (CNBC)

Americans Are Bailing on Their Home Insurance (The Wall Street Journal)

Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000 (CNBC)

Here's where the jobs are for August 2023 - in one chart (CNBC)

Shoppers pull back on 'big ticket' items as furniture, appliance sales lag (Yahoo! Finance)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

99 Problems, But Mitch Ain't One Sep 05, 2023

It was bad enough that Michael Burry - the investor who profited from the subprime mortgage crisis by shorting the 2007 mortgage bond market - just took a $1.6 billion dollar short on the market again. Now, the man, the myth, the legend is that the great investor in world history - Warren Buffett - has just dumped $8 billion dollars of stock and is moving to a cash position. The boy think these are very telling signs of an impending recessionary economy by two men who know what they are doing. At the same time, a new report out states that 61% of Americans are living paycheck-to-paycheck and US department stores are seeing higher credit delinquencies amid strained spending. It's a wild episode that is capped by a special collaboration between Mitch McConnell and Jay-Z.

Resources:

Warren Buffett just dumped $8 billion of stocks (here's why economists are worried) (The Street)

61% of Americans are living paycheck to paycheck — inflation is still squeezing budgets (CNBC)

US department stores see higher credit delinquencies amid strained spending (Reuters)

US labor market loses steam as job openings, resignations decline (Reuters)

U.S. job growth slowed sharply to 177,000 in August, below expectations, ADP says (CNBC)

US consumer spending in July surges; weekly jobless claims fall (Yahoo! Finance)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Jerome Powell Makes Threats, Zillow Is Insane & Haroon Drinks Water Sep 01, 2023

The boys are off and running with shenanigans from the beginning. Haroon inadvertently opens his energy drink before the show started so he can't entertain you with his usual unnecessary interruptions, but don't worry, he filled his can with water for reasons we still don't fully understand. They spend a good amount of time recapping Jerome Powell's commentary from Jackson Hole, Wyoming which were clearly designed to strike fear in to the markets. One of their favorite economists, Mohamed El-Erian is very concerned that the Fed's actions to date may have 'destroyed the housing market by crushing both supply and demand.' Which was a fantastic segue in to the complete trash nonsense that Zillow is attempting to market. What do you do when home affordability is at an all time low? Rates are rising, home values haven't come down. Well, if you're Zillow, you offer a 1% down payment program to lure in homebuyers so you can sell more leads to Realtors.

Resources:

Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’ (CNBC)

Jerome Powell says it ‘takes time’ for slowdown in rent rises to show up in the Fed’s inflation gauge (Market Watch)

Fed's Mester sees another rate hike, says rate cuts may have to wait (Reuters)

The Fed may have destroyed the housing market by crushing both supply and demand, top economist Mohamed El-Erian says (Business Insider)

Zillow offers 1% down payment to lure homebuyers as mortgage rates hit 22-year high (NY Post)

Goldman Sachs unloads another business acquired under CEO David Solomon (CNBC)

A 'valuation reset' hits the IPO market as Better stock crashes 90% after debut (Yahoo! Finance)

Why the Era of Historically Low Interest Rates Could Be Over (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Rolling Recession, Mortgage Rates & Why Saied? Aug 29, 2023

After wasting an hour eating Chick-fil-A, the boys are off to a slow start this episode. Maybe it was the unnecessary amounts of sodium. After gaining some traction and coming out of a food coma, Chris dives in to the ideology of a “rolling recession” and what this could mean for you. They pivot in to an interesting Yahoo! Finance article on the American retailers and restaurants that are bracing for the impact of student loan payments restarting. Many of these topics we have all covered together before; however, there is more data and probable impacts that can be seen in the economy that should not be ignored. Chris and Saied navigate through 30-year mortgage rate and mortgage application charts suggesting that the trending is indicative of recessionary stress. And finally, you all get to hear the coughing that Haroon does behind the scenes which we edit out for your audio pleasure.

Resources:

The experience-hungry American consumer is already crashing the economy into a ‘rolling recession,’ Oxford Economics says (Fortune)

America's retailers and restaurants brace for a shock from student loan payments (Yahoo! Finance)

US 30-year mortgage rate soars to highest since 2000 (Reuters)

S&P just downgraded some big banks. Here are the 5 that are impacted (Yahoo! Finance)

Powell Is Using Jackson Hole as Final Push in Inflation Fight (Yahoo! Finance)

Home sales fall again in July, as supply drops to near quarter-century low (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

C&I Lending Is Shifting, Car Prices & How To Get Rich & Famous Aug 25, 2023

Business loans, also known as “Commercial and Industrial” lending is shifting as the landscape of the economy pivots. The boys break down what you need to know and what this means for you. They spend some time on the generational differences in the expectation of workers as they dive in to a CNBC article that states “American workers are demanding almost $80,000 a year to take a new job.” In what is arguably the world’s worst segue they jump in to the car market and some of the changes the industry is experiencing that are early indicators of strain on the consumer. Chris provides a colorful backstory on the never-ending “beef” between Nouriel Roubini and CZ. Saied awkwardly forces in an unnecessary article on mortgage rates to cap the show and Haroon fumbles the audio, but blames it on the “inter-webs.” We also got a new, spectacular review. We appreciate every single one, so much. Thank you! Also, if you haven’t, we are not friends. No pressure….

Resources:

Commercial and industrial lending falls again this week, but lending by small banks is up (Market Watch)

American workers are demanding almost $80,000 a year to take a new job (CNBC)

Car Prices Might Be Unsustainable for Buyers(Wall Street Journal)

How to Get Rich and Famous From a Stock Market Crash(Wall Street Journal)

Mortgage rates hit their highest point since 2000(CNBC)

Toronto Mortgage Rates 1981 (Instagram)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Mortgage Rates, Fed Minutes & Janet Yellen Gets High Aug 22, 2023

Well, damn it, mortgage rates just hit their highest level in 21 years and Chris, Saied and Haroon are here to tell you why. Spoiler alert, they think the yield curve inversion has something to do with it and that the 10-year treasury has more to move up before the end of the year signaling 8% to end the year for mortgage rates as a possibility. The Fed dropped their minutes where some of the FOMC members were apparently quoted as suggesting that another 25bps increase may be necessary; however, our Chief Economist is declaring shenanigans. Chris pops off on real estate company Compass and apparently Janet Yellen micro-doses mushrooms when she visits China.

Resources:

Mortgage Rates Just Hit Highest Level In 21 Years (Forbes)

Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Recession (Market Watch)

Fed officials see ‘upside risks’ to inflation possibly leading to more rate hikes, minutes show (CNBC)

Unpaid commissions key ingredient in Compass’ cash-flow positivity (The Real Deal)

Did Janet Yellen Accidentally Eat Psychedelics In China? What To Know About The Sold-Out Dish Cooked With Hallucinogenic Mushrooms (Forbes)

Here's when the San Francisco Fed expects households to run out of COVID-era extra savings (Morning Star)

Fed Saw ‘Significant’ Inflation Risk That May Merit More Hikes (Bloomberg)

How Severe Is the Housing Shortage? It Depends on How You Define ‘Shortage’ (Wall Street Journal)

Wall Street Is Ready to Scoop Up Commercial Real Estate on the Cheap (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Larry Wheels | Adversity Builds Character Aug 18, 2023

In this captivating episode, we dive into the extraordinary life of Larry Wheels, a remarkable individual who's not only conquered the realms of bodybuilding, powerlifting, strongman and arm wrestling but has also taken the social media world by storm. Larry opens up about his journey, from being a teenage powerlifting prodigy to evolving into a multifaceted entertainer, influencer, and budding entrepreneur. In this hour-long interview, we explore Larry's candid reflections on his early use of performance-enhancing substances, shedding light on the challenges and lessons learned. As he shares his experiences, Larry also imparts invaluable wisdom for aspiring youth looking up to him, highlighting the importance of making informed decisions. The episode kicks off with Larry discussing his recent hospitalization due to a health scare involving Rhabdomyolysis, offering a raw and real glimpse into his life beyond the spotlight. Tune in for a conversation that goes beyond the surface, aiming to inspire and educate on "The Higher Standard." Also, please note, Saied was on vacation and only Chris and Haroon were present for the interview. Saied is still very salty about it, please don't mention it to him. This is our secret.

Larry's Links:

Larry Wheels Website

Larry's YouTube Channel

Larry's Brands:

Pump & Power Meal Prep

Transcend Company

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Student Loan Repayment, Creating Wealth & Affordability Aug 15, 2023

Episode 167 is here and, spoiler alert, it is not the promised Larry Wheels episode. Not to worry, that episode will drop in the days to come. In the meantime, please place all tray tables and setbacks in their locked and upright positions as the boys take you along on their fantastical journey of this sexy Tuesday’s financial literacy. This episode will give you a robust review of the impacts of the looming student loan repayment restarting post-pandemic, a deeper dive in to the average consumer credit card debt and what this means for the creation of wealth for generations to come. Chris says that while he does not want a recession, he is more scared of what happens to this country if we do not have one. While carefully navigating a small political discussion, the boys breakdown what could lead to the “smashing” of the middle-class. Of course, there is no better way to cap the show off than by basking in the tragic comedy that is the now infamous SBF’s most recent debacle.

Resources:

When student loan payments resume, 56% of borrowers say they’ll have to choose between their debt and buying groceries (CNBC)

Average consumer carries $5,947 in credit card debt — a 10-year high (CNBC)

Only 16% of Californians Can Afford to Buy a Home (Bloomberg)

Are You Rich? (Bloomberg)

Americans are moving further away for affordable homes and 'grandbabies' (Yahoo! Finance)

Judge Sends FTX’s Sam Bankman-Fried to Jail Ahead of Fraud Trial (Wall Street Journal)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Inflation Tamed, A Government Recession & Haroon Wears Salmon Aug 11, 2023

The boys are finally back together again. Haroon has welcomed the birth of his second daughter and Saied is back from his family’s Hawaiian vacation. To start the show Chris, Saied and Haroon wanted to emphasize their thoughts and prayers are with the people of Maui who have been impacted by this tragic and devastating fire. After which, they jump in to Ray Dalio’s interesting recession perspective. Saied gives a complete rundown of July’s inflation numbers and Chris continues to declare that the JOLTs report is manipulated and can’t be trusted. Something interesting is happening in Minneapolis, home prices hit a record high in 60% of U.S. markets and credit card debt hits a record high at $1 trillion dollars. Then, despite Chris thinking that asking for reviews was a colossal waste of time, we got several new amazing honest five star reviews. This of course continues to prove that 50% of the time Chris is wrong, every time.

Resources:

Billionaire investor Ray Dalio says the Fed’s measures haven’t slowed consumers down, and the government is paying the price (Fortune)

July CPI report shows inflation gauge rose 3.2%, less than expected (CNBC)

US economy adds 187,000 July jobs in sign labor market is cooling (The Guardian)

First American City to Tame Inflation Owes Its Success to Affordable Housing (Bloomberg)

Home prices hit record highs in 60% of U.S. markets (CNBC)

Rental housing cost rises to ‘slow significantly’ over next 18 months, Fed researchers say (Market Watch)

Credit card debt hits a record high at $1 trillion, NY Fed says (Yahoo! Finance)

Americans are pulling money out of their 401(k) plans at an alarming rate (CNN Business)

July jobs report: U.S. payroll growth totaled 187,000, lower than expected (CNBC)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

This Is When The Recession Arrives Aug 08, 2023

Haroon starts off the show extra sassy by giving Chris a taste of his own medicine. Chris quickly jumps in to a CNBC article about how 1 in 4 U.S. homebuyers want to move to a different city. The boys break down why Zillow tends to be bullish and their data should be looked at with caution. U.S bank lending is declining for the second straight week and Chris goes off on “tipflation” once again. He has been visceral every single time he talks about how out of control tipping has gotten. They round-out episode 165 by diving in to where starter homes are affordable and migration trends as reported by the always superior data source provider - Redfin. If you’ve read this far and you haven’t left us an “honest 5 star review,” we would appreciate you doing so now.

Resources:

1 in 4 U.S. homebuyers want to move to a different city—here’s the No. 1 place they’re looking (CNBC)

It’s Getting Even Harder to Afford a ‘Starter’ Home in the US (Bloomberg)

Zillow is so sure that U.S. home prices have bottomed that it just issued bullish calls for these 48 housing markets (Fortune)

U.S. bank lending declines for second straight week (Market Watch)

Clock on the Fed's 'soft landing' may already be ticking (Reuters)

3 places people say they never tip amid ‘tipflation’: ‘It’s out of control’ (CNBC)

One-Quarter of U.S. Homebuyers Are Looking to Relocate (Redfin)

Las Vegas Tops List of Popular Homebuyer Destinations For First Time, With West Coast Migrants Drawn to Cheaper Homes (Redfin)

Key Fed inflation rate falls to lowest annual level in nearly 2 years (CNBC)

How the U.S. Economy Is Sticking the Soft Landing (WSJ)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Austin Office, Luxury Homes & Dallas Aribnb Aug 04, 2023

Finishing off their double header, the boys are back-to-back again and are ferociously diving in to the Austin office market, the luxury home market's new reality and some new changes in Dallas. Apparently Dallas' City Council has banned short-term rentals from "single-family areas." Oh, and Saied also thinks that this is a financial literary podcast where we discuss books about finance. Confused? So are we. Episode 164 of The Higher Standard is here to save the day.

Resources:

Austin office market hits record-high vacancy (The Real Deal)

The Luxury Home Market Confronts Its New Reality: Not Enough Buyers and Sellers (The Wall Street Journal)

The Dow sinks, snapping its longest run since 1987 (CNN Business)

Dallas City Council bans short-term rentals from single-family areas (Fox 4 News)

Biggest winners and losers from the Fed’s interest rate hike (Yahoo! News)

US economy defies recession fears with strong second-quarter performance (Yahoo! News)

A $5.5 trillion savings wipeout is raising risks for the US economy (Yahoo! News)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The Fed Raised Rates 25bps And The Boys Are Fed Up Aug 01, 2023

Welcome back to the number one financial literacy podcast in the world! It’s The Higher Standard. Saied, Chris and Haroon come out swinging in Episode 163 and they are no pulling in punches in their thoughts on The Fed’s latest 25bps interest rate increase. Join us as the boys go deep, real deep, in to the US economy, GDP and give you a historical look at the Fed Funds Rate with a 62 Year Historical Chart. It also marks the third episode of back-to-back appearances by Haroon who had been out sick for three consecutive episodes.

Resources:

US economy blows past expectations: 3 quick takeaways (The Hill)

GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls (CNBC)

Federal Funds Rate - 62 Year Historical Chart (Macrotrends)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Recession Odds Are A Joke & Saied Is Basically Drake Jul 28, 2023

In Episode 162 of The Higher Standard Podcast, Chris, Saied and Haroon discuss why they believe a majority of US Economists are wrong about their predictions on whether or not the US will be entering a recession. They explain how analysts track and predict earnings for US publicly traded companies and how A.I. has impacted this space. They dive in to earnings from American Express and how it showcases record spending. Chris takes it a step further by shedding light on the human condition of wanting to believe in optimism while some at JPMorgan believe the time to sell is still now. They round out the show by examining Tesla’s new 84-month financing option and stand their ground on why that would be a terrible option for you. We hope you enjoy because we did!

Resources:

American Express earnings show record spending: 'The U.S. consumer just looks really strong.' (Market Watch)

Economists See US Recession Odds at 50% or Less in New Survey (Bloomberg)

JPMorgan's Kolanovic Sticks to Stock Selloff Call Even as Market Defies Gloom (Bloomberg)

Blame the Fed? Tesla offers 84-month financing (Yahoo! Finance)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Cardone Gets A Spanking, Fed Now, Cry Later & Non-Recession, Recession Jul 25, 2023

Chris and Saied welcome back Haroon after being gone for a few episodes. The Huffington Post blasts "influencer" Grant Cardone in a sensational new article which speaks to many of the criticisms shared by Chris, Haroon and Saied on previous shows. Naturally, they get in to it and tell you how they really feel while providing insight in to why most of his purported investors don't understand what they are signing up for. They also explain how the Fed's looming instant payment modernization rollout is long overdue, but may be the first steps at a nationalized cryptocurrency. They dive in briefly to the rising homebuilder sentiment before wrapping up the show with Apollo's CEO description of a potential "non-recession" recession.

Resources:

Financial Influencer Grant Cardone Says He Can Make You A Billionaire. His Investors Claim He Defrauded Them (Huffington Post)

Here are 10 reasons why Wall Street’s inevitable recession never arrived (Market Watch)

Fed launches long-awaited instant payments service, modernizing system (Reuters)

Federal Reserve officially launches new FedNow instant-payments service (CNBC)

Fed launches new payments system that lets you send money in seconds (Yahoo Finance)

Apollo CEO: We are going to have a "non-recession" recession (YouTube & CNBC)

Homebuilder sentiment rises again in July, but builders warn higher mortgage rates are hurting (CNBC)

Why Do We Idolize and Admire Celebrities (Success Consciousness)

Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Home Price Regression, Two Economists and Two Road Trips Jul 21, 2023

According to Federal Reserve data, the median sales price of homes sold peaked in the final quarter of 2022, reaching $479,000 before rising mortgage rates brought them back down. But April's S&P CoreLogic Case-Shiller report, which tracks national home-price changes, came in above expectations at 0.53% from the previous month. On the surface, the data suggests prices are on the rise again. But a July 11 note from Goldman Sachs strategists suggests that any optimism stemming from this lagging indicator would be premature.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss new checking and savings account data that shows Americans are better off now than before the pandemic, with nearly 10 to 15 percent more in their bank accounts than in 2019, despite new heights of inflation.

Chris and Saied look at data compiled by the research firm Equilar Inc., indicating that total pay for top Hollywood executives soared during the height of the pandemic to $1.43 billion in 2021, up 50% from 2018.

They also offer some thoughts on JPMorgan Chase & Co.’s Marko Kolanovic comments on the CPI for June, claiming that it has slightly increased the Federal Reserve’s chances of a “soft landing” — or taming inflation without triggering a downturn.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Goldman Sachs' predictions that home price growth is regressing in certain key cities.
Why a Nobel Prize-winning economist believes there's no need for the Fed to keep hiking rates.
Why the Federal Reserve needs to look hard at Milton Friedman's monetarism.
And so much more...

Resources:

"10 US cities where home-price growth is regressing the most as high mortgage rates worsen affordability, according to Goldman Sachs" (Insider)

"Nobel Prize-winning economist says there’s no need for the Fed to keep hiking interest rates" (CNBC)

"Jeremy Siegel says we are in a ‘Goldilocks economy’ and the Fed doesn’t need to raise interest rates anymore" (Fortune)

"Americans are still better off, with more in the bank than before the pandemic" (The Washington Post)

"Here's how much Hollywood executives make" (LA Times via Instagram)

"JP Morgan’s Kolanovic Sees ‘Modestly Wider’ Path to Soft Landing" (Bloomberg)

Inflation Breakdown and How to Interview for a Job Jul 18, 2023

Goldman Sachs has embraced a new plan to avoid a third straight quarter of disappointing investors on earnings day. Breaking with its own long-standing convention, Goldman executives have been actively downplaying expectations for results that will be disclosed next week. The outcome: Analysts have slashed their estimates for quarterly profit by almost half since mid-June — the biggest revision before an earnings report under CEO David Solomon. That translates into one of the steepest profit drops among peers, and a return on equity that could slip below 5%.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss an analysis by Realtor.com indicating that rent in the 50 largest U.S. cities is now cheaper than it was a year ago, with significant decreases in southern cities that were real estate hotspots during the pandemic. Median rent prices in these cities dropped by 0.5% in the last year.

Chris and Saied look at a report stating that former Celsius CEO Alex Mashinsky was arrested Thursday, as federal regulators announced his bankrupt crypto exchange Celsius would pay a $4.7 billion fine.

They also offer some thoughts on the consumer price index (CPI) which has increased 3% from a year ago, the lowest level since March 2021. On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why one month of data is not enough for a 'wait and see' approach to the economy.
Why core inflation is a better metric, and why food and energy data is too volatile.
Goldman Sachs new tactic of downplaying its earnings.
And so much more...

Resources:

"US Inflation Hits Two-Year Low, Giving Hope for End to Fed Hikes" (Bloomberg)

"Goldman breaks its own rule to flag results much worse than rivals" (Bloomberg Business via Instagram)

"These are the US cities where the rent has fallen the most since last year" (CNBC via Instagram)

"Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement" (CNBC via Instagram)

"Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases" (Chart of the Day via Instagram)

"Inflation Eased to 3% in June, Slowest Pace in More Than Two Years" (The Wall Street Journal)

"Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases" (CNBC)

Interest Rates, Yield Curve, The Banks, Outies & Conspiracies Jul 14, 2023

There is good news on inflation in store for Americans. The Labor Department is expected to report that overall inflation fell to about 3% in June, the lowest in two years. Excluding volatile food and energy prices, core consumer price inflation is expected to drop to around 5%, an 18-month low, from 5.3%. Economists think core inflation could ebb further in coming months, to between 3.5% and 4%, depending on the price index. The bad news: Getting inflation down further from there, to the Federal Reserve’s 2% target, will prove difficult if the economy keeps chugging along. That could force the Fed to keep monetary policy tight until the labor market weakens.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a Labor Department report indicating that nonfarm payrolls increased 209,000 in June and the unemployment rate was 3.6%. That compared with the Dow Jones consensus estimates for growth of 240,000 and a jobless level of 3.6%.

Chris and Saied look at comments from JPMorgan Chase CEO Jamie Dimon, following the winning bid for First Republic, a lender to rich coastal families that had $229 billion in assets, who claimed that "This part of the crisis is over."

They also offer some thoughts on Fitch analyst Chris Wolfe's assertion that half the country’s banks will likely be swallowed by competitors in the next decade.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the printing of trillions of dollars by the Fed in 2020-2022 led to a spike in inflation.
Why over 40 million Americans will have to restart their student loan payments in the coming months.
Why the inverted yield curve is such an important topic.
And so much more...

Resources:

"Treasury yields fall as investors look to key economic data" (CNBC)

"America’s Biggest Banks Are Going to Need More Capital" (The Wall Street Journal)

"Everyone Wants Interest on Their Deposits. That’s Bad for Main Street Banks" (The Wall Street Journal)

"Last Mile of the Inflation Fight Will Be the Hardest" (The Wall Street Journal)

"Payrolls rose by 209,000 in June, less than expected, as jobs growth wobbles" (CNBC)

"Job openings fall by half a million" (CNBC)

"The American banking landscape is on the cusp of a seismic shift. Expect more pain to come." (CNBC)

BS Jobs Report, Bankruptcies, and Haroon Ends The Show Jul 11, 2023

The Commerce Department is reporting that the US economy expanded at a much faster pace in the first three months of the year than previously estimated. Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the economy, so it’s nearly impossible to enter a recession when spending is growing. Over the pandemic, historic levels of stimulus cash boosted household income significantly. Spending, meanwhile, was severely curtailed as the economy shut down. Personal saving rates soared as a result, with US households amassing about $2.3 trillion in savings in 2020 and through the summer of 2021, according to Federal Reserve economists. That’s about $2 trillion more than they would have saved under normal circumstances.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a warning from the Federal Trade Commission, indicating that scammers are likely to target student loan borrowers after the Supreme Court struck down the Biden administration’s debt forgiveness plan, and as loan repayments are poised to restart in the fall.

Chris and Saied look at a report from payroll processing firm ADP, showing that private sector jobs surged by 497,000 for the month, well ahead of the downwardly revised 267,000 gain in May and much better than the 220,000 Dow Jones consensus estimate. The increase resulted in the biggest monthly rise since July 2022.

They also offer some thoughts on comments from Epiq Bankruptcy, a provider of US bankruptcy filing data, which claims that Chapter 11 bankruptcy filings jumped 68% in the first half of 2023 from a year earlier.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why Forbes thinks inflation is keeping the housing market afloat for now.
Why the credit tightening cycle has not yet begun.
Why office mortgage delinquencies have suffered the biggest six-month spike in 20 years.
And so much more...

Resources:

(Chart of the Day via Instagram)

"The Fed can’t decide how much money US households have left" (CNN)

"Mortgage rates hit the highest point of the year" (Yahoo! Finance)

"America's economy rapidly shifts south" (Axios)

"Bankruptcy filings surge in first half of 2023 in US, Epiq says" (Reuters)

"CRE Nightmare For CMBS Holders: Office Mortgage Delinquency Rate Suffers Biggest 6-Month Spike Ever" (Zerohedge)

"Private sector companies added 497,000 jobs in June, more than double expectations, ADP says" (CNBC)

"Payrolls report Friday likely to show a jobs market that is still hot" (CNBC)

"Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show" (CNBC)

"FTC warns about student loan scams following Supreme Court decision" (CNBC)

"Corporate America Faces a Bankruptcy Boom" (New York Times)

"Inflation Keeps The Housing Market Afloat — For Now" (Forbes)

"Some Fed Officials Supported Raising Rates in June" (The Wall Street Journal)

The Special 4th of July Episode Jul 07, 2023

Millions of Americans will have to prepare to repay the entire balance of their student debt now that the Supreme Court has overturned President Biden’s loan-forgiveness plan. After a three-year pause in payments and months of uncertainty and legal challenges, the program won’t be allowed to move forward. The Biden administration’s forgiveness plan would have wiped out up to $20,000 in federal student-loan debt for qualified borrowers. The court ruled in a 6-3 decision Friday that the Education Department doesn’t have the authority to implement a program that would change student loans this way.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss comments by Wharton professor Jeremy Siegel, who says he is not ruling out an interest rate cut by the Federal Reserve by the end of the year, despite market expectations.

Chris and Saied look at a Commerce Department report, indicating that the core personal consumption expenditures price index, a number closely watched by the Federal Reserve, increased 0.3% for the month. On the year, core PCE inflation increased 4.6%, though the headline number was up just 3.8%.

They also offer some thoughts on data from Redfin, showing that nationwide, the median U.S. home sale price fell 4.1% ($17,603) year over year in April to $408,031. That’s the biggest drop on record in dollar terms and the largest decline since January 2012 in percentage terms. April marked the third consecutive month of year-over-year declines following roughly a decade of increases.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The concept of emergency regulatory authority for the President.
Why US corporate bankruptcies are on the rise.
Why the only thing that will bring house prices down is more supply.
And so much more...

Resources:

"Supreme Court Throws Out Biden’s Student-Loan Relief Plan" (Bloomberg)

"US corporate bankruptcies are on the rise" (QZ)

"This economist says he can’t rule out a Fed interest-rate cut by year-end. Here’s why." (MarketWatch)

(Reventure Consulting via Instagram)

"Homes in Austin and Boise are Selling for $80,000 Less Than a Year Ago" (Redfin)

"Median Sales Price for New Houses Sold in the United States" (St. Louis Federal Reserve)

"Key Fed inflation measure shows prices rose just 0.3% in May" (CNBC)

"What the Supreme Court’s Rejection of Student-Loan Forgiveness Means for You" (The Wall Street Journal)

"People Hire Phone Bots to Torture Telemarketers" (The Wall Street Journal)

GDP Revised, Trillians of M&A & Don't Be a Richard Jul 04, 2023

The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. GDP increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast. This was the third and final estimate for Q1 GDP. The growth rate was 2.6% in the fourth quarter.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss data from Realor.com, indicating that the number of homes for sale this month was actually 7% higher than June of last year. However, in just the last week, that comparison went negative, with the number of homes for sale falling below year-ago levels for the first time in 59 weeks.

Chris and Saied look at a report from the Labor Department, shown that initial jobless claims decreased by 26,000 to 239,000 in the week ended June 24, lower than all the estimates given in a recent survey of economists.

They also offer some thoughts on cryptocurrency's lack of government regulation and the opportunities it offers to traders wishing to bypass government red tape. However its lack of formal oversight also makes it ripe for abuse.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why luxury watch prices are near their lowest level in two years.
Why positive GDP growth means the economy is in expansion mode.
Why mortgage rates are about to go higher.
And so much more...

Resources:

"First-quarter economic growth was actually 2%, up from 1.3% first reported, in major GDP revision" (CNBC via Instagram)

"World's dealmakers are down $1 trillion in one of worst years for M&A and IPOs in decades" (Bloomberg Business via Instagram)

"Dealmakers Adrift as $1 Trillion Vanishes in First Half" (Bloomberg)

"Prices for luxury Swiss watches are near the lowest in almost two years on the secondary market" (Businessweek via Instagram)

"House hunting is already tough. Guess what? It’s about to get harder" (CNBC)

"First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision" (CNBC)

"He lost $340,000 to a crypto scam. Such cases are on the rise" (NPR)

https://www.npr.org/2023/06/25/1180256165/crypto-scam-senior-victims-spirebit

"US Jobless Claims Drop by Most Since 2021 in Holiday Week" (Bloomberg)

"Airbnb Could Be in Trouble — Here’s What You Need to Know" (Architectural Digest)

San Francisco Needs Batman, Return To Office & Home Sales Jun 30, 2023

In New York and London, owners of office towers are walking away from their debt rather than pouring good money after bad. The landlords of downtown San Francisco’s largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased. The rot inside commercial real estate is like a dark seam running through the global economy. Even as stock markets rally and investors are hopeful that the fastest interest-rate increases in a generation will ebb, the trouble in property is set to play out for years.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a prediction from Chapman University economists, calling for a mild national recession in the second half of the year, driving down the coastal community's year-end local median sales price to $885,000 — an 11 percent drop from $993,000 in June and 19 percent off the $1.1 million high of spring 2022.

