Trump Has Catastrophic Day as GOP Senators Turn Against Him

Summary

The MeidasTouch Podcast

Episode: Trump Has Catastrophic Day as GOP Senators Turn Against Him
Date: January 12, 2026
Hosts: Ben, Brett, and Jordy Meiselas

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Episode Overview

In this episode, the Meiselas brothers break down what they argue is a catastrophic day for Donald Trump, focusing on significant backlash from Republican senators and economic leaders against Trump’s attempt to launch a criminal investigation into Federal Reserve Chair Jerome Powell. The brothers discuss congressional reactions, the growing fracture within the GOP, and the international fallout from Trump’s recent social media pronouncements. In typical MeidasTouch fashion, the conversation is laced with sharp critique, heated condemnation of Trump-aligned figures, and dry comic banter.

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Key Discussion Points and Insights

1. Trump’s Attempt to Investigate Jerome Powell Backfires

• [01:30] The episode opens with breaking news that Trump’s attempt to criminally investigate Federal Reserve Chair Jerome Powell—his own appointee—is “backfiring in his face” (Political Commentator).
• Republican Pushback: Notably, several Republicans are demanding an investigation not into Powell, but into Trump’s DOJ for “weaponization” of criminal probes. “Republicans demanding a criminal investigation into the DOJ for criminally investigating Jerome Powell. But Donald Trump’s been on a rampage all morning.” ([01:30] Political Commentator)

2. Trump’s NATO and Foreign Policy Controversies

• [01:55] Trump claims online he “saved NATO” while simultaneously threatening to invade Greenland, which has “caused NATO nations to respond by potentially putting forces in Greenland to protect against a United States invasion.”
• Quote: “Donald Trump has done more to break up the NATO alliance than in history. Donald Trump is saying that he saved NATO.” ([02:05] Political Commentator)
• Democratic Senator Amy Klobuchar retorts: “Trump is posting about being the acting president of Venezuela when he’s not even acting like a president at home. That’s for sure.” ([02:16] Political Commentator paraphrasing Klobuchar)

3. Bipartisan Economic Leaders Defend Federal Reserve Independence

• [02:20-03:15] The hosts thoroughly cover a rare and bipartisan public statement defending Jerome Powell by former Fed Chairs (Ben Bernanke, Alan Greenspan, etc.) and Treasury Secretaries (including Timothy Geithner, Henry Paulson).
• Notable Quote:

  “The Federal Reserve’s independence and the public’s perception of that independence are critical for economic performance ... The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine the independence.... It has no place in the United States, whose greatest strength is the rule of law.” ([03:00] Read by Political Commentator)

4. Republican Senators Break Ranks

• [03:30-04:40] Highlights from key Republicans:
  • Sen. Thom Tillis calls for an investigation into the DOJ's motives and is blocking Trump’s appointees (“I will put a hold on anyone Donald Trump wants to appoint to the Fed… until this matter is legally resolved.”)
  • Sen. Lisa Murkowski calls the DOJ’s actions “an attempt at coercion,” and supports blocking Fed nominees until the controversy is resolved:

    “If the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer.” ([04:25] Statement summarized by host)

• [05:00] MAGA-aligned Sen. Roger Marshall dismisses the investigation as “just the way Donald Trump trolls.”

  “I just think this is the way Donald Trump trolls. It’s like a trolling thing... and so he’s trolling by demanding that the DOJ launch a criminal investigation into Powell.” ([05:35] Roger Marshall clip, paraphrased by hosts)

5. Analysis and Reaction from Trump’s Economic Advisors

• [07:38] Kevin Hassett, Trump’s former economic advisor, offers a controversial perspective:

  “If someone launched a criminal investigation of me, I wouldn’t be worried. I would just say, okay, here are the documents. I have nothing to hide.” ([08:18] Kevin Hassett clip)

• [10:54] Peter Navarro, another Trump advisor, deflects blame for inflation onto the Biden administration and derides concerns for Fed independence:

  “Spare me this Fed-independent stuff … That’s a politicized body and he's the worst chairman...” ([11:05] Navarro clip)

6. Escalation of ICE/Border Patrol Tactics and Political Blame Game

• [11:22-13:06] The brothers lambast MAGA Republicans for defending “atrocities” committed by ICE and Border Patrol, calling their tactics “Gestapo” and condemning the rhetoric used against Democratic leaders.
• Rep. Sherry Biggs on state TV calls for criminally charging Democratic officials for “inciting violence” by criticizing ICE:

  “[D]o you think it’s long past due for these Democrat officials to be charged for clearly inciting violence against our federal agents?” ([12:37] Sherry Biggs clip)

