Episode 156

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Published on:

7th Jul 2023

The Special 4th of July Episode

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)



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About the Podcast

The Higher Standard
This isn’t a different standard, it’s the higher standard.
Welcome to the Higher Standard Podcast, where we give you ultra-premium, unfiltered truth when it comes to building your wealth and curating the lifestyle of your dreams. Your hosts; Chris Naghibi and Saied Omar here to help you distill the immense amount of information and disinformation out there on the interwebs and give you the opportunity to choose a higher standard for yourself. Sit back, relax your mind and get ready for a different kind of podcast where we elevate your baseline with crispy high-resolution audio. This isn't a different standard. It's the higher standard.

About your host

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Christopher Naghibi

Christopher M. Naghibi is the host and founder of The Higher Standard podcast — a rapidly growing media platform delivering unfiltered financial literacy, real-world entrepreneurship lessons and economic commentary for the modern era.

After nearly two decades in banking, including his most recent role as Executive Vice President and Chief Operating Officer of First Foundation Bank (NYSE: FFWM), Christopher stepped away from corporate life to build a brand rooted in truth, transparency, and modern money insights. While at First Foundation, he had executive oversight of credit, product development, depository services, retail banking, loan servicing, and commercial operations. His leadership helped scale the bank’s presence in multiple national markets from $0 to over $13 billion.

Christopher is a licensed attorney, real estate broker, and general building contractor (Class B), and he brings a rare blend of legal, operational and real estate expertise to everything he does. His early career spanned diverse lending platforms, including multifamily, commercial, private banking, and middle market lending — holding key roles at Impac Commercial Capital Corporation, U.S. Financial Services & Residential Realty, and First Fidelity Funding.

In addition to his media work, Christopher is the CEO of Black Crown Inc. and Black Crown Law APC, which oversee his private holdings and legal affairs.

He holds a Juris Doctorate from Trinity Law School, an MBA from American Heritage University, and two bachelor degrees. He is also a graduate of the Yale School of Management’s Global Executive Leadership Program.

A published author and sought-after speaker (unless it’s his son’s birthday), Christopher continues to advocate for financial empowerment. He’s worked pro bono with families in need, helped craft affordable housing programs through Habitat for Humanity, and was a founding board member of She Built This City — helping spark interest in construction and trades for women of all ages.