Chris and Saied look at announcements from several big companies, including Apple, JPMorgan Chase, and Amazon, who are attempting new pushes to “return to office” after previous attempts foundered. However, the pandemic has showed that many jobs can be done remotely, while a tight labor market and successful pandemic policy has given employees the confidence to push for better working conditions.

They also offer some thoughts on data from Moody’s Investors Service, which indicates that corporate defaults rose last month, with 41 in the U.S. so far this year. That’s more than double the same period last year.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why office real estate values are heading for a sharp crash and likely won't recover by 2040.
Why average US office vacancies currently sit around 50%.
The Case-Shiller index shows the first year-over-year decline in 11 years.
And so much more...

Resources:

"Cinemark closing theater complex at Westfield" (NBC via Instagram)

"OC home prices expected to fall by 11% as recession looms" (TheRealDeal via Instagram)

"Silicon Valley vacancy jumps to 17% as tech firms shed floors" (TheRealDeal via Instagram)

"Return to office? How COVID-19 and remote work reshaped the economy" (Princeton University Press)

"Corporate bankruptcies and defaults are surging – here’s why" (CNBC)

"The World’s Empty Office Buildings Have Become a Debt Time Bomb" (Bloomberg)

"U.S. new home sales jump in May; median house price falls" (Reuters)

"U.S. Home Prices Posted First Annual Decline Since 2012 in April" (The Wall Street Journal)

"Airbnb CEO says this is ‘loneliest time in human history’ and we need to ‘rebuild physical community’" (Fortune)

"The office real estate crash will be so sharp and deep that Capital Economics thinks office values are unlikely to recover by 2040" (Fortune)

"The Debt Crisis Looming in Commercial Real Estate" (Bloomberg)

Titanic Tragedy, Jerome Powell is Grilled & The Data Is Talking Jun 27, 2023

Fed Chairman Jerome Powell has affirmed that more interest rate increases are likely ahead until additional progress is made on bringing down inflation. Speaking a week after FOMC officials decided for the first time in more than a year not to push rates higher, the central bank leader indicated that the move likely was just a brief respite rather than an indication that the Fed is done hiking.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a forecast by London-based research firm Capital Economics, indicating that US office buildings are unlikely to regain their peak pre-pandemic values until at least 2040 as demand for desk space weakens.

Chris and Saied look at a Labor Department report, stating that initial jobless claims held at 264,000 in the week ended June 17 after a slight upward revision to the previous week’s figures. This was above the median forecast of a survey of economists, who estimated 259,000 new claims.

They also offer some thoughts on data from S3 Partners LLC, showing that total US short interest, or the amount traders have spent betting against US equities, exceeded $1 trillion this month as the S&P 500 Index extended its advance. The tally reached the highest since April 2022 before retreating slightly with stocks down for a third straight day.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the FOMC has never explained the reasoning behind the four separate 75-point rate increases.
Why housing makes up the largest component of the COnsumer Price Index (CPI) report.
The definition of a bull market.
And so much more...

Resources:

"Senator Elizabeth Warren pressures Federal Reserve Chair Jerome Powell on the SVB and FirstRepublic bank failures" (Bloomberg via Instagram)

"Higher Interest Rates Hit Home Prices Again" (The Wall Street Journal)

"Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go’" (CNBC)

"Fed Chair Powell says smaller banks likely will be exempt from higher capital requirements" (CNBC)

"US Office Owners Get Dire Warning: Rebound Unlikely Before 2040" (Bloomberg)

"US Jobless Claims Hold at Highest Level Since October 2021" (Bloomberg)

"Short Bets on US Stocks Hit $1 Trillion, Most Since April 2022" (Bloomberg)

"Existing Home Sales Unexpectedly Improve in May Amid Multi-Family Gains" (MSN)

Dr. Doom's Ridiculous Glasses, MJ v. Prince and Why Economists are Late Jun 23, 2023

US Federal Reserve officials struck a hawkish tone in their first comments since the central bank held the policy interest rate steady at its meeting this week but signaled that rate hikes will likely resume. Federal Reserve Governor Christopher Waller said that changes in US credit conditions since the failure of Silicon Valley Bank in early March were 'in line' with financial tightening that was already underway due to Federal Reserve interest rate increases - comments that downplayed the idea a worse-than-anticipated contraction in credit might make further Fed rate increases less necessary.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report by John Burns Real Estate Consulting, indicating that the monthly premium on home ownership is up to $1,030 per month — up 17 percent from this month last year, when the difference favored renters by $884 per month.

Chris and Saied look at the staggering $1.3 billion every day the government pays in interest on its debt. This means that a substantial portion of taxpayer money is being allocated solely to cover the interest costs of the national debt.

They also offer some thoughts on Economist Nouriel Roubini's doubling down on dire warnings about the US, saying the nation is headed for a recession as a combo of higher interest rates, sticky inflation, and a credit squeeze barrel the economy.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Nouriel Roubini's assertion that recession is now 'certain.'
Why economists are saying say it's a near-certainty that housing inflation will fall.
Why the hiring boom is hiding the fact that employees are working fewer hours.
And so much more...

Resources:

"...there will 'certainly' be a recession: Nouriel Roubini" (Yahoo! Finance via YouTube)

"Fed policymakers deliver hawkish vibe after pause decision" (Reuters)

"Why economists say it’s a near certainty that housing inflation will soon fall" (CNBC)

"The government is paying $1.3 billion in interest on its debt every day" (Wealth via Instagram)

"Tech-Stock Boom Pits AI Against the Fed" (The Wall Street Journal)

"Lots of Hiring, but Not So Much Working" (The Wall Street Journal)

"Biden Touts Job Growth in First Re-Election Campaign Rally" (The Wall Street Journal)

"A recession is ‘at our doorstep,’ but investors are falling for a goldilocks scenario, Wells Fargo says. It ‘isn’t going to end all that well’" (Yahoo! Finance)

"U.S. Apartment Values 'Will Plunge A Further 20%,' Economists Say, But Wall Street Still Sees Major Upside In These REITs — Be Greedy When Others Are Fearful?" (Yahoo! Finance)

"Buying costs $1000 more per month than renting" (TheRealDeal via Instagram)

Jerome Powell is Skipping, Inflation and CEO to DJ Jun 20, 2023

The stock market is growing more optimistic about US regional banks, but the lenders still face serious pressure. A credit "contraction is invariably coming," Soros Fund Management Chief Executive Officer Dawn Fitzpatrick has said, adding that additional banks will fail because "there are more problems under the surface." One further source of trouble for the industry will be commercial real estate, an area that in recent years smaller and regional banks have become a bigger force in.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report stating that the Federal Reserve will pause its historic rate-hiking campaign as it waits for the effects to trickle further through the economy, while also signaling that additional rate hikes are likely this year.

Chris and Saied look at data from the Labor Department indicating that the inflation rate cooled in May to its lowest annual rate in more than two years, likely taking pressure off the Federal Reserve to continue raising interest rates.

They also offer some thoughts on the Consumer Price Index showing that inflation has been cut by more than half from last year’s peak. On an annual basis, prices rose by 4% compared to a year ago. That’s a significant decline from April, when annual inflation was 4.9%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why a terminal rate of 5.6% will likely be necessary.
Why consumer spending has been the number one thing propping up the economy up until now.
Why community banks are in serious trouble at the moment.
And so much more...

Resources:

"The Fed holds rates steady, pausing its rate-hiking campaign" (CNN)

"Fed Chair Powell says more rate hikes coming this year" (CNBC via Instagram)

"Instant Reaction: Fed Decision June 14, 2023" (NARresearch via Instagram)

"Westfield leaving downtown San Francisco amid declining sales" (NBC via Instagram)

"Goldman Sachs CEO David Solomon says the U.S. economy has been incredibly resilient" (CNBC via Instagram)

"Inflation rose at a 4% annual rate in May, the lowest in 2 years" (CNBC)

"Here’s the inflation breakdown for May 2023, in one chart" (CNBC)

"CPI Report Shows Inflation Has Been Cut in Half From Last Year’s Peak" (The Wall Street Journal)

"Regional Banks Face Years of Trouble" (The Wall Street Journal)

"The Richest Person In Every State" (Forbes)

"Fed Holds Rates Steady but Expects More Increases" (The Wall Street Journal)

"Fed, SEC Probing Goldman Sachs’s Role in SVB’s Final Days" (The Wall Street Journal)

"Goldman Sachs Is at War With Itself" (The Wall Street Journal)

"Renters Are About to Get the Upper Hand" (The Wall Street Journal)

"There’s More Trouble Coming for Regional Banks" (Bloomberg)

David Solomon, How To Use Credit Cards & Bonds For Dummies Jun 16, 2023

The Federal Open Market Committee (FOMC) is expected to maintain its benchmark lending rate at the 5%-5.25% range, marking the first skip after 10 consecutive increases going back to March of last year. While officials’ efforts have helped to reduce price pressures in the US economy, inflation remains well above their goal. Investors’ focus will be on the Fed’s quarterly dot plot in its Summary of Economic Projections, which is expected to show the policy benchmark rate at 5.1% at the end of 2023.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss comments from Goldman Sachs CEO David Solomon, who claims to be surprised at the way the US economy has weathered higher interest rates, elevated inflation, and banking turmoil over the past year.

Chris and Saied look at recent Fed data, indicating that Americans have a record amount of credit card debt right now — close to $990 billion.

They also offer some thoughts on a revised home prices forecast from Goldman Sachs strategists, who now predict a smaller decline this year — 2.2% decline in 2023, down from 6.1%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The little signs that people are noticing that signal a recession.
Why people are reluctant to change their living standards.
Why consumers will start cutting back on discretionary spending.
And so much more...

Resources:

"The U.S. economy has been incredibly resilient,” Goldman Sachs CEO" (CNBC)

"Americans have almost $990 billion in credit card debt" (Marketplace)

"The hidden risk on bank balance sheets" (Axios)

"'I told you so': Dave Ramsey made the correct call on US real estate 18 months ago — but is he still right about housing in 2023? Here's what the financial guru thinks now" (Moneywise)

https://moneywise.com/real-estate/dave-ramseys-2023-real-estate-predictions

"Wall Street is divided on the outlook for US house prices. Here's what 6 experts have recently said." (Markets Insider)

"Fed Is Set to Pause and Assess the Effect of Rate Hikes" (Bloomberg)

The Truth About Home Prices, Brian's Bad Advisor & Adam Scores Jun 13, 2023

According to Michael Gapen, Bank of America's chief economist, the US economy will likely face a mild recession later this year, but the risk of a severe economic downturn appears low as of now. A correction of labor-market imbalances is needed to bring inflation back down to the Federal Reserve's 2% target, and that typically looks like a mild recession. With risks receding, stress in the banking sector stabilizing, and macroeconomic trends looking good, Gapen said the Fed faces a tough decision regarding interest rates and investors can't completely rule out the possibility of another hike.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report from the Labor Department, indicating that initial filings for unemployment benefits totaled a seasonally adjusted 261,000 for the week ended June 3, an increase of 28,000 from the upwardly revised level of the previous period.

Chris and Saied look at data from Realtor.com with the National Association of Realtors, showing that the popular 30-year fixed mortgage rate hovered in the high-6% range in May. At that level, buyers with an annual income of $100,000, slightly above the national median, could afford a house with a maximum price of about $341,000, however just 39% of the homes for sale were listed at or below that price point in May.

They also offer some thoughts on a new real estate transfer tax in Los Angeles, that was supposed to give the city an average of $56 million a month in its first year. However, in its first month, the Measure ULA tax took in $3.6 million. For transactions closing in April, the city received the revenue from five deals that were subject to the new tax.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why growth is often used as a metaphor of prosperity.
Why a credit crunch has already begun in the commercial office real estate.
Why Larry Summers thinks the Fed has made a huge mistake, and why that's wrong.
And so much more...

Resources:

"The US will face a mild recession, but the risk of a 'hard landing' is currently low, Bank of America's chief economist says" (Business Insider)

"Jobless claims increase more than expected to their highest since October 2021" (CNBC)

"U.S. consumer-credit growth accelerates in April to fastest pace in five months" (MarketWatch)

"The shortage of houses is hitting some people and areas harder than others" (CNBC)

"The “mansion tax” was supposed to bring in $56M monthly. It took in $3.6M" (TheRealDeal)

"Larry Summers says that the Fed should consider doubling down on interest rates in July if it pauses in June because the risk of ‘overheating the economy’" (Fortune)

"Are home prices falling? See what it’s like in your area." (Washington Post)

It's Raining Jobs, Ramsey and CZ Have Problems and Let's be Sexy Jun 09, 2023

The Securities and Exchange Commission filed 13 charges against Binance, the world's largest crypto exchange, and its founder, Changpeng Zhao, alleging both commingled billions of dollars worth of user funds and sent them to a European company controlled by Zhao. The U.S. regulator alleged on Monday that Zhao and his exchange worked to subvert ‘their own controls’ to allow high-net-worth U.S. investors and customers to continue trading on Binance's unregulated international exchange.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a story stating that Christian radio host Dave Ramsey is facing a $150 million lawsuit from 17 listeners who claim he played a role in defrauding them by promoting a timeshare exit company.

Chris and Saied look at a report from the Labor department indicating that payrolls in the public and private sector increased by 339,000 for the month, better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth.

They also offer some thoughts on the latest Markets Live Pulse survey, which found that roughly one in two people who work in finance would change jobs — or already have — if their managers required them to spend more time in the office.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why air travel is the highest-ranking inflation item at 26%.
Why realtors are bowing out of the real estate industry.
The concept of timeshares and their benefits.
And so much more...

Resources:

"Christian radio host Dave Ramsey faces $150 million lawsuit from listeners who say they were defrauded by a timeshare exit company he promoted" (Yahoo! Finance)

"SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations" (CNBC)

"Payrolls rose 339,000 in May, much better than expected in resilient labor market" (CNBC)

"Don’t Ask Us to Come to the Office More — Or We Will Quit, Investors Say" (Bloomberg)

"A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead" (Bloomberg)

"Why the U.S. Remains Far From Recession" (The Wall Street Journal)

A Record Plunge, Goldman goes from Bad to Worse and Landlord Problems Jun 06, 2023

Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slump in deals activity. The company is expected to trim fewer than 250 jobs in the coming weeks. Goldman Sachs, led by CEO David Solomon, was among the first major Wall Street firms to trim jobs in September, cutting a few hundred positions. It then slashed more jobs in January, releasing about 3,200 employees. Morgan Stanley announced about 3,000 job cuts this month, and JPMorgan Chase cut about 500 jobs. However, Goldman is more tied to the ups and downs of Wall Street than its rivals. Its combined 16% drop in first-quarter trading and advisory revenue contributed to a disappointing start to the year.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report from Refinitiv's FedWatch, indicating that U.S. rate futures on Wednesday priced in a pause in interest rate hikes by the Federal Reserve at next month's monetary policy meeting, a massive turnaround from indications of a 25 basis-point increase earlier in the session.

Chris and Saied look at a report from payroll processing firm ADP, showing that the U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations.

They also offer some thoughts on the tumble the stock market took on Wednesday, as the Dow Jones Industrial Average fell 0.4%, or 150 points, by 3:15 p.m. ET, while the S&P 500 and the tech-heavy Nasdaq slid 0.5% apiece.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The concept of market capitalization.
Why inversion typically precedes a recessionary economy.
Why the data is showing that employment is headed in the wrong direction.
And so much more...

Resources:

"Dow falls 130 points after FDIC reveals record plunge in bank deposits" (Forbes via Instagram)

"US rate futures expect Fed pause in June in sharp turnaround from earlier" (Reuters)

"Goldman Sachs is cutting jobs again amid Wall Street deals slump" (CNBC)

"Job openings show surprise increase in April" (Yahoo! Finance)

"Private payrolls rose by 278,000 in May, well ahead of expectations, ADP says" (CNBC)

"Pending home sales unchanged in April, down 20% year-over-year" (CNBC)

"Market Capitalization: What It Is and Why It Matters" (NerdWallet)

"State Farm Halts Home-Insurance Sales in California" (The Wall Street Journal)

"Apple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts" (The Wall Street Journal)

"Downtown LA's office distress shows the pain coming for cities" (Bloomberg)

Recession is Here, Don't Tell The Fed & Don't 10X EVER Jun 02, 2023

U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. The growth picture was further brightened by other data from the Commerce Department on Friday showing a surprise rebound last month in orders of manufactured non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss the debate among Fed officials, centered on concerns over inflation not cooling fast enough and the labor market’s persistent strength.

Chris and Saied look at the increase in real GDP, which reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment.

They also offer some thoughts on a jump in consumer spending of 0.8% last month after gaining 0.1% in March. Economists had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, would rise 0.4%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The difference between Gross DOmestic Income (GDI) and Gross Domestic Product (GDP).

Why the National Bureau of Economic Research has not declared a recession.

Why the additional stress placed on all corporations and profitability will be very visible in July.

And so much more...

"Gross Domestic Income GDI Suggests US Is In Recession Right Now" (Zero Hedge)

"Strong US consumer spending, inflation readings put Fed in tough spot" (Reuters)

"Fed officials debated need for rate hike at last meeting, minutes show" (CNN)

"A Housing Bust Comes for Thousands of Small-Time Investors" (The Wall Street Journal)

Savings You Need, The Fed is Confused and Private Equity Booming May 30, 2023

Deposit runs have led to the collapse of three U.S. banks this year, but another concern is building on the horizon. According to JPMorgan Chase CEO Jamie Dimon, commercial real estate is the area most likely to cause problems for lenders. U.S. banks have experienced historically low loan defaults over the last few years due to low interest rates and the flood of stimulus money unleashed during the Covid-19 pandemic. However, the Federal Reserve has hiked rates to fight inflation, which has changed the landscape. Commercial buildings in some markets, including tech-centric San Francisco, may take a hit as remote workers are reluctant to return to offices.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss an academic paper from economist Olivier Blanchard and former Federal Reserve Chair Ben Bernanke, who guided the central bank and the U.S. economy through the Great Recession, in which they argue that central bankers still have work to do to bring down inflation.

Chris and Saied look at news that San Francisco has the largest sublease market of any U.S. metropolitan area, with 7.2% of its overall office inventory available for sublease, having doubled that figure since late 2019.

They also offer some thoughts on the rise of asset managers, private equity funds and insurers, as the regional banking crisis supercharges the expansion of these non-bank lenders into areas such as providing consumer car loans and mortgages, or financing the construction of buildings.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the debt ceiling 'crisis' is a non-event.
Private equity and how it differs from real estate syndicators.
Special Purpose Acquisition Companies (SPACs): a new way to take companies public.
And so much more...

Resources:

"Here's how much emergency savings you need amid economic uncertainty, according to financial advisors" (CNBC via Instagram)

"Fed Chair Powell says rates may not have to rise as much as expected to curb inflation" (CNBC)

"Jamie Dimon warns souring commercial real estate loans could threaten some banks" (CNBC)

"Analysis: Private equity steps up lending as U.S. banks pull back" (Reuters)

"Former Fed Chair Ben Bernanke says there’s more work ahead to control inflation" (CNBC)

"What's the right emergency fund amount?" (Vanguard)

"These Companies Are Trying To Shed Massive Amounts of San Francisco Office Space" (SF Standard)

"The Majority of U.S. Businesses Have Fewer Than Five Employees" (Census.gov)

"PacWest to Sell $2.6 Billion Real Estate Loans at Discount" (Bloomberg)

"Fed Rate Increases Hit Small Businesses the Hardest" (The Wall Street Journal)

"Regional Banks Rallied Last Week. Traders Continued to Short the Sector" (Bloomberg)

"Fed Official Is Open to Forgoing June Rate Hike" (The Wall Street Journal)

Dissension Amongst the Fed Ranks and Chris Rants May 26, 2023

Federal Reserve Bank of Cleveland President Loretta Mester has said that she does not think the U.S. central bank is at a point yet where it can hold interest rates steady for a period of time, given how stubborn inflation is. Federal Reserve Chair Jerome Powell has signaled the central bank may pause further rate hikes as it assesses the impact of its past tightening, as well as the effect of recent bank sector stress on lending and credit.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss news that JPMorgan sees treasuries as the best hedge against a slowdown, and sees the possibility of 10-year rates falling below 2.5% in the event of a deep recession. The 10-year Treasury rate was trading around 3.53% on Wednesday, after rising as high as 4.09% earlier in the year.

Chris and Saied look at comments from Atlanta Federal Reserve Bank President Raphael Bostic, who said that, if he were voting on monetary policy today, he would vote to hold interest rates steady, but added there is still a lot of data to come before the Fed's meeting in June.

They also offer some thoughts on Elon Musk's assertions that he doesn’t care if his inflammatory tweets scare away potential Tesla buyers or Twitter advertisers.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why most people believe that a recession is inevitable at this point.
Why, despite the fanfare in the media, we're not yet in a credit tightening cycle.
The importance of looking at the actual data, not the intentions.
Why Atlanta Fed President Raphael Bostic says he would not cut rates unless inflation fell farther than to mid to high 3%.
And so much more...

Resources:

"Default Fears Rattle Main Street Investors" (The Wall Street Journal)

"JPMorgan Asset Says Markets Are Right to Bet on US Rate Cuts" (Bloomberg)

"Home Prices Posted Largest Annual Drop in More Than 11 Years in April" (The Wall Street Journal)

"Fed's Mester says not yet at point where it can 'hold' rates" (Reuters)

"Fed's Bostic: if vote on policy were today, would vote to hold steady" (Reuters)

"Elon Musk: ‘I’ll say what I want, and if the consequence of that is losing money, so be it’" (CNBC)

RIP Sam Zell, Home Depot Falls Off and Remodels are Mid May 23, 2023

According to a report from the Commerce Department, retail sales increased but fell short of expectations. The advanced sales report showed an increase of 0.4%, below the Dow Jones estimate for 0.8%. Excluding auto-related figures, sales increased 0.4%, which was in line with expectations. As the numbers are not adjusted for inflation, the headline increase equaled the 0.4% monthly rise in the consumer price index. On an annual basis, sales were up just 1.6%, well below the 4.9% CPI pace.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss news that stock in Home Depot tumbled more than 5%, or $13 a share, in premarket trading, which was worth about 100 points on the Dow Jones Industrial Average. Once trading opened, the stock recovered some of its gains, and was recently down about 1.5%, still big enough to shave about 30 points off the Dow.

Chris and Saied look at a Census Bureau survey, showing that more Americans struggle to meet expenses now than in the immediate aftermath of the Covid-19 pandemic, when millions lost their means of employment. About 38.5% of American adults — or 89.1 million people — faced difficulty in paying for usual home expenses between April 26 and May 8. That’s up from 34.4% a year ago and 26.7% during the same period in 2021.

They also offer some thoughts on the passing of Chicago real estate magnate Sam Zell, who earned a multibillion-dollar fortune and a reputation as “the grave dancer” for his ability to revive moribund properties.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why retail sales rose 0.4% in April, and why this is indicative of bad things to come.
The concept of a real estate trust.
A University of Michigan report showing that consumer sentiment is at an all-time low.
Why Home Depot is warning of annual sales drop for the first time since 2009.
And so much more...

Resources:

"Home Depot just forecast weak consumer demand — here’s what that could mean for the rest of the economy" (CNBC)

"Almost 90 million American adults struggle to make ends meet, Census says" (Bloomberg Business)

"Retail sales rose 0.4% in April, less than expected as consumers struggle with inflation" (CNBC)

"Americans Curb Spending on Home Improvements" (The Wall Street Journal)

"Home Improvement Goes on Hiatus" (The Wall Street Journal)

"Experts Predict Home Improvement Spending to Decline by 2024" (M Report)

Consumer Debt Hits New High, Burry Believes in Bank and JP Got Bars May 19, 2023

Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing. According to a report from the New York Federal Reserve, the total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period. That took total indebtedness up about $2.9 trillion from the pre-Covid period ending in 2019.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss news that famed short-seller Michael Burry and his hedge fund, Scion Asset Management, snapped up 150,000 shares of First Republic prior to its purchase by JP Morgan, worth about $2 million at the end of the first quarter.

Chris and Saied look at A Gallup poll indicating that 36% of US adults say they have a “great deal” or a “fair amount” of confidence that the Federal Reserve chairman would do or recommend the right thing for the economy, a precipitous drop which is now at or below his predecessors’ as the central bank wages its war against inflation.⁣

They also offer some thoughts on recently-released Federal Reserve data, showing that deposits at U.S. banks climbed to $17.16 trillion in the week ended May 3, up about $67 billion, ticking up from the lowest level in nearly two years while bank lending was little changed at a record level.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why inflaton in Argentina has sped up to 109% as currency weakens before the election.
The three steps to a Federal Reserve pivot.
Why Warren Buffett and Michael Burry are doubling down in the banking sector.
Why the FOMC needs to see inflation going down on a fast enough trend.
And so much more...

Resources:

"With $1B in back rent due, LA landlords struggle to survive" (The RealDeal via Instagram)

"Consumer debt passes $17 trillion for the first time" (CNBC via Instagram)

"Michael Burry loaded up on bank stocks during the banking crisis" (Bloomberg Business via Instagram)

"Paul Tudor Jones says the Fed is done raising rates, stocks to finish the year higher" (CNBC via Instagram)

"Confidence in Jerome Powell has plunged to a record low" (Bloomberg Business via Instagram)

"What happens when the prophecy of the blockchain fails?" (Bloomberg Business via Instagram)

"U.S. bank deposits rise in early May, lending little changed at record high" (Reuters)

"US real estate investors are losing money on roughly 1 in 7 homes they sell — among the worst since 2016. And they're most likely to take a hit in these 5 cities" (Moneywise)

"A problem for the housing market: People won’t quit their cheap mortgages" (The Washington Post)

"US Households Show Signs of Stress as New Delinquencies Rise" (Bloomberg)

"Argentina to Hike Rates in Bid to Stem Inflation Crisis" (Bloomberg)

Inflation Isn't What You Think, Tipping is Out of Control and Pot Calling the Kettle May 16, 2023

The number of Americans filing new claims for unemployment benefits have jumped to a 1-1/2-year high, pointing to cracks in the labor market as demand slows, potentially giving the Federal Reserve room to halt further interest rate increases next month. With demand cooling, inflation pressures are subsiding. Data from the Labor Department indicates that producer prices rebounded modestly in April, leading to the smallest annual increase in wholesale inflation in more than two years.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a Labor Department report showing that the consumer price index (CPI), which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate.

Chris and Saied look at comments from JPMorgan Chase CEO Jamie Dimon that markets will be gripped by panic as the U.S. approaches a possible default on its sovereign debt, calling the default "potentially catastrophic" for the country.

They also offer some thoughts on a statement by New York Federal Reserve President John Williams, who cautioned that interest rate increases will take a while to work their way through the economy before inflation returns to an acceptable level.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why services inflation is really consumer discretionary spending more than anything else.
Why housing prices are excluded from the Labor Department’s CPI report.
The odds of a Fed rate cut this year.
Why the Fed's 'stress tests' for banks failed.
And so much more...

Resources:

"Jamie Dimon warns panic will overtake markets as US approaches debt default" (CNBC via Instagram)

"The family behind First Citizen's Bank is $1 billion richwer since SVB" (Bloomberg Business via Instagram)

"AirBnB stock craters - founders lose $4 billion in one day" (Forbes via Instagram)

"Inflation rate eases to 4.9% in April, less than expectations" (CNBC)

"Wholesale prices rose just 0.2% in April, less than estimate as inflation pressures ease" (CNBC)

"Fed’s John Williams says rates could be increased if inflation doesn’t come down" (CNBC)

"Worries linger about financial stability following bank rescue, Fed report shows" (CNBC)

"US weekly jobless claims hit 1-1/2-year high; inflation subsiding" (Reuters)

"Brits are being offered no-deposit 100% mortgage loans for the first time since 2008" (CNBC)

"We May Be Getting Used to High Inflation, and That’s Bad News" (The Wall Street Journal)

"Icahn, Under Federal Investigation, Blasts Short Seller" (The Wall Street Journal)

"Inflation Eased in April but Remains Stubbornly High" (The Wall Street Journal)

"Can Inflation Fall Fast Enough for the Fed?" (The Wall Street Journal)

"How the Fed’s stress tests failed to stop a banking crisis" (Fortune)

"Monthly Mortgage Payments Could Surge 22% If US Defaults" (Bloomberg)

The Recession is Looming, Jobs Report and Finance Slum Dog Millionaire May 12, 2023

The Pandemic Housing Boom saw a flood of institutional homebuying. Low interest rates, easy access to capital, soaring rents, and skyrocketing home values were just too good a deal for Wall Street types like Blackstone and iBuyer players like Opendoor Technologies to pass on. However, it seems that institutional homebuyers are pulling back. According to an analysis conducted by John Burns Research and Consulting, institutional investors — those owning over 1,000 homes — bought 90% fewer homes in January and February than they did in the first two months of 2022. Invitation Homes, the largest owner of U.S. single-family rental homes recently became a net seller. In the first quarter of 2023, Invitation Homes bought 194 homes while it sold off 297.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss the reasons that banks are going to choose to be strategic in the deployment of capital, partially because they want to keep as much of their balance sheets as possible, in case of a run on deposits, and partially because any loan they make today is going to be underwater if the Federal Reserve continues to increase rates.

