Episode 132

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Published on:

14th Apr 2023

Dr. Doom's Boom, Strong Job Numbers and AI is Coming

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)


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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.