The Higher Standard

If you've been watching the news, you're no doubt aware of President Biden's "forgiveness plan." This involves erasing $10,000 US in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. It also cancels an additional $10,000 for those who received federal Pell Grants to attend college.

To say this move has been divisive is something of an understatement, and of course, in today's episode of The Higher Standard, Chris and Saied share their thoughts on this new program. (Spoiler: They're not fans.)

They discuss why Chris thinks the new program is both unconstitutional, and just another stimulus package - essentially the government is printing more money, which is a problem when the Fed is battling inflation already.

Chris outlines the legality (or lack thereof) of the program, and why he believes the income cap is the wrong way to proceed.

They also talk about Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will take a much more firm or 'hawkish' approach and possibly invoke the 'Volcker Rule' - a federal regulation that prohibits banks from conducting certain investment activities with their own accounts and limits their dealings with hedge funds and private equity funds, also called covered funds.

This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Why the new forgiveness program is both unconstitutional, and just another form of inflationary stimulus.
• The legality (or lack thereof) of the program, and why the income cap is the wrong way to proceed.
• Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will invoke the 'Volcker Rule.'
• And so much more...

No matter the position still being maintained by Dave Ramsey and other social media influencers, the housing recession is upon us. The National Association of Realtors has actually called it a recession, among others, and no amount of wishful thinking will make it not so.

In today's episode of The Higher Standard, Chris and his co-host take a victory lap as the numbers and the pundits appear to agree with what they have been calling all along: A housing recession.

They discuss recent comments by Nancy Wallace, the Lisle and Roslyn Payne Chair in Real Estate Capital Markets at Berkeley Haas, who has stated that non-banks are poorly capitalized, as well as the decision by Loan Depot to close down their entire wholesale division.

Chris shares a rather scary report from Redfin, where analysts said real estate investors bought 18.4% of homes sold in the fourth quarter of 2021, up from 12.6% a year earlier. That means real estate investors effectively own 20% of the market now nationally.

They also explore a recent Wall Street Journal article stating that 4 in 10 employers are rescinding job offers, and a similar amount are reducing or eliminating the sign-on bonuses that had become common to attract talent in a tight job market.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Why Nancy Wallace, the Chair in Real Estate Capital Markets at Berkeley Haas, has stated that non-banks are poorly capitalized.
• A report from Redfin, indicating that real estate investors bought 18.4% of homes sold in the fourth quarter of 2021, up from 12.6% a year earlier.
• Why roughly 4 in 10 employers are rescinding job offers and reducing or eliminating sign-on bonuses, a common tactic in a tight job market.
• And so much more...

Despite what internet sources such as Keeping Current Matters claim, Fitch Ratings is reporting that the odds of a severe housing downturn have risen, while US home prices could sink as much as 15%, more or less in line with what Chris has been suggesting for some time, based on the available data.

In today's episode of The Higher Standard, Chris and his co-host offer their usual mix of opinion and insight to cut through the noise and give you a slightly clearer view on the economy and the world.

They discuss the recent report by Fitch Ratings Inc., a credit rating agency and one of the "big three" in the United States, along with Standard & Poors and Moody's.

Chris shares his thoughts on a recent National Association of Homebuilders survey that shows that  a lot of homebuilders are lowering prices, on average, by about 5%. This is not only to get more buyers in the door, but also to slow cancellations.

They also discuss the strange disconnect between many of the social media outlets, such as Keeping Current Matters, claiming that housing is fine, while the National Association of Realtors is stating that their specific industry is in a recession.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• The Fitch Ratings report that appears to be proving Chris' pasty comments to be more or less correct.
• A National Association of Homebuilders survey that shows that homebuilders are lowering prices in order to slow cancellations.
• The mixed messages being offered by social media outlets, which seem to dispute the opinions of organizations and people actually in the industry itself.
• And so much more...

The Wall Street Journal is reporting that it was more expensive to buy a U.S. home in June than it has been in three decades, as record-high home prices collided with a surge in mortgage rates. The National Association of Realtors’ housing-affordability index, which factors in family incomes, mortgage rates and the sales price for existing single-family homes, fell to 98.5 in June, the lowest it’s been since 1989. On the other hand, just 24 hours earlier, the WSJ reported that home prices had hit a new record high in the second quarter.