Chris and Saied look at news that shares of San Francisco-based PacWest Bancorp plunged after investors learned the regional bank was considering a sale. Despite thet fact that the bank has said it had not experienced a high number of customer withdrawals, the news still stoked fears of a potential surge in withdrawals among regional banks.

They also offer some thoughts on the results of a survey from the National Federation of Independent Businesses (NFIB), a lobbying organization that represents small business owners nationwide, which shows that small business earnings rose to the highest levels in at least 45 years last month.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the market is not concerned with interest rate increases.
Why the US dollar needs to be the world's currency.
Why the debt ceiling is going to have to be raised well before June 1.
Why, in 2011, the debt ceiling crisis led to an S&P downgrade of US sovereign debt.
And so much more...

Resources:

Wall Street is running away from the housing market. But why?

Powell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC Standoff

Fed report shows banks worried about conditions ahead, with focus on slowing economy and deposit outflows

Outlook for household spending slumped in April, New York Fed survey shows

Corporate Stock Buybacks Help Keep Market Afloat

What are the advantages of being the Nation that has the Reserve Currency

The Kardashev Scale - Type I, II, III, IV & V Civilization

Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows

The Fed Kills Banks, the Aftermath and the Galactic Menagerie May 09, 2023

Employment openings pulled back further in March, hitting a nearly two-year low in a sign that the ultra-tight U.S. job market is loosening and possibly putting less pressure on inflation, according to a report by the Labor Department. The department’s Job Openings and Labor Turnover Survey showed that job vacancies totaled 9.59 million for the month, down from 9.97 million in February and below the FactSet estimate for 9.64 million. At the same time, layoffs and discharges jumped by 248,000 to just over 1.8 million, taking the rate as a share of the workforce up to 1.2% from 1%.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report from payroll processing firm ADP that states that private payrolls rose by 296,000 for April, above the downwardly revised 142,000 the previous month and well ahead of the estimate for 133,000.

Chris and Saied look at Fed Chair Jerome Powell's recent press conference, in which he said that, "The run on Silicon Valley Bank was out of keeping with the speed of runs through history. And that now needs to be reflected in some way in regulation and in supervision.”

They also offer some thoughts on the recent increase in the Fed's target range for its benchmark interest rate by 0.25%, while leaving its options open on future rate hikes.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the entire regional bank sector is taking a significant pounding.
Why the market doesn't believe a lot of what Fed Chair Jerome Powell is saying.
The reason why so many knowledgeable people on the news and in social media seem to have no idea how banking works.
The role of digital banking, providing depositors with quick access to their funds that they can move immediately.
And so much more...

Resources:

"Dow tumbles more than 300 points as banking sector worries reignite before Fed rate decision" (CNBC)

"Job openings fell more than expected in March to lowest level in nearly two years" (CNBC)

"Private payrolls surged by 296,000 in April, much higher than expected, ADP says" (CNBC)

"Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike" (CNBC)

"Federal Reserve pushes interest rates above 5% for first time since 2007" (Yahoo! Finance)

"Exclusive: US officials assessing possible 'manipulation' on banking shares" (Reuters)

"Apple reportedly attracted $1 billion in deposits into its new high-yield savings account in just 4 days" (BusinessInsider)

"As JPMorgan Scoops Up First Republic, Are Banks Facing Their ‘Minsky Moment?'" (Payments.com)

"US job openings fall to a nearly 2-year low of 9.6 million. Fewer people are quitting too" (MarketWatch)

"For Banks Under Stress, There’s a Federal Backstop That Provides Help Without Stigma" (Bloomberg)

"Regional Bank Stocks Close at Lowest Level Since 2020" (Wall Street Journal)

"What a Fed Debate 17 Years Ago Reveals About Its Rate Deliberations Now" (Wall Street Journal)

The Big First Republic Episode May 05, 2023

Regulators have seized First Republic Bank and sold its assets to JPMorgan Chase & Co in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. First Republic was among regional U.S. lenders most battered by a crisis in confidence in the banking sector in March, when depositors fled en masse from smaller banks to giants like JPMorgan as they panicked over the collapse of two other mid-sized U.S. banks.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss comments from JPMorgan Chase CEO Jamie Dimon, who said that the crisis that led to the downfall of three regional U.S. banks in recent weeks is largely over after the resolution of First Republic.

Chris and Saied look at a warning from billionaire investor Charlie Munger, vice Chairman of Berkshire Hathaway, who sees trouble ahead for the U.S. financial system because American banks are "full of... bad loans" due to falling property prices in the country in a situation that seems very similar to what caused the banking crisis in 2008.

They also offer some thoughts on recently-released economic data showing that inflation rose again in March, despite a year’s worth of interest rate increases. This is data that the Federal Reserve watches very closely.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why you can’t compare the large global banks to regional community banks.
Why the Federal Deposit Insurance Corporation (FDIC) will share losses with JP Morgan on First Republic loans.
What other banks are doing to prepare for a possible rate hike.
Why banks are not doing loans right now.
And so much more...

Resources:

"Australia’s central bank hikes rates by 25 basis points; Asia-Pacific markets mixed" (CNBC)

"Jamie Dimon says ‘this part of the crisis is over’ after JPMorgan Chase buys First Republic" (CNBC)

"Key inflation gauge for the Fed rose 0.3% in March as expected" (CNBC)

"Charlie Munger says the U.S. commercial property market is in trouble: FT report" (CNBC)

"Big banks including JPMorgan Chase, Bank of America asked for final bids on First Republic" (CNBC)

"The U.S. could hit the debt ceiling by June 1, much sooner than expected, Yellen warns" (CNBC)

"Charlie Munger Sounds The Alarm on Issue That Could Bring Down the U.S. Economy" (TheStreet)

"Warren Buffett might help rescue the banks again - but he'll probably make less money this time around" (Markets Insider)

"Renting is still far less expensive in Dallas-Fort Worth than in other metros" (The Dallas Morning News)

"Regulators seize First Republic Bank, sell assets to JPMorgan" (Reuters)

"Ranked: The U.S. Banks With the Most Uninsured Deposits" (Visual Capitalist)

"A Tax Loophole Makes EV Leasing a No-Brainer in the US" (Bloomberg)

"First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank Failure" (The Wall Street Journal)

"The Building Boom Is Prolonging Market Pain" (The Wall Street Journal)

"Why First Republic Bank Collapsed" (The Wall Street Journal)

GDP Breakdown, Home Value Hype and FRC Wants a Handy May 02, 2023

Growth in the U.S. slowed considerably during the first three months of the year as interest rate increases and inflation took hold of an economy largely expected to decelerate even further ahead. According to the Commerce Department, gross domestic product (GDP) rose at a 1.1% annualized pace in the first quarter. Economists surveyed by Dow Jones had been expecting growth of 2%.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report stating that U.S. home prices, as measured by the seasonally adjusted Case-Shiller National Home Price Index, rose 0.15% between January and February. This month-over-month national home price uptick comes after national prices had declined every month between June 2022 and January 2023.

Chris and Saied look at news showing the continued decline of First Republic Bank's stock, an ongoing rout that has erased 60% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.

They also offer some thoughts on the apparent end of the severe contraction in the US housing market over the past year, a bottoming-out which is raising hopes on Wall Street that America could avoid a recession altogether.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The definition of gross domestic product (GDP).
Why businesses have been drawing down inventory and cutting equipment purchases.
Why home values don’t just drop across the country at the same time.
Why historically, housing has been a critical driver of the broader business cycle.
And so much more...

Resources:

"GDP Report Shows Economic Growth Slowed in First Quarter" (The Wall Street Journal)

"Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails" (CNBC)

"Housing market correction is running on fumes as Case-Shiller reports the first U.S. home price uptick since June—these 2 charts tell the story" (Fortune)

"The housing market's bottoming-out raises hopes that the US can avoid a recession" (Bloomberg Business)

"First Republic Bank Is a Problem With No Easy Solution" (The Wall Street Journal)

"Google Ad Revenue Drops for Second Straight Quarter" (The Wall Street Journal)

Credit Doesn't Matter, Sam Zell is Downgrading Work from Home and the Repo Man Apr 28, 2023

Many critics have blasted new rules from the Biden administration that will force good-credit homebuyers to subsidize the costs of buyers with poor credit. One former Obama housing official is calling out the "unprecedented" move, arguing this is "not the way" to bring in more home buyers. New rules from the Federal Housing Finance Agency (FHFA) will allow consumers with lower credit ratings and less money for a down payment to qualify for better mortgage rates than they otherwise would have. In turn, the costs are expected to be passed on the those with good credit. The rules are set to go into effect May 1.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss comments from tech investor Chamath Palihapitiya, who said two years ago that bitcoin had replaced gold and predicted the digital currency would climb to $200,000, who is now saying that "Crypto is dead in America," blaming its demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry.

Chris and Saied look at reports that Bed Bath and Beyond has filed for Chapter 11 bankruptcy protection after it failed in several last-ditch efforts to raise enough money to keep the company alive. It had been warning of a potential bankruptcy since early January, when it issued a “going concern” notice that it may not have the cash to cover expenses after a dismal holiday season.

They also offer some thoughts on real estate magnate Sam Zell's assertion that "Remote work is a bunch of bullshit," speaking at a luncheon at NYU’s Schack Institute of Real Estate as part of its annual REIT Symposium.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

What is Moody's and why do its ratings matter?
Why working from home is here to stay, but it's not for everyone.
Why Google CEO’s compensation package includes $6 million for personal security.
Why Coinbase's CEO Brian Armstrong says his company is preparing for a years-long court battle with the commission.
And so much more...

Resources:

"Former Obama housing chief slams Biden’s ‘unprecedented’ mortgage plan: ‘Not the way to do it’" (Fox Business)

"Frank's Charlie Javice moved millions from JPMorgan to Signature months before the bank collapsed" (Bloomberg Business)

"More US consumers are falling behind on payments" (Yahoo! Finance)

"Amazon, Microsoft, Meta, Alphabet lead earnings rush: What to know this week" (Yahoo! Finance)

"‘Crypto is dead in America,’ says longtime bitcoin bull Chamath Palihapitiya" (CNBC)

"Meta has started its latest round of layoffs, focusing on technical employees" (CNBC)

"Google’s 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown" (CNBC)

"BuzzFeed News Is Shutting Down, and Vice World News Could Be Next" (The Wall Street Journal)

"Bed Bath & Beyond Files for Bankruptcy" (The Wall Street)

"First Republic Lost $100 Billion in Deposits in Banking Panic" (The Wall Street Journal)

"The Labor Market Might Be Bending; It Isn’t Breaking" (The Wall Street Journal)

"Moody’s Downgrades 11 Regional Banks, Including Zions, U.S. Bank, Western Alliance" (The Wall Street Journal)

"The Repo Man Returns as More Americans Fall Behind on Car Payments" (Bloomberg)

"Remote work is ‘bull***t’ and the ‘office situation will change,’ says real estate billionaire Sam Zell: ‘People need to be together’" (Fortune)

“US existing-home prices fall nearly 1% in March, the biggest drop in a decade” (MarketWatch)

Beige Book, Look at Earnings and Saied is the Villain Apr 25, 2023

The US economy stalled in recent weeks, with hiring and inflation slowing and access to credit narrowing, the Federal Reserve said in its Beige Book survey of regional business contacts. "Overall economic activity was little changed in recent weeks," the Fed said in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee. "Several districts noted that banks tightened lending standards amid increased uncertainty and concerns about liquidity. Overall price levels rose moderately during this reporting period, though the rate of price increases appeared to be slowing."

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a recent survey from LendingTree Inc., indicating that US consumers are increasingly using installment loans to pay for everyday items like groceries, highlighting the financial pain wrought by the worst inflation outbreak in four decades.

Chris and Saied look at Meta’s latest round of job cuts, as employees with technical backgrounds like user experience, software engineering, graphics programming are being let go.

They also offer some thoughts on earnings season, demystifying some of the terminology and concepts that get tossed about so that you can better understand what earnings reports mean for you and the economy.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

How credit is being impacted by the stalling US economy.
The Federal Reserve's Beige Book: What it is and why it matters.
The rise of 'buy now, pay later' services, and the negative impact they're having on consumers.
The continued rash of layoffs in the tech sector - and soon, the banking sector as well.
And so much more...

Resources:

"US Economy Stalls as Credit Narrows, Fed’s Beige Book Says" (Bloomberg)

"Americans Go Deeper Into Debt as They Use Buy Now, Pay Later Apps for Groceries" (Bloomberg)

"More US consumers are falling behind on payments" (Yahoo! Finance)

"Meta has started its latest round of layoffs, focusing on technical employees" (CNBC)

Janet Yellen is Sexy, Site Your Sources, Rent is Falling and Home Rap Apr 21, 2023

According to data from Redfin, the median U.S. asking rent fell 0.4% year over year to $1,937 in March. That’s the first U.S. Treasury Secretary Janet Yellen has said that banks are likely to become more cautious and may tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve interest rate hikes. In a recent interview, Yellen said that policy actions to stem the systemic threat caused by last month's failures of Silicon Valley Bank and Signature Bank had caused deposit outflows to stabilize, "and things have been calm."

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss the launch of Apple's 'Apple Card' savings account, with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones.

Chris and Saied look at a report from investment research firm Morgan Stanley Capital International (MSCI), indicating that investors have grown voracious for apartment-building acquisitions in 2021 and 2022, having purchased $355.5 billion and $299.2 billion worth of apartment buildings, unprecedented sums that far surpassed the previous $194 billion record of multifamily sales in 2019.

They also offer some thoughts on news that the National Association of Home Builders / Wells Fargo Housing Market Index climbed to 45 in April, a 1-point gain, the highest since September. The index stood at 77 in April 2022.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the Fed believes that unemployment is an inflationary trend.
Why Chris believes inflation may be moderating.
The degree of liability on the line for banking executives in the wake of the current crisis.
Why difficulty getting loans and a lack of inventory has created a stalemate in the housing market.
And so much more...

Resources:

"Yellen says US banks may tighten lending and negate need for more rate hikes" (Reuters)

"Fed should let the economy equilibrate, says former Fed nominee Judy Shelton" (CNBC)

"Warren Buffett Doesn't Hold Back When Asked About Failed Bank Execs" (TheStreet)

"Credit-card balances have hit historic highs. Here’s why that’s a worrying sign." (Market Watch)

"NO ATMs, no fees, and a 103-year old vault: Inside America's Smallest Bank" (Businessweek via Instagram)

"Apple launches its savings account with 4.15% interest rate" (CNBC)

"Rental Market Tracker: U.S. Rents Post First Annual Decline in Three Years" (Redfin)

"Landlords pumped billions into apartment buildings during the pandemic. That bet could now go horribly wrong." (Yahoo! Finance)

"Apple launches its savings account with 4.15% interest rate" (CNBC)

"Charlie Javice, the founder accused of fraud by JPMorgan, is arrested as DOJ files criminal charges" (Fortune)

"Bosses Pay Workers to Move Closer to Offices" (The Wall Street Journal)

"Homebuilder sentiment rises in April, as builders grab near-record share of the market" (CNBC)

"$134.1M! Wells Fargo CEO's retirement payout even bigger than thought" (USA Today)

It's Time to get Frank, Banks and Boing Boing Apr 18, 2023

Released Federal Reserve documents seem to indicate that fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year. Minutes from the March meeting of the Federal Open Market Committee (FOMC) included a presentation from staff members on potential repercussions from the failure of Silicon Valley Bank and other tumult in the financial sector that began in early March.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a report from the Labor Department indicating that US producer prices unexpectedly fell in March as the cost of gasoline declined, along with signs that underlying producer inflation was subsiding.

Chris and Saied look at analyst's estimates, suggesting that deposits at JPMorgan Chase, Wells Fargo and Bank of America will tumble $521 billion from a year earlier, the biggest drop in a decade.

They also offer some thoughts on criminal fraud charges brought by the Department of Justice against Charlie Javice, founder and former CEO of Frank, a startup college financial planning company for students, in which they allege that she "engaged in a brazen scheme" when she sold her company to JPMorgan Chase in 2021.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The statistics that can be found behind the CPI report.
The two main problems with the shelter component of the CPI report.
Why the Fed expects a banking crisis to cause a recession this year.
The ins and outs of the Charlie Javice fraud case.
And so much more...

Resources:

"US consumer prices rise moderately; underlying inflation too hot" (Reuters)

"US labor market gradually losing steam; producer inflation cooling" (Reuters)

"U.S. producer prices unexpectedly fall in March" (Reuters)

"Fed expects banking crisis to cause a recession this year, minutes show" (CNBC)

"Top US banks to reveal $521 billion deposit drop, the most in a decade” (Bloomberg Business)

"Deposit Crisis Sets Up a Tough First Quarter for All but the Biggest Banks" (The Wall Street Journal)

"Charlie Javice, the founder accused of fraud by JPMorgan, is arrested as DOJ files criminal charges" (Fortune)

"The Fed’s efforts to fight housing inflation by hiking interest rates has backfired, Cramer says" (CNBC)

"Inflation rises just 0.1% in March and 5% from a year ago as Fed rate hikes take hold" (CNBC)

"Bank Volatility to Cut U.S. Economic Growth, IMF Says" (The Wall Street Journal)

"Fed expects banking crisis to cause a recession this year, minutes show” (CNBC)

"Fed Keeps May Interest-Rate Increase on Table Despite Expected Recession" (The Wall Street Journal)

Dr. Doom's Boom, Strong Job Numbers and AI is Coming Apr 14, 2023

According to the Labor Department, payrolls grew by 236,000 for the month, compared to the Dow Jones estimate for 238,000 and below the upwardly revised 326,000 in February. The unemployment rate ticked lower to 3.5%, against expectations that it would hold at 3.6%, with the decrease coming as labor force participation increased to its highest level since before the Covid pandemic.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss Nouriel Roubini's continued calls for disaster, stating that neither the US central bank nor the federal government will have the maneuvering room needed to sufficiently stimulate the economy.

Chris and Saied look at a survey by recruiter Robert Walters of 3,000 white collar workers who moved jobs during the pandemic, found that 71% wanted to return to their pre-pandemic employer.

They also offer some thoughts on a report from Walmart indicating that it expects about 65% of its stores to be serviced by automation by the end of its fiscal year 2026, just days after revealing plans to lay off more than 2,000 people at facilities that fulfill online orders.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why job growth in March is not ideal when the Fed is taken into account.
Why a strong jobs report hurts the services inflation, something that has not come down since the last CPI report.
Why the Saudis and OPEC are moving away from the US dollar.
Insight on community banks and their loan loss provisions.
And so much more...

Resources:

"Bosses are training employees to be influencers - after long discouraging social media posts about work" (Forbes via Instagram)

"Who is Nouriel Roubini, Wall Street's 'Dr. Doom' economist who has warned of catastrophe for 2 decades?" (Markets Insider)

"Morgan Stanley analysts are forecasting something ‘worse than in the Great Financial Crisis’ for commercial real estate" (Yahoo! Finance)

"Bank Failures. High Inflation. Rising Rates. Is the Resilient Jobs Market About to Crack?" (The Wall Street Journal)

"Private payrolls rose by 145,000 in March, well below expectations, ADP says" (CNBC)

"Job growth totals 236,000 in March, near expectations as hiring pace slows" (CNBC)

"Bosses Want Hard Workers — So They’re Hiring Older People" (The Wall Street Journal)

"Great Resignation becomes Great Regret as workers long for their pre-Covid jobs" (Yahoo! Finance)

"Walmart aims for 65% of stores to be automation serviced by 2026" (Yahoo! Finance)

"Here's how many U.S. workers ChatGPT says it could replace" (Yahoo! Finance)

"The coming commercial real estate crash that may never happen" (CNBC)

"Diddy still pays Sting ‘$5,000 a day’ for sampling his hit song ‘Every Breath You Take’ 26 years ago" (CNBC)

"U.S. Debt to GDP Ratio 1989-2023" (Macrotrends)

Jim Cramer Says You're Good Unless you Work Here Apr 11, 2023

One of the world’s most well-known economists believes the banking crisis is far from over, and that U.S. authorities are merely buying themselves some time by insisting the banking system is “sound.” Nouriel Roubini, chief executive of consulting firm Roubini Macro Associates, argued on Friday that the financial system will be unable to cope with the sheer scale of private and public debt that has already been amassed, spawning a “trilemma” that will soon trigger another phase of panic.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss the news that an inflation gauge that the Federal Reserve follows closely rose slightly less than anticipated in February, providing some hope that interest rate hikes are helping ease price increases.

Chris and Saied look at comments from asset management giant BlackRock stating that investors are too confident the Federal Reserve will cut interest rates this year and could pay the price later.

They also offer some thoughts on Jim Cramer's assertion that he’s still searching for the first sign of a recession, even though it’s all anyone seems to be talking about.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why Moody’s expects home prices to decline about 4% both in 2023 and in 2024.
The impact of the Federal Reserve’s rate increases on banks.
Why the Fed is on track to lose 100 billion by the end of the year.
Why markets are betting that the Fed will start cutting rates by July.
And so much more...

Resources:

"Key Fed inflation gauge rose 0.3% in February, less than expected" (article from CNBC)

"Home prices suddenly jump after several months of declines" (article from CNBC)

"Bank Stress, Softer Inflation Just Made Fed’s Life Easier" (article from The Wall Street Journal)

"BlackRock warns that investors are making a mistake by betting on the Fed to cut rates" (article from CNBC)

"‘Dr. Doom’ Nouriel Roubini warns economic ‘trilemma’ is making a financial crash inevitable" (article from Fortune)

"A recession may be coming, but Jim Cramer says he’s not seeing the early signs yet" (article from CNBC)

Charles Schwab Goes out for McDonalds and Gets Verified Apr 07, 2023

$47 billion. That's the amount of market capitalization Charles Schwab has had wiped out in just one month. The stock fell 33% between Feb. 28 and March 31. At the end of February, Charles Schwab's shares were trading at around $77.92. A month later, the price fell to $52.38. This is Charles Schwab's worst month since the October 1987 stock market crash, known as Black Monday. That day, the Dow Jones index lost 508 points, a decline of 22.6% and the largest daily decline in a stock market index at the time. Only the drop by 76% of the Icelandic stock market in 2008 would exceed this record.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss Federal Reserve data, showing that depositors have removed another $126 billion from U.S. banks during the week ending March 22. The biggest 25 banks lost $90 billion on a seasonally adjusted basis. Smaller banks, which suffered massive withdrawals the previous week as regulators seized regional lenders Silicon Valley Bank and Signature Bank, were able to stabilize their outflows.

Chris and Saied look at a story from Forbes, indicating that more than 136,000 people lost their jobs in major layoffs at U.S. companies over the fiscal quarter ending this week, more than the prior two quarters combined, as tech and manufacturing layoffs, led by Amazon, Google, Meta and Microsoft, surged.

They also offer some thoughts on new housing market data, showing that existing home sales dropped in 12 of the last 13 months and existing home prices peaked last June. The surge of home prices during the height of the pandemic and the jump in mortgage rates since the Federal Reserve began raising interest rates last March dampened home demand.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why cash remains king in this economy.
How consumers can guage buy or sell opportunities.
Why McDonald’s is closing its U.S. corporate offices as it lays off hundreds of workers.
Why there's been mostly silence from the National Bureau of Economic Research.
And so much more...

Resources:

"Depositors yank another $126 billion from US banks" (article from Yahoo! Finance)

"Charles Schwab Loses $47 Billion in Market Value in One Month" (article from TheStreet)

"136,000 laid off in major US job cuts this quarter - more than prior two quarters combined” (Forbes via Instagram)

"McDonald's temporarily shuts US offices, prepares layoff notices, Wall Street Journal reports" (article from Reuters)

"US Housing Market in Trouble: Moody's Predicts Home Prices Will Fall in 2023 and 2024" (article from TheStreet)

"Instagram sold 44,000,000 blue checks in one day at $15 a check" (DJ Key via Instagram)

"McDonald’s closes corporate offices as it lays off hundreds of workers" (article from CNBC)

Rawcession, Charles Schwab has Trouble and Saied Gets Pink Eye Apr 04, 2023

As the US banking crisis drags on, investors are starting to unearth risks within Charles Schwab that have been hiding in plain sight. Unrealized losses on the firm’s balance sheet, loaded with long-dated bonds, ballooned to more than $29 billion last year. At the same time, higher interest rates are encouraging customers to move their cash out of certain accounts that underpin Schwab’s business and bolster its bottom line.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss news that Credit Suisse, the collapsed Swiss bank taken over by UBS Group in a hastily arranged bailout, has provided a safe haven for wealthy American clients to hide assets from the IRS — even after it was caught and prosecuted for doing the same thing more than a decade ago, according two former Credit Suisse bankers who are working with the U.S. government as whistleblowers.

Chris and Saied look at a report from the Labour Department, indicating that jobless claims for the week ended March 25 totaled 198,000, up 7,000 from the previous period and a bit higher than the 195,000 estimate.

They also offer some thoughts on the recent news that Binance Holdings, the world’s largest cryptocurrency exchange, and CEO Changpeng "CZ" Zhao, are being sued by a US regulator for allegedly breaking trading and derivatives rules. The Commodity Futures Trading Commission said Binance shirked its obligations by not properly registering with it.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Where Silicon Valley Bank falls in line with the other banks across the country.
How a company’s market capitalization is estimated.
Why pending home sales were up 0.8% month over month in February.
The concept of a mansion tax.
And so much more...

Resources:

"First Citizens shares soar 50% after the bank buys a large chunk of failed Silicon Valley Bank" (article from CNBC)

"Where Financial Risk Lies, in 12 Charts" (article from The Wall Street Journal)

"Charles Schwab's $7 trillion empire built on low rates is showing cracks" (Bloomberg Businessweek via Instagram)

"Minneapolis Fed chair Neel Kashkari says "fundamentally, the banking system is sound"" (CBS News)

Debt on Blackstone buildings 47% more than portfolio's worth" (The RealDeal via Instagram)

"Apple plans to launch Apple Pay later - allowing users to split purchases into four payments with no additional fees” (Complex via Instagram)

Nick Gerli via Twitter

“Jobless claims edge up to 198,000, higher than expected” (article from CNBC)

"Binance crypto exchange and CEO "CZ" Zhao sued by US regulator" (Bloomberg Business via Instagram)

"Look: The Brutal Layoff Email Disney CEO Bob Iger Sent Employees Today" (article from TheStreet)

StockMKTNewz - Evan via Twitter

"Higher Rates Are Coming for U.S. Companies" (article from The Wall Street Journal)

"Markets Are Wrong on US Rate-Cut Bets, BlackRock Says" (article from Yahoo! Finance)

"A Tale of Two Housing Markets: Prices Fall in the West While the East Booms" (article from The Wall Street Journal)

"Binance Sued by CFTC Over Evading U.S. Rules" (article from The Wall Street Journal)

"Binance Sees $2 Billion in Outflows as Troubles Compound" (article from The Wall Street Journal)

"US pending home sales rise for third straight month; loan demand increases" (article from Reuters)

"Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years" (article from CNBC)

"Thanks to regulators, SVB will be the most costly bank failure in history" (article from The Hill)

Jerome Powell vs Ben Bernanke and Paul Volcker, Bank Conspiracy Theory and Don't Do This Mar 31, 2023

As a series of U.S. lenders were besieged by customers yanking out their money this month, banking giants such as JPMorgan Chase & Co, Citigroup Inc. and Bank of America Corp. warned employees: Do not make it worse. JPMorgan, the nation's largest bank, told all employees they "should never give the appearance of exploiting a situation of stress or uncertainty," in a March 13 memo. "We do not make disparaging comments regarding competitors."

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss data showing that customers have recently pulled nearly $100 billion in deposits, while Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council.

Chris and Saied look at news that Deutsche Bank’s stock plunged Friday as the market hones in on the German firm as the next major bank at risk in the wake of long-time rival Credit Suisse’s collapse and similar events stateside. Frankfurt-listed shares of Deutsche Bank dropped 7.5%, now down more than 25% since March 8, when confidence in the international banking system began to crumble.

They also offer some thoughts on data from Trepp, an analytics provider for the Structured Finance, CRE, and Banking markets, indicating that this year, roughly $270 billion in commercial mortgages held by banks are set to expire. This means that big owners of property face the prospect that beleaguered banks, especially smaller ones, could get more aggressive with lending arrangements, giving landlords even less room to breathe as they try to refinance a mountain of loans coming due.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Paul Volcker’s monetary policy career and Ben Bernanke’s role in AIG bailout.
Jerome Powell's role in the current banking crisis.
The two different types of lender in the commercial real estate space.
Why JP Morgan and Bank of America have been telling staff not to poach clients from stressed competitors.
And so much more...

