Podcast Summary: Bulwark Takes – "Loomer As Fed Chair? Don’t Laugh–It Could Happen!"

Podcast: Bulwark Takes
Date: November 19, 2025
Hosts/Speakers: Andrew Egger (Bulwark), Katherine Rampel (Bulwark Economics Reporter)
Episode Theme: A discussion of Donald Trump's recent comments about firing Federal Reserve Chair Jerome Powell, the jockeying for the next Fed Chair, the risks to Federal Reserve independence, and the market's surprisingly muted reaction to escalating economic interventions.

Overview

This episode delves into former President Donald Trump’s public musings about firing Federal Reserve Chair Jerome Powell, and the broader implications for Federal Reserve independence. Host Andrew Egger is joined by economics reporter Katherine Rampel to analyze the political drama within Trump’s economic team, how markets are (and aren’t) reacting, and what the precedent of other countries tells us about politicizing monetary policy. The tone is sharp, slightly incredulous, and deeply informed by both recent news and economic history.

Key Discussion Points & Insights

1. Trump’s Freewheeling Criticism of Fed Chair Jerome Powell

• Trump reignited his desire to fire Jerome Powell during a speech at the US-Saudi Investment Forum, lambasting Powell for not cutting interest rates fast enough.
• He riffed on his own supposed powers, joked about firing people, and vented his longstanding animosity toward Powell.
• Trump also mock-threatened Treasury Secretary Scott Besant, asserting Besant was failing him on the issue of the Fed.

“I’d love to fire his ass. He should be fired. Guy’s grossly incompetent and he should be sued for spending $4 billion to build a little building... The only thing Scott’s blowing it on is the Fed. Because the Fed, the rates are too high, Scott. And if you don’t get it fixed fast, I’m going to fire your ass. Okay?”
— Donald Trump, quoted by Andrew Egger, [02:24]

2. Palace Intrigue: Who Gets to Run the Fed Next?

Rampel explains the behind-the-scenes jostling among key Trump economic advisors for Powell’s soon-to-expire position:

• Scott Besant previously gunned for the Fed Chair job before allegedly losing interest.
• Kevin Hassett and Commerce Secretary Howard Lutnick are also maneuvering for influence.
• The struggle for high-profile economic roles is undermining the traditional independence of those offices.

“Everybody is sort of vying for influence with Trump. They’re vying for particular jobs that they think will be upgrades. Of course, in the process ... they are, in many cases, kind of destroying the things that make those jobs powerful.”
— Katherine Rampel, [04:11]

3. Erosion of Federal Reserve Independence

Rampel and Egger underscore the crucial role of central bank independence, and the very real threat posed by making the Fed Chairman a political stooge:

• Besant (and others) publicly argue that the Fed should act in service of Trump’s political needs (i.e., cutting rates).
• Even the suggestion of White House interference degrades trust in the Fed, not just among market participants, but the public.
• Rampel draws parallels to countries like Turkey and Venezuela, highlighting the inflationary risks of politicized monetary policy.

“If Trump in fact co-opts the Federal Reserve, basically tells the Federal Reserve how to set interest rates...That’s very bad for long term price outcomes in the United States...when you put politicians in front of, in charge of the money supply, their incentives are not long term price stability, their incentives are to pump a little bit more stimulus into the economy today to help their approval ratings.”
— Katherine Rampel, [08:44]

4. Market Reaction: Why So Calm?

• Egger and Rampel puzzle over Wall Street’s muted responses to Trump’s rhetoric and higher tariffs.
• Possible explanations: hope that Trump is bluffing; expectation the Supreme Court will reign in tariffs; AI and tech stocks propping up markets.
• Rampel notes that Besant has been valuable so far by keeping investors calm, but wonders how long that can continue if policies diverge further from mainstream economic orthodoxy.

“That reputation is getting steadily degraded over time the longer he is associated with this administration, and that the administration is doing things that are bad for economic policy, bad for business conditions, and ultimately bad for markets.”
— Katherine Rampel, [13:45]

5. The Fed Chair Wildcard

• Egger jokes about the possibility of a fringe figure like Laura Loomer being chosen as Fed Chair, capturing the broader worry of Trump picking “an obvious sycophant.”
• Rampel cautions that the nomination of a clearly unqualified loyalist would spark a stronger market reaction, but currently, no one knows who will get the nod.

“Well, I for one am really excited to see Fed Chair Laura Loomer take the reins. I think that'll be a really good time.”
— Andrew Egger, [17:45]
“Don’t give him any ideas.”
— Katherine Rampel, [17:51]

6. Upcoming Economic Data and Uncertainty

• With backlogged economic indicators (due to a recent government shutdown), the panel is waiting to see if new data will change the economic outlook or market environment.
• They signal that uncertainty persists, and this story has much longer to run.

Notable Quotes (With Timestamps)

• On Trump’s approach:

  • “These Trump storylines, they never really die. They just go dormant...”
    — Andrew Egger, [00:54]

• On the Fed’s independence:

  • “People trust and listen to what the Fed signals it's going to do on interest rates... But if in vying for that job and trying to get Trump's favor, they destroy the political independence of the Federal Reserve ... what's the point of the job anymore?”
    — Katherine Rampel, [04:11]

• On historic risks:

  • “There are lots of examples around the world where the central bank has basically been under the power of politicians... In those countries they have had much worse inflation.”
    — Katherine Rampel, [08:44]

• On Wall Street’s indifference:

  • “The question is, as you said earlier, like, why haven't markets flipped out more? And I think this is really a puzzle...”
    — Katherine Rampel, [13:45]

• On the wild card of a Loomer Fed Chair:

  • “Well, I for one am really excited to see Fed Chair Laura Loomer take the reins. I think that'll be a really good time.”
    — Andrew Egger, [17:45]
  • “Don’t give him any ideas.”
    — Katherine Rampel, [17:51]

Timestamps for Key Segments

• [02:24] Trump’s fiery comments on Powell & his team
• [04:11] Palace intrigue among Trump’s economic advisors
• [08:44] The global dangers of a politicized central bank
• [13:45] Why are markets not reacting more strongly?
• [17:45] “Fed Chair Loomer?” and the risk of an unpredictable nominee

Tone and Style

The episode features incisive, faintly exasperated commentary threaded with dry humor. Both speakers are candid about the stakes, and the conversation deftly moves from granular policy to the bigger economic and political picture. The tone is warning, but also wry — especially in contemplating Trump’s unpredictability.

Bottom Line

Egger and Rampel offer a frank, informed discussion of how Trump’s maneuvering around the Federal Reserve could unravel decades of U.S. economic stability, with central bank independence at risk and market confidence potentially built on shaky ground. The episode closes with a wary eye on looming economic numbers and a tongue-in-cheek warning about the kind of Fed picks a Trump administration might contemplate.