In today's episode of The Higher Standard, Chris and his co-host offers thoughts and insights on this new report, particularly the way it seems to be cutting through the current rhetoric of things being all sunshine and rainbows.

They discuss the confusion many people seem to have about leading, lagging, and coincident indicators and the actual effect they have on the economy.

Chris offers some insight into the massive fall off of demand for housing, even as house prices are increasing, citing it as pent up demand from people who are trying to buy homes that couldn't do it previously.

They also offer some thoughts on recent comments by Dr. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy for the National Association of Home Builders about why he thinks a tighter monetary policy from the Fed and persistently elevated construction costs have brought on a housing recession.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• What leading, lagging, and coincident indicators really mean and how they affect the economy.
• Insights into the massive fall off of housing demand even as house prices are rising to record levels.
• Thoughts on recent comments by Robert Dietz, Chief Economist for the NAHB, and what he thinks is causing a housing recession.
• And so much more...

In the previous episode of The Higher Standard, Chris shared his less-than-charitable thoughts on the recently-passed Inflation Reduction Act, created by President Biden and the Democrats. The Act makes a 'down payment' on deficit reduction in order to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. Chris argued that the whole initiative seems to be based on a flawed understanding of the actual causes of inflation.

In today's episode of The Higher Standard, Chris offers more insights on what he calls the "Inflation Dysfunction Act," citing the theories and opinions of past economists to make his point that this is a flawed strategy.

Chris offers thoughts on the Federal Reserve's choice of either a 50 or 75 basis point hike at the September meeting, and why it's difficult to make a real prediction at the moment.

They share opinions of several economists that seem to reveal some seasonality that isn't being taken into account by the Fed, which could affect its decision.

They also dive into a Time Magazine headline indicating that gasoline demand in the US this summer has dropped below pandemic levels, which shows that Americans are driving less than they did in 2020, at the height of the COVID travel restrictions.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Why he still believes that the Federal Reserve could go with either a 50 or 75 basis point hike in the September meeting, depending on the results of the upcoming CPI and employment reports.
• Opinions of several economists that seem to reveal some seasonality that isn't being taken into account.
• Why gasoline demand in the US this summer has dropped below pandemic levels, showing that Americans are driving less than in 2020, at the height of the pandemic travel restrictions.
• And so much more...

The recently passed Inflation Reduction Act of 2022 has been designed to make a down payment on deficit reduction in order to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill also allows Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.

In today's episode of The Higher Standard, Chris offers up his thoughts on the Inflation Reduction Act - specifically, why he thinks it's a terrible idea. Chris and his co-host also discuss the sudden appearance of the Vice President to act as tie-breaker to get the bill passed, as well as the interesting timing of the entire process.

In this episode you'll discover:

- Why the Inflation Reduction Act is based on a flawed understanding of the actual causes of inflation (i.e. not consumers).

- The interesting relationship between inflation and unemployment figures.

- Why total household debt rose to a record 16.2 trillion last quarter as credit card spending posted the biggest yearly spike in more than 20 years.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Why Chris believes that a misunderstanding of the causes of inflation has led to the creation of the deeply flawed Inflation Reduction Act.
• Why the relationship between inflation and unemployment figures is worthy of note (and study).
• The rise of total household debt while credit card spending spikes higher than it has in 20 years.
• And so much more...

In today's episode of The Higher Standard, Chris offers up opinions and insights on rising unemployment, more controversial comments from Jerome Powell, and the continuing saga of Will Smith’s Oscar slap.

In this episode you'll discover:

- The jobs report released by the Labor Department that shows a rise in jobless claims due to a rash of recent layoffs by big companies.

- Yet more problematic comments by Fed Secretary Jerome Powell.

- Will Smith's belated (and oddly branded) apology.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• The jobs report released by the Labor Department that shows a rise in jobless claims due to a rash of recent layoffs by big companies.