Resources:

"Volcker Slayed Inflation. Bernanke Saved the Banks. Can Powell Do Both?" (article from Bloomberg)

"Exclusive: JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks" (article from Reuters)

"Nearly $100 billion in deposits pulled from banks; officials call system ‘sound and resilient’" (article from CNBC)

Custodia Bank via Twitter

"Veteran of FDIC Takeover Tells What It’s Like to Run a Failed Bank" (article from The Wall Street Journal)

"What’s Going On at Deutsche Bank?" (article from The Wall Street Journal)

"Commercial real estate is in trouble. A banking crisis will make it worse." (article from Yahoo! Finance)

"Elon Musk says Jerome Powell is so bad at his job that GPT-4 would be a better Fed chair: ‘This foolish rate hike will worsen depositor flight’" (article from Yahoo! Finance)

Janet Yellen vs. Jerome Powell, a Recession Looms and Millennials Messed Up Everything Mar 28, 2023

Recession chatter has returned on Wall Street as markets deal with the blow of several bank failures and the potential economic aftermath. The likelihood of a U.S. recession is back on the rise for the first time since November 2022, according to the latest Bank of America fund manager survey released on Tuesday. About 42% of fund managers surveyed see a recession happening within the next 12 months, up from 24% in February. While fund managers aren't in universal agreement on a recession, they are almost in unison on the economy being stagnant over the next 12 months.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss data released by the Census Bureau, stating that housing starts, a measure of new home construction, rose by 9.8% in February from January, though that’s still down 18.4% from a year ago. Starts in January rose to a seasonally adjusted annual rate of 1.450 million, up from the revised January estimate of 1.321 million.

Chris and Saied look at news that the Securities and Exchange Commission has unveiled fraud and unregistered securities charges against crypto founder and Grenadian diplomat Justin Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy.

They also offer some thoughts on a review by Bloomberg News indicating that, in terms of layoffs, 2023 had the the worst start to a year since 2009, with nearly 52,000 jobs lost in one week in January alone. Since Oct. 1, executives across sectors have sacked almost half a million employees around the world.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why small regional banks really help small to midsize businesses.
The importance of understanding that the FOMC’s economic projections are not linear.
The difference between the Federal Deposit Insurance Corporation (FDIC) and the Federal Deposit Insurance Agency.
The importance of getting permits before you apply for a construction loan.
And so much more...

Resources:

"Yellen: U.S. Could Intervene Again to Protect Banking System" (video from The Wall Street Journal)

"Home Prices Fell in February for First Time in 11 Years" (article from The Wall Street Journal)

"Global layoffs stretch far beyond big tech" (Bloomberg Business via Instagram)

"‘Already past the point of no return’: JPMorgan says the U.S. is probably headed for a recession as economic ‘engines are about to turn off’" (article from Fortune)

"Gen Z is racking up credit card debt faster than any other generation" (Businessweek via Instagram)

"BofA: 'Recession fears are up in March'" (article from Yahoo! Finance)

"Goldman boosts US recession odds after slashing GDP forecast" (article from Yahoo! Finance)

"U.S. SEC threatens to sue Coinbase over some crypto products" (article from Reuters)

"Fed Raises Rates but Nods to Greater Uncertainty After Banking Stress" (article from The Wall Street Journal)

"Home sales spike 14.5% in February as the median price drops for the first time in over a decade" (article from CNBC)

"US home building surged in February" (article from CNN)

"Irvine company to build 4.5K apartments in Irvine" (article from TheRealDeal)

"LA cuts revenue predictions from new transfer tax by 25%" (article from TheRealDeal)

"SEC charges Tron founder Justin Sun, celebrities Lindsay Lohan, Jake Paul with crypto violations" (article from CNBC)

"Jake Paul earned over $2 million by promoting pump and dump crypto schemes" (article from Cryptoslate)

"11 things millennials ruined" (article from Mashable)

Credit Suisse Sells, Regional Banks and the Key to Happiness Mar 24, 2023

Banking giant UBS is in discussions to take over all or parts of Credit Suisse, with the boards of Switzerland's two biggest lenders set to meet separately over the weekend. The Swiss National Bank and regulator FINMA are organising the talks in an attempt to build confidence in the country's banking sector. On Friday evening, Swiss regulators informed their counterparts in the United States and United Kingdom that the merger of the two banks was their "Plan A" to salvage the confidence in Credit Suisse. Several other options are also under discussion between the two banks as both sides try to evaluate regulatory constraints in different jurisdictions.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss an 85-year long study by Harvard researchers indicating that, while particular roles can’t be reliably correlated with dissatisfaction and burnout, certain job characteristics can be. Jobs that require little human interaction and don’t offer opportunities to build meaningful relationships with co-workers tend to have the most miserable employees, the study found.

Chris and Saied look at news that Bitcoin has climbed to a nine-month high as turmoil in the banking sector drives some investors to turn to digital assets. It rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes.

They also offer some thoughts on contingent convertible bonds, or CoCos, often described as high-yield investments with a hand grenade attached. The UBS takeover of Credit Suisse has pulled the pin on $17 billion of them.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

What’s happened at the Federal Open Market Committee (FOMC) meeting on Tuesday.
Why Switzerland is known for having low levels of financial risk and high levels of privacy.
Why the axing of Credit Suisse’s $17 billion contingent convertible (CoCo) debt has big implications for the newly combined bank and the wider market.
Bitcoin's climb to a nine-month high as turmoil in the banking sector sparks a rally.
And so much more...

Resources:

Markets and Mayhem via Twitter

"UBS in talks to acquire Credit Suisse" (article from The Financial Times)

Ulrich Körner via Wikipedia

"UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system" (article from CNBC)

"UBS Agrees to Buy Credit Suisse for More Than $3 Billion" (article from The Wall Street Journal)

"Big Banks Best Positioned to Weather Crisis: Morningstar" (article from The Street)

"Credit Suisse's $17 billion of risky bonds are now worthless" (Bloomberg via Instagram)

"Why $17 billion in risky debt was wiped out in Credit Suisse rescue deal" (Bloomberg via Instagram)

Zerohedge via Twitter

"Bitcoin climbs to 9-month high as bank turmoil sparks rally" (article from Reuters)

"85-year Harvard study found that people with this type of job tend to be the unhappiest" (article from CNBC)

"Local Banks Could Leave Gaps That Are Hard to Fill" (article from The Wall Street Journal)

The Aftermath: Credit Suisses Lifeline and Consumer Spending Mar 21, 2023

In a morning where more banking turmoil emerged and stocks opened sharply lower on Wall Street, traders shifted pricing to indicate that the Fed may hold the line when it meets March 21-22. According to CME Group data, the probability for no rate hike shot up to as high as 65%. Trading was volatile, though, and the latest moves suggested nearly a 50-50 split between no rate hike and a 0.25 percentage point move. Chairman Jerome Powell and his fellow policymakers will resolve the question over raising rates by watching macroeconomic reports that continue to flow in, as well as data from regional banks and their share prices that could provide larger clues about the health of the financial sector.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss the Census Bureau's most recent Household Pulse survey, which indicates that about 36% of consumers say it has been "somewhat" to "very difficult" for them to pay their usual bills in the last seven days.

Chris and Saied look at data from the Labor Department, revealing that inflation rose in February but was in line with expectations, likely keeping the Federal Reserve on track for another interest rate hike next week despite recent banking industry turmoil. The consumer price index increased 0.4% for the month, putting the annual inflation rate at 6%.

They also offer some thoughts on news that Credit Suisse Group AG is borrowing up to 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss central bank to shore up its liquidity, capping a day in which fears about the health of global banks leapfrogged to Europe from North America and the giant lender’s shares dropped as much as 24%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the CPI will likely continue to come down.
The real cause of the recent bank failures.
Why Bank of America received more than $15 billion in deposits after the failure of Silicon Valley Bank.
The levels of regulatory scrutiny banks are required to have as they grow.
And so much more...

Resources:

"Bank stocks rebound, but crisis makes the Fed’s next move harder" (article from The Washington Post)

"Where inflation is... and isn't" (Yahoo! Finance via Instagram)

"BofA Gets More Than $15 Billion in Deposits After SVB Fails" (article from Bloomberg)

"What’s going on with Silicon Valley Bank?" (Dave Ramsey via Instagram)

"Goldman Sachs no longer expects the Fed to hike rates in March, cites stress on banking system" (article from CNBC)

"Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure" (article from CNBC)

"More Americans say they can't pay their bills. Here are the states where it's worst." (article from CBS News)

"Banks Borrow $164.8 Billion From Fed in Rush to Backstop Liquidity" (article from Bloomberg)

"One of the best ways to figure out what the Fed will do next is to look at regional bank stocks" (article from CNBC)

"Credit Suisse Promises Overhaul in Wake of Rout as Regulators Offer Lifeline" (article from The Wall Street Journal)

"Economy Shows Signs of Cooling as Bank Troubles Spread" (article from The Wall Street Journal)

"Wholesale prices post unexpected decline of 0.1% in February; retail sales fall" (article from CNBC)

"Inflation gauge increased 0.4% in February, as expected and up 6% from a year ago" (article from CNBC)

"Moody's cuts outlook on U.S. banking system to negative, citing 'rapidly deteriorating operating environment'" (article from CNBC)

The Big SVB Episode Mar 17, 2023

As we already know, Silicon Valley Bank, one of tech’s favorite lenders, has collapsed, becoming the second-largest bank failure in US history. The bank’s blowup has sent shockwaves across the tech sector, Wall Street, and Washington, amid concerns that other banks could be in trouble or that contagion could set in. In the days after SVB’s collapse, the panic appeared to spread, leading to the failure of additional banks, including Signature Bank of New York, which had bet on crypto. But it’s not clear how serious the fallout will be.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss news that Goldman Sachs no longer believes that the Federal Reserve will deliver a rate hike at its meeting next week, citing “recent stress” in the financial sector.

Chris and Saied look at comments from US Treasury Secretary Janet Yellen indicating that a major government bailout of Silicon Valley Bank is not an option.

They also offer some thoughts on the departure of Silicon Valley Bank CEO Greg Becker from the board of directors at the Federal Reserve Bank of San Francisco.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

What actually happened at Silicon Valley Bank and which sector has been hurt most by its collapse.
Why 14 years of artificial interest rate deflation and unprecedented interest rate increases were guaranteed to create problems.
The bizarre phenomenon of new jobs being implemented on a monthly basis while layoffs continue to happen.
How Silicon Valley Bank made the Forbes list of America’s Best Banks for the fifth consecutive year.
And so much more...

Resources:

"What’s Going on With Silicon Valley Bank?" (article from The Wall Street Journal)

"US Discusses Fund to Backstop Deposits If More Banks Fail" (article from Bloomberg)

"Treasury Secretary Janet Yellen says U.S. government won’t bail out Silicon Valley Bank" (article from CNBC)

"Strong jobs report shows 311,000 jobs added in February" (article from CBS News)

"Fed Rate Pivot Is Back in Play" (article from Bloomberg)

"Goldman Sachs no longer expects the Fed to hike rates in March, cites stress on banking system" (article from CNBC)

"CEO of failed Silicon Valley Bank no longer a director at San Francisco Fed" (article from Reuters)

"Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure" (article from CNBC)

"What Country Has the Most Banks?" (article from HelgiLibrary)

Jerome Powell’s Testimony, Silicon Valley Bank and Poor People Tax Mar 14, 2023

Federal Reserve Chairman Jerome Powell has cautioned that interest rates are likely to rise higher than central bank policymakers had expected. Citing data showing that inflation has reversed the deceleration it showed in late 2022, Powell warned of tighter monetary policy ahead to slow a growing economy. His remarks imply that the peak, or terminal, level of the federal funds rate is likely to be higher than the previous indication from the Fed officials, and also that the switch last month to a smaller quarter-percentage point increase could be short-lived if inflation data continues to run hot.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss an announcement from automaker Rivian indicating a drop in its cash position. Rivian had cash and cash equivalents of $12.1 billion on hand at the end of December, down from $13.8 billion at the end of the third quarter and $15.5 billion as of June 30.

Chris and Saied look at news that investors have dumped shares of SVB Financial Group and a collection of other U.S. banks after the lender said it lost nearly $2 billion selling assets following a larger-than-expected decline in deposits.

They also offer some thoughts on data from ADP, indicating that private payrolls increased by 242,000 in February, versus the estimate for 205,000 and above the 119,000 in January.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Results of the most recent Job Openings and Labor Turnover Survey (JOLTS) report.
The voluntary liquidation of Silvergate Bank.
Demystifying concepts such as 'index plus margin' and a 'run on the bank.'
Why there is much more at play in banking than just finance.
And so much more...

Resources:

"Dow closes 570 points lower, turns negative for 2023 as Powell ignites higher rate fears: Live updates" (article from CNBC)

"Fed's Powell again rejects idea of raising inflation target" (article from Reuters)

"Rivian Stuns Investors With Very Bad News" (article from The Street)

"US unemployment is falling even as the economy slows. What the heck is going on?" (article from MarketWatch)

"Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated" (article from CNBC)

"Job openings declined in January but still far outnumber available workers" (article from CNBC)

"Private payrolls rose by 242,000 in February, better than expected, ADP says" (article from CNBC)

"Banks Lose Billions in Value After Tech Lender SVB Stumbles" (article from The Wall Street Journal)

"System Open Market Account Holdings of Domestic Securities" (article from The New York Fed)

"Slack is introducing AI assistant that can write messages for you" (article from Morning Brew)

Home Prices Are Falling Charlie Munger Goes Off & Communication Mar 10, 2023

Home prices have finally fallen from a year-ago levels, according to a commonly used indicator of data. Last month, investors received a slate of home price data for December and January from the National Association of Realtors and S&P Dow Jones Indices. The Realtors Association indicated that the median single-family home sold for $363,100 in January, up 0.7% year-over-year, while December data from the S&P CoreLogic Case-Shiller Home Price Indices' reflected a national price increase of 5.8% year-over-year. More frequent data shows the housing market may have reached a turning point in February, with thin price gains turning into declines. Redfin said on Thursday that its measure of the median home sale price fell by 0.6% over a four-week period covering most of February.

In this episode of The Higher Standard, Chris and Saied examine this news as well as other articles on the US housing market. Housing price and mortgage application indices have reached their lowest levels since the Great Recession in 2007.

Chris and Saied will debunk Dave Ramsey's concept of supply and demand. They also talk about why they believe house prices must fall. Chris will discusses the younger generation's sense of entitlement in the office as well as the concept of communication in the workplace.

Billionaire Charlie Munger expressed his opinion on cryptocurrencies by saying, "It's just ridiculous that anyone buys this stuff." They offer their insights on cryptocurrencies and Charlie Munger's interview. They look at CNBC's reports about crypto bank Silvergate Capital, whose shares have plummeted. According to MarketWatch, Silvergate shares have lost over 97% of their value since hitting an all-time high in November 2021.

Join Chris and Saied for this fascinating and informative conversation about debt, especially for people in their 30s, and what's best thing to do with your money. Spoiler alert: It just might be to keep it in cash.

What You’ll Learn in this Show:

Why affordability is a powerful factor.
Why house prices have fallen more slowly in the Midwest.
How CPI is significantly affected by home prices.
Shoul you get a salary adjustment if you moved to Utah?
Some of the biggest misconceptions for consumers when submitting their financial information to a bank.
Millennials' growing debt.
And so much more...

Resources:

The housing market correction, as told by 4 charts | Fortune

Billionaire Charlie Munger: Cryptocurrency is 'crazy, stupid gambling,' and 'people who oppose my position are idiots'

Here’s the real challenge facing Silvergate and other 'crypto banks,' says this short seller - MarketWatch

Americans in Their 30s Are Piling On Debt - WSJ

Cramer To The Moon, Bonds Are Bonkers & Social Media Mar 07, 2023

In recent episodes Chris and Saied have highlighted some of the things that get people excited in the current market. Today, however, Chris emphasizes that conditions have changed and there is a new call for concern. Time to be extra observant. Stocks move lower as bond yields extend their gains. The 10-year Treasury hit 4% and the 1-year treasury rose 3 basis points. The Minneapolis Fed Reserve President Neel Kashkari has said that he is open to the possibility of a larger interest rate increase at this month's policy meeting on March the 22.

But first Chris and Saied explore Tim Cramer and the inverse ETF (Exchange Traded Funds) of Cramer. One can literally bet against him to make money. Cramer is well known for his show Mad Money on CNBC. Chris describes how Cramer rose to popularity and still receives a lot of coverage but doesn’t actually have a profitable track record to follow. He once urged listeners to dump HP stock in 2011 just before it shot up, and he did the same with Netflix and Best Buy in 2012. Is all this being done for entertainment value?

Chris and Saied get into the evolution of social media and what's next for that whole industry. Enjoy a discussion about the second wave of social media and how it may be driven by Gen Z's fundamentally different mindset. They discuss the Be Real app that will encourage people to be truly authentic.

Finally, Chris and Saied dive into Blackstone and the news that it defaulted on a $562 million bond backed by a portfolio of Finnish offices and stores. They dissect the implications of this news.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why betting against Tim Cramer is a good idea.
What the big concerns are in the market and why you should be vigilant.
How home prices and sales can really be a lag indicator.
What happens when there is less revenue for companies and why some of the ramifications of a recession take time to show themselves.
Interesting discussion about how Americans get over big news easily, including that of the Chinese balloon and disappearances of Chinese moguls in finance and tech.
How Gen Z, and in particular teenage girls, will shape the social media landscape of the future.

Resources:

https://apple.news/Av_puaSbTSg6aOiM7mGvBtQ

https://www.cnbc.com/amp/2023/02/28/treasury-prices-fall-slightly-to-close-out-bumper-month-for-yields.html

https://apple.news/Au83a5dJwTwOxXU-n5MTiNw

https://apple.news/ALcINeqAzSoypvOQOMmD5vg

https://apple.news/AsFGWviHCTmmgdYfWEo827g

https://www.thestreet.com/etffocus/blog/inverse-cramer-etf-is-live

https://www.wsj.com/articles/fed-official-says-hotter-data-will-warrant-higher-rates-a0162583

https://www.cnbc.com/2023/03/01/mortgage-demand-falls-interest-rates-rise.html

https://www.cnbc.com/2023/03/02/mortgage-rates-back-over-7percent.html

https://finance.yahoo.com/news/blackstone-defaults-562-million-nordic-160233476.html

https://www.reuters.com/markets/currencies/investors-pull-around-6-billion-out-binances-stablecoin-2023-03-01/

https://www.cnbc.com/video/2023/02/28/below-trend-growth-with-a-rising-unemployment-rate-means-reces…

https://www.morningbrew.com/daily/stories/2023/03/01/elon-musk-master-plan-tesla

Inflation Swerve, OpenDoor and UFOs are More Real than Crypto Mar 03, 2023

A measure the Federal Reserve watches closely to gauge inflation rose more than expected in January, indicating the central bank has more work to do to bring down prices. According to a report by the Commerce Department. The personal consumption expenditures price index excluding food and energy increased 0.6% for the month, and was up 4.7% from a year ago. Wall Street had been expecting respective readings of 0.5% and 4.4%. The core PCE gains were 0.4% and 4.6% in December.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.

They discuss a survey from the Philadelphia Fed that indicates 39% of crypto owners said last October that they would likely buy more cryptocurrency as a way to gain wealth.

Chris and Saied look at a research white paper that examines the history of central bank efforts to create disinflation, which states that the Federal Reserve is unlikely to be able to bring down inflation without having to raise interest rates considerably higher, causing a recession.

They also offer some thoughts on ‍a report from Goldman Sachs, which says that, out of the country's 25 largest metropolitan areas, four cities stand out for having particularly dim housing forecasts: Austin, Seattle, Phoenix and San Francisco.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the Fed believes that wages and wage inflation will put upward pressure on prices.
What could happen to the sub-markets of San Francisco and Silicon Valley.
Why Open Door closed out 2022 with two straight quarters of losses and where it goes from there.
The duties and role of a Chief Financial Officer.
And so much more...

Resources:

"Roger Ferguson: The Fed has more work to do as inflation still presents danger" (article from CNBC)

"Key Fed inflation measure rose 0.6% in January, more than expected" (article from CNBC)

"Despite high inflation, Americans are spending like crazy — and it's kind of puzzling" (article from CNBC)

"Fed can’t tame inflation without ‘significantly’ more hikes that will cause a recession, paper says" (article from CNBC)

"Are we headed for a recession? More economists think a 2023 downturn may come later than they thought" (article from USA Today)

"Subprime auto lender folds as more Americans fall behind on car payments" (article from Fortune)

"Home prices will sink in these cities that were once red hot as supply starts to overwhelm demand" (article from Markets Insider)

"Opendoor loses $400 million as home sales tank" (The Real Deal via Instagram)

"Home remodeling is slowing down, but ‘historic boom' is coming" (article from Yahoo! Finance)

"The Rental Housing Market Hits An Historic High Point (And That’s Saying A Lot)" (article from Forbes)

"The investors who still think crypto can make them rich" (Wall Street Journal via Instagram)

"Binance's asset shuffling eerily similar to maneuvers by FTX" (Forbes via Instagram)

"Corporate Stock Buybacks Help Keep Market Afloat" (article from The Wall Street Journal)

Jamie Dimon vs. Jim Cramer, 2.3 Trillion Dollar Home Problem and Extremes are Bad Feb 28, 2023

Redfin Corp. has said that the total value of homes in the U.S. totaled $45.3 trillion at the end of 2022, which is down about $2.3 trillion, or 4.9%, from the June 2022 peak of $47.7 trillion. That marks the biggest decline for any June-to-December period since 2008, during the financial crisis. The housing market has been declining as rising mortgage rates have hurt demand. The hardest hit area was San Francisco, which saw the total value of homes in December fall by $37.3 billion, or 6.7%, from a year ago to $517.5 billion, while Miami saw the value of its homes surge by $77 billion, or 19.7%, in December to $468.5 billion.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect this will have on the housing market.

They discuss data from the Mortgage Bankers Association (MBA) showing that the average interest rate on the most popular U.S. home loan rose last week to its highest since November as bond markets took fright that the Federal Reserve might have to continue tightening policy through summer to subdue inflation.

Chris and Saied look at news that the number of large office landlords defaulting on their loans is on the rise, which appears to offer fresh evidence that more developers believe that remote and hybrid work habits have permanently impaired the office market.

They also offer some thoughts on ‍the decision to no longer offer travelers using American Express premium credit cards the ability to to bring two free guests to the American Express lounges. There is now a $50 fee for adults and a $30 fee for children ages 2 to 17.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why something in the Fed rate outlook is causing problems in the market.
Why college campuses have incubators for extremism on all sides.
Why people need to be aware of where the market is moving.
Why existing home sales have slowed down, no matter what some will say.
And so much more...

Resources:

"U.S. mortgage interest rates jump to highest level since November - MBA" (article from Reuters)

"US home values declined by $2.3 trillion in 2nd half of 2022, Redfin says" (article from MarketWatch)

"Existing home sales fall for the 12th consecutive month in January" (article from CNBC)

"Office Landlord Defaults Are Escalating as Lenders Brace for More Distress" (article from The Wall Street Journal)

"American Express Airport Lounges Cut Back on Free Plus Ones" (article from The Wall Street Journal)

Sam Zell, No Landing and $1 Trillion Dollars of Debt Feb 24, 2023

Bank of America analysts warn that the U.S. economy could be headed for a "no landing" scenario thanks to the hot labor market, but that might not be good news for the stock market. BoA chief economist Michael Hartnett predicted a "no landing" scenario in the first half of the year, where there is no immediate slowdown in growth but inflation remains above trend. That would likely force the Fed to raise interest rates much higher than previously forecast — and keep them elevated for longer.

In this episode of The Higher Standard, Chris and Saied examine this news and what it could mean for the economy as a whole.

They discuss comments from Equity Group Investments founder and chairman Sam Zell, stating that Jerome Powell "missed the boat" on inflation, allowing "super-low" interest rates to exist for too long.

Chris and Saied look at a warning from economist Mohamed El-Erian that the Federal Reserve won’t be able to get US inflation down to its 2% target without “crushing the economy.” He added that the central bank is unlikely to officially change that goal post.

They also offer some thoughts on a tweet from Charlie Bilello, Chief Market Strategist for Creative Planning, LLC, indicating that only 21% of homes for sale in the US sold above their final list price in the last 4 weeks, down from 40% a year ago. This is the lowest % since March 2020.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why holding rates for a prolonged period of time will create mental strain for people.
The definition of a 'hard landing,' and what it means for the economy.
Why household debt saw its largest increase in 20 years in New York.
Whether the FOMC has the courage, after holding rates for 6-8 months, to raise them again.
And so much more...

Resources:

The Real Deal via Instagram

"Bank of America Says Stock Market Threatened With 'No Landing' Scenario" (article from Entrepreneur)

"All aboard the mortgage rate roller coaster" (The Data Deli via Instagram)

"Fed Can’t Reach 2% Inflation Without Crushing Economy, El-Erian Says" (article from Bloomberg)

Charlie Bilello via Twitter

"Americans Have Nearly $1 Trillion in Credit Card Debt" (article from Bloomberg)

"Investors Worry Too-Hot Economy Will Put Fed on More Aggressive Rate Path" (article from The Wall Street Journal)

Expectations Blown Away, Record Consumer Debt and Chris' Soapbox Feb 21, 2023

Retail sales rose far more than expected in January as consumers persevered despite rising inflation pressures. According to the report by the COmmerce Department, advance retail sales for the month increased 3%, compared with expectations for a rise of 1.9%. Excluding autos, sales rose 2.3%, which is not adjusted for inflation. The ex-autos estimate was for a gain of 0.9%.

In this episode of The Higher Standard, Chris and Saied examine this news and try to determine what effect it will have on the economy and the seemingly ever-present inflation.

They discuss comments from St. Louis Federal Reserve President James Bullard, who said that continued Federal Reserve rate increases will “lock in” slowing inflation even with continued economic growth. He also says it's likely that the economy will slow and the unemployment rate rise towards its “longer-run natural level,” something economists define as consistent with stable inflation and in the case of the United States estimated by Fed policymakers as around 4%.

Chris and Saied look at data from mortgage technology and data provider Black Knight Inc. showing that some of the most popular pandemic boomtowns such as Phoenix and Seattle, as well as popular West Coast cities like San Jose and San Francisco, posted home price declines of more than 10% from their 2022 peaks.

They also offer some thoughts on a report from the Labor Department, which indicates that inflation rebounded in January at the wholesale level, as producer prices rose more than expected to start the year.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why Chris believes that home values have gone down, but we're not seeing accurate reporting of that fact.
Why the Fed's main tool for controlling monetary policy is the Fed funds rate.
The most opportune time for people to list their homes.
Why unemployment is often a by-product of the Fed raising interest rates.
And so much more...

Resources:

"CPI shows US inflation still sticky and slowing grudgingly in January" (article from MarketWatch)

"Fed's Bullard: Further rate increases would "lock in" disinflation" (article from Reuters)

"Zillow says the home price correction is winding down—here’s what 28 other forecast models have to say" (article from Fortune)

"Map: Here's where home prices are dropping the most" (article from Yahoo! Finance)

"Here’s the breakdown of the inflation report for January — in one chart" (article from CNBC)

"Retail sales jump 3% in January, smashing expectations despite inflation increase" (article from CNBC)

"Consumer debt hits record $16.9 trillion as delinquencies also rise" (article from CNBC)

"Wholesale prices rose 0.7% in January, more than expected, fueling inflation increase" (article from CNBC)

The Next Shoe To Drop, Crypto Restrictions and Watching Lasers Feb 17, 2023

So it's finally happened. The Federal Reserve Board warned member banks that it intends to presumptively prohibit a large portion of cryptocurrency banking activity, as the demand for more guidance over digital assets has grown following rampant instances of fraud. The regulator issued a new policy largely prohibiting digital assets from the regulated banking environment, primarily due to security concerns.

In this episode of The Higher Standard, Chris and Saied examine this news and try to determine what effect it will have on the crypto space.

They discuss a recent Gallup poll indicating that half of Americans say they are financially worse off now than they were a year ago, the highest share since 2009. About 61% of those with a household income of less than $40,000 reported they were worse off, compared to 49% and 43% for middle- and high-income households respectively.

Chris and Saied look at a report from Zillow stating that the amount of time it would take to save enough to put 10% down on a typical home in Austin rose from eight years in 2019 to 13 years in 2022.

They also offer some thoughts on Affirm Holdings Inc. seeking new sponsor banks to diversify the sources of loan originations, as the buy-now, pay-later platform comes under pressure to improve earnings after a slowdown in growth.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The concept of centralized cryptocurrency exchanges and how they work.
What’s happening in the commercial real estate market in terms of lagging responses.
Why banks have an ongoing due diligence requirement for commercial loans.
The reasons why more San Francisco homes are selling below the asking price in LA.
And so much more...

