The Higher Standard

Episode 167 is here and, spoiler alert, it is not the promised Larry Wheels episode.  Not to worry, that episode will drop in the days to come.  In the meantime, please place all tray tables and setbacks in their locked and upright positions as the boys take you along on their fantastical journey of this sexy Tuesday’s financial literacy.  This episode will give you a robust review of the impacts of the looming student loan repayment restarting post-pandemic, a deeper dive in to the average consumer credit card debt and what this means for the creation of wealth for generations to come.  Chris says that while he does not want a recession, he is more scared of what happens to this country if we do not have one.  While carefully navigating a small political discussion, the boys breakdown what could lead to the “smashing” of the middle-class.  Of course, there is no better way to cap the show off than by basking in the tragic comedy that is the now infamous SBF’s most recent debacle.Resources:When student loan payments resume, 56% of borrowers say they’ll have to choose between their debt and buying groceries (CNBC)Average consumer carries $5,947 in credit card debt — a 10-year high (CNBC)Only 16% of Californians Can Afford to Buy a Home (Bloomberg)Are You Rich? (Bloomberg)Americans are moving further away for affordable homes and 'grandbabies' (Yahoo! Finance)Judge Sends FTX’s Sam Bankman-Fried to Jail Ahead of Fraud Trial (Wall Street Journal)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

The boys are finally back together again.  Haroon has welcomed the birth of his second daughter and Saied is back from his family’s Hawaiian vacation.  To start the show Chris, Saied and Haroon wanted to emphasize their thoughts and prayers are with the people of Maui who have been impacted by this tragic and devastating fire.  After which, they jump in to Ray Dalio’s interesting recession perspective.  Saied gives a complete rundown of July’s inflation numbers and Chris continues to declare that the JOLTs report is manipulated and can’t be trusted.  Something interesting is happening in Minneapolis, home prices hit a record high in 60% of U.S. markets and credit card debt hits a record high at $1 trillion dollars.  Then, despite Chris thinking that asking for reviews was a colossal waste of time, we got several new amazing honest five star reviews.  This of course continues to prove that 50% of the time Chris is wrong, every time. Resources:Billionaire investor Ray Dalio says the Fed’s measures haven’t slowed consumers down, and the government is paying the price (Fortune)July CPI report shows inflation gauge rose 3.2%, less than expected (CNBC)US economy adds 187,000 July jobs in sign labor market is cooling (The Guardian)First American City to Tame Inflation Owes Its Success to Affordable Housing (Bloomberg)Home prices hit record highs in 60% of U.S. markets (CNBC)Rental housing cost rises to ‘slow significantly’ over next 18 months, Fed researchers say (Market Watch)Credit card debt hits a record high at $1 trillion, NY Fed says (Yahoo! Finance)Americans are pulling money out of their 401(k) plans at an alarming rate (CNN Business)July jobs report: U.S. payroll growth totaled 187,000, lower than expected (CNBC)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Haroon starts off the show extra sassy by giving Chris a taste of his own medicine.  Chris quickly jumps in to a CNBC article about how 1 in 4 U.S. homebuyers want to move to a different city.  The boys break down why Zillow tends to be bullish and their data should be looked at with caution.  U.S bank lending is declining for the second straight week and Chris goes off on “tipflation” once again.  He has been visceral every single time he talks about how out of control tipping has gotten.  They round-out episode 165 by diving in to where starter homes are affordable and migration trends as reported by the always superior data source provider - Redfin.  If you’ve read this far and you haven’t left us an “honest 5 star review,” we would appreciate you doing so now. Resources:1 in 4 U.S. homebuyers want to move to a different city—here’s the No. 1 place they’re looking (CNBC)It’s Getting Even Harder to Afford a ‘Starter’ Home in the US (Bloomberg)Zillow is so sure that U.S. home prices have bottomed that it just issued bullish calls for these 48 housing markets (Fortune)U.S. bank lending declines for second straight week (Market Watch)Clock on the Fed's 'soft landing' may already be ticking (Reuters)3 places people say they never tip amid ‘tipflation’: ‘It’s out of control’ (CNBC)One-Quarter of U.S. Homebuyers Are Looking to Relocate (Redfin)Las Vegas Tops List of Popular Homebuyer Destinations For First Time, With West Coast Migrants Drawn to Cheaper Homes (Redfin)Key Fed inflation rate falls to lowest annual level in nearly 2 years (CNBC)How the U.S. Economy Is Sticking the Soft Landing (WSJ)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Finishing off their double header, the boys are back-to-back again and are ferociously diving in to the Austin office market, the luxury home market's new reality and some new changes in Dallas. Apparently Dallas' City Council has banned short-term rentals from "single-family areas." Oh, and Saied also thinks that this is a financial literary podcast where we discuss books about finance. Confused? So are we. Episode 164 of The Higher Standard is here to save the day. Resources:Austin office market hits record-high vacancy (The Real Deal)The Luxury Home Market Confronts Its New Reality: Not Enough Buyers and Sellers (The Wall Street Journal)The Dow sinks, snapping its longest run since 1987 (CNN Business)Dallas City Council bans short-term rentals from single-family areas (Fox 4 News)Biggest winners and losers from the Fed’s interest rate hike (Yahoo! News)US economy defies recession fears with strong second-quarter performance (Yahoo! News)A $5.5 trillion savings wipeout is raising risks for the US economy (Yahoo! News)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Welcome back to the number one financial literacy podcast in the world! It’s The Higher Standard. Saied, Chris and Haroon come out swinging in Episode 163 and they are no pulling in punches in their thoughts on The Fed’s latest 25bps interest rate increase. Join us as the boys go deep, real deep, in to the US economy, GDP and give you a historical look at the Fed Funds Rate with a 62 Year Historical Chart. It also marks the third episode of back-to-back appearances by Haroon who had been out sick for three consecutive episodes. Resources:US economy blows past expectations: 3 quick takeaways (The Hill)GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls (CNBC)Federal Funds Rate - 62 Year Historical Chart (Macrotrends)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

