Trump Targets Minneapolis, the Fed, and Greenland
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Holiday Club.
Welcome to Pod Save America. I'm Jon Favreau.
I'm Jon Lovett. I'm Tom Vitor.
On today's show, the government is responding to the killing of Rene Good by sending more agents to commit more violence against the people of Minnesota as protests break out all across the country. Donald Trump says he's pondering military strikes against the Iranian regime as the anti-government demonstrations there heat up. Meanwhile, Trump has declared himself the acting president of Venezuela and said that he's going to take Greenland whether they like it or not. Then former Federal Reserve Vice Chair Lael Brainard stops by to talk to Tommy about Trump's DOJ launching a phony criminal investigation into Fed Chair Jerome Powell because the president doesn't care for his monetary policy. So let's start there.
The news broke Sunday night that former Fox personality Jeanine Pirro approved the investigation into Powell, which is supposedly related to his congressional testimony last summer about the ongoing renovations at the Federal Reserve headquarters, which are over budget. We know how seriously this administration takes spending too much on renovations to federal buildings. So maybe we shouldn't be too surprised. Trump has been publicly attacking and threatening Powell for a year now, including with termination and legal action for not bringing down interest rates fast enough. Powell had mostly turned the other cheek, but almost immediately after the news broke on Sunday, the Federal Reserve posted a two-minute video statement from Powell where no punches were pulled.
No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation. Public service sometimes requires standing firm in the face of threats.
Asked about the investigation later on Sunday night, Trump told NBC News, quote, I don't know anything about it, but he's certainly not very good at the Fed and he's not very good at building buildings. He's not good at Fed.
He's not good at Fed.
Not good at Fed. On Monday morning, every living former Fed chair and a bunch of former Treasury and White House leaders put out a joint statement saying that the investigation, quote, has no place in the United States, whose greatest strength is the rule of law.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–9:11
2
What is the DOJ investigation into Fed Chair Jerome Powell and when did it break?
9:11–18:13
3
Why is Powell accused of lying to Congress about Federal Reserve renovations?
18:13–24:45
4
How could politicizing the Fed affect interest rates and the economy?
24:45–1:25:33