Episode 133

Published on:

18th Apr 2023

It's Time to get Frank, Banks and Boing Boing

Released Federal Reserve documents seem to indicate that fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year. Minutes from the March meeting of the Federal Open Market Committee (FOMC) included a presentation from staff members on potential repercussions from the failure of Silicon Valley Bank and other tumult in the financial sector that began in early March.

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 report from the Labor Department indicating that US producer prices unexpectedly fell in March as the cost of gasoline declined, along with signs that underlying producer inflation was subsiding.

Chris and Saied look at analyst's estimates, suggesting that deposits at JPMorgan Chase, Wells Fargo and Bank of America will tumble $521 billion from a year earlier, the biggest drop in a decade.

They also offer some thoughts on criminal fraud charges brought by the Department of Justice against Charlie Javice, founder and former CEO of Frank, a startup college financial planning company for students, in which they allege that she "engaged in a brazen scheme" when she sold her company to JPMorgan Chase in 2021.

Join Chris and Saied for this fascinating and informative conversation.


What You’ll Learn in this Show:

  • The statistics that can be found behind the CPI report.
  • The two main problems with the shelter component of the CPI report.
  • Why the Fed expects a banking crisis to cause a recession this year.
  • The ins and outs of the Charlie Javice fraud case.
  • And so much more...


"US consumer prices rise moderately; underlying inflation too hot" (Reuters)

"US labor market gradually losing steam; producer inflation cooling" (Reuters)

"U.S. producer prices unexpectedly fall in March" (Reuters)

"Fed expects banking crisis to cause a recession this year, minutes show" (CNBC)

"Top US banks to reveal $521 billion deposit drop, the most in a decade” (Bloomberg Business)

"Deposit Crisis Sets Up a Tough First Quarter for All but the Biggest Banks" (The Wall Street Journal)

"Charlie Javice, the founder accused of fraud by JPMorgan, is arrested as DOJ files criminal charges" (Fortune)

"The Fed’s efforts to fight housing inflation by hiking interest rates has backfired, Cramer says" (CNBC)

"Inflation rises just 0.1% in March and 5% from a year ago as Fed rate hikes take hold" (CNBC)

"Bank Volatility to Cut U.S. Economic Growth, IMF Says" (The Wall Street Journal)

"Fed expects banking crisis to cause a recession this year, minutes show” (CNBC)

"Fed Keeps May Interest-Rate Increase on Table Despite Expected Recession" (The Wall Street Journal)

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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

Profile picture for Christopher Naghibi

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.