In Episode 162 of The Higher Standard Podcast, Chris, Saied and Haroon discuss why they believe a majority of US Economists are wrong about their predictions on whether or not the US will be entering a recession. They explain how analysts track and predict earnings for US publicly traded companies and how A.I. has impacted this space. They dive in to earnings from American Express and how it showcases record spending. Chris takes it a step further by shedding light on the human condition of wanting to believe in optimism while some at JPMorgan believe the time to sell is still now. They round out the show by examining Tesla’s new 84-month financing option and stand their ground on why that would be a terrible option for you. We hope you enjoy because we did!Resources:American Express earnings show record spending: 'The U.S. consumer just looks really strong.' (Market Watch)Economists See US Recession Odds at 50% or Less in New Survey (Bloomberg)JPMorgan's Kolanovic Sticks to Stock Selloff Call Even as Market Defies Gloom (Bloomberg)Blame the Fed? Tesla offers 84-month financing (Yahoo! Finance)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

Chris and Saied welcome back Haroon after being gone for a few episodes. The Huffington Post blasts "influencer" Grant Cardone in a sensational new article which speaks to many of the criticisms shared by Chris, Haroon and Saied on previous shows. Naturally, they get in to it and tell you how they really feel while providing insight in to why most of his purported investors don't understand what they are signing up for. They also explain how the Fed's looming instant payment modernization rollout is long overdue, but may be the first steps at a nationalized cryptocurrency. They dive in briefly to the rising homebuilder sentiment before wrapping up the show with Apollo's CEO description of a potential "non-recession" recession.Resources:Financial Influencer Grant Cardone Says He Can Make You A Billionaire. His Investors Claim He Defrauded Them (Huffington Post)Here are 10 reasons why Wall Street’s inevitable recession never arrived (Market Watch)Fed launches long-awaited instant payments service, modernizing system (Reuters)Federal Reserve officially launches new FedNow instant-payments service (CNBC)Fed launches new payments system that lets you send money in seconds (Yahoo Finance)Apollo CEO: We are going to have a "non-recession" recession (YouTube & CNBC)Homebuilder sentiment rises again in July, but builders warn higher mortgage rates are hurting (CNBC)Why Do We Idolize and Admire Celebrities (Success Consciousness)Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.

According to Federal Reserve data, the median sales price of homes sold peaked in the final quarter of 2022, reaching $479,000 before rising mortgage rates brought them back down. But April's S&P CoreLogic Case-Shiller report, which tracks national home-price changes, came in above expectations at 0.53% from the previous month. On the surface, the data suggests prices are on the rise again. But a July 11 note from Goldman Sachs strategists suggests that any optimism stemming from this lagging indicator would be premature.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 new checking and savings account data that shows Americans are better off now than before the pandemic, with nearly 10 to 15 percent more in their bank accounts than in 2019, despite new heights of inflation.Chris and Saied look at data compiled by the research firm Equilar Inc., indicating that total pay for top Hollywood executives soared during the height of the pandemic to $1.43 billion in 2021, up 50% from 2018.They also offer some thoughts on JPMorgan Chase & Co.’s Marko Kolanovic comments on the CPI for June, claiming that it has slightly increased the Federal Reserve’s chances of a “soft landing” — or taming inflation without triggering a downturn.Join Chris and Saied for this fascinating and informative conversation.Enjoy!What You’ll Learn in this Show:Goldman Sachs' predictions that home price growth is regressing in certain key cities.Why a Nobel Prize-winning economist believes there's no need for the Fed to keep hiking rates.Why the Federal Reserve needs to look hard at Milton Friedman's monetarism.And so much more...Resources:"10 US cities where home-price growth is regressing the most as high mortgage rates worsen affordability, according to Goldman Sachs" (Insider)"Nobel Prize-winning economist says there’s no need for the Fed to keep hiking interest rates" (CNBC)"Jeremy Siegel says we are in a ‘Goldilocks economy’ and the Fed doesn’t need to raise interest rates anymore" (Fortune)"Americans are still better off, with more in the bank than before the pandemic" (The Washington Post)"Here's how much Hollywood executives make" (LA Times via Instagram)"JP Morgan’s Kolanovic Sees ‘Modestly Wider’ Path to Soft Landing" (Bloomberg)