7. Senator Warner Critiques Reduced Training and Endless Wars

• [13:27-14:51] Sen. Mark Warner criticizes Trump administration's policy of reducing ICE agent training from six months to 47 days (“because Donald Trump’s the 47th president”) and calls out multiple unauthorized military interventions.
• Quote:

  “We’ve had American intervention in Syria, Iraq, Iran, Yemen, Nigeria, Venezuela, maybe Greenland, where he would blow up NATO… Did you see the Brits and the Germans are putting troops in Greenland because they want to try to send a message, don’t attack Denmark, another NATO ally. How is this leading to price stability, bringing down cost?” ([14:53] Co-host/Analyst summarizing Senator Warner)

8. Kristi Noem’s Controversial Interview

• [15:27-16:24] South Dakota Gov. Kristi Noem purportedly “smirks” and appears to condone the killing of Renee Nicole Goode by ICE agent Jonathan Ross:
  • Jake Tapper questions Noem about a video in which the agent calls the victim a “fucking bitch” after shooting her.
  • Noem’s response: “I can’t determine which one it is, but it could be, sir.” ([16:17] Noem’s response)

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Notable Quotes & Memorable Moments

• “Donald Trump is saying that he saved NATO. Then Donald Trump is getting some instant rebuking to his face from his post that he is now the acting president of Venezuela when he’s not even acting like a president at home. That’s for sure.”
  (Political Commentator, 02:05)

• “The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine the independence… It has no place in the United States, whose greatest strength is the rule of law.”
  (Statement from ex-Fed and Treasury officials, read at 03:00)

• “I just think this is the way Donald Trump trolls. It’s like a trolling thing.”
  (Sen. Roger Marshall, 05:35)

• “If someone launched a criminal investigation of me, I wouldn’t be worried. I would just say, okay, here are the documents. I have nothing to hide.”
  (Kevin Hassett, 08:18)

• “We’ve had American intervention in Syria, Iraq, Iran, Yemen, Nigeria, Venezuela, maybe Greenland, where he would blow up NATO… How is this leading to price stability, bringing down cost?”
  (Senator Warner via Analyst, 14:53)

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Key Timestamps

• [01:30] – Trump’s DOJ moves against Powell draw intense criticism
• [02:05] – Trump claims he “saved NATO,” invokes Venezuela and Greenland
• [03:00] – Unified statement from ex-Fed chairs and Treasury Secretaries
• [03:30-04:40] – Thom Tillis and Lisa Murkowski statements blocking Trump nominees
• [05:35] – Sen. Roger Marshall: “Trump is just trolling”
• [08:18] – Kevin Hassett: “I have nothing to hide” defense
• [11:05] – Peter Navarro downplays Fed independence
• [12:37] – Rep. Sherry Biggs: Calls for prosecution of Democratic officials
• [13:27] – Sen. Warner: ICE training and unauthorized military interventions
• [14:53] – Critique of Trump’s global interventions and their costs
• [16:17] – Kristi Noem smirks at ICE agent’s misogynistic remarks after police shooting

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Summary & Tone

This episode is a relentless, rapid-fire takedown of Trump’s latest legal and political maneuvers, rooted in the brothers’ passionate defense of democratic norms and rule of law. The tone is pointed, caustic, and heavily critical of Trump and his allies, while spotlighting rare moments of bipartisan unity against executive overreach. The episode underscores the escalating crisis inside the GOP, rising authoritarian tactics, and the growing institutional backlash against Trump from both sides of the aisle. The MeidasTouch style—combining facts, biting commentary, and a sense of urgency—makes this a bracing listen for anyone following American political news.

Transcript

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[Political Commentator]

