We're headed for a financial crisis that's even worse than the 1970's, says 'Dr. Doom.' No, not the comic book character, economist Nouriel Roubini, known for his bearish prognostications. He believes that due to a rolling series of supply shocks, we'll have a severe downturn before we get relief from inflation.

In today's episode of The Higher Standard, Chris and Saied dive into this dire prediction and offer some of their own thoughts as well.

They discuss the debt crisis, which they refer to as an 'affordability crisis,' how it will continue to affect us all as consumers as we move deeper into the recession.

Chris and Saied look at a chart from Fortune magazine showing plunging house prices in 51 out of 60 major cities, such as San Jose, Boston and Seattle, with the west being hit hardest of all.

They discuss why the belief that rates will go down as fast as they went up is flawed, owing to banks attempting to protect their returns as rates drop.

Chris and Saied also look at a recent article from Bloomberg stating that rent gains are finally starting to slow in many parts of the US, cooling a years-long boom that sapped affordability from coast to coast. In other words, demand from tenants is suddenly sinking.

Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• 'Dr. Doom's prediction of the mother of all debt crises.
• Why mortgage bankers expect rates to drop to 5.4% in 2023.
• The reasons why student debt relief is not ideal for everyone.
• Why Intel's cost-cutting measures should help boost their stock price, at least in the short term.
• And so much more...

Resources:

"'Dr. Doom predicts a financial crisis that's 'worse' than the 1970's" (Bloomberg Business via Instagram)

"Housing: Existing home sales drop for 8th straight month in September" (article from Yahoo! Money)

"Housing’s stunning downfall in one chart: Prices have plunged in 51 of these 60 cities, and there’s much further to fall" (article from Fortune)

"Mortgage bankers expect rates to drop to 5.4% in 2023. Here's what means for home prices" (article from MarketWatch)

"U.S. weekly jobless claims fall" (article from Reuters)

"Starter Homes Are Only Affordable in Four Cities" (article from The Street)

A looming recession isn't slowing down luxury goods sales" (article from Business Week)

"Intel Layoffs: Will Intel Stock Keep Going Up By Cutting Costs?" (article from Forbes)

"Renters Hit Breaking Point in a Sudden Reversal for Landlords" (article from Bloomberg)

"Apple Hikes Music and TV+ Prices in First Increases Since Launch" (article from Bloomberg)