Episode 127

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Published on:

28th Mar 2023

Janet Yellen vs. Jerome Powell, a Recession Looms and Millennials Messed Up Everything

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)


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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.