• Yet more problematic comments by Fed Secretary Jerome Powell.

• Will Smith's belated (and oddly branded) apology.

• And so much more...

In this episode of The Higher Standard, Chris and Co-Host Saied travel to San Jose, California to sit down with Adam Schafer and Doug Egge of Mind Pump Media. Join us for an engaging conversation about the development of Mind Pump and how Adam and Doug have been able to promote and sustain authentic business growth. Adam and Doug are co-hosts of one of the top-rated health and fitness podcasts exposing the raw truth about health, fitness, nutrition and more. Adam and Doug along with their partners Sal and Justin also promote health through their various MAPS Fitness programs.

Adam shares how he got into the digital fitness industry and what it’s like partnering with three other alpha personalities. He discusses the nearly divine intervention that led to a dinner table conversation bringing these four business leaders from various walks of life together to form Mind Pump Media, MAPS Fitness products, and Mind Pump Investments. You will learn about how they develop and scale their businesses and why their passion for the work is as great today as ever.

Join Chris, Saied, Adam and Doug as they discuss growing business in an organic and authentic way. You will learn why Adam turns away nearly 80% of requests for sponsorship and partnership, how their business model varies from their top competitors, and the principles and values they weave throughout every part of the business. 

Additionally Adam, Chris, and Saied discuss wealth building and the critical role of passive income. They discuss real estate investments and tips to consider when building wealth through cash flow. Adam talks about how he chooses realtors and other major decisions he makes to set his investments up for success.

Adam also shares his content creation strategy. He discusses his reluctance to use click-bait advertising yet how he employs this strategy to actually provide meaningful content. You will also learn how Adam’s and the team leverages the varying ideas and opinions of each partner to make group decisions and get behind a vision together.

This is a show you do not want to miss! Join Chris, Saied, Adam and Doug for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• How Adam and his partners developed Mind Pump Media, MAPS Fitness products, and Mind Pump Investments.
• The benefit of organic and authentic growth and how it has been pivotal in the success of Mind Pump Media and MAPS Fitness products
• Experience-based tips on building wealth through passive income, real estate investments and cash flow.
• An interesting story about a misunderstanding between Adam and Chris that turned into this episode.
• And so much more…

Resources:

Adam’s Instagram

Doug’s Instagram

Mind Pump Instagram

Mind Pump Media

Mind Pump Podcast

Chris' Instagram

In today's episode of The Higher Standard, Chris offers up some fresh insights and opinions on Nancy Pelosi's ill-advised trip to Taiwan and the Democrat's new stimulus package.

In this episode you'll discover:

- Nancy Pelosi's problematic trip to Taiwan and the diplomatic repercussions.

- The Inflation Reduction Act of 2022, introduced by the Democrats.

- Comments made during a CNBC interview with James Poterba, President and Chief Executive Officer of the National Bureau of Economic Research (NBER) and the Mitsui Professor of Economics at MIT.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Nancy Pelosi's problematic trip to Taiwan and the diplomatic repercussions.
• The Inflation Reduction Act of 2022, introduced by the Democrats.
• Comments made during a CNBC interview with James Poterba, President and Chief Executive Officer of the National Bureau of Economic Research (NBER) and the Mitsui Professor of Economics at MIT.
• And so much more...

In today's episode of The Higher Standard, Chris offers up some fresh insights and opinions on Federal Reserve Chair Jerome Powell's recent comments that the recent hike brought the policy rate to neutral.  

In this episode you'll discover:

- Jerome Powell's comments on Wednesday's interest rate hike.

- Why sales and new homes fell more than 8% in June from the prior month - 70% lower than June of 2021.

- Why Chris feels the economy is being 'weaponized' by he White House.

This is a show you do not want to miss! Join Chris for this fascinating conversation.

Enjoy!

What You’ll Learn in this Show:

• Jerome Powell's comments on Wednesday's interest rate hike.
• Why sales and new homes fell more than 8% in June from the prior month - 70% lower than June of 2021.
• Why Chris feels the economy is being 'weaponized' by the White House.
• And so much more...