Episode 130

Published on:

7th Apr 2023

Charles Schwab Goes out for McDonalds and Gets Verified

$47 billion. That's the amount of market capitalization Charles Schwab has had wiped out in just one month. The stock fell 33% between Feb. 28 and March 31. At the end of February, Charles Schwab's shares were trading at around $77.92. A month later, the price fell to $52.38. This is Charles Schwab's worst month since the October 1987 stock market crash, known as Black Monday. That day, the Dow Jones index lost 508 points, a decline of 22.6% and the largest daily decline in a stock market index at the time. Only the drop by 76% of the Icelandic stock market in 2008 would exceed this record.

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 Federal Reserve data, showing that depositors have removed another $126 billion from U.S. banks during the week ending March 22. The biggest 25 banks lost $90 billion on a seasonally adjusted basis. Smaller banks, which suffered massive withdrawals the previous week as regulators seized regional lenders Silicon Valley Bank and Signature Bank, were able to stabilize their outflows.

Chris and Saied look at a story from Forbes, indicating that more than 136,000 people lost their jobs in major layoffs at U.S. companies over the fiscal quarter ending this week, more than the prior two quarters combined, as tech and manufacturing layoffs, led by Amazon, Google, Meta and Microsoft, surged.

They also offer some thoughts on new housing market data, showing that existing home sales dropped in 12 of the last 13 months and existing home prices peaked last June. The surge of home prices during the height of the pandemic and the jump in mortgage rates since the Federal Reserve began raising interest rates last March dampened home demand.

Join Chris and Saied for this fascinating and informative conversation.


What You’ll Learn in this Show:

  • Why cash remains king in this economy.
  • How consumers can guage buy or sell opportunities.
  • Why McDonald’s is closing its U.S. corporate offices as it lays off hundreds of workers.
  • Why there's been mostly silence from the National Bureau of Economic Research.
  • And so much more...


"Depositors yank another $126 billion from US banks" (article from Yahoo! Finance)

"Charles Schwab Loses $47 Billion in Market Value in One Month" (article from TheStreet)

"136,000 laid off in major US job cuts this quarter - more than prior two quarters combined” (Forbes via Instagram)

"McDonald's temporarily shuts US offices, prepares layoff notices, Wall Street Journal reports" (article from Reuters)

"US Housing Market in Trouble: Moody's Predicts Home Prices Will Fall in 2023 and 2024" (article from TheStreet)

"Instagram sold 44,000,000 blue checks in one day at $15 a check" (DJ Key via Instagram)

"McDonald’s closes corporate offices as it lays off hundreds of workers" (article from CNBC)

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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 host; Chris Naghibi is 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.

Follow Chris here as he posts daily: https://www.instagram.com/chrisnaghibi

About your host

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Christopher Naghibi

Christopher M. Naghibi is the Founder and Chief Executive Officer of Black Crown Inc. and Black Crown Law APC, a disruptive collective of attorneys, property managers, real estate agents and contractors who handle home sales and purchases, commercial and multifamily real estate brokerage, primarily for high net-worth and celebrity clients.

His team has over 20 years of experience, 1000+ satisfied clients, $10 million in recovered costs for clients, and in excess of $20 billion dollars in closed transactions.

As a licensed attorney, real estate broker, general contractor, and now Top 100 podcast host, Chris aims to provide free financial education that allows people to take control and democratize fear in the financial world.