Goldman Sachs has embraced a new plan to avoid a third straight quarter of disappointing investors on earnings day. Breaking with its own long-standing convention, Goldman executives have been actively downplaying expectations for results that will be disclosed next week. The outcome: Analysts have slashed their estimates for quarterly profit by almost half since mid-June — the biggest revision before an earnings report under CEO David Solomon. That translates into one of the steepest profit drops among peers, and a return on equity that could slip below 5%.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 an analysis by Realtor.com indicating that rent in the 50 largest U.S. cities is now cheaper than it was a year ago, with significant decreases in southern cities that were real estate hotspots during the pandemic.  Median rent prices in these cities dropped by 0.5% in the last year.Chris and Saied look at a report stating that former Celsius CEO Alex Mashinsky was arrested Thursday, as federal regulators announced his bankrupt crypto exchange Celsius would pay a $4.7 billion fine.They also offer some thoughts on the consumer price index (CPI) which has increased 3% from a year ago, the lowest level since March 2021. On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%.Join Chris and Saied for this fascinating and informative conversation.Enjoy!What You’ll Learn in this Show:Why one month of data is not enough for a 'wait and see' approach to the economy.Why core inflation is a better metric, and why food and energy data is too volatile.Goldman Sachs new tactic of downplaying its earnings.And so much more...Resources:"US Inflation Hits Two-Year Low, Giving Hope for End to Fed Hikes" (Bloomberg)"Goldman breaks its own rule to flag results much worse than rivals" (Bloomberg Business via Instagram)"These are the US cities where the rent has fallen the most since last year" (CNBC via Instagram)"Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement" (CNBC via Instagram)"Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases" (Chart of the Day via Instagram)"Inflation Eased to 3% in June, Slowest Pace in More Than Two Years" (The Wall Street Journal)"Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases" (CNBC)

There is good news on inflation in store for Americans. The Labor Department is expected to report that overall inflation fell to about 3% in June, the lowest in two years. Excluding volatile food and energy prices, core consumer price inflation is expected to drop to around 5%, an 18-month low, from 5.3%. Economists think core inflation could ebb further in coming months, to between 3.5% and 4%, depending on the price index. The bad news: Getting inflation down further from there, to the Federal Reserve’s 2% target, will prove difficult if the economy keeps chugging along. That could force the Fed to keep monetary policy tight until the labor market weakens.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 a Labor Department report indicating that nonfarm payrolls increased 209,000 in June and the unemployment rate was 3.6%. That compared with the Dow Jones consensus estimates for growth of 240,000 and a jobless level of 3.6%.Chris and Saied look at comments from JPMorgan Chase CEO Jamie Dimon, following the winning bid for First Republic, a lender to rich coastal families that had $229 billion in assets, who claimed that "This part of the crisis is over."They also offer some thoughts on Fitch analyst Chris Wolfe's assertion that half the country’s banks will likely be swallowed by competitors in the next decade.Join Chris and Saied for this fascinating and informative conversation.Enjoy!What You’ll Learn in this Show:Why the printing of trillions of dollars by the Fed in 2020-2022 led to a spike in inflation.Why over 40 million Americans will have to restart their student loan payments in the coming months.Why the inverted yield curve is such an important topic. And so much more...Resources:"Treasury yields fall as investors look to key economic data" (CNBC)"America’s Biggest Banks Are Going to Need More Capital" (The Wall Street Journal)"Everyone Wants Interest on Their Deposits. That’s Bad for Main Street Banks" (The Wall Street Journal)"Last Mile of the Inflation Fight Will Be the Hardest" (The Wall Street Journal)"Payrolls rose by 209,000 in June, less than expected, as jobs growth wobbles" (CNBC)"Job openings fall by half a million" (CNBC)"The American banking landscape is on the cusp of a seismic shift. Expect more pain to come." (CNBC)