Darian Woods

The Fed was scrambling to help, of course, and that meant expanding its role and taking on unconventional new action, like buying up tons of mortgage securities and bonds.

That raises the question, how did the Fed become so powerful? Here with me now is Gina Smiley, reporter for The New York Times, who wrote a book called Limitless. The Federal Reserve Takes on a New Age of Crisis. And the key thesis of this book is that for better or for worse, the Fed has amassed a huge amount of power over the economy. That is correct.

That raises the question, how did the Fed become so powerful? Here with me now is Gina Smiley, reporter for The New York Times, who wrote a book called Limitless. The Federal Reserve Takes on a New Age of Crisis. And the key thesis of this book is that for better or for worse, the Fed has amassed a huge amount of power over the economy. That is correct.

That raises the question, how did the Fed become so powerful? Here with me now is Gina Smiley, reporter for The New York Times, who wrote a book called Limitless. The Federal Reserve Takes on a New Age of Crisis. And the key thesis of this book is that for better or for worse, the Fed has amassed a huge amount of power over the economy. That is correct.

And there's this key moment at the peak of the early pandemic chaos where this becomes really clear.

And there's this key moment at the peak of the early pandemic chaos where this becomes really clear.

And there's this key moment at the peak of the early pandemic chaos where this becomes really clear.

A mic drop moment indeed. Right. So let's start with why the Federal Reserve tries to be politically independent.

A mic drop moment indeed. Right. So let's start with why the Federal Reserve tries to be politically independent.

A mic drop moment indeed. Right. So let's start with why the Federal Reserve tries to be politically independent.

And did you come across any stories that reveal how Fed Chair Jerome Powell personally considers his role?

And did you come across any stories that reveal how Fed Chair Jerome Powell personally considers his role?

And did you come across any stories that reveal how Fed Chair Jerome Powell personally considers his role?

So these ideals of the Fed and these ideals of Jerome Powell are all very well in what we call peacetime. But let's think back to the early days of the pandemic, early 2020.

So these ideals of the Fed and these ideals of Jerome Powell are all very well in what we call peacetime. But let's think back to the early days of the pandemic, early 2020.

So these ideals of the Fed and these ideals of Jerome Powell are all very well in what we call peacetime. But let's think back to the early days of the pandemic, early 2020.

Yeah. But as Jerome Powell has a habit of saying, there are no atheists in a foxhole. You know, sometimes you change your mind in a crisis.

Yeah. But as Jerome Powell has a habit of saying, there are no atheists in a foxhole. You know, sometimes you change your mind in a crisis.

Yeah. But as Jerome Powell has a habit of saying, there are no atheists in a foxhole. You know, sometimes you change your mind in a crisis.

And when we're talking about the Fed pushing past its previous boundaries, it seems to me there are two key dates with two key sets of policies that forever changed what the Fed was capable of. So tell me about that first Fed bundle of programs in late March of 2020.