Resources:

"Two More ‘Shoes To Drop’ In The Real Estate Market" (article from Forbes)

"Morgan Stanley says the stock market is ‘disconnected from reality’ and it’s going to hit bottom this Spring" (article from Fortune)

"Half of Americans say they're worse off than they were a year ago" (Bloomberg Business via Instagram)

"Federal Reserve Issues New Restrictions on Crypto Banking" (article from NextGov)

"More San Francisco homes selling below asking price. Could that trend come to L.A.?" (article from the Los Angeles Times)

"It now takes roughly 13 years to save for a down payment in New York and Austin" (Bloomberg Business via Instagram)

"Fed’s Neel Kashkari says central bank has not made enough progress, keeping his rate outlook" (article from CNBC)

"Zoom to lay off 1,300 employees, or about 15% of its workforce" (article from CNBC)

“Yahoo to lay off more than 20% of staff” (article from Yahoo! Finance)

"Affirm seeks new sponsor banks as it shifts to interest-bearing loans" (article from S&P Global)

"LA landlords must pay to relocate tenants facing hefty rent hikes" (TheRealDeal via Instagram)

"There’s a new inflation warning for consumers coming from the supply chain" (article from CNBC)

"Stablecoin issuer Paxos ordered to halt creation for Binance USD" (article from Yahoo!)

The Fed Pivots, Disney to Yahoo and Saied is Going to FaceTime Feb 14, 2023

Ian Shepherdson, founder and chief U.S. economist of Pantheon Macroeconomics, believes that home prices may fall another 15% in 2023, citing the large disparity between property costs and buyer incomes. He predicted the eventual housing crash of 2008 in 2005 and recently suggested that the price-income gap, coupled with increased house supply and high mortgage rates, may precipitate a period of continued deceleration of the housing market rather than a significant rebound this year.

In this episode of The Higher Standard, Chris and Saied examine this prediction, and attempt to determine just how likely it could be based on current data.

They discuss comments from Zillow senior economist Jeff Tucker, who says that, in 2022, homeownership was further out of reach than it has been in modern recorded history. While home prices and mortgage rates may be falling, making the market at least a little more accessible, they’re doing so from historic highs.

Chris and Saied look at an interview with Minneapolis Fed President Neel Kashkari, who said that explosive jobs growth is evidence that the central bank has more work to do when it comes to taming inflation, including more hikes to interest rates.

They also offer some thoughts on the differences between the affordability crisis this time around, and the last recession.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The difference between being data-driven and data-based.
Why Bob Iger is right-sizing the company to weather the storm and to be more efficient, returning more profits to the shareholders.
Why Zoom has laid off 15% of its workforce.
What would happen if the Fed started lowering rates again and the effect it would have on inflation?
And so much more...

Resources:

"Economist Who Predicted the 2008 Housing Crash Says Home Prices Will Drop 15% in 2023" (article from Yahoo! Finance)

"Home prices are falling, but that doesn’t mean they’re affordable" (article from Grid)

"Bob Iger Outlines New Disney Org Structure, With 7,000 Job Cuts Planned" (article from The Hollywood Reporter)

"Fed’s Neel Kashkari says central bank has not made enough progress, keeping his rate outlook" (article from CNBC)

"Zoom to lay off 1,300 employees, or about 15% of its workforce" (article from CNBC)

"Yahoo to lay off more than 20% of staff" (article from Yahoo! Finance)

Jobs Report Crushes Dreams, China Spying and Toilets, Glizzies and Heathers Feb 10, 2023

Employers added more jobs in January than expected, while the unemployment rate fell to a 53-year low, underscoring the resilience of the labor market despite the Fed's aggressive tightening campaign. ⁣ Nonfarm payrolls increased 517,000 last month after an upwardly revised 260,000 gain in December. The figure beat all estimates from economists, who called for a 188,000 gain in payrolls. The unemployment rate dropped to 3.4%, the lowest since May 1969, and average hourly earnings grew at steady pace.

In this episode of The Higher Standard, Chris and Saied examine this news, and determine the effect this will have on the economy as a whole.

They discuss ARK Investment Management CEO Cathie Wood’s comments that ARK is "the new Nasdaq," adding that her flagship fund now gives investors better exposure to long-term innovation than most of the market’s most popular growth stock benchmarks.

Chris and Saied look at a report stating that benchmark 10-year U.S. Treasury yields hit four-week highs after the recent employment numbers raised expectations that the Fed's rate hikes will not end with a hard economic landing, and that the U.S. central bank may have more than one more rate increase left.

They also offer some thoughts on Blackstone's plans to ramp up evictions to help its struggling real estate investment trust.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why wages aren't keeping up with inflation, and what the next stage of the Fed's pivot might look like.
Why the world’s largest cryptocurrency exchange is temporarily suspending deposits and withdrawals of US dollars.
Why FTX debtors are calling on politicians, parties and PACs to return tens of millions in campaign contributions.
The definition of a depreciation amortization benefit.
And so much more...

Resources:

"US adds 517,000 jobs in January, far exceeding economists forecasts" (Bloomberg Business via Instagram)

"Jobs Report Tells Markets What Fed Chairman Powell Tried to Tell Them" (article from Barron's)

"A New Supercycle Is Starting, Says This Macro Strategist. How to Invest." (article from Barron's)

"Cathie Wood says AARK is "the new Nasdaq" (Bloomberg Business via Instagram)

"Binance to Suspend US Dollar Transfers Using Bank Accounts" (article from Bloomberg)

"TREASURIES-Yields hit four-week highs, Fed expected to hike above 5%" (article from Yahoo! Finance)

"Blackstone ramps up tenant evictions" (TheRealDeal via Instagram)

The Fed Bumps, Job Openings Surge, ChatGPT and Seattle Feb 07, 2023

Real estate brokers across the country are using ChatGPT to pen emails and write property listings. The AI chatbot ChatGPT has made waves in sectors from tech to media since it launched to the public two months ago. As the AI software grows in popularity, people are finding more and more creative ways to put the tech to use — including making it write flowery descriptions for real estate listings. As the technology emerges as a tool for realtors, some experts say AI is well on its way to becoming an industry standard. Use of AI has spread far and wide among realtors. Miami broker Andres Asion has even used the tech to rewrite emails, emphasizing legal liabilities and implications.

In this episode of The Higher Standard, Chris and Saied examine the explosion of AI and its use by business - not to mention its darker uses, such as creating fake social media accounts.

They discuss the news that major U.S. stock indexes closed over 1% higher as labor cost data encouraged investors about the Federal Reserve's aggressive approach to taming inflation a day ahead of the central bank's critical policy decision.

Chris and Saied look at a report stating that Blackstone, one of the country's biggest landlords, is ramping up evictions to help its struggling real estate investment trust.

They also offer some thoughts on news from payroll processing firm ADP, which is reporting that job creation in the private sector plunged in January as weather-related issues kept workers home. Companies added just 106,000 new workers for the month, down from an upwardly revised 253,000 the month before.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The biggest winners and losers from the Fed's latest interest rate hike.
How long it takes for recessionary effects (aka lagging indicators) to show up.
Why (and how) people are using AI to create fake social media accounts.
Mark Zuckerberg's record $12.5 billion day.
And so much more...

Resources:

"More Americans are falling behind on car payments than during the 2008 financial crisis" (Bloomberg via Instagram)

"California DMV is now on the blockchain. Why that’s a bigger deal than you think" (article from Fortune)

St. Louis Fed Economic Data

"Biggest winners and losers from the Fed’s interest rate hike" (article from Yahoo! Finance)

"Wall St gains over 1% after encouraging inflation data with Fed next" (article from Yahoo! Finance)

"S&P 500 advances more than 1% to its best level in five months as Meta leads tech-fueled rally" (article from CNBC)

"US Job Openings Surge Past 11 Million as Fed Zeros In on Labor" (article from Bloomberg)

"Private payroll growth slowed to 106,000 in January as weather hit hiring, ADP says" (article from CNBC)

"That real estate listing you just saw for your dream house may have been written by ChatGPT" (article from Business Insider)

"Blackstone ramps up tenant evictions" (TheRealDeal via Instagram)

"Zuckerberg Gains Record $12.5 Billion in a Day as Meta Rebounds" (article from Bloomberg)

Crypto Banks, Amateurs are Beating Wall Street and Paycheck-to-Paycheck Feb 03, 2023

According to an index of building occupancies in 10 major metro areas by security firm Kastle Systems, more than half of workers went to the office last week, the first time that return-to-office rates crossed 50% of their pre-pandemic levels. All of the cities tracked by the company — including San Francisco, Chicago and Austin, Texas — reached return-to-office levels of 40% or above, which was also a post-pandemic first.

In this episode of The Higher Standard, Chris and Saied examine this and many other stories and attempt to cut through the spin and the rhetoric to get at the truth.

They discuss comments from Starwood Capital's Barry Sternlicht, who said that, if Jerome Powell continues down the path that we're going, he's going to drive the economy into a horrible situation because the government won't be able to afford to pay its bills, and why that thinking is flawed.

Chris and Saied look at a survey by Pymnts.com and Lending Club, which indicates that the share of Americans who say they live paycheck-to-paycheck climbed last year to 64%, and most of the new arrivals in that category were earning more than $100,000 a year.

They also offer some thoughts on the Fed's decision to reject Wyoming-based crypto-centric bank Custodia's application to become a member of the central bank's exclusive payment system, saying that the firm's proposed business plan, and focus on crypto assets, presented significant safety and soundness risks.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the Fed rejected Custodia's application to join the US payment system.
Why the market's reactions are disconnected from what the Fed is trying to accomplish.
The five types of treasury securities
The importance of staying true to your budget when looking for a home.
And so much more...

Resources:

"Fed rejects crypto bank’s application to join U.S. payment system" (article from MarketWatch)

"Inflation Fell but so Did Spending. The Economic Signals Are Both Good and Bad" (article from Barron's)

"National home prices have further to fall, say 24 leading housing market researchers—while 5 firms think prices have bottomed" (article from Fortune)

"Wall Street Is Losing Out to Amateur Buyers in the Housing Slump" (article from Bloomberg)

"US offices reach 50% occupancy for the first time since Covid" (Bloomberg Business via Instagram)

"More Americans are living paycheque-to-paycheque, even those on more than $100,000" (Bloomberg Business via Instagram)

More Art Than Science, Utah Stumbles and Paper Ass Gaskets Jan 31, 2023

According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage interest rates fell for the third straight week, while mortgage demand also rose again. Total application volume increased 7% last week compared with the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.2% from 6.23%, with points increasing to 0.69 from 0.67 (including the origination fee) for loans with a 20% down payment. That rate was just about half that one year ago.

In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the housing market and the economy as a whole.

They discuss data released by the Salt Lake Board of Realtors on their UtahRealEstate.com website, which states that Utah’s most populated county, Salt Lake County, has seen its first year-over-year decline in housing prices since 2011.

Chris and Saied look at Goldman Sachs' forecast of record drops in San Diego's home prices, saying that home values will fall at levels similar to the 2008 crash. The predictions indicate that San Diego, San Jose, Austin, and Phoenix will see declines of more than 25%.

They also offer some thoughts on the rise of fourth-quarter gross domestic product of 2.9%. Economists surveyed by Dow Jones had expected a reading of 2.8%.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the World Economic Forum is not a true economic forum.
Why GDP is a good indicator for a recessionary economy.
The concept of student loan forbearance.
How the Federal Reserve pulls money out of the system.
And so much more...

Resources:

"Most economists expect a US recession in 2023, but nailing the timing is a tall order" (Bloomberg Businessweek via Instagram)

"Two in three Americans cannot cover a $400 emergency expense" (Bloomberg Business via Instagram)

"Money Supply Shrinks for the First Time. What It Says About Inflation and the Economy." (article from Barron's)

"Want To Know Where House Prices Are Heading In 2023? Watch Mortgage Rates" (article from Forbes)

"Salt Lake County, Utah housing prices drop 6% — the first year-over-year decline in 11 years" (article from Deseret News)

"Goldman Sachs forecasts 2008-sized crash in San Diego housing market" (CBS8 via Instagram)

"U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom" (article from CNBC)

"'Big Short' Burry Suggests the Stock Market Jump Is a Mirage" (article from The Street)

"BofA warns that the US economy will begin to lose 175,000 jobs per month in Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why" (article from Yahoo! Finance)

"Weekly mortgage demand jumps 7% as interest rates drop to lowest level since September" (article from CNBC)

New York Fed Website - Domestic Security Holdings

Bureau of Economic Analysis for GDP

The US Balls Too Hard, Layoffs on the Rise, Disney Fumbles and Indochino Sucks Jan 27, 2023

The job cuts in the tech industry continue to pile up. Google announced plans to lay off 12,000 people from its workforce, while Microsoft said that it’s letting go of 10,000 employees. Amazon also began a fresh round of job cuts that are expected to eliminate more than 18,000 employees and become the largest workforce reduction in the e-retailer’s 28-year history. The layoffs come in a period of slowing growth, higher interest rates to battle inflation, and fears of a possible recession next year.

In this episode of The Higher Standard, Chris and Saied examine this news and as always, attempt to determine how it affects the economy as a whole.

They discuss a report from the Commercial Observer, based on data from Cushman and Wakefield, which shows that the vacancy rate in the fourth quarter for shopping centers was 5.7 percent, the lowest level in 15 years.

Chris and Saied look at an item from CNN stating that the US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.

They also offer some thoughts on the unexpected drop in unemployment benefits claims that occurred last week, suggesting a tight labor market, despite higher interest rates.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The debt ceiling: What it is and why it matters.
Why home sales have slumped to a 12-year low.
How much of the return to offices is because of executive level productivity vs. morale.
The problem with ego and the distorted reality it can create.
And so much more...

Resources:

"US hits debt ceiling, prompting Treasury to take extraordinary measures" (article from CNN Politics)

"Google, Microsoft, Amazon and other tech companies have laid off more than 70,000 employees in the last year" (article from CNBC)

"US shopping center vacancy hits 15-year low" (The Real Deal via Instagram)

"The curtain is closing on these Regal theaters in SoCal" (NBCLA via Instagram)

"U.S. home sales slump to 12-year low; glimmers of hope emerging" (article from Reuters)

"U.S. will hit its debt limit Thursday, start taking steps to avoid default, Yellen warns Congress" (article from CNBC)

"Tamer CPI Inflation Rate Should Keep S&P 500 Rallying Until The Fed Meeting" (article from Investor's Business Daily)

"Economists in WSJ Survey Still See Recession This Year Despite Easing Inflation" (article from The Wall Street Journal)

"Inflation isn't coming down without a recession and interest rates will continue to skyrocket, JPMorgan Asset Management investment chief says" (article from Yahoo! Finance)

"Wholesale prices fell 0.5% in December, much more than expected; retail sales fall" (article from CNBC)

"U.S. weekly jobless claims unexpectedly fall" (article from CNBC)

"Google employees scramble for answers after layoffs hit long-tenured and recently promoted employees" (article from CNBC)

"Spotify cuts 6% of its workforce — read the memo CEO Daniel Ek sent to staff" (article from CNBC)

Crypto, BNPL, AMEX Crushes it and Chris Hates Shark Tank Jan 24, 2023

The SEC are suing two crypto brokerages - Genesis Global Capital and Gemini Trust Co. - for breaking securities rules. The SEC says that the firms illegally raised billions of dollars from hundreds of thousands of investors through the so-called Gemini Earn program. That product, which let customers loan out their assets in exchange for interest payments, amounted to the offering of unregistered securities. Gemini launched Earn in February of 2021, with the idea of offering users passive returns on their coins in exchange for the right to lend the tokens out. By August, the program, which offered rates that far exceeded those on traditional bank accounts, crossed $3 billion in assets.

In this episode of The Higher Standard, Chris and Saied examine this news and try to determine what it means for the embattled crypto industry as a whole.

They discuss the problem with fake followers and accounts on social media and how people can use these tactics to attack others and get social accounts blocked or even banned.

Chris and Saied look at the difficulty with artificial intelligence and why Congress may be too late to the party in trying to regulate it and anything to do with the internet.

They also offer some thoughts on a reportedly 'risky' move by American Express, in which they have reinvented the Platinum card to make it more desirable to younger urbanites, increasing the annual fee well above those of its competitors - a strategy which seems to have worked.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why it's now possible to 'buy now, pay later' on things like pizza.
Why Chris thinks Shark Tank is just a money grab and why he dislikes Kevin O'Leary.
JP Morgan’s claim that it was 'duped' into acquiring fintech startup Frank, due to lies about Frank's scale and success, created by an enormous list of fake users.
A look at the due diligence process for a bank during the acquisition process.
And so much more...

Resources:

"FTX finds over $5 billion in liquid assets, judge extends ruling keeping creditor names secret" (article from Yahoo! Finance)

"Microsoft reportedly plans to invest $10 billion in creator of buzzy A.I. tool ChatGPT" (article from CNBC)

"Coinbase to lay off 20% of workers in latest sign of crypto industry pain" (article from Yahoo! Finance)

"The SEC is suing crypto brokerages Genesis and Gemini" (Bloomberg Business via Instagram)

"The ‘Buy Now, Pay Later’ Bubble Is About to Burst" (article from The Atlantic)

"AmEx Hooked Big Spenders and Regained the Throne With a Pricier Platinum Card" (article from Bloomberg)

"Inside the Secretive World of Shark Tank Deals: Who the Real Winners are" (Forbes via Instagram)

"JP Morgan says startup founder used millions of fake customers to dupe it into an acquisition" (Forbes via Instagram)

"Stan Smith Shoes" (Addidas)

https://presyon.com/collections/supplements/products/organic-greens-superfood

Inflation, Optimism, the World Bank and Eggs Will Make you Rich Jan 20, 2023

Following a spike at the end of 2022, mortgage rates dropped sharply last week, driving demand from current homeowners hoping to save on their monthly payments, though it failed to excite potential homebuyers. The Mortgage Bankers Association’s seasonally adjusted index is reporting that the total mortgage application volume rose 1.2% last week compared with the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.42% from 6.58%, with points remaining at 0.73 (including the origination fee) for loans with a 20% down payment. That rate was 3.52% just a year ago.

In this episode of The Higher Standard, Chris and Saied examine this news and try to make sense of what it means for the housing market and the economy as a whole.

They discuss the effects recessions have had on the energy sector historically, such as lower oil demand, as well as a comment by Jerome Powell stating that price stability is the bedrock of a healthy economy.

Chris and Saied look at comments from Ron Insana from Contrast Capital, stating that the current data don’t support concerns by the Fed and many other economists who worry about an emergent wage/price spiral.

They also offer some thoughts on the precedents that were set by the acquisition of Union Bank by US Bancorp, and how that has affected other banks, such as embattled Wells Fargo.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The latest CPI report and what it means for inflation and the economy.
Why the World Bank's statement about cutting its 2023 forecasts is not nearly as ominous as it sounds.
The unconstitutional nature of Biden's student loan forgiveness plan.
Why the job numbers appear to still be relatively strong, despite mass layoffs happening across several sectors.
And so much more...

Resources:

"Inflation is easing, even if it may not feel that way" (article from NPR)

"Insana says the case is clear that inflation is over" (article from CNBC)

"Mortgage refinance demand surges, as homeowners take advantage of lower interest rates" (article from CNBC)

"The World Bank is cutting its 2023 forecasts and warning of a global recession" (Bloomberg Businessweek via Instagram)

"Forget Core CPI, Market Pros Are Searching for Supercore Inflation" (article from The Wall Street Journal)

Andy Tran | A Career Born from YouTube Jan 17, 2023

In today's episode of The Higher Standard, Chris and Saied sit down with Andy Tran, photographer, YouTuber and owner of Andy's Cuts Barbershop, a classic barbershop specializing in modern and old-school haircuts, based out of Fountain Valley, California.

Andy explains his path to creating Andy's Cuts, from running down a YoutTube 'rabbit hole' looking for hairstyle inspiration to finally deciding to enter barber college and learn to do it for himself.

They discuss the now-famous 10,000 hour rule, and how Andy realized that to be successful, he had to work harder and put in more time than anyone else.

Andy shares the lessons he learned opening his barbershop, and the many steps necessary when opening a brick-and-mortar location - steps that many new business owners fail to think about prior to opening.

They also discuss Andy's OTHER career as a photographer, one born out of YouTube, where he discusses camera equipment and photography with his 5K+ subscriber base.

Join Chris, Saied and Andy for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Andy's path from YouTube viewer to photographer/hairstylist/YouTube personality
The importance of the 10,000 hour rule.
The lessons Andy learned working (and negotiating) with large companies interested in his YouTube videos.
Why Andy wants to set up the barbershop so that it can run without him and he can focus on content creation.
And so much more...

Resources:

Andy's Cuts

Andy's Cuts Instagram

Andy Tran YouTube

Job Growth is Changing, Used Car Prices are Dropping and the Best Review Ever Jan 13, 2023

Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global economy in 2020. Employers in the tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi.

That figure compares with about 80,000 layoffs in March-December 2020 and 15,000 in all of 2021.

In this episode of The Higher Standard, Chris and Saied examine this latest news and offer some insights as to the effects it will have on the economy as a whole.

They discuss the concept of the 'everything bubble,' and the reasons why many economists believe that years of loose monetary policies from the Fed and other central banks following the Great Financial Crisis (GFC) helped create it.

Chris and Saied look at a report stating that used car prices paid by wholesalers fell the most on a yearly basis since at least the late 1990s - a decline that could help the fight against inflation.

They also offer some thoughts on a leaked email from Disney CEO Bob Iger, telling hybrid employees they must return to corporate offices four days a week starting March 1.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The 'everything bubble:' What it is, where it came from, and why it's now popping.
Why social media is no longer 'social' - it’s an online business.
The bright spots that exist in the economy during the recession.
The difference between low-cost index funds and mutual funds.
And so much more...

Resources:

"U.S. labor market powers ahead, but wage growth loses steam" (article from Reuters)

"Tech layoffs are happening faster than at any time during the pandemic" (The Wall Street Journal via Instagram)

"Tech Layoffs Are Happening Faster Than at Any Time During the Pandemic" (article from The Wall Street Journal)

"The ‘everything bubble’ has popped and the experts on Wall Street and in Silicon Valley were spectacularly wrong about a ton of things" (article from Fortune)

"Used car prices post biggest drop on record - and have 'much further to fall’” (Forbes via Instagram)

"Meta updates property listing policy, riling agents" (The Real Deal via Instagram)

"Bob Iger tells Disney employees they must return to the office four days a week" (article from CNBC)

"Party City prepares to file for bankruptcy" (The Real Deal via Instagram)

"Job openings hold strong despite rate hikes; manufacturing in contraction" (article from CNBC)

"2022 was the worst-ever year for U.S. bonds. How to position your portfolio for 2023" (article from CNBC)

Good News we are in Slowcession, Banks are Challenged and Saied Doesn't Read the Show Notes Jan 10, 2023

The idea that rates could come down in 2023 appears to be wishful thinking, according to minutes released from the Federal Reserve's December meeting. At a meeting where policymakers raised their key interest rate another half a percentage point, they expressed the importance of keeping restrictive policy in place while inflation holds unacceptably high. The increase ended a streak of four consecutive three-quarter point rate hikes, while taking the target range for the benchmark fed funds rate to 4.25%-4.5%, its highest level in 15 years.

In this episode of The Higher Standard, Chris and Saied examine this latest episode in the continuing fight against inflation, and offer their own insights as to its meaning and impact.

They discuss a report stating that real estate broker Compass is about to engage in more layoffs, the third round since June of 2022 and the final wave of staff cuts needed to become cash-flow positive by mid-2023.⁠

Chris and Saied look at a report from Douglas Elliman and Miller Samuel showing that Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears.

They also offer some thoughts on business growth in a recessionary economy - most businesses won't try to grow, merely focusing on maintaining their capital, but some will be able to do so, in spite of the recession.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why companies such as Compass, Amazon and Salesforce are cutting more jobs than originally thought.
Why Moody's Analytics' chief economist is calling for a 'slowcession.'
The impact of private payrolls rising by 235,000 for December, above the 153,000 Dow Jones estimate.
Why the FTC is considering banning noncompete clauses for workers.
And so much more...

Resources:

"The U.S. might avoid a full-out recession, but get ready for a ‘slowcession’ says one of the first economists to predict the 2008 financial crash" (article from Fortune)

"The US is in a recession 'by any definition,' 'The Big Short' investor Michael Burry says." (Bloomberg Business via Instagram)

"Shopify tells employees to cancel all recurring meetings with more than two people" (Business Week via Instagram)

"Compass executes third layoffs in one year" (The Real Deal via Instagram)

"Silvergate Raced to Cover $8.1 Billion in Withdrawals During Crypto Meltdown" (article from the Wall Street Journal)

"Private payroll growth surged by 235,000 in December, well above estimate, ADP reports" (article from CNBC)

"Fed officials see higher rates for ‘some time’ ahead" (article from CNBC)

"Fed minutes: No rate cuts in 2023, inflation risk remains in focus" (article from Yahoo! Finance)

"Manhattan apartment sales plunge in fourth quarter as brokers fear a frozen market" (article from CNBC)

(Chris Naghibi via Instagram)

"Amazon says it will cut over 18,000 jobs, more than initially planned" (article from CNBC)

"Salesforce is cutting 10% of its personnel, more than 7,000 employees" (article from CNBC)

"FTC Proposes Banning Noncompete Clauses for Workers" (article from the Wall Street Journal)

The Big Short 2.0, Fake Followers Can Get You Arrested & Housing Is Changing Jan 06, 2023

Ten years. That's how long we can expect to see sluggish growth in the global economy, at least according to Daniel Lacalle, author and chief economist at Tressis Gestion. Events such as Russia’s invasion of Ukraine and China’s persistent zero-Covid measures have sent shockwaves through economies around the world, sending inflation soaring and weakening activity. The IMF now projects that global GDP growth will slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023. The Fund called it “the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic.”

In this episode of The Higher Standard, Chris and Saied examine Lacalle's comments and the projections of the IMF to try and determine the effect they will have on the economy.

They discuss comments from Scion Asset Management founder and The Big Short investor Michael Burry, who has stated that while inflation has peaked, it is likely to pick up again in response to government stimulus. ⁣

Chris and Saied look at the prevalence of fake followers on social media, particularly Instagram, and the effect that can have on a business.

They also offer some thoughts on the CATO Institute's 2022 Housing Affordability National Survey, which indicates that around 55% of Americans say they cannot afford to buy their home in today's market, resulting in the second biggest home price correction of the post-WWII era.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why home prices have gone up 46% in the period of two years in some markets.
The differences between business loans and single-family residence loans.
Why rental rates are on the downward trend in most states.
Why luxury home sales have been experiencing the biggest decline on record.
And so much more...

Resources:

"The Washington State AG has sued a plastic surgery provider for manipulating customer reviews and buying fake Instagram followers." (Robert Freund via Twitter)

"The US is in a recession 'by any definition,' 'The Big Short' investor Michael Burry says." (Bloomberg Business via Instagram)

"US suffering from the second biggest home price correction of the post-WWII era" (article from Fox Business)

"Nevada rent prices see greatest decline nationwide, report shows" (article from the Washington Examiner)

"Global economy is heading into a decade of low growth, economist says" (article from CNBC)

"Deep freeze: Luxury home sales suffer biggest hit on record" (The Real Deal via Instagram)

"Luxury-Home Sales Sink 38%, the Biggest Decline on Record" (article from Redfin)

"Here's how much housing affordability tanked this year" (article from Yahoo! Finance)

Personal Savings Plunged, Consumer Spending Slammed and the Dave Ramsey Christmas Jan 03, 2023

During the early days of the pandemic, Americans were receiving stimulus checks from the government, and as a result were able to save quite a bit of money. However, according to data from the Federal Reserve Bank of St. Louis, the personal savings of Americans is only $520 billion as of November 2022, marking a substantial drop from the $4.85 trillion in 2020. Savings are now below even pre-pandemic levels and with the national stockpile shrinking by $100 billion since October. Thanks to persistent inflation, sluggish economic growth and major layoffs, living paycheck to paycheck has become the norm.

In this episode of The Higher Standard, Chris and Saied examine this worrying trend and what it means for the economy as we move into 2023.

They discuss comments from Goldman Sachs CEO David Solomon, in his traditional end-of-year message to staff, that layoffs will happen in the first half of January.

Chris and Saied look at a Washington Examiner article stating that recently unearthed emails show that disgraced FTX CEO Sam Bankman-Fried attempted to 'wine and dine' someone who, at the time, was a commissioner for the U.S. Commodity Futures Trading Commission, one of several agencies that regulate cryptocurrency.

They also offer some thoughts on what might happen if the Federal Reserve hadn't pursued a policy of quantitative tightening.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why consumer credit card debt is up by nearly $40 billion.
Why MarketWatch claims there's a better recession indicator than the yield curve... and why that's nonsense.
Why Grant Cardone is a syndicator, not a 'crowdfunding maestro' (and why he's now in hot water.)
How Sam Bankman-Fried was able to get access to a commissioner for the U.S. Commodity Futures Trading Commission.
And so much more...

