Episode 85

full
Published on:

1st Nov 2022

GDP Pops, Zillow Cuts and How is Ye not Canceled?

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)



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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.