Episode 103

full
Published on:

3rd Jan 2023

Personal Savings Plunged, Consumer Spending Slammed and the Dave Ramsey Christmas

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)

Next Episode All Episodes Previous Episode

Listen for free

Show artwork for The Higher Standard

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

Profile picture for Christopher Naghibi

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.