An awful Monday morning as his effort to launch a criminal investigation into the chairman of the Federal Reserve, Jerome Powell, who he appointed, is backfiring in his face. We're now hearing from Republicans who who are demanding an investigation not into Powell, but into Trump's DOJ for its weaponization. Republicans demanding a criminal investigation into the DOJ for criminally investigating Jerome Powell. But Donald Trump's been on a rampage all morning. He's making posts like this, I'm the one who saved NATO President djt Now as Donald Trump threatens to invade Greenland, which has has caused NATO nations to respond by potentially putting forces in Greenland to protect against a United States invasion, as Donald Trump has done more to break up the NATO alliance than in history. Donald Trump is saying that he saved NATO. Then Donald Trump is getting some instant rebuking to his face from his post that he is now the acting president of Venezuela. You have Democratic Senator Amy Bachar said so Trump is posting about being the acting president of Venezuela when he's not even acting like a president at home. That's for sure. Now the former chair, members of the Federal Reserve and former Treasury Secretaries put out the following statement. Former Fed chairs and treasury secretaries put out a statement on Monday defending Jerome Powell after the Justice Department opened up this criminal investigation into Powell. So you have everybody from Ben Bernanke, who served two terms as chair of the Fed, Jared Bernstein, chair of the Council of Economic Advisors under Biden, Jason Furman, chair of the Council of Economic Advisors under Obama, Timothy Geithner, who served as the 75th Secretary of the treasury under Obama, as well as the President and Chief Executive Officer of the Federal Reserve bank of New York, Alan Greenspan, Glenn Hubbard, Jacob Henry Paulson, who is Bush's guy. So you keep going down the list of all them Republican Democratic leaders in this area. Here's the statement that they put out. The Federal Reserve's independence and the public's perception of that independence are critical for economic performance, including achieving the goals Congress has set for the Federal Reserve of stable prices, maximum employment and moderate long term interest rates. The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine the independence. This is how monetary policy is made in emerging markets with weak institutions with highly negative consequences for inflation and the functioning of their economies more broadly. It has no place in the United States, whose greatest strength is the rule of law, which is at the foundation of our economic success. An unprecedented state statement from Democratic and Republican Fed chairs and treasury secretaries putting that out moments ago. As I mentioned yesterday, Republican Senator Thom Tillis said that it requires that there's now an investigation needed of the Department of Justice, that its independence and credibility are in question. Of course it is. This regime has been engaged in the most horrific criminal conduct that there is. The DOJ is covering up a child sex trafficking ring. And Thom Tillis said that he's holding up Donald Trump's nominees, both in the Department of Homeland Security because Kristi Noem refuses to show up before Congress. But also now he's saying that he will put a hold on anyone Donald Trump wants to appoint to the Fed, whether it's the Fed chair vacancy or any other Fed position. And he's on the Banking Committee in the Senate, he says, until this matter is legally resolved. Republican Senator Lisa Murkowski just put out the following statement after speaking with Chair Powell this morning. It's clear the administration's investigation is nothing more than an attempt at coercion. If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns, which are not unusual, then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way. If the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis is right in blocking any Federal Reserve nominee until this is resolved. So what are other MAGA Republicans saying? Well, MAGA Republican Senator Roger Marshall says, I don't think Donald Trump was being serious about this criminal investigation into Powell. This morning, Roger Marshall said, I just think this is the way Donald Trump trolls. It's like a trolling thing. You know, he's a troll, and so he's trolling by demanding that the DOJ launch a criminal investigation into Powell. And the DOJ is now opened up a grand jury criminal investigation into Powell. You know, trolling. Here, play this clip.

[Interviewer/Guest]

Is there really a reason for an investigation? Because, you know, a lot of people are looking at this and saying, well, wait a second. We know President Trump does not like Jay Powell, and we know that he's calling him stupid and that he hasn't cut rates fast enough. So is this political? Or did Jay Powell break the law and mislead or lie to the Senate Banking Committee? And you say, well, Maria, we'll let.

[Co-host/Analyst]

The system play through here.

[Political Commentator]

I think there's other issues that we.

[Co-host/Analyst]

Should be focused on. I think this is the President throwing out one more. Maybe he's even almost trolling here as well.

[Political Commentator]

We got bigger issues to go after.

[Guest/Clip Introducer]

Than this one, though.

[Political Commentator]

Then you have Kevin Hassett, Donald Trump's national economic advisor, who many believe Donald Trump wants to appoint as the chair of the Federal Reserve. This guy's appointment would be disastrous. He's been wrong about, like, everything his entire career. And he goes, you know, well, if someone launched a criminal investigation of me, this is what has it says, I'm gonna play the clip. He goes, if someone launched a criminal investigation of me, I wouldn't be worried. I would just say, okay, here are the documents. I have nothing to hide. So why is everybody worried that he's doing a criminal investigation into the chairman of the Federal Reserve? Play this clip.

[Guest/Interviewee]

I think that if, you know, I'm here sitting here in the White House and somebody says, hey, Justice Department wants to look at all your emails or look at what you've been doing on this or that, then I would welcome the opportunity to show them that I'm fine, you know, And I also think that that's what I would expect of every government employee, that you want government employees to sort of say, hey, yeah, here, here's, my proof that there's been nothing like the Minnesota thing going on. And yeah, anyway, so it's part of government to have people look at you inspectors general and check that what you're doing is completely on the up and up. And I think that it's part of government here and at the Fed as well.

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[Political Commentator]

Then Trump's other top economic guy, Peter Navarro again, who's even worse than Kevin Hassett, if that's possible, says the following.

[Guest/Clip Introducer]

Play this clip it was Joe Biden and Jay Powell that let the inflation genie out of the bottle. And so, and it spared me this like, oh, Fed independent stuff and Tom Tillis. All I said, come on. Yeah, that's a politicized body and he's the worst chairman since Arthur Burns started running the money pump for Richard Nixon for reelection. So let's get to the bottom of this. But there's a lot of good stuff Going on with President Trump.

