The MeidasTouch Podcast

Episode: Furious Fed Chair Schools Trump with Devastating Message
Date: October 30, 2025
Host(s): Ben, Brett, and Jordy Meiselas

Episode Overview

In this episode, the Meiselas brothers break down a remarkable and fiery press conference by Federal Reserve Chairman Jerome Powell, who directly rebuts economic claims made by Donald Trump during his recent South Korea trip. With their signature blend of insightful analysis and sharp comedic banter, the hosts dissect how Powell “schools” Trump on key issues like inflation, tariffs, job creation, and the current state of the American economy—delivering quotable moments, critical contrasts, and plenty of laughs. The episode tracks through notable clips from both Powell and Trump, providing context, fact-checking, and commentary on the ongoing economic debate as the 2024 election cycle heats up.

Key Discussion Points and Insights

1. Jerome Powell Rebukes Trump’s Economic Narrative

• Powell announces a 0.25% interest rate cut but cautions that further cuts are unlikely due to Trump’s economic decisions harming the economy.
• Ben Meiselas [01:00]: "Donald Trump just got schooled by the chairman of the Federal Reserve, Jerome Powell..."

2. Stagflation and Labor Market Weakness

• Powell warns of "stagflation” (rising inflation and weakening employment).
• Jerome Powell [02:19]: "In the near term, risks to inflation are tilted to the upside and risks to employment to the downside. A challenging situation ... there is no risk free path for policy."
• The brothers explain stagflation and why Powell’s cautious approach is significant.

3. Impact of Trump’s Tariffs

• Powell explicitly states that Trump’s tariffs are pushing prices higher, fueling inflation beyond transitory effects.
• Jerome Powell [02:50]: "Higher tariffs are pushing up prices in some categories of goods...it is also possible that the inflationary effects could instead be more persistent..."

4. Job Market Slowdown

• Powell attributes the slowdown to decreasing immigration and labor force participation—trends tied to Trump’s restrictive policies.
• Jerome Powell [03:22]: "Job gains have slowed significantly ... largely reflects a decline in the growth of the labor force due to lower immigration and labor force participation..."
• Powell emphasizes that lack of new workers is a major driver, and hints that monetary policy has limited power to fix supply-side problems.
• Jerome Powell [04:24]: "There are two things affecting the job market and one of them is just a dramatic reduction in the supply of new workers... declining labor force participation... declining immigration..."

5. Growing Economic Inequality

• Powell describes a “bifurcated economy”: high earners are doing well, but most Americans are struggling.
• Jerome Powell [07:02]: "...consumers at the lower end are struggling and buying less and shifting to lower cost products, but that at the top people are spending..."

6. Fed Policy and Commitment to Inflation Target

• Powell reassures that policy remains “modestly restrictive” and the Fed is absolutely committed to driving inflation back to 2%.
• Jerome Powell [09:23]: "Policy is still modestly restrictive... we're absolutely committed to returning inflation to 2% ... there should be no question that that's where we're going."

Contrast With Trump’s South Korea Speech

1. Trump’s Dubious Claims About Tariffs and Inflation

• Trump claims tariffs both stop inflation and reduce the national deficit—contrary to Powell’s assessment.
• Donald Trump [10:19]: "Tariffs now projected to reduce our deficit by $4 trillion ... and stops inflation and strengthening the dollar..."

2. Trump’s Push for Lowest Interest Rates

• Trump insists America should have the “lowest interest rates of any country,” but the hosts note that such a move would inflame inflation.
• Donald Trump [11:02]: "We should have the lowest interest rates of any country because without us, there are no other countries, really..."

3. False Boasts on Job Creation and Manufacturing

• Trump conflates government job cuts with real job creation, ignoring manufacturing downturn.
• Donald Trump [11:45]: "I've shrunk the size of government ... so we're creating real jobs. We're getting rid of wasteful jobs."

4. Manipulating the Stock Market

• Trump claims that merely “announcing good news” is his economic plan to fuel stock market gains—regardless of substance.
• Donald Trump [12:20]: "When we announce good news, the stock markets are going to go up and that's the way it should be. ... we want the stock market to go up, not to go down and discourage of inflation..."

5. Inflated and Fabricated Investment Numbers

• Trump’s boasts of “$22 trillion” in investments escalates weekly; the hosts mock the ever-increasing figure.
• Donald Trump [13:24]: "...we'll probably be a 20 or 21, maybe even $22 trillion of investments coming into our country..."
• Ben Meiselas [12:59]: “Soon it’s just going to be the size of the entire United States GDP. And he's going to say: without me, you wouldn't have a GDP. You know the word GDP? It's like groceries. I came up with the word GDP.”

6. The Toyota “Announcement” That Never Was

• Trump claims to have secured a $10 billion investment from “Mr. Toyota”—immediately contradicted by the company.
• Donald Trump [14:24]: "I said, what's your name? Toyota. I said, you're rich. And he's going to invest, think of this, $10 billion in the United States..."

Notable Quotes & Memorable Moments

• Jerome Powell [02:19]: "There is no risk free path for policy ... our framework calls for us to take a balanced approach in promoting both sides of our dual mandate."
• Jerome Powell [04:24]: "When you're in a situation where job creation is pretty close to zero ... it's a pretty curious balance."
• Ben Meiselas [12:59]: "He's going to say: without me, you wouldn't have a GDP. You know the word GDP? It's like groceries. I came up with the word GDP."
• Jerome Powell [09:23]: "...we're absolutely committed to returning inflation to 2%. There should be no question that that's where we're going."
• Donald Trump [12:20]: "When we announce good news, we want the stock market to go up, not to go down and discourage of inflation. We inherited the worst inflation ever..."

Timestamps for Key Segments

• [01:00] – Episode pivots to Powell’s “schooling” of Trump
• [01:31] – Powell on risks of further rate cuts
• [02:19] – Powell’s warning about stagflation and economic risk
• [02:50] – Powell on Trump’s tariffs causing inflation
• [03:22] – Powell on job market slowdown driven by immigration and participation drops
• [04:24] – In-depth analysis of labor market and Fed policy tools
• [07:02] – Powell describes growing inequality—bifurcated economy
• [09:23] – Powell: Policy is still restrictive, commitment to 2% inflation target
• [10:19] – Trump’s claims: tariffs stop inflation, lower deficits
• [11:02] – Trump pushes for lowest global interest rates
• [11:45] – Trump conflates job cuts with job creation
• [12:20] – Trump says stock market driven by announcing “good news”
• [13:24] – Trump’s ever-inflating investment numbers ($22 trillion claim)
• [14:24] – Trump fabricates $10 billion Toyota investment

Overall Tone and Takeaways

The MeidasTouch brothers, in their sharp, unapologetic defense of democracy, systematically highlight how Jerome Powell dismantled Trump’s economic claims. The episode strikes a balance between serious economic analysis and biting satire—exposing policy contradictions, fact-checking political spin, and championing transparent, data-driven leadership. Powell’s testimony is cast as sobering, data-rich, and damning for Trump’s narrative, while the former president’s boasts are held up for ridicule.

Listeners walk away with a clear understanding of the dangers inherent in political manipulation of economic facts—and a deeper appreciation for both humor and hard truth in the ongoing fight for American democracy.