Resources:

"Americans' personal savings have plunged to a staggering $520 billion — from $4.85 trillion in 2020. Here are 3 easy ways to buck that dangerous downtrend" (article from Moneywise)

"Goldman Sachs will lay off staff in a matter of weeks, says CEO David Solomon" (Bloomberg via Instagram)

"Consumer Spending Is About to Get Slammed. Here’s How to Prepare." (article from Barron's)

"Home Prices Fell in October for Fourth Straight Month" (article from Wall Street Journal)

"There’s a better recession indicator than the yield curve and it is not flashing danger (yet)" (article from MarketWatch)

"This crypto engineer bought an NFT for $2.9 million, expected to sell for $48 million, and was only offered a few dollars" (Entrepreneur via Instagram)

"Man who paid $2.9m for NFT of Jack Dorsey’s first tweet set to lose almost $2.9m" (article from the Guardian)

"Sam Bankman-Fried told crypto regulator FTX was 'natural choice' to be 'umpires' of industry, emails show" (article from the Washington Examiner)

"Grant Cardone is back on the hook in a class action suit" (TheRealDeal via Instagram)

"401(k) ‘hardship’ withdrawals hit record high, Vanguard says — another sign households feel the pinch of inflation" (article from CNBC)

"Jobless benefits rolls grow but U.S. labor market remains resilient" (article from Reuters)

"Defense Spending Reaches Record High as Pentagon Fails Its Audit – For Fifth Time" (article from The Equation)

Q&A Gone Wild Dec 30, 2022

The listeners have questions, and Chris and Saied are here with answers! This time out, the boys are answering burning questions submitted by the audience. At the end of the show, Chris and Saied choose their favourite question out of the ones submitted and award the lucky listener a $100 prize!

In this episode, Chris and Saied examine the continuing aftermath of the FTX collapse, speculating as to why disgraced CEO Sam Bankman-Fried was allowed to return to his parent's home.

They discuss the pros and cons of replacing the antiquated title system used in real estate with modern web3 technology, such as the blockchain, making the information more accessible.

Chris and Saied look at the reasons why a recession has only been hinted at or predicted, but not "officially" announced, despite evidence seemingly supporting the existence of one.

They also offer opinions on the tech sector and whether or not they think it will underperform compared to energy and finance in the next decade.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Why the antiquated title system should be replaced with blockchain technology.
The possibility of the FTX scandal leading to larger scandals within the US government.
Chris and Saied's short and long term goals.
Why a recessionary declaration is normally made 10, usually 12 months, at least, after the period is done.
And so much more...

Caroline Ellison Does SBF Dirty, SBF Goes Home and Understanding a Recession Dec 27, 2022

The FTX drama continues. Co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison have both pleaded guilty to federal charges. Wang pleaded guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud. Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison and Wang become the second and third individuals to be charged in connection with FTX's multibillion-dollar collapse. Sam Bankman-Fried has already been indicted.

In this episode Chris and Saied examine these latest developments as well as Sam Bankman-Fried's recent release on $250 million dollar bail.

They discuss an article from Bloomberg Business claiming that inflation reports are so important, staff were once instructed to have no facial expressions when walking them into the West Wing of the White House.

Chris and Saied look at a seemingly skewed chart from Keeping Current Matters revealing home price forecasts for 2023, with Realtor.com predicting a 5.4% increase and Zelman going the other way with a -5.1% decrease.

They also discuss a report stating that Mortgage applications to refinance a home jumped 6% last week as interest rates hit their lowest level since September, according to the Mortgage Bankers Association’s seasonally adjusted index.

Join Chris and Saied for this fascinating and informative conversation.

Enjoy!

What You’ll Learn in this Show:

Caroline Ellison and Gary Wangs's plea bargain deal and what that means for Sam Bankman-Fried.
Why economists are now predicting a 7-in-10 likelihood that the US economy will sink into a recession next year.
A report from the NAR stating that sales of existing homes fell 7.7% in November compared with October.
Why a new Bloomberg Economics model projection predicts that a recession by late-2023 is a '100%' likelihood.
And so much more...

Resources:

"Caroline Ellison, Associate of FTX Founder Sam Bankman-Fried, Pleads Guilty to Criminal Charges" (article from The Wall Street Journal)

"It takes a lot to keep inflation data secret, including NDAs" (Bloomberg Business via Instagram)

"There is a 70% risk of recession in 2023, economists say" (Bloomberg business via Instagram)

"Brace for Recession Next Year. But the Outlook Isn’t All Doom and Gloom" (article from Barron's)

"Home price forecasts for 2023" (Keeping Current Matters via Instagram)

"Home sales tumbled more than 7% in November, the 10th straight month of declines" (article from CNBC)

"Homebuilder sentiment drops for the 12th straight month, but a bottom may be near" (article from CNBC)

"Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September" (article from CNBC)

"With new mortgages down 47%, US lenders are starting to go bankrupt — could this one factor trigger the worst surge of failures since 2008?" (article from Yahoo! Finance)

"FTX’s Gary Wang, Alameda’s Caroline Ellison plead guilty to federal charges, cooperating with prosecutors" (article from CNBC)

"FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents" (article from CNBC)

"Forecast for US Recession Within Year Hits 100% in Blow to Biden" (article from Bloomberg)

The Big One Hundro Episode Dec 23, 2022

Cisco is the latest tech company to implement mass layoffs, specifically 4100 employees, nearly 5% of its workforce. These layoffs were anticipated, but which employees would be affected was unknown. Even though these tech layoffs are massive for the industry, they’re not representative of the job market at large. Instead, they’re symptomatic of the strange circumstances present in our current economy. At the same time, Cisco has been actively hiring for new roles. The company says this is part of a restructuring, and workers it cannot place internally will receive severance packages.

Today marks the 100th episode of The Higher Standard, and Chris and Saied are celebrating by doing what they do best - diving into this news and what it means for the tech sector as a whole in the coming year.

They discuss the ongoing drama at Twitter, as the social media platform tries to redefine its policies in light of the recent purchase by Elon Musk. The most recent policy shift involves an abrupt ban of all links to Instagram, Mastodon, and other competitors.

Chris and Saied look at the deterioration of affordability in housing across the US, which is happening at the fastest pace in history. The problem is that home prices are still rising while interest rates on mortgages are surging higher, which is highly unusual.

They also discuss an investigation by the DEA, which alleges that a methamphetamine and cocaine gang operating across the U.S., Mexico, Europe and Australia used the world’s biggest cryptocurrency exchange Binance to launder tens of millions in drug proceeds.

Join Chris and Saied for this fascinating and informative conversation and help them celebrate episode 100!

Enjoy!

What You’ll Learn in this Show:

The two primary methods for measuring housing prices: Month over month and year over year.
Why US agencies are now moving to track illegal use of cryptocurrency.
Why the ideology of free speech has become very murky in recent years.
Why Chris believes there will be a significant amount of layoffs in Q1 across many sectors.
And so much more...

Resources:

"Morgan Stanley warns that housing affordability is deteriorating faster than at any point in its data history — here are 2 easy ways to buck the worrisome trend" (article from Moneywise)

"Are housing prices going up or down?" (TheDataDeli via Instagram)

"Tech Layoffs: Cisco Announces Mass Layoffs - 4,100 Employees Cut" (article from Forbes)

"Twitter abruptly bans all links to Instagram, Mastodon, and other competitors" (article from The Verge)

"International drug conspiracy used Binance to launder millions, DEA investigation finds" (Forbes via Instagram)

"Goldman Sachs is planning to cut up to 8% of its employees in January" (article from CNBC)

"Homebuilder sentiment drops for the 12th straight month, but a bottom may be near" (article from CNBC)

"Roughly 1 in 3 workers is worried about a layoff — here’s where anxiety is highest" (article from CNBC)

"Twitter Reverses Ban to Accounts That Boost Competitors" (article from TheStreet)

"Washington Post chief announces job cuts – and refuses to answer questions" (article from the Guardian)

What to Expect in 2023 and Never Trust a Man With 'Ram' in his Last Name Dec 20, 2022

The Federal Reserve has raised its target federal funds rate by 0.5 percentage points in a continued effort to cool inflation. While this is a more typical hike compared to the 0.75 percentage point moves at each of the last four meetings, the central bank is far from finished, at least according to Greg McBride, chief financial analyst at Bankrate.com. Whether directly or indirectly, higher Fed rates influence borrowing costs for consumers and, to a lesser extent, the rates they earn on savings accounts.

In today's episode of The Higher Standard, Chris and Saied explore this latest rate hike and try to determine what it will mean for the economy, and for you.

They discuss a mystery rally in stock futures that spontaneously appeared in the seconds before the better-than-expected inflation number hit the Labor Department’s website, resulting in a 1% spike in stock futures as well as a surge in Treasury futures, pushing benchmark yields lower by about 4 basis points.

Chris and Saied look at a new report from Black Knight stating that approximately 270,000 homebuyers who bought during the red-hot housing market this year already owe more than their house is worth. Among the 450,000 embattled borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022.

They also discuss a Commerce Department report indicating that consumers pulled back on spending in November, failing to keep up with even a muted level of inflation for the month.

Join Chris and Saied for this eye-opening conversation.

Enjoy!

What You’ll Learn in this Show:

Why the NAR believes that existing-home sales will slide to 11-year low in 2023.
What’s going to happen to homebuyers with Federal Housing Administration (FHA) loans.
The real differences between Paul Volcker and Jerome Powell.
Why the new FTX CEO will get paid before its allegedly defrauded customers will.
And so much more...

Resources:

"Here’s what the Federal Reserve’s half-point rate hike means for you" (article from CNBC)

"In 60 seconds before CPI hit, heavy trading drove a mystery rally" (Bloomberg Businessweek via Instagram)

"The last time the Fed curbed inflation without crashing the economy, explained" (article from Vox)

"New FTX CEO is getting paid $1,300 an hour, and customers will foot the bill" (article from CNBC)

"U.S. existing-home sales to slide to 11-year low in 2023, NAR says" (article from Reuters)

"270,000 homebuyers who bought in 2022 are underwater on their mortgage" (article from Yahoo! Money)

"Fed raises interest rates half a point to highest level in 15 years" (article from CNBC)

Principle of the Day (Ray Dalio via Instagram)

"Consumer prices rose less than expected in November, up 7.1% from a year ago" (article from CNBC)

“This is a sleeping giant. Many people are surprised at how much they are going to pay the city.” (TheRealDeal via Instagram)

"Retail sales fell 0.6% in November as consumers feel the pressure from inflation" (article from CNBC)

"For most American businesses, new Fed rate means loans now start at 10%-plus interest" (article from CNBC)

"Home flipping profits drop at the fastest pace in over a decade" (article from CNBC)

SBF, CPI, PPI, UFC and PJs - We've Got All the Acronyms Dec 16, 2022

The FTX drama continues. The crypto business' founder, Sam Bankman-Fried, has been arrested by Bahamian authorities after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the one time crypto billionaire at the heart of the cryptocurrency exchange’s collapse. His arrest is being called the first concrete move by regulators to hold individuals accountable for the multibillion-dollar implosion of FTX last month.

In today's episode of The Higher Standard, Chris and Saied dig into this news, and speculate as to whether or not this move could signal the beginning of regulation for the crypto space.

They discuss the possible upcoming pivots for the Fed in it's ongoing battle against inflation. Will they raise rates again? Will they hold? For how long?

Chris and Saied look at Meta's $3 billion plan to decrease its office footprint, which includes unloading up to 544,000 square feet of offices in the Bay Area.⁠

They also discuss a New York Federal Reserve survey indicating that consumers grew more optimistic about inflation in November amid expectations that both food and energy price increases would be less severe in the coming year.

Join Chris and Saied for this eye-opening conversation.

Enjoy!

What You’ll Learn in this Show:

The arrest of former FTX CEO Sam Bankman-Fried and what that means for the future cryptocurrency.
Cross-collateralized cross-default loans - what they are, and why you should care.
Why Redfin predicts that 2023 will bring the slowest housing market in a dozen years.
Why affordability in the real estate space is going to continue to be an issue in the years to come.
And so much more...

Resources:

"FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges" (article from CNBC)

"November PPI a bit hotter than expected" (article from Reuters)

"Housing market to sink to a 12-year low in 2023, Redfin says" (TheRealDeal via Instagram)

"Lennar offers to sell 5000 homes to big landlords" (TheRealDeal via Instagram)

"Economists like Nouriel Roubini are starting to fret about a US debt crisis as interest rates rise – here's why it's the latest issue rattling markets" (article from Markets Insider)

"Total Household Debt Reaches $16.51 trillion in Q3 2022; Mortgage and Auto Loan Originations Decline" (press release from the Federal Reserve Bank of New York)

"Top economist Mohamed El-Erian says the Fed will face these two ‘unpleasant choices’ next year" (article from Fortune)

"Meta to ditch up to 544K sf of office space in Bay Area" (TheRealDeal via Instagram)

"Consumers see inflation easing considerably in the next year, New York Fed survey shows" (article from CNBC)

Big Cap With Special Guests Ariya and Haroon Dec 13, 2022

American consumers are slowing their spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according to the CEOs of two of the largest American banks. After two years of pandemic-fueled, double-digit growth in Bank of America card volume, “the rate of growth is slowing,” CEO Brian Moynihan said at a financial conference. While retail payments surged 11% so far this year to nearly $4 trillion, that increase obscures a slowdown that began in recent weeks: November spending rose just 5%, he said.

In today's episode of The Higher Standard, Chris and Saied have done something a little different and invited their brothers, Ariya and Haroon, to join them in the discussion as they attempt to dissect this and many other pieces of economic news.

They discuss what's likely to happen in the crypto space, and why the lack of regulation will remain a turn off for many investors.

Chris and Saied look at the sudden reversal in home prices that began this spring, which has now affected every one of America’s major metros with declines from their recent all-time peaks.

They also discuss a recent report stating that Morgan Stanley has cut about 2% of its workforce, affecting about 1,600 positions and following workforce reductions at Goldman Sachs and Citigroup.

Join Chris and Saied (as well as Ariya and Haroon) for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why JPMorgan CEO Jamie Dimon has compared crypto tokens to 'pet rocks.'
Why every major financial institution has crypto within its organization.
What home appraisals are and how they work.
Why the only true hedge against inflation is to keep doing what you're doing when inflation isn't there to keep buying.
And so much more...

Resources:

"Crypto is a complete sideshow, tokens are like 'pet rocks,' says JPMorgan CEO Jamie Dimon" (via YouTube)

"Goldman CEO says small bonuses, job cuts shouldn't be a surprise." (Bloomberg via Instagram)

"Home prices are down in every one of the top 58 metros according to the latest AEI data. But cities in this region have taken the biggest hit so far" (article from Fortune)

"Wisconsin Man Indicted for $35 Million Bank Fraud Scheme" (press release from the Department of Justice)

"‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes" (article from CNBC)

"A key indicator of a coming economic downturn is pricing in nearly 100% chance of a 'Powell recession' in 2023" (article from Yahoo! Finance)

"Morgan Stanley cuts about 2% of its workforce - source" (article from Reuters)

Jim Cramer Ruins The Party, Liver King is a Guru and Chris Needs Love Dec 09, 2022

According to Jim Cramer, host of CNBC's "Mad Money," there are four reasons why the Federal Reserve can’t stop tightening the economy just yet. He cites not enough people reentering the workforce, a mismatch between job openings and job seekers, too many people working in customer relations management, data analysis and advertising, and the creation of too many new companies in the past two years. “This market’s hostage to the Federal Reserve, and the Fed’s not going to stop tightening until they see more evidence of real economic pain. Unfortunately, we’re not there yet,” he said.

In today's episode of The Higher Standard, Chris and Saied explore why Cramer is, in fact, wrong in this assertion (and a good deal more).

They discuss a report from real estate brokerage Redfin saying that a record number of homes are being delisted as sellers face a sharp drop in demand. On average, 2% of homes for sale were delisted without being sold each week during the three months ended Nov. 20 compared to 1.6% a year earlier.

Chris and Saied offer some insights into the belief by traders that the Federal Reserve will drive its policy rate above 5% by May, following a report showing little sign of a cooling job market. This is in spite of the central bank's aggressive interest-rate increases so far.

They also discuss recent comments from Bank of America, which is expecting nonfarm payroll gains to be cut in half in Q4 of 2022 and turn negative in 2023. During the first quarter of 2023, the bank projects that the U.S. will be losing roughly 175,000 jobs a month.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Jim Cramer is wrong 100% of the time.
A Labor Department report stating that nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%.
Why BofA believes that the US economy will start to lose 175,000 jobs per month during Q1 of 2023.
The storm surrounding the so-called "Liver King" and his recent (and very carefully crafted) apology video.
And so much more...

Resources:

"Strong Job Numbers Throw Cold Water on Hopes for an End to Interest-Rate Rises" (article from Barron's)

"Traders now see Fed policy rate hitting 5% next year" (article from Reuters)

"The Fed can’t stop raising interest rates due to these 4 factors, Jim Cramer says" (article from CNBC)

"Home Sellers Are Pulling Properties off the Market at Record Pace" (article from Bloomberg)

"Payrolls and wages blow past expectations, flying in the face of Fed rate hikes" (article from CNBC)

"BofA warns that the US economy will start to lose 175,000 jobs per month during Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why" (article from Yahoo! Finance)

"The Liver King Lie" (via YouTube)

"Liver King Confession... I lied." (via YouTube)

Black Friday Goes Off, Dr. Doom Is Back and Chris Offends Everyone Dec 06, 2022

Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers' websites. Overall online sales for the day after Thanksgiving were up 2.3% year over year, and electronics were a major contributor, as online sales surged 221% over an average day in October. Toys were another popular category for shoppers, up 285%, as was exercise equipment, up 218%. Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, as consumers continue to grapple with high prices and inflation.

In today's episode of The Higher Standard, Chris and Saied dig into these numbers and attempt to make sense of them.

They discuss a recent story indicating that Airbnb is recruiting multifamily landlords for short-term rentals at properties, as well as the problems that surround mutifamily properties.

Chris and Saied offer some insights into how blockchain companies like BlockFi work in light of the company's recent Chapter 11 bankruptcy listing.

They also discuss the reasons why the fanfare and sensationalism surrounding cryptocurrency has now vanished, and why crypto will never be the same.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

How and why the S&P jumped over 700 points in just a week.
Why S&P Global Ratings economist Beth Ann Bovino is telling people to brace for a recession in 2023.
Why private hiring has slowed sharply in November.
'Dr Doom' Nouriel Roubini's seven Cs of crypto: Concealed, corrupt, crooks, criminals, con men, carnival barkers and CZ.
And so much more...

Resources:

"Black Friday online sales top $9 billion in new record" (article from CNBC)

"Americans are spending $433 more a MONTH for the same products due to crippling inflation as consumer prices rocket 8% to nearly highest level in 40 years" (article from The Daily Mail)

"Collapse" in home prices is coming, experts say" (article from Axios)

"Home sales could plunge in 2023. These cities could see the biggest dips." (article from CBS News)

"Airbnb recruits multifamily landlords for sublets" (The Real Deal via Instagram)

"A Recession Akin to 1969-1970 Awaits U.S. Next Year, Economist Warns" (article from Barron's)

"30 under 30" (Forbes via Instagram)

"Fed officials see smaller rate hikes coming ‘soon,’ minutes show" (article from CNBC)

"Retiring baby boomers are getting wiped out by inflation and a volatile stock market: ‘It’s extremely scary’" (article from Yahoo! Finance)

"BlockFi lawyer tells bankruptcy court that the priority is to ‘maximize client recoveries’" (article from CNBC)

"Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports" (article from CNBC)

The Government is Going Broke, Saied's Favorite Curves and a Vacation Dec 02, 2022

According to the National Association of Realtors (NAR), sales of previously owned homes declined 5.9% in October from the prior month to a seasonally adjusted annual rate of 4.43 million, the weakest rate since May 2020. October sales fell 28.4% from a year earlier, the biggest annual decline since February 2008. Home sales have been dropping each month since February. From their recent peak in January, existing-home sales have dropped about 32%. The slowdown is due to a rapid increase in borrowing rates. The average rate on a 30-year fixed-rate mortgage began to climb rapidly in the first quarter and rose above 7% earlier this month. Mortgage rates eased this week but are still more than double where they stood a year ago.

In today's episode of The Higher Standard, Chris and Saied dive into these numbers to help you understand what they mean for the economy and the fight against inflation.

They play a game of 'What if?', trying to determine the effect on the market, both short and long term, if the Fed funds rate were to reach 10%.

Chris and Saied discuss the concept of a yield curve inversion and why it matters to the economy.

They also discuss a recent report indicating that the city of San Francisco could lose up to $200 million in property tax revenue by 2028 as record office vacancies, fueled by remote work and uncertainty in the tech industry.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why banks are pulling back on lending to both households and businesses.
Why the yield curve inversion is an indicator of a future recession.
How long it actually takes to get a real estate license.
The reasons why US home sales have fallen for the ninth straight month.
And so much more...

Resources:

"Did Bullard Undershoot? Stifel Economists Say Fed Funds Rate May Need to Go to 8% or Even 9%." (article from Barron's)

"U.S. Home Sales Fell for Ninth Straight Month in October" (article from The Wall Street Journal)

"37% of real estate agents in the US couldn't afford to pay their rent in October — another bad sign for the housing market. Here are 3 key takeaways for sellers right now" (article from Yahoo! Finance)

"SF could lose up to $200M in property tax revenue" (The Real Deal via Instagram)

"Bob Iger returns as Disney CEO, replacing Bob Chapek after a brief, tumultuous tenure" (article from CNBC)

Mortgage Rates Drop, the Housing Correction isn't Over, AirBnb Issues and Q&A Nov 29, 2022

The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, according to James Bullard, president of the Federal Reserve Bank of St. Louis. Bullard suggested that the Fed’s rate hikes will make borrowing by consumers and businesses even costlier and further heighten the risk of recession.

In today's episode of The Higher Standard, Chris and Saied take a deep dive into these comments and where they come from, as well as what they mean for the economy and the continuing fight against inflation.

Thanks to a submitted listener question, they discuss the true impact of rising interest rate on the current housing market.

Chris and Saied discuss a report stating that the number of available short-term rental listings in the U.S. skyrocketed to 1.38 million in September - a 23.2% year-over-year increase, according to rental analytics firm AirDNA.

They also discuss comments from KPMG's chief economist Diane Swonk who predicts that a 15% drop in home prices for next year is “very conservative,” as the housing bubble begins to pop.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Chris believes that an interest rate increase to the 5%-7% range in order to fight inflation seems to be a stretch.
A report from the Federal Reserve Bank of Dallas predicting a home price correction could remove five to point seven percentage points from consumer spending.
The real world impact of rental analytics on the future of AirBnB.
How interest rates impact the monthly payments on a house.
And so much more...

Resources:

"Fed’s Daly sees rates rising at least another percentage point as ‘pausing is off the table’" (article from CNBC)

"Sharp drop in mortgage rates does little to boost demand" (article from CNBC)

"Rising mortgage rates could take 20% bite out of home prices" (Article from The Real Deal)

"Too Many Rich People Invested In Airbnbs, More Than A Million Remain Unoccupied" (article from Travel Noire)

"Fed's Bullard says benchmark interest rate in 5%-7% range may be needed to bring inflation down" (article from MarketWatch)

A New Sex Tape Appears, Twitter 2.0 and Mike Tyson is Misunderstood Nov 25, 2022

The collapse of FTX continues as a stunning list of allegations against the company’s former leadership has surfaced. John J. Ray III, the group’s new chief executive officer, said in a sworn declaration submitted in bankruptcy court, 'Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.' He slammed non-existent oversight and the misuse of client funds as advisors struggle to locate billions of dollars in missing assets.

In today's episode of The Higher Standard, Chris and Saied dig into the FTX implosion, described as a free-wheeling crypto enterprise devoid of virtually every policy and practice that would be the norm for almost all other corporations.

They look at the continuing drama of Elon Musk's purchase of Twitter as even more staff exit the company following his reorganization and ultimatum.

Chris and Saied discuss why Elon Musk's 'Twitter 2.0' will likely be bad for the brand, the platform and the users in the long run.

They also discuss a recent article describing the debut of a new cannabis infused edible called 'Holy Ears,' created by legendary boxers Mike Tyson and Evander Holyfield. The edibles are named after a notorious moment in 1997 when Tyson bit off part of Holyfield's ear during a bout.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

What happened to cause the implosion of FTX, and why the financial mismanagement involved is reminiscent of the Enron debacle.
Why advisors have located only a fraction of digital assets that they hope to recover during FTX's Chapter 11 bankruptcy.
Why Jeff Bezos doesn't seem to care about company morale in the traditional sense.
Chris' thoughts of the future of public journalism in the wake of Elon Musk's purchase of Twitter.
And so much more...

Resources:

Irma Lomidze Instagram

"FTX’s New Boss Reveals Chaos Left Behind by Bankman-Fried" (article from Bloomberg Law)

"New wave of resignations hits Twitter after Musk ultimatum" (article from CNBC)

"Mike Tyson and Evander Holyfield Team Up for “Holy Ears” Edibles" (article from Now This News)

Charlie Munger Pops Off, Layoffs in Tech and Let's Not Celebrate Yet Nov 22, 2022

“This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.” So says Charlie Munger, Berkshire Hathaway Vice Chairman and a longtime cryptocurrency skeptic. He went on to declare that the space is rife with fraud and delusion, and regulators have dropped the ball by not outlawing bitcoin and other digital assets.

In today's episode of The Higher Standard, Chris and Saied take a look at Munger's vehement criticisms and try to determine if his thoughts are valid, and whether or not regulators have indeed failed to provide proper oversight.

They discuss the Federal Reserve's meeting in February and offer some thoughts on whether or not there will be another rate increase at that time.

Chris and Saied examine why government spending has a tremendous impact on GDP, but surprisingly on core inflation numbers.

They also discuss a recent article in which Amazon founder Jeff Bezos advises consumers and businesses to delay purchases and stockpile cash to prepare for a devastating downturn.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Charlie Munger's longtime criticism of cryptocurrency has reached new levels of virulence in light of the recent implosion of FTX.
The incredible wave of layoffs rolling across the country, particularly in the tech industry.
Why the US has just 25 days of diesel supply remaining — the lowest level since 2008.
Why Federal Reserve Governor Christopher Waller believes that financial markets have overreacted to the softer-than-expected October consumer price inflation data released last week.
And so much more...

Resources:

"Charlie Munger, Warren Buffet’s right-hand man, rips into cryptocurrency after FTX collapse, saying it’s good for ‘kidnappers’" (article from Fortune)

"A Six-Figure Income Is Needed Just to Afford the Typical US Home" (article from Bloomberg)

"Mortgage Lenders Vie to Be ‘Last Man Standing’ as Rates Soar" (article from Bloomberg)

"Amazon founder Jeff Bezos warns a recession is looming - and Americans should 'prepare for the worst'" (article from Markets Insider)

"Congress seeks to arm Taiwan quickly as China threat grows" (article from the Washington Post)

"United States Government Spending To GDP" (chart from Trading Economics)

"Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’" (article from Yahoo! Finance)

"Musk Says Everyone Thought FTX's Bankman-Fried Was 'Walking on Water'" (article from The Street)

"Inflation Isn’t Going Anywhere. History Says It Could Take a Decade to Get Back to Normal" (article from Barron's)

"Amazon reportedly plans to lay off about 10,000 employees starting this week" (article from CNBC)

"The US has just 25 days of diesel supply — the lowest since 2008. Here's why that's more alarming than a dwindling 'oil piggy bank'" (article from Yahoo! Finance)

"System Open Market Account Holdings of Domestic Securities" (information via The Federal Reserve Bank of New York)

The Ultimate Fumble of the Bag Sponsored by FTX Nov 18, 2022

Unless you've just arrived from another planet, you've likely heard something about FTX, a high-profile, Bahamas-based cryptocurrency that has filed for bankruptcy amid allegations of fraud against Sam Bankman-Fried (known as SBF), its philanthropist founder. Cryptocurrency is a subject that many seem to be talking about, but that few understand fully.

In today's episode of The Higher Standard, Chris and Saied take a deep dive into the subject, providing explanations of some of the basic terminology, along with insights into the history of cryptocurrency. The goal is to give you a clearer picture of what's happening the crypto space in light of the FTX collapse.

They discuss and demystify concepts such as the blockchain, exchanges and the overall promise of cryptocurrency as an alternative to existing fiat currency.

Chris and Saied examine the FTX collapse, including the allegations against founder Sam Bankman-Fried, who was involved and what it means for other cryptocurrencies.

They also discuss the confusion surrounding the blue verification check mark on Twitter, in light of the massive changes brought about by new owner Elon Musk.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The promises of cryptocurrencies: Censorship-free money, a hedge against inflation, and verifiability.
Definitions of commonly used but often misunderstood cryptocurrency terms, like the blockchain, crypto exchanges and decentralization.
How SBF was able to move huge amounts of money without alerting other people, including external auditors.
The value that a decentralized blockchain is supposed to provide.
And so much more...

How to Lose 94% of Your Wealth in one Day, CPI and Twitter Nov 15, 2022

Fed Chairman Jerome Powell still says it's possible to cool the economy and keep employment stable – without a severe recession, in what would be a 'soft landing.' However, according to Nouriel Rubini, professor emeritus at New York University’s Stern School of Business and CEO of Rubini Macro Associates, better known as 'Dr. Doom', a recession and an economic 'hard landing' are all but guaranteed.

In today's episode Chris and Saied discuss Dr. Doom's prognosis and why historical evidence would seem to prove him right: No one is getting a soft landing.

They discuss the recent news that a federal judge in Texas has ruled that President Joe Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program.

