A shadow looms over the Fed
Digest
The episode begins with a quick update on Boeing's Starliner space capsule launch, which has been delayed again. The hosts then discuss the potential for political interference in the Federal Reserve if Donald Trump is elected president again. They cite a Bloomberg survey that suggests the Federal Reserve could lose its independence, and they discuss the Wall Street Journal's reporting on Trump's plans to exert more control over the Fed. Kimberly Adams shares her conversation with Stephen Moore, Trump's senior economic advisor, who said he would advise Trump to let Jerome Powell serve out his term as Fed chair. However, Adams acknowledges that Trump may not follow Moore's advice. The hosts then move on to discuss the Republican National Committee's legal strategy for challenging the 2024 election. They highlight the RNC's plans to hire lawyers and volunteers to gather evidence for lawsuits and to deploy poll watchers and observers. They also note that the Democratic National Committee and the Biden campaign are building out their own election litigation team. The hosts express concern that these legal challenges could be frivolous and intentionally designed to delay and undermine trust in the electoral process. They urge listeners to talk to friends and family who might be vulnerable to misinformation about the election. The episode concludes with a discussion of the FAA's decision to allow private aircraft owners to anonymize their registration information. The hosts express concern that this decision could make it more difficult to track the jet activity of wealthy individuals, which could impact transparency in reporting on climate change and other issues. They highlight the ProPublica reporting on Clarence Thomas's private jet trips with Harlan Crow, which was possible because of the public availability of aircraft ownership information. They worry that this information will no longer be available, and that other things could be done in the dark. The episode ends with a single smile about Simone Biles's ninth national gymnastics title and her support for her teammate Sunisa Lee.
Outlines
Winging It
This Chapter begins with a lighthearted discussion about the word "winging" and its potential British origin. The hosts then transition to a more serious topic: the potential for political interference in the Federal Reserve.
Federal Reserve Independence
This Chapter delves into the potential for political interference in the Federal Reserve if Donald Trump is elected president again. The hosts discuss a Bloomberg survey that suggests the Fed could lose its independence and share insights from the Wall Street Journal's reporting on Trump's plans to exert more control over the Fed. They also discuss a conversation Kimberly Adams had with Stephen Moore, Trump's senior economic advisor, who said he would advise Trump to let Jerome Powell serve out his term as Fed chair.
Election Challenges
This Chapter focuses on the Republican National Committee's legal strategy for challenging the 2024 election. The hosts highlight the RNC's plans to hire lawyers and volunteers to gather evidence for lawsuits and to deploy poll watchers and observers. They also note that the Democratic National Committee and the Biden campaign are building out their own election litigation team. The hosts express concern that these legal challenges could be frivolous and intentionally designed to delay and undermine trust in the electoral process.
Private Jet Anonymity
This Chapter discusses the FAA's decision to allow private aircraft owners to anonymize their registration information. The hosts express concern that this decision could make it more difficult to track the jet activity of wealthy individuals, which could impact transparency in reporting on climate change and other issues. They highlight the ProPublica reporting on Clarence Thomas's private jet trips with Harlan Crow, which was possible because of the public availability of aircraft ownership information. They worry that this information will no longer be available, and that other things could be done in the dark.
Keywords
Federal Reserve
The central bank of the United States, responsible for setting interest rates, controlling the money supply, and overseeing the financial system. It was established in 1913 by the Federal Reserve Act.
Donald Trump
The 45th president of the United States, known for his controversial policies and rhetoric. He served from 2017 to 2021.
Republican National Committee (RNC)
The national governing body of the Republican Party in the United States. It is responsible for coordinating the party's activities and supporting Republican candidates in elections.
Democratic National Committee (DNC)
The national governing body of the Democratic Party in the United States. It is responsible for coordinating the party's activities and supporting Democratic candidates in elections.
Election Integrity
The concept of ensuring that elections are conducted fairly and accurately, free from fraud or manipulation. It encompasses various aspects, including voter registration, ballot security, and election administration.
FAA (Federal Aviation Administration)
The agency responsible for regulating civil aviation in the United States. It sets safety standards, oversees air traffic control, and manages the national airspace system.
Private Jet
A small aircraft owned and operated by an individual or organization for private use. They are typically used for business travel, leisure, or personal transportation.
Climate Change
The long-term shift in global weather patterns, primarily caused by human activities that release greenhouse gases into the atmosphere. It is characterized by rising temperatures, changes in precipitation patterns, and more extreme weather events.
Simone Biles
An American gymnast, widely considered one of the greatest of all time. She has won numerous Olympic and world championships, and is known for her innovative and difficult skills.
Sunisa Lee
An American gymnast who won the gold medal in the all-around competition at the 2020 Summer Olympics. She is known for her grace and artistry on the uneven bars.
Q&A
What are the potential risks to the Federal Reserve's independence if Donald Trump is elected president again?
According to a Bloomberg survey, the Federal Reserve could lose its independence and face increased political interference. The Wall Street Journal has reported on Trump's plans to exert more control over the Fed, and some believe that Trump may not follow the advice of his senior economic advisor, Stephen Moore, who said he would advise Trump to let Jerome Powell serve out his term as Fed chair.
What is the Republican National Committee's legal strategy for challenging the 2024 election?
The RNC plans to hire lawyers and volunteers to gather evidence for lawsuits and to deploy poll watchers and observers. They are also working with state and county GOP parties in swing states to identify local litigation opportunities.
What are the potential consequences of the FAA's decision to allow private aircraft owners to anonymize their registration information?
This decision could make it more difficult to track the jet activity of wealthy individuals, which could impact transparency in reporting on climate change and other issues. It could also make it harder to investigate potential wrongdoing by individuals who use private jets.
What is the significance of Simone Biles's ninth national gymnastics title?
Biles's victory is significant because she is one of the greatest gymnasts of all time and she continues to dominate the sport at the age of 27. Her performance also highlights her commitment to mental health and her support for her teammates.
Show Notes
The results of a new Bloomberg poll indicate that the markets suspect a second Trump presidency would put the Federal Reserve’s independence in jeopardy. We’ll get into what the former president’s advisors have said about his plans for the central bank. And, Republicans are gearing up to challenge upcoming election results while Democrats prepare to counter those lawsuits. Plus, why we want to be Simone Biles when we grow up.
Here’s everything we talked about today:
- “Launch of NASA Astronauts in Boeing’s Starliner Is Scrubbed” from The New York Times
- “A Trump Win Would Threaten Fed Independence, Move Bonds: Poll” from Bloomberg
- “Washington Journal: Stephen Moore on Economic Issues and Campaign 2024” from C-SPAN
- “The legal fight over the 2024 election has begun” from Axios
- “Congress Just Made It Basically Impossible to Track Taylor Swift’s Private Jet” from Gizmodo
- “Clarence Thomas Secretly Accepted Luxury Trips From GOP Donor” from ProPublica
- “Simone Biles cruises to 9th national title and gives Olympic champ Sunisa Lee a boost along the way” from The Associated Press
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