[Political Commentator]

Also saw other MAGA Republican Congress members and senators on the morning shows as this morning trying to defend Trump regime's killing of Renee Nicole Good. And the just the atrocities being committed by Trump's ICE and Border Patrol Gestapo, Donald Trump's paramilitary, paramilitary forces. So now what? Trump's MAGA sycophants is so disgusting. What they're, they're going on the morning shows and saying, you know what really needs to happen. We need accountability and arrests. We need for Governor Walz and Mayor Fry of Minneapolis. They need to be arrested because they're the ones causing all of this. It's their fault. They're provoking anger against ice. I don't know, maybe it's the fact that ICE and Border Patrol have been invading communities and they are arresting people who are just hardworking people trying to get by in this country and that, that's what you're engaged in. You're engaged in these gestapo tactics. Listen to what Congresswoman Sherry Biggs says. This is on state regime media, MAGA Republican Congresswoman Sherry Biggs, play this clip.

[Interviewer/Guest]

And then at the same time, you've got Mayor Jacob Fry and Governor Tim Walls inflaming the situation once again by demonizing ice. I'm sorry, but do you think it's long past due for these Democrat officials to be charged for clearly inciting violence against our federal agents? I mean, is there something that Congress can do to hold these people accountable? Well, I certainly hope so and I hope that'll be on the table for discussion this week as we get back to work.

[Political Commentator]

You had Democratic Senator Warner on CNBC and here's how he talks about the lack of training of these ICE and Border Patrol Gestapo. And he's speaking to this CNBC guy who's like the top maga, one of like the main MAGA hosts on cnbc. Play this clip.

[Co-host/Analyst]

But the idea that we're gonna send in these ICE agents, by the way, Joe, do you realize ICE used to take five to six months to get trained? They've now lowered the training period to 47 days. Why 47 days? Because Donald Trump's the 47th president. Tell me that's a rational approach. I'm not, obviously I'm not gonna take that bait and say it's a rational approach, but I'm just joke. You can't pick your.

[Political Commentator]

More from Senator Warner here about Trump's never ending wars and the fact that Trump just without congressional authorization, Trump has actually engaged in multiple military attacks over the past year. Play this clip.

[Co-host/Analyst]

Good thing. But I don't know what. Are you concerned this could be a forever war or. I just got to say this. We got 20% of the fleet off the coast of Venezuela. The aircraft carrier, the Gerald Ford that's supposed to be in the Middle east is off the coast of Venezuela. You know and I know, you know American oil going in. It's going to take a couple years to rebuild Venezuela's oil infrastructure. Is that fleet going to stay there for two years? What are the costs there? Remember the president's promise. It's not going to cost us a dime. Venezuelan oil is going to pay for it all. I don't know if that's happening. Remember, it wasn't Donald Trump. I know he's your guy, but I thought he was going to be the. Hold it. But he was going to be the peace guy. He was going to be the peace guy, you know, But Joe, we know that he's not. Andrew.

[Guest/Interviewee]

I didn't say that.

[Co-host/Analyst]

Let me just say this. I'm America's guy. This guy was America's guy. We've had American intervention in Syria, Iraq, Iran, Yemen, Nigeria, Venezuela, maybe Greenland, where he would blow up NATO. Did you see the Brits and the Germans are putting troops in Greenland because they want to try to send a message, don't attack Denmark, another NATO ally. How is this leading to price stability, bringing down cost? And now we got the frontal attack on the independence of the Fed. You probably went fordo.

[Political Commentator]

And then lastly, I'll show you Kristi Noem. I don't think this got enough attention, but when. Chris, this is from Kristi Noem's Yesterday with Jake Tapper. It was a disastrous interview for her. But there was one point that that stood out that I think it's important that we highlight that when she was shown the video of that officer, Jonathan Ross, the murderer is not even an officer. The murderer, Jonathan Ross, who killed Renee Nicole Goode, the ICE Gestapo guy. And the guy goes effing B. He curses at her after he shoots her in the face three times. Watch Christine Omir. She smirks. She finds this funny. She gets off on this. She finds the murder of an American citizen by ICE Gestapo to be funny. Play this clip. Is that Agent Ross's voice calling Renee.

[Guest/Interviewee]

Good a fucking bitch?

[Interviewer/Guest]

I can't determine which one it is, but it could be, sir.

[Political Commentator]

In June of last year. There you have it, folks. We'll keep you posted every step of the way. This morning. Hit subscribe. Let's get to 6 million subscribers. Thanks for watching want to stay plugged.

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