Chris and Saied look at Sam Bankman-Fried, the cryptocurrency entrepreneur, founder and CEO of FTX and (former) billionaire, whose cryptocurrency empire went from $16 billion at the start of the week, to nearly non existent by the end.

They also discuss comments by former Treasury Chief Larry Summers, who said that stubborn inflation could force the Federal Reserve to hike interest rates above 6%, the highest level in more than two decades.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the idea that the economy will somehow avoid a recession and achieve a kind of 'soft landing' is a fallacy.
What happens now that President Biden's Student Loan Forgiveness program has been (temporarily at least) struck down.
How one of the darlings of the cryptocurrency industry lost 94% of his wealth in less than a week.
Why Larry Summers thinks that the economy might be more resilient to rate increases than expected, which could put pressure on the Fed to hike rates even further.
And so much more...

Resources:

"Here’s the inflation breakdown for October 2022 — in one chart" (article from CNBC)

"Wells Fargo mortgage staff brace for layoffs as U.S. loan volumes collapse" (article from CNBC)

"Opendoor slashes 18% of staff" (The Real Deal via Instagram)

"Opendoor posts near $1 billion loss" (The Real Deal via Instagram)

"Nouriel Roubini says it’s ‘mission impossible’ to avoid a hard landing, and we’ll get the worst of the 1970s and 2000s combined" (article from Fortune)

"Sam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in Days" (article from Fortune)

Jeremy Siegel says the housing crash will force Fed chief Powell to 'flip sometime' on inflation and pivot" (article from Markets Insider)

"The Fed may need to hike interest rates above 6% to crush stubborn inflation, ex-Treasury chief Larry Summers says" (article from Markets Insider)

"‘Only time will tell if September was the nadir’: Zillow reports sharp home-value declines in these cities, amid grim outlook for U.S. housing market" (article from Market Watch)

"The U.S. housing market to see second biggest correction of the post-WWII era—when to expect the home price bottom" (article from Fortune)

"Meta will slash 11,000 jobs in first major round of cuts" (Bloomberg Business via Instagram)

"'They will come to a bad ending': A year since its $69K peak, Bitcoin has plummeted more than 70% — here's why Warren Buffett has hated cryptocurrency all along" (article from Yahoo! Finance)

"When Small Businesses Can't Pay Their Rent, Can A Recession Be Far Behind?" (article from Yahoo!)

How to Build a Winning Business, No Negativity and Q&A Nov 11, 2022

In light of the recent midterm elections and the seemingly endless wave of negative economic news, Chris and Saied have chosen to turn today's episode of The Higher Standard into a more educational exercise, cutting through the rhetoric and spin to help you become more informed.

In today's episode Chris and Saied discuss the recent wave of layoffs from companies across the board, and attempt to determine when those layoffs may begin to slow as we enter the holiday season and year-end earnings reports.

They offer some insights as to why so many new businesses struggle or even fail in their early days, and why entrepreneurs often get in their own way when running their business.

Chris and Saied look at the process of trademarking your business identity, including the length of time it takes for a trademark application, and debunking some of the myths and misconceptions surrounding the process.

They also discuss different types of corporations and partnerships, such as limited or general partnerships, C-corps LLCs. They explore each type and offer some thoughts on the benefits and drawbacks of each type.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the best time to start a business may be during a recession.
The problems Chris sees on the horizon for the hospitality space.
The concept of AirBnB arbitrage and the dangers of fake gurus.
The problem with using hard money loans for flip opportunities.
And so much more...

Stop Believing these People and Milton Friedman Says we are Drunk Nov 08, 2022

Stripe is laying off 14% of its staff. Lyft has cut 13% of its workforce, and Opendoor has slashed its team by 18% after posting a $1 billion dollar loss. Bad news for those companies, but they aren't alone. Many tech companies have been announcing layoffs and hiring freezes while moving to cut costs. Amazon, Google's parent company Alphabet and Facebook's owner Meta have all taken steps to rein in expenses. Companies including Netflix, Spotify, Coinbase and Shopify have also announced layoffs.

In today's episode of The Higher Standard, Chris and Saied dive into this new economic reality and offer some insights about where it came from, as well as where it may be leading.

They discuss Dave Ramsey's inexplicable shift in rhetoric from "home prices are not going down" to, "house prices are never going down" despite the fact that they are, in fact, going down as we speak.

Chris and Saied look at Nobel Prize-winning economist Milton Friedman's tremendously accurate (if slightly disturbing) analogy comparing inflation to alcoholism.

They also discuss why, with hiring on track for its second-strongest year since 1940, the economy looks healthy - however, appearances can be deceiving, and that can lead to trouble.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why tech companies are posting losses and shedding staff at an increasingly alarming rate.
Why a letter to Fed Chair Jerome Powell from a coalition of Democratic lawmakers raising concerns warning of impending job losses as a result of the Fed's tighter monetary policy is going to accomplish nothing.
The effects of mortgage applications falling 42% compared to the same time last year and what that means for lenders such as Wells Fargo.
The reasons why so many very smart people were in denial for so long about the Fed's attempts to fight inflation (and why some still are.)
And so much more...

Resources:

"Democrats slam 'dangerous' Fed rate hikes, warning of widespread job losses" (article from Fox News)

"All the economic experts are at a loss on the eve of the midterms: ‘The data is all over the map’" (article from Forbes)

"Stocks Sink as Hawkish Bets Revive Recession Fears: Markets Wrap" (article from Yahoo! Finance)

"Student debt headaches are about to return for millions of people despite Biden's plans" (Businessweek via Instagram)

"Wells Fargo mortgage staff brace for layoffs as U.S. loan volumes collapse" (article from CNBC)

"Opendoor slashes 18% of staff" (TheRealDeal via Instagram)

"Opendoor posts nearly $1 billion loss" (TheRealDeal viz Instagram)

"Opendoor lays off 18% of its workers in the wake of housing demand slowing down" (Businessweek via Instagram)

"Job openings surged in September despite Fed efforts to cool labor market" (article from CNBC)

"Musk Plans To Layoff 50% Of Twitter’s Workforce Ahead Of Verification Fee Roll Out Next Week, Reports Say" (article from Forbes)

"Stripe lays off 14% of workers" (article from CNBC)

"Lyft cuts 13% of its workforce" (article from CNBC)

"Labor costs show slower rise, while trade deficit widens and jobless claims nudge lower" (article from CNBC)

"Private payrolls rose 239,000 in October, better than expected, while wages increased 7.7%, ADP says" (article from CNBC)

The Wealthiest Families, Big Data Hints at a Long Haul, Janet Yellen, and Dead People Nov 04, 2022

Did you know that 45 years after his death, the King of Rock N' Roll is still an economic powerhouse? Elvis’ estate generated $110 million in income as of 2022. The lion’s share was made from box office and merchandise sales at Graceland, Presley’s Memphis home, while a paltry $5 million of that came from rights for 'Elvis,' the Baz Luhrmann-directed biopic.

In today's episode of The Higher Standard, Chris and Saied discuss a Forbes article on the the highest-paid (dead) celebrities of 2022. They also look at crashing house prices, inflation and other economic matters - things that affect those of us still among the living.

They discuss a recent report from the National Association of Realtors indicating that pending home sales suffered a worse decline than expected from August to September, as mortgage rates surged. Economists had predicted a 4% drop, however sales were down 31% year over year.

Chris and Saied look at recent comments from Janet Yellen, 15th chair for the Federal Reserve from 2014 to 2018, who admitted she had been wrong about the path inflation would take. Her comments are particularly surprising considering how rare it is for someone from Washington to admit they were wrong in such an honest, public way.

They also discuss a report from the Bureau of Economic Analysis stating that the core personal consumption expenditures price index - an economic gauge that the Federal Reserve follows closely - increased 0.5% in September from the previous month and 5.1% from a year ago.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The reasons why pending home sales fell 10% in September, and why the drop is much worse than expected.
Credit Suisse's bold new restructuring plan designed to begin repairing their reputation.
Why the Federal Reserve really doesn't care about the economy.
Elon Musk's plans to make Twitter's 'blue checkmark' more accessible to everyone.
And so much more...

Resources:

Adam Schafer's Instagram

"Pending home sales fell 10% in September, much worse than expected" (article from CNBC)

"Homebuilders say they’re on the edge of a steeper downturn as buyers pull back" (article from CNBC)

"Moody’s: Home prices to crash 20% in Nashville—here’s the revised forecast for the nation’s 322 largest housing markets" (article from Fortune)

"Janet Yellen said she doesn’t see signs of a recession, but Nobel Laureate Paul Krugman argues the worst is yet to come" (article from Fortune)

Janet Yellen (via Wikipedia)

"Yellen's words on inflation won't end America's price hikes" (article from CNN)

"How Did They Get Inflation So Wrong?" (article from The Atlantic)

"The Highest-Paid Dead Celebrities Of 2022—A Writer Earns Half-A-Billion From The Great Beyond" (article from Forbes)

"These Are the World’s Richest Families" (article from Bloomberg)

"Key inflation gauge for the Fed rose 0.5% in September, in line with expectations" (article from CNBC)

GDP Pops, Zillow Cuts and How is Ye not Canceled? Nov 01, 2022

Finally, some good news? Maybe. The Bureau of Economic Analysis reported on Thursday that the U.S. economy posted its first period of positive growth for 2022 in the third quarter, which may ease recession fears - at least temporarily. GDP from July through September increased at a 2.6% annualized pace for the period. That was above the Dow Jones forecast for 2.3%.

In today's episode of The Higher Standard, Chris and Saied explain why this so-called good news is really anything but, and what that means for the economy and the Fed's attempts to fight inflation.

They discuss why home prices are higher than they were a year ago, but gains are shrinking at the fastest pace on record, according to a report from S&P Case-Shiller.

Chris and Saied look at a report from Barron's stating that the yield on the 3-month Treasury has surpassed that of the 10-Year Treasury. An inversion like that is considered very rare, but it suggests that a recession is on the way or possibly even here already.

They also discuss comments from President Biden concerning actions being taken to eliminate junk fees - hidden fees found in many services from internet access to hotels. He claims that it will save Americans billions.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why people are getting confused by the GDP numbers and how they indicate the state of the economy.
Why mortgage rates have topped 7% for the first time since 2002, and why we'll likely see 8% before the year is out.
What an 'inverted yield curve' is, and why some believe it's an indicator of an incoming recession.
Why President Biden's initiative to eliminate 'junk fees' sounds good, but is also a little too ambiguous to take seriously.
And so much more...

Resources:

"U.S. GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive" (article from CNBC)

"Mortgage rates top 7% for the first time since 2002, chilling L.A. housing market" (article from the Los Angeles Times)

"The Recession Signal That Really Counts Just Flashed Bright Red" (article from Barron's)

"Zillow cuts 300 jobs, citing pivot to tech" (The Real Deal via Instagram)

"Home prices cooled at a record pace in August, S&P Case-Shiller says" (article from CNBC)

"Powell again is facing political pressure as worries mount over the economy" (article from CNBC)

Fastest Way To Make $100k A Year, Dr. Doom's Prognosis and Q&A Oct 28, 2022

We're headed for a financial crisis that's even worse than the 1970's, says 'Dr. Doom.' No, not the comic book character, economist Nouriel Roubini, known for his bearish prognostications. He believes that due to a rolling series of supply shocks, we'll have a severe downturn before we get relief from inflation.

In today's episode of The Higher Standard, Chris and Saied dive into this dire prediction and offer some of their own thoughts as well.

They discuss the debt crisis, which they refer to as an 'affordability crisis,' how it will continue to affect us all as consumers as we move deeper into the recession.

Chris and Saied look at a chart from Fortune magazine showing plunging house prices in 51 out of 60 major cities, such as San Jose, Boston and Seattle, with the west being hit hardest of all.

They discuss why the belief that rates will go down as fast as they went up is flawed, owing to banks attempting to protect their returns as rates drop.

Chris and Saied also look at a recent article from Bloomberg stating that rent gains are finally starting to slow in many parts of the US, cooling a years-long boom that sapped affordability from coast to coast. In other words, demand from tenants is suddenly sinking.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

'Dr. Doom's prediction of the mother of all debt crises.
Why mortgage bankers expect rates to drop to 5.4% in 2023.
The reasons why student debt relief is not ideal for everyone.
Why Intel's cost-cutting measures should help boost their stock price, at least in the short term.
And so much more...

Resources:

"'Dr. Doom predicts a financial crisis that's 'worse' than the 1970's" (Bloomberg Business via Instagram)

"Housing: Existing home sales drop for 8th straight month in September" (article from Yahoo! Money)

"Housing’s stunning downfall in one chart: Prices have plunged in 51 of these 60 cities, and there’s much further to fall" (article from Fortune)

"Mortgage bankers expect rates to drop to 5.4% in 2023. Here's what means for home prices" (article from MarketWatch)

"U.S. weekly jobless claims fall" (article from Reuters)

"Starter Homes Are Only Affordable in Four Cities" (article from The Street)

A looming recession isn't slowing down luxury goods sales" (article from Business Week)

"Intel Layoffs: Will Intel Stock Keep Going Up By Cutting Costs?" (article from Forbes)

"Renters Hit Breaking Point in a Sudden Reversal for Landlords" (article from Bloomberg)

"Apple Hikes Music and TV+ Prices in First Increases Since Launch" (article from Bloomberg)

Numbers Are Ugly, Saied Takes Charge and Oklahoma Rocks Oct 25, 2022

The seemingly inexorable march deeper into recession continues this week with more bad economic news from all sides. Bloomberg is reporting that, approximately 38% of workers have looked for a second job, while an additional 14% have plans to do so, according to a survey of more than 1,000 full-time US employees by Qualtrics. The combination of stubbornly high inflation and the approach of salary increase season will likely see this number increase.

In today's episode of The Higher Standard, Chris and Saied dive into this news along with many other topics in order to help you make sense of the immense amount of information (and disinformation) found out there.

They discuss a report from The Street indicating that 30-year fixed mortgage rates hit 7.22%, the highest in 20 years. However, that number has since jumped again to an average of 7.646%, making the prediction of rates rising to up to eight and a half percent all the more likely unless something changes.

Chris and Saied look at recent comments by JPMorgan Chase CEO Jamie Dimon, who said that investors should expect more blowups after a crash in U.K. government bonds last month nearly caused the collapse of hundreds of that country’s pension funds. He went on to suggest that markets will continue to be volatile so long as the Federal Reserve is boosting rates and shrinking its massive balance sheet.

They look at the IRS' announcement of higher federal tax brackets for 2023 to adjust for inflation. The standard deduction is increasing to $27,700 for married couples filing together and $13,850 for single taxpayers. There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits.

Chris and Saied also discuss recent comments from Amazon founder Jeff Bezos, who has become the latest corporate leader to warn about the state of the economy, cautioning that rougher times are likely ahead, and why his comments feel like a weather forecast delivered two days late.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

What's happening to 30-year fixed mortgage rates, as well as the likelihood we could see 8.5%.
Jamie Dimon's warning of more blowups ahead following the UK's government bond crash.
The IRS' new tax bracket adjustments for 2023, and how that could affect you.
Why Jeff Bezos' warning of economic troubles ahead is not really news (though it's being presented as such.)
And so much more...

Resources:

"Inflation is Forcing Over Half of Americans to Consider Second Jobs" (Bloomberg Business via Instagram)

"US bank earnings revealed ominous clues about the future of the housing market" (article from CNBC Business)

"Why job openings data might not mean what we think it means" (article from Marketplace)

"IRS: Here are the new income tax brackets for 2023" (article from CNBC)

"Mortgage demand drops to a 25-year low, as interest rates climb" (article from CNBC)

"Jeff Bezos is the latest to warn on the economy, saying it’s time to ‘batten down the hatches’" (article from CNBC)

"Jamie Dimon says expect ‘other surprises’ from choppy markets after U.K. pensions nearly imploded" (article from CNBC)

A 100% Probability of Recession, Zillow Fumbles the Bag and Q&A Oct 21, 2022

This week several reports are being delivered, including the New York Fed's Empire State Manufacturing Survey, the National Association of Homebuilder's Housing Market Index, the Fed's industrial production data for September and the latest Beige Book on current economic conditions among its 12 districts, as well as the Census Bureau's new residential construction data for September. The predictions for these reports range from 'no change' to 'really bad.'

In today's episode of The Higher Standard, Chris and Saied discuss the one report that has already been released, the Federal Reserve Bank of New York's Empire State Manufacturing Survey, and the 'modest decline' being seen in manufacturing in the state.

They discuss a recent presentation by National Association of Realtors chief economist Lawrence Yun, who predicted that interest rates could be on their way to 8.5% if they pass a threshold of 7%, basing his forecast on key levels of resistance borrowing costs will face after a key inflation indicator hit a 40-year high.

Chris and Saied look at Bloomberg's prediction that a US recession is effectively certain in the next 12 months, representing a blow to President Joe Biden’s economic messaging ahead of the November midterms.

They discuss a new House Prices to National Average Wage Index created by CalculatedRisk to address the difficulties of comparing the ratio of house prices to incomes, when most income data is released with a significant lag.

Chris and Saied also explore Zillow's bold (and deeply flawed) prediction that the so-called pandemic housing boom would see U.S. home prices soar another 17.8% between February 2022 and February 2023.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why NAR's chief economist Lawrence Yun's prediction that interest rates could be on their way to 8.5% if they pass a threshold of 7% is more a statement of the obvious than a real look at the future.
Bloomberg's prediction that a US recession is basically a done deal within the next 12 months, which is not what President Biden wants to hear this close to the midterms.
The insights gained from CalculatdRisk's new House Prices to National Average Wage Index.
Zillow's discombobulated reporting concerning house prices, and why there is likely a specific reason behind it.
And so much more...

Resources:

"Forecast for US Recession Within Year Hits 100% in Blow to Biden" (article from Bloomberg)

"Mortgage rates could continue rise to 8.5%: NAR" (article from TheRealDeal)

"Stocks Poised to Open Higher on Monday" (article from Barron's)

"House Prices to National Average Wage Index" (article from CalculatedRisk)

"Empire State Manufacturing Survey" (article from the New York Federal Reserve)

"Where home prices in your local housing market are headed in 2023, according to Zillow’s revised forecast" (article from Fortune)

"Latest US inflation data raises questions about Fed’s interest rate hikes" (article from The Guardian)

"The newest Nobel-winning economist lays out 2 reasons the US is 'really exposed' to a financial crisis" (article from Insider)

"Cathie Wood's Ark Sends Open Letter to the Fed" (The Street via Instagram)

"Consumer spending was flat in September and below expectations as inflation takes toll" (article from CNBC)

"It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan" (article from CNBC)

Inflation is a Problem, a Perfect Storm and the Worldwide Impact Oct 18, 2022

The Consumer Price Index (CPI) was released on Thursday, and while the increases are not large, they do fall in line with predictions. In June, the CPI was 9.1%, in July it dropped slightly to 8.5%, and in August 8.3%. Then in September, it was 8.2%. This doesn't seem bad, until you realize that in the last 12 months, gasoline has risen by 18.2%, household energy by 20.8% and airfare by an eye-watering 42.9%

In today's episode of The Higher Standard, Chris and Saied do a deep dive into these CPI numbers and what they mean for the ongoing fight against inflation.

They discuss the thinking from various pundits and talking heads, who mistakenly believe they recognize the mistakes being made by the Fed as well as what it should and should not do.

Chris and Saied look at recent comments by Ray Dalio, the founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates, in which he has warned of a "perfect storm" that will spread economic pain as the U.S. Federal Reserve raises interest rates. He also said that government stimulus programs during the pandemic have created a bubble.

They discuss a recent article from Forbes reporting that the International Monetary Fund (IMF) downgraded its forecast for the global economy next year and warned inflation will be worse than previously expected due largely to the ongoing disruptions spurred by the war on Ukraine.

Chris and Saied also explore another article claiming that, as home sales fall to the lowest level in years, a rash of industries tied to the housing market are starting to show signs of deterioration, with home builders, appliance makers and some retailers among those likely to take the biggest hit.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The most recent PPI and CPI numbers and what that means for consumers in light of rising inflation.
Why, for the Fed, the cost of doing too little to curb inflation outweighs the cost of doing too much.
Why the IMF has downgraded its forecast for the global economy next year and what effects that will bring.
What’s driving the current housing market correction in several major markets.
And so much more...

Resources:

"Where Inflation Is... and Isn't" (Yahoo! Finance via Instagram)

"PepsiCo Raises Forecasts After Q3 Boosted by Higher Prices" (article from US News)

"Bridgewater's Dalio warns of a 'perfect storm' for economy" (article from Reuters)

"‘Ridiculously stupid’ economic policies have the U.S. hurtling toward a ‘perfect storm’ of economic pain, Ray Dalio says" (article from Fortune)

"Housing Market ‘Contagion’: Collapse Threatens Spillover Effects In These Major Industries" (article from Forbes)

"Home prices are falling fastest in these 10 U.S. cities" (article from CBS News)

"MBA: Mortgage Credit Availability was Never Excessive During the Recent Housing Boom" (article from CalculatedRISK)

"‘Worst Is Yet To Come’: IMF Cuts Economic Outlook And Warns Global Inflation Still Hasn’t Peaked" (article from Forbes)

"S.Korea delivers another big hike but offers dovish hints" (article from Reuters)

"Highest Availability Ever Reported for LA Office Space" (The Real Deal via Instagram)

"Strikes, possible blackouts and a plunging currency: Brits are being hit by a wave of bad news" (article from CNBC)

"It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan" (article from CNBC)

"Wholesale prices rose 0.4% in September, more than expected as inflation persists" (article from CNBC)

"Inflation increased 0.4% in September, more than expected despite rate hikes" (article from CNBC)

"Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years" (article from Invest Ahead)

Jamie Dimon Says a Recession is Looming, Logan Paul Takes an L and Q&A Oct 14, 2022

On Monday, at JPMorgan Chase's Techstars conference in London, CEO Jamie Dimon said that a “very, very serious” mix of headwinds was likely to tip both the U.S. and global economy into recession by the middle of next year. Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely to be in better shape compared with the 2008 global financial crisis. “But you can’t talk about the economy without talking about stuff in the future — and this is serious stuff.”

In today's episode of The Higher Standard, Chris and Saied take a closer look at this "serious stuff," as well as Dimon's warning that we could be looking at a recession in 6 to 9 months.

They discuss the recent Producer Price Index (PPI) report, including what exactly it is and how it acts as a kind of tertiary metric that provides insight into how inflation is likely to be reported.

Chris and Saied look at an open letter written by Cathie Wood, founder, CEO and CIO of Ark Invest in which she says that the Federal Reserve has been making a big mistake by over-hiking rates and using lagging indicators to make their decisions.

They discuss a recent article claiming that an NFT that YouTuber and social media personality Logan Paul purchased for $600,000 is now worth... $10.

Chris and Saied also explore the dichotomy between mortgage rates and homebuyer hesitation. The interest rate on the most popular home loan in America has fallen for the first time in seven weeks. Yet even with the decline, the average 30-year fixed mortgage rate is still more than double what it was last year.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

What exactly the PPI report is and how it acts as a kind of tertiary metric that provides insight into how inflation will be reported.
Cathie Wood's open letter to the Fed criticizing ‘mistakes’ it has made with excessive rate increases and the reliance on lagging indicators.
Logan Paul's $600,000 NFT investment, whose value has taken a nosedive to the tune of roughly $599,990.
The reasons why mortgage rates are down for the first time in nearly two months, but hesitation remains high.
And so much more...

Resources:

"The 15 Largest Banks in America" (article from Bankrate)

"Mortgage rates step back from the brink, but hesitation is still at a 25-year high" (article from MoneyWise)

"The NFT Logan Paul purchased for over 600K is now worth $10" (Jungleboys via Instagram)

"What Is Logan Paul’s $623,000 Azuki NFT Worth Today?" (article from BeInCrypto)

"Cathie Wood Warns Fed of Policy Error as Rate Hikes Hit ARK ETFs" (article from Bloomberg)

"‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months" (article from CNBC)

Updated Industry Metrics, Leaders Will Rise and We Appreciate You Oct 11, 2022

According to a report from CNN Business, the nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday. This particular milestone comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. Incredibly, outstanding debt has climbed nearly $8 trillion since the beginning of 2020, and it's increased by $1 trillion since February of 2022.

In today's episode of The Higher Standard, Chris and Saied take a deeper look into this news and the reasons behind it (looking at you, Inflation Reduction Act).

They discuss the reasons why you shouldn’t buy real estate in some major markets unless you see a 10% drop in value from where you were.

Chris and Saied look at the issue of real estate numbers, such as home values, mortgage application volume, etc. and why the amount of interpretation involved means that the trends become more important than the specific numbers.

They also discuss an article stating that a recent report from KPMG shows that over 50% of American CEOs are considering workforce reductions over the next six months, possibly as a response to the increase of remote workers during the pandemic.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the Inflation Reduction Act is one of the key factors that caused national debt to jump by over a trillion dollars in the last eight months.
The reasons why homebuyers should hesitate to purchase in major markets, unless they see a 10% drop in value from where they were.
Why the amount of interpretation involved in real estate market data aggregation means that trends become more useful than the specific numbers.
How many companies are responding to the hybrid workforce that was born from the pandemic.
And so much more...

Resources:

"Higher Interest Rates Will Raise Interest Costs on the National Debt" (article from Peter G. Peterson Foundation)

"U.S. Apartment Demand Plunges in 3rd Quarter as New Leasing Stalls More than Expected" (article from RealPage Analytics)

"US home prices are now posting their biggest monthly drops since 2009" (Bloomberg BusinessWeek via Instagram)

"High mortgage rates, tight supply and economic uncertainty: Here’s what’s happening with home prices" (article from CNBC)

"Mortgage applications plummet 14% as higher interest rates and Hurricane Ian crush demand" (article from CNBC)

"U.S. job openings drop sharply, labor market starting to loosen" (article from Reuters)

"Fed’s Bostic wants to pause after December rate hike" (article from MarketWatch)

"Over 50% of CEOs say they’re considering cutting jobs over the next 6 months — and remote workers may be the first go to" (article from MarketWatch)

The Fed Wants You to Lose Your Job, AI Taking Jobs and Chris is a Visionary Oct 07, 2022

On Sunday, the Federal Reserve announced that it would hold a previously unscheduled meeting where some of the matters to be discussed will include, according to the Fed's website, “review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.” It's being called an 'emergency' meeting, bu in reality, closed-door Fed meetings like this happen all the time. There have been about 15 meetings over the last year.

In today's episode of The Higher Standard, Chris and Saied take a look at what this meeting may or may not be signalling, as well as some hard truths about Fed Chair Jerome Powell's attempts to fight inflation.

They discuss why, when Powell tells you he wants to reduce inflation, he’s actually telling you the central bank needs investors to lose money.

Chris and Saied discuss a story about Nala Robotics, an AI company that has launched a fast food robot that, it claims, can fry chicken wings, french fries and other foods, season them and do it all autonomously. It's called the WingMan. Is this the response to the increase of minimum wages?

They also discuss how the tightening of the economy is affecting businesses. Bankruptcies and hiring freezes are happening across the country, and larger businesses like Meta are saying that they need more efficiency out of employees.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

What the Fed's 'emergency' meeting really means for the market.
Why Jerome Powell needs investors to lose money, in the hopes that those losses will seep into the rest of the economy when capital investments and consumption decline, slowing growth, demand and ultimately inflation.
The possibility of AI and robotics replacing workers as a response to minimum wage increases.
The effects of the Fed's aggressive tightening of economic policy, and the effect it's having on businesses.
And so much more...

Resources:

https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm

https://www.bloomberg.com/news/articles/2022-09-29/jay-powell-needs-investors-to-lose-money-until-inflation-comes-down?utm_campaign=instagram-bio-link&utm_medium=social&utm_source=instagram&utm_content=businessweek

https://www.forbes.com/sites/johnkoetsier/2022/09/28/robot-fast-food-cook-costs-less-than-half-a-hum...

https://www.cnbc.com/amp/2022/09/27/chipotle-mexican-grill-will-test-robotic-tortilla-chip-maker-.ht...

https://www.cnbc.com/2022/09/30/elon-musk-shows-off-humanoid-robot-prototype-at-tesla-ai-day.html

Housing Continues To Deteriorate, Billionaire Grant Cardone and Chris is Planning to Invest Oct 04, 2022

As you can see from the collection of articles added below, the housing recession has finally reached a point where only the most oblivious could possibly claim that it's not happening. Despite the best efforts of the Fed to control inflation, jobless claims and mortgage rates are rising, and housing prices are falling. What does all this mean for the economy? Chris and Saied are here to offer some thoughts.

In today's episode of The Higher Standard, Chris and Saied take a look at all this new information to try and understand the economic implications of it all, starting with an article from CNBC stating that a new report from Redfin shows that home purchase cancellations are above 15% for the second straight month.

They discuss why the Fed's attempts to curb inflation seem to not be going well. The difficulty is that the primary method for curbing inflation - raising the Fed borrowing rates and pulling out liquidity with quantitative tightening - has an impact on earnings for corporations, which has its own implications.

Chris and Saied discuss a recent article from Bloomberg which states quite clearly that US housing prices have fallen for the first time since 2012, and one from Fortune, reporting that housing prices have plunged in 77% of US metro areas.

