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President Donald Trump and Federal Reserve Chair Jerome Powell are dueling over interest rates set by America’s secretive central bank, the Federal Reserve. Is the Fed’s secrecy and independence good for the economy? Who should control the institution — the people, the president, or Wall Street? And why are so many experts in media, politics and business afraid to even consider challenging the status quo?
Today on Lever Time, David Sirota speaks with two provocative economic thinkers about what is really at stake in this battle between Trump and Powell, and how this clash over the Federal Reserve affects millions of Americans.
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TRANSCRIPT
Following is an unedited transcript of this episode. If you plan to quote any part of this transcript, please first confirm that it is correct by listening to the audio.
David Sirota: [00:00:00] From The Lever's reader supported newsroom, this is Lever Time. I'm David Sirota. President Donald Trump and Federal Reserve Chairman Jerome Powell are dueling over interest rates, but media outlets, political pundits, and even former Fed Chairman have been saying that Trump's pressure is an inappropriate assault on Federal Reserve independence.
They argue that America needs a central bank leader who's politically insulated and can therefore make tough interest rate decisions that the public may not like, but that are supposedly good for the economy, but is letting an all powerful bank heavily influenced by Wall Street, a bank shielded from public account.