They also discuss the many reasons to be wary of advice from people like Grant Cardone, and why Cardone Capital is not a real estate investment trust, but a long-term investment vehicle.

If you have burning questions about commercial real estate, this is the episode you've been waiting for! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The reasons why in August, 15.2% of home purchase agreements fell through, similar to 15.5% in July, according to a new report from Redfin.
Why the Fed's efforts to curb inflation has repercussions for corporations as revenue is drawn away, along with earnings.
Why 'The Turn has Finally Happened,' according to Fortune, while mortgage rates have hit 6.7%, the highest rate in two decades.
Some important considerations to keep in mind when listening to so-called "experts" like Grant Cardone.
And so much more...

Resources:

"Home Purchase Cancellations are Above 15% for the Second Straight Month." - article from Apple News

"US Housing Prices Fall for First Time Since 2012" - article from Bloomberg

"Housing Prices Plunge in 77% of U.S. Metro Areas: 'The turn has finally happened'" - article from Fortune

Original Research Article - AEI research document

"U.S. pending homes sales post third straight monthly decline in August" - article from Apple News

"'The Fed Trying to Control Inflation Actually Created More Damage': Grant Cardone Says the Fed Ended Most People's Chance of Owning a Home" - article from Yahoo! Finance

"Jobless Claims Hit Five-Month Low Despite Fed’s Efforts to Slow Labor Market" - article from CNBC

"US Mortgage Rates Jump to 6.7%, Hitting Highest Level Since 2007" - article from Bloomberg

"Meta is Reportedly Putting Some Workers onto a '30-Day List' that Gives them a Month to Find a New Role at the Company — or Leave" - article from Yahoo! News

The BIG Commercial Real Estate Episode Sep 30, 2022

According to a recent article from Bloomberg, Federal Reserve Chair Jerome Powell said the US economy may be entering a 'new normal' following disruptions from the COVID-19 pandemic during a Fed Listens event in Washington last week. He outlined the "unusual set of disruptions'' the Fed is dealing with, and reiterated a commitment to help the economy through a "uniquely challenging period." The real question is, as warm and fuzzy as these 'Fed Listens' seem to be, do they have any effect on actual monetary policy? Is it a genuine attempt to listen to business and community leaders, or is simply an academic in good PR? As you might expect, Chris and Saied have some thoughts...

In today's episode of The Higher Standard, Chris and Saied take a deep-dive into real estate, particularly commercial real estate, covering subjects such as the recently raised Federal Funds Rate and some of the more obscure inner workings of multi-family and commercial real estate.

They explore an article from TheRealDeal.com stating that Keller Williams is looking to train their agents as wealth advisors going forward, and the implications of that kind of move on the real estate industry.

Chris and Saied look at mortgage rates and why they're very unlikely to come down in the near term, thanks to the current yield curve inversion that has been the precursor to nearly every recessionary economy in history.

They also discuss multi-family and commercial real estate issues, such as the definition of a 'loan amount,' why the barrier to entry in commercial real estate is so high, and how long it usually takes to close a multi-family deal.

If you have burning questions about commercial real estate, this is the episode you've been waiting for! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the Federal Reserve recently increased the Federal Funds Rate and how it will impact mortgage interest rates.
The case for ensuring real estate agents have a solid economic understanding of the products they're selling, and the possible perils of going down that road.
The reasons why mortgage rates are not likely to come down in the near term, due to upward pressure on the long end of the yield curve.
Why real estate investing is the common source of wealth in the country.
And so much more...

Resources:

"Keller Williams Aims to Train Agents as Wealth Advisors" (article from TheRealDeal.com)

"Powell says Economy May be Entering ‘New Normal’ After Pandemic" (article from Bloomberg)

Chris Gets Scammed, How Long Will This Last and Q&A Sep 27, 2022

If you've been following the news of late, you're probably aware that the Ethereum merger has been completed, as the cryptocurrency switches to the proof-of-stake (PoS) mechanism for verifying transactions on the blockchain. The move was intended to fix some of Ethereum’s problems by improving transaction speed and making them cheaper. However, the price has dropped since the transition on September 15.

In today's episode of The Higher Standard, Chris and Saied's wide-ranging discussion takes on everything from Ethereum's merger and the Fed fund's target rate, to the recent 900-point drop in the Dow Jones Industrial Average.

They explore the strange period of fluctuation we've entered in the real estate market where homeowner's mortgage payments are so low, relative to the property they bought, they don't want to sell, they want to rent.

Chris and Saied also look at the reasons why China is no longer as inexpensive as it once was for labor and goods. Vietnam and India have begun to eclipse China with cheaper workforces and lower costs of production.

They also offer some opinions on what they believe owner occupied 30-year mortgage interest rates will look like and why the 900-point drop in the Dow was caused by pricing in the Fed's most recent rate hike.

This is a show you do not want to miss! Join Chris and Saied for this wide-ranging and informative conversation.

Enjoy!

What You’ll Learn in this Show:

The details behind Ethereum's recent network upgrade and merger and what that could mean for the cryptocurrency going forward.
The premise behind the new Federal reserve target rate, and why the Fed doesn't just increase the Fed funds target rate.
Why homeowners are now choosing to rent their properties rather than sell due to unusually low mortgage payments.
The 900-point drop in the Dow, and why it indicates the market is simply "pricing in" the Federal Reserve's 0.75% rate hike.
And so much more...

How CPI will Influence the Fed, Khaby Lame and Q&A Winners Sep 23, 2022

The inflation numbers have been released, and the news is not good for anyone. The Consumer Price Index (CPI) has increased to 8.3%. A 10.6% decline in gasoline prices was offset by increases in rent, food and health care. Food prices rose by .8%, with the cost of food consumed at home increasing by .7%. The increase in CPI feeds into the argument Chris and Saied have been making for some time, and that so many social media personalities refuse to accept.

In today's episode of The Higher Standard, Chris and Saied discuss these new CPI numbers, the effect they're having on the economy, and the effect they will have on the Fed's upcoming rate hike decisions.

They discuss the market's reaction to the news, including the increasing possibility that the Fed could bypass the .75% increase and go straight to a 1% increase.

They also look at a recent report from Moody's Analytics, which says there are now 210 housing markets across the nation that are "significantly overvalued" — or overvalued by more than 25%. In those markets, Moody's predicts home prices to fall 5% to 10%. If a recession hits? Home prices in those regions could take 15% to 20% hits.

Chris and Saied also discuss the phenomenon that is Kaby Lame, the TikTok star with 150 million followers, who is reportedly on track to make $150 million a year.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the recent CPI numbers could signal a 1% increase from the Fed.
Moody's report of "significantly overvalued" housing markets across the country, which could lead to a massive price drop.
How Khaby Lame could be making as much as $10 million a year as a social media personality - without ever saying a word.
And so much more...

CPI is Now Irrelevant, the World Housing Crisis and Kanye West Sep 20, 2022

According to an article from Bloomberg, homebuyers are pulling back as central banks raise interest rates at the fastest pace in decades, sending house prices tumbling. Meanwhile, millions of people who borrowed cheaply to purchase homes during the pandemic boom face higher payments as loans reset.

In today's episode of The Higher Standard, Chris and Saied discuss this painful housing reset in some of the hottest markets around the world, even as some so-called influencers continue to claim that house prices won't fall in the U.S. - even though they already are.

They discuss the increase in rent that appears to be rising as fast as the cost of buying (as in, rising interest rates). The latest figures from the Mortgage Bankers Association and the US Census Bureau show that rents have risen approximately 10% since the fourth quarter of 2020.

They look at Fed Governor Christopher Waller's comments that he expects to raise the central bank’s benchmark interest rate 75 basis points this month, though he’s open to a larger move depending on incoming data.

Chris and Saied also revisit the Inflation Reduction Act (Chris is still not a fan) and explain why it really is about printing money, despite what the naysayers claim.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The latest figures from the Mortgage Bankers Association and the US Census Bureau, showing that rents have risen approximately 10% since the fourth quarter of 2020.
Fed Governor Christopher Waller's recent comments about an expected 75 basis point increase, and the reasons why he's comfortable with an even higher increase if required.
The Inflation Reduction Act and why it really IS about printing money, despite what the naysayers claim.
And so much more...

Amazon is Pulling Out, Bank of America Oops and Disney Almost Bought Twitter Sep 16, 2022

It would appear that yet another prediction made by Chris and Saied has proven itself true: The bond and treasury markets would start moving and put upward pressure on the 30-year mortgage rate. According to a headline from CNBC, mortgage demand from homebuyers has fallen 29% since last year, as interest rates surge past 6%. Application volume dropped 1.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

In today's episode of The Higher Standard, Chris and Saied discuss this data as well as Jerome Powell and the Fed's desire to be as communicative as possible as we approach a likely 75 basis point increase.

They talk about Cineworld's reported decision to file for chapter 11 'reorg' to address a potential liquidity crunch, restructure more than $5 billion of debt and resolve a $950 million adverse court judgement. Chris also explains the difference between a reorg and a standard bankruptcy procedure.

Chris and Saied look at Amazon's decision to reduce the size of its sprawling delivery operation amid slowing sales growth, by abandoning dozens of existing and planned facilities around the US.

They also explore Bank of America's new loan program created for Black and Hispanic neighborhoods to boost homeownership where it lags. The result was a PR disaster that had some pundits claiming it was 'racist,' while others say the media misconstrued the intent. Either way, it's a mess.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The difference between a chapter 11 reorganization and a standard bankruptcy procedure as it applies to business.
Why Amazon is abandoning dozens of existing and planned delivery facilities around the US.
The PR confusion surrounding Bank of America's new loan program created for Black and Hispanic neighborhoods to boost homeownership.
And so much more...

Housing Market Updates You Need to Know and the Jobs Report Sep 13, 2022

Despite a few naysayers who still cry fowl, the housing recession (as it's been called by the National Associations of Realtors) continues as the Fed battles inflation. The reasons for the 'pretend it's not happening' attitude among a few pundits and so called influencers is baffling as it conflicts with nearly every data point and the opinions of many economists and experts in the field.

In today's episode of The Higher Standard, Chris and Saied discuss some of the most recent data points on the housing market, and how this information will affect you.

They discuss why many people believe that a credit crunch is the only path to difficult times, and why that kind of thinking is incorrect, if not delusional.

Chris and Saied look at the disturbing trend of otherwise intelligent people making comments and predictions that lack any kind of economist-based reasoning. They explore the idea of putting feelings before data, and why that leads to confusion and misinformation.

They also explore the latest jobs report indicating that unemployment has risen slightly from 3.5 to 3.7%, and explain why it contains some positive things for the job market, further confusing people as to where the economy is headed.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The 'delusional' idea that a credit crunch is the only path to difficult times.
Why otherwise intelligent people are putting feelings before data, and why that's dangerous.
The latest jobs report, and why it will only add to the confusion around the economy's direction.
And so much more...

2023 is Going to be a Problem and Here is How it Impacts You Sep 09, 2022

Recently, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, an economic indicator that measures the change in value of U.S. single-family homes on a monthly basis, picked up the first month to month price drops. All of them were found in the West, in the metros of Seattle, San Francisco, San Diego, Los Angeles, Denver and Portland. Normally, the index lags reality by approximately 4-6 months, but the numbers are telling.

In today's episode of The Higher Standard, Chris and Saied explore these results as well as more evidence backing up a significant decline in housing demand - as Chris has been suggesting for some time now.

Chris and Saied discuss the now unequivocal fact that people like Dave Ramsey and Lawrence Yun, the National Association of Realtors chief economist, were wrong in their assertions and predictions. They also review some of the interesting new data around new and existing home sales, and mortgage applications, all of which are going down.

They discuss an article from Fortune magazine saying that Goldman Sachs now forecasts the U.S. housing market downturn will be worse in 2023. They predict sharp drops this year in new home sales of 22%, existing home sales of 17%, and housing GDP of 8.9%.

They also discuss why many people seem to be clinging to the 'logical fallacy' of a growth recession - the idea that you can be in a recession and still have growth in the economy.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

New data showing unequivocally that people like Dave Ramsey and other recession naysayers were wrong.
Goldman Sachs’ new forecast, suggesting the U.S. housing market downturn will be bad in 2022, and continue into 2023.
Why the idea that you can be in a recession and still have growth in the economy is a logical fallacy - one in which many people seem to believe.
And so much more...

J. Powell Dropping Bombs, Housing Changes and Saied's Sultry Voice Sep 06, 2022

Jerome Powell has recently held a press conference following the Fed's annual Jackson Hole meeting, and his comments were interesting, not to mention immediately impactful, as they eviscerated approximately $70 billion in value from the market the following day.

In today's episode of The Higher Standard, Chris and Saied share their thoughts on Powell's remarks and the effects they may have in the days to come.

They discuss why Powell believes that, as the Fed tightens and fights to bring down inflation, higher interest rates likely will persist "for some time," and why the historical record cautions strongly against prematurely loosening policy.

Chris explains why people did not know they were in a recession in 2008, until NBER, the National Bureau of Economic Research, declared a recession almost a year later. We can look back and identify the factors that led to the Great Recession, but we're not in a position to identify those factors at the moment.

They also discuss the interesting correlations between the current housing market (with a 10.9 month supply of new houses - a healthy market sits around 4-6 months) and the time during the Great Recession, when the monthly supply of new houses was sitting around 12.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Powell's belief that higher interest rates likely will persist "for some time."
Why it's easy to look back and identify the factors that led to the Great Recession in 2008, but not so easy to identify them in today's market.
Interesting - and possibly worrying - correlations between the current monthly supply of new homes and that which existed during the Great Recession.
And so much more...

Let's Just Throw Away Some More Money and Student Loan Stimmies Sep 02, 2022

If you've been watching the news, you're no doubt aware of President Biden's "forgiveness plan." This involves erasing $10,000 US in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. It also cancels an additional $10,000 for those who received federal Pell Grants to attend college.

To say this move has been divisive is something of an understatement, and of course, in today's episode of The Higher Standard, Chris and Saied share their thoughts on this new program. (Spoiler: They're not fans.)

They discuss why Chris thinks the new program is both unconstitutional, and just another stimulus package - essentially the government is printing more money, which is a problem when the Fed is battling inflation already.

Chris outlines the legality (or lack thereof) of the program, and why he believes the income cap is the wrong way to proceed.

They also talk about Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will take a much more firm or 'hawkish' approach and possibly invoke the 'Volcker Rule' - a federal regulation that prohibits banks from conducting certain investment activities with their own accounts and limits their dealings with hedge funds and private equity funds, also called covered funds.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the new forgiveness program is both unconstitutional, and just another form of inflationary stimulus.
The legality (or lack thereof) of the program, and why the income cap is the wrong way to proceed.
Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will invoke the 'Volcker Rule.'
And so much more...

The Victory Lap, Real Estate Update, Layoffs and Q&A Aug 30, 2022

No matter the position still being maintained by Dave Ramsey and other social media influencers, the housing recession is upon us. The National Association of Realtors has actually called it a recession, among others, and no amount of wishful thinking will make it not so.

In today's episode of The Higher Standard, Chris and his co-host take a victory lap as the numbers and the pundits appear to agree with what they have been calling all along: A housing recession.

They discuss recent comments by Nancy Wallace, the Lisle and Roslyn Payne Chair in Real Estate Capital Markets at Berkeley Haas, who has stated that non-banks are poorly capitalized, as well as the decision by Loan Depot to close down their entire wholesale division.

Chris shares a rather scary report from Redfin, where analysts said real estate investors bought 18.4% of homes sold in the fourth quarter of 2021, up from 12.6% a year earlier. That means real estate investors effectively own 20% of the market now nationally.

They also explore a recent Wall Street Journal article stating that 4 in 10 employers are rescinding job offers, and a similar amount are reducing or eliminating the sign-on bonuses that had become common to attract talent in a tight job market.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Nancy Wallace, the Chair in Real Estate Capital Markets at Berkeley Haas, has stated that non-banks are poorly capitalized.
A report from Redfin, indicating that real estate investors bought 18.4% of homes sold in the fourth quarter of 2021, up from 12.6% a year earlier.
Why roughly 4 in 10 employers are rescinding job offers and reducing or eliminating sign-on bonuses, a common tactic in a tight job market.
And so much more...

Housing Recession is Here, RIP Volker & Yabba Dabba Doo! Aug 26, 2022

Despite what internet sources such as Keeping Current Matters claim, Fitch Ratings is reporting that the odds of a severe housing downturn have risen, while US home prices could sink as much as 15%, more or less in line with what Chris has been suggesting for some time, based on the available data.

In today's episode of The Higher Standard, Chris and his co-host offer their usual mix of opinion and insight to cut through the noise and give you a slightly clearer view on the economy and the world.

They discuss the recent report by Fitch Ratings Inc., a credit rating agency and one of the "big three" in the United States, along with Standard & Poors and Moody's.

Chris shares his thoughts on a recent National Association of Homebuilders survey that shows that a lot of homebuilders are lowering prices, on average, by about 5%. This is not only to get more buyers in the door, but also to slow cancellations.

They also discuss the strange disconnect between many of the social media outlets, such as Keeping Current Matters, claiming that housing is fine, while the National Association of Realtors is stating that their specific industry is in a recession.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The Fitch Ratings report that appears to be proving Chris' pasty comments to be more or less correct.
A National Association of Homebuilders survey that shows that homebuilders are lowering prices in order to slow cancellations.
The mixed messages being offered by social media outlets, which seem to dispute the opinions of organizations and people actually in the industry itself.
And so much more...

Housing Data, Metaverse Real Estate and Economic Indicators Aug 23, 2022

The Wall Street Journal is reporting that it was more expensive to buy a U.S. home in June than it has been in three decades, as record-high home prices collided with a surge in mortgage rates. The National Association of Realtors’ housing-affordability index, which factors in family incomes, mortgage rates and the sales price for existing single-family homes, fell to 98.5 in June, the lowest it’s been since 1989. On the other hand, just 24 hours earlier, the WSJ reported that home prices had hit a new record high in the second quarter.

In today's episode of The Higher Standard, Chris and his co-host offers thoughts and insights on this new report, particularly the way it seems to be cutting through the current rhetoric of things being all sunshine and rainbows.

They discuss the confusion many people seem to have about leading, lagging, and coincident indicators and the actual effect they have on the economy.

Chris offers some insight into the massive fall off of demand for housing, even as house prices are increasing, citing it as pent up demand from people who are trying to buy homes that couldn't do it previously.

They also offer some thoughts on recent comments by Dr. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy for the National Association of Home Builders about why he thinks a tighter monetary policy from the Fed and persistently elevated construction costs have brought on a housing recession.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

What leading, lagging, and coincident indicators really mean and how they affect the economy.
Insights into the massive fall off of housing demand even as house prices are rising to record levels.
Thoughts on recent comments by Robert Dietz, Chief Economist for the NAHB, and what he thinks is causing a housing recession.
And so much more...

Inflation Disfunction Act, Andrew Tate and Body Hair Aug 19, 2022

In the previous episode of The Higher Standard, Chris shared his less-than-charitable thoughts on the recently-passed Inflation Reduction Act, created by President Biden and the Democrats. The Act makes a 'down payment' on deficit reduction in order to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. Chris argued that the whole initiative seems to be based on a flawed understanding of the actual causes of inflation.

In today's episode of The Higher Standard, Chris offers more insights on what he calls the "Inflation Dysfunction Act," citing the theories and opinions of past economists to make his point that this is a flawed strategy.

Chris offers thoughts on the Federal Reserve's choice of either a 50 or 75 basis point hike at the September meeting, and why it's difficult to make a real prediction at the moment.

They share opinions of several economists that seem to reveal some seasonality that isn't being taken into account by the Fed, which could affect its decision.

They also dive into a Time Magazine headline indicating that gasoline demand in the US this summer has dropped below pandemic levels, which shows that Americans are driving less than they did in 2020, at the height of the COVID travel restrictions.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why he still believes that the Federal Reserve could go with either a 50 or 75 basis point hike in the September meeting, depending on the results of the upcoming CPI and employment reports.
Opinions of several economists that seem to reveal some seasonality that isn't being taken into account.
Why gasoline demand in the US this summer has dropped below pandemic levels, showing that Americans are driving less than in 2020, at the height of the pandemic travel restrictions.
And so much more...

Inflation Reduction Act, Consumer Credit and Alpha as Sh*t Aug 16, 2022

The recently passed Inflation Reduction Act of 2022 has been designed to make a down payment on deficit reduction in order to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill also allows Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.

In today's episode of The Higher Standard, Chris offers up his thoughts on the Inflation Reduction Act - specifically, why he thinks it's a terrible idea. Chris and his co-host also discuss the sudden appearance of the Vice President to act as tie-breaker to get the bill passed, as well as the interesting timing of the entire process.

In this episode you'll discover:

- Why the Inflation Reduction Act is based on a flawed understanding of the actual causes of inflation (i.e. not consumers).

- The interesting relationship between inflation and unemployment figures.

- Why total household debt rose to a record 16.2 trillion last quarter as credit card spending posted the biggest yearly spike in more than 20 years.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Chris believes that a misunderstanding of the causes of inflation has led to the creation of the deeply flawed Inflation Reduction Act.
Why the relationship between inflation and unemployment figures is worthy of note (and study).
The rise of total household debt while credit card spending spikes higher than it has in 20 years.
And so much more...

Unemployment Rising, Suge Smith Acts & Toodles Aug 12, 2022

In today's episode of The Higher Standard, Chris offers up opinions and insights on rising unemployment, more controversial comments from Jerome Powell, and the continuing saga of Will Smith’s Oscar slap.

In this episode you'll discover:

- The jobs report released by the Labor Department that shows a rise in jobless claims due to a rash of recent layoffs by big companies.

- Yet more problematic comments by Fed Secretary Jerome Powell.

- Will Smith's belated (and oddly branded) apology.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The jobs report released by the Labor Department that shows a rise in jobless claims due to a rash of recent layoffs by big companies.

Yet more problematic comments by Fed Secretary Jerome Powell.

Will Smith's belated (and oddly branded) apology.

And so much more...

Adam Schafer | The Business Behind Mind Pump Featuring Doug Egge Aug 09, 2022

In this episode of The Higher Standard, Chris and Co-Host Saied travel to San Jose, California to sit down with Adam Schafer and Doug Egge of Mind Pump Media. Join us for an engaging conversation about the development of Mind Pump and how Adam and Doug have been able to promote and sustain authentic business growth. Adam and Doug are co-hosts of one of the top-rated health and fitness podcasts exposing the raw truth about health, fitness, nutrition and more. Adam and Doug along with their partners Sal and Justin also promote health through their various MAPS Fitness programs.

Adam shares how he got into the digital fitness industry and what it’s like partnering with three other alpha personalities. He discusses the nearly divine intervention that led to a dinner table conversation bringing these four business leaders from various walks of life together to form Mind Pump Media, MAPS Fitness products, and Mind Pump Investments. You will learn about how they develop and scale their businesses and why their passion for the work is as great today as ever.

Join Chris, Saied, Adam and Doug as they discuss growing business in an organic and authentic way. You will learn why Adam turns away nearly 80% of requests for sponsorship and partnership, how their business model varies from their top competitors, and the principles and values they weave throughout every part of the business.

Additionally Adam, Chris, and Saied discuss wealth building and the critical role of passive income. They discuss real estate investments and tips to consider when building wealth through cash flow. Adam talks about how he chooses realtors and other major decisions he makes to set his investments up for success.

Adam also shares his content creation strategy. He discusses his reluctance to use click-bait advertising yet how he employs this strategy to actually provide meaningful content. You will also learn how Adam’s and the team leverages the varying ideas and opinions of each partner to make group decisions and get behind a vision together.

This is a show you do not want to miss! Join Chris, Saied, Adam and Doug for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

How Adam and his partners developed Mind Pump Media, MAPS Fitness products, and Mind Pump Investments.
The benefit of organic and authentic growth and how it has been pivotal in the success of Mind Pump Media and MAPS Fitness products
Experience-based tips on building wealth through passive income, real estate investments and cash flow.
An interesting story about a misunderstanding between Adam and Chris that turned into this episode.
And so much more…

Resources:

House Speaker in Taiwan and the IRS Gets a Stimmy Aug 05, 2022

In today's episode of The Higher Standard, Chris offers up some fresh insights and opinions on Nancy Pelosi's ill-advised trip to Taiwan and the Democrat's new stimulus package.

In this episode you'll discover:

- Nancy Pelosi's problematic trip to Taiwan and the diplomatic repercussions.

- The Inflation Reduction Act of 2022, introduced by the Democrats.

- Comments made during a CNBC interview with James Poterba, President and Chief Executive Officer of the National Bureau of Economic Research (NBER) and the Mitsui Professor of Economics at MIT.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Nancy Pelosi's problematic trip to Taiwan and the diplomatic repercussions.
The Inflation Reduction Act of 2022, introduced by the Democrats.
Comments made during a CNBC interview with James Poterba, President and Chief Executive Officer of the National Bureau of Economic Research (NBER) and the Mitsui Professor of Economics at MIT.
And so much more...

Jerome Powell, Ice Cube and Yachted Up Aug 02, 2022

In today's episode of The Higher Standard, Chris offers up some fresh insights and opinions on Federal Reserve Chair Jerome Powell's recent comments that the recent hike brought the policy rate to neutral.

In this episode you'll discover:

- Jerome Powell's comments on Wednesday's interest rate hike.

- Why sales and new homes fell more than 8% in June from the prior month - 70% lower than June of 2021.

- Why Chris feels the economy is being 'weaponized' by he White House.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Jerome Powell's comments on Wednesday's interest rate hike.
Why sales and new homes fell more than 8% in June from the prior month - 70% lower than June of 2021.
Why Chris feels the economy is being 'weaponized' by the White House.
And so much more...

A Big Week For The Economy and the White House Is A Bully Jul 29, 2022

In today's episode of The Higher Standard, Chris examines the big economic news coming out of the Bureau of Economic Analysis. He breaks down some of the numbers and predictions and offers some insights and opinions on where he thinks we're headed.

In this episode you'll discover:

- Why the recession is being called, 'two consecutive quarters of negative GDP growth.'

- The TWO distinctly different definitions for a recessionary economy.

- The ongoing battle between Elon Musk and Twitter.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the recession is being called, 'two consecutive quarters of negative GDP growth.'
The TWO distinctly different definitions for a recessionary economy.
The ongoing battle between Elon Musk and Twitter.
And so much more...

Home Values, Mortgage Demand, Layoffs and Crypto Jul 26, 2022

In today's episode of The Higher Standard, Chris offers up opinions and insights on the drop in home sales in 2020, recent layoffs in large companies across the board, and demand for mortgages.

In this episode you'll discover:

- Why the early pandemic downturn in house sales in 2020 was the biggest since 2008.

- Why, contrary to popular belief, real estate is not a hedge against inflation.

- The reasons why entering into a recessionary economy and fixing that economy requires an increase in unemployment.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why the early pandemic downturn in house sales in 2020 was the biggest since 2008.
Why, contrary to popular belief, real estate is not a hedge against inflation.
The reasons why entering into a recessionary economy and fixing that economy requires an increase in unemployment.
And so much more...

Fed Increase Prediction, DSCR Loans and No Fat Jokes Jul 22, 2022

In today's episode of The Higher Standard, Chris offers up opinions and insights on debt service coverage ratio loans in the single family residential market, the Consumer Price Index (CPI) and predictions around the growth of the GDP.

In this episode you'll discover:

- The concept of debt service coverage ratio loans and why it's not, as some seem to suggest, a new thing.

- Why food and energy commodities, like gasoline prices, are excluded from the CPI.

- Chris' predictions for GDP growth.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

The concept of debt service coverage ratio loans and why it's not, as some seem to suggest a new thing.
Why food and energy commodities, like gasoline prices, are excluded from the CPI.
Chris' predictions for GDP growth.
And so much more...

Auto Repos, Buy Now, Pay Later and Trolling Jul 19, 2022

In today's episode of The Higher Standard, Chris offers up opinions and insights on

- Auto repossessions and the fact that used car prices are more than $10,000 above typically expected levels and are creating a bubble that is beginning to show signs of bursting.

- Websites such as Keeping Current Matters that highlight the wrong thinking surrounding real estate prices.

- Why Buy Now, Pay Later service businesses are losing value.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Auto repossessions and the fact that used car prices are more than $10,000 above typically expected levels and are creating a bubble that is beginning to show signs of bursting.
Websites such as Keeping Current Matters that highlight the wrong thinking surrounding real estate prices.
Why Buy Now, Pay Later service businesses are losing value.
And so much more...

Brian Moynihan Fail and Influencers In The Wild Jul 15, 2022

In today's episode of The Higher Standard, Chris offers up opinions and insights on comments made by Brian Moynihan, chairman and CEO of Bank of America, as well as the rise of so-called 'influencers.'

In this episode you'll discover:

- Why Brian Moynihan's comments make no sense in light of the facts.

- Why Chris believes the 'artificial' recession caused by the COVID pandemic has created a supply recession.

- The problem with social media influencers spreading false information and inflated claims.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

Why Brian Moynihan's comments make no sense in light of the facts.
Why Chris believes the 'artificial' recession caused by the COVID pandemic has created a supply recession.
The problem with social media influencers spreading false information and inflated claims.
And so much more...

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