Podcast Summary: "Trump v The Federal Reserve Chair"

What A Day by Crooked Media, hosted by Jane Coaston, delves into the pressing issues shaping the current political and economic landscape. In the July 17, 2025 episode titled "Trump v The Federal Reserve Chair," Coaston explores President Donald Trump's contentious relationship with Federal Reserve Chair Jerome Powell, the implications of Trump's economic policies, and their broader impacts on public services and immigration.

1. Trump's Conflict with Federal Reserve Chair Jerome Powell

Timestamp: [00:01 - 02:53]

The episode opens with Jane Kostin highlighting President Trump's frustration with Jerome Powell, the Federal Reserve Chair. Trump criticizes Powell for not lowering interest rates, reflecting his belief that reduced rates would stimulate economic growth.

• Jane Kostin introduces the topic: "President Donald Trump keeps being so weird about disgraced financier and sex offender Jeffrey Epstein, but then saw that Trump wants Coca Cola to use real sugar and Coke and now is totally back on Team MAGA."

• Donald Trump expresses his dissatisfaction:

  • [01:30] "He's a terrible Fed chair. I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him. But they did."
  • [02:27] "I told him he's doing a very bad job. He's way late. That's why I call him too late. Jerome Powell is too late. He's way late. Interest rates should be coming down. We have a very, very successful country. We should have the lowest interest rate anywhere in the world. And we don't. Jerome Powell has done a terrible job and frankly, I don't think he could do a worse job. He's called everything wrong."

Kostin clarifies a factual point about Powell's appointment, noting that Powell was initially appointed by Trump in 2017 and later reappointed by Biden for a second term, underscoring the bipartisan nature of his tenure.

2. The Importance of Federal Reserve Independence

Timestamp: [03:28 - 12:44]

To provide deeper insight, Coaston interviews Stacey Vanek Smith, Bloomberg Senior Editor, discussing the significance of the Federal Reserve Chair's independence from political influence.

• Jane Kostin asks: "Why is it important that the Federal Reserve chair be independent and why is it important to the economy?" ([04:11])

• Stacey Vanek Smith explains:

  • [04:19] "The Federal Reserve chair has to make tough, unpopular decisions that are good for the economy, like dealing with inflation and keeping interest rates high. This independence prevents political pressures from compromising economic stability."

Smith emphasizes that an independent Fed Chair can implement necessary monetary policies without political interference, ensuring long-term economic health even if such decisions are unpopular in the short term.

3. Trump's Economic Policies: Tariffs and Inflation

Timestamp: [05:08 - 12:44]

The discussion shifts to Trump's economic stance, particularly his support for lowering interest rates and the implementation of tariffs.

• Jane Kostin inquires about the rationale and risks: "Why has the Fed so far kept interest rates high even while other countries have lowered their interest rates?" ([05:27])

• Stacey Vanek Smith responds:

  • [05:27] "Jerome Powell has been cautious in lowering interest rates to control inflation, which spiked during the pandemic. High rates help keep prices stable but can slow economic growth."

• Jane Kostin probes into Trump's potential benefits: "How could Trump, the businessman, potentially benefit from lower interest rates?" ([07:19])

• Stacey Vanek Smith outlines:

  • [07:19] "Lower interest rates make borrowing cheaper for businesses, allowing expansion and investment. Personally, Trump could leverage lower rates to finance his ventures more affordably."

Despite Trump's assertions, Smith warns that lowering rates could reignite inflation, exacerbating the very issue that the current high rates aim to control.

• Stacey Vanek Smith discusses the impact of tariffs:
  • [08:10] "Tariffs can push up prices of imported goods like furniture, toys, and food. Combined with increased money circulation from lower rates, this could lead to a double-dip in inflation."

Cooston examines the apparent contradiction between Trump's promotion of tariffs as economically beneficial and the expert consensus that tariffs generally lead to higher consumer prices. Smith offers explanations, including initial stockpiling by businesses and their reluctance to raise prices immediately.

4. Political Promotions and Public Broadcasting Cuts

Timestamp: [13:51 - 19:32]

The episode transitions to Vice President J.D. Vance’s promotion of Trump's "Big Beautiful Law" in Pennsylvania and its implications for public services like PBS Kids.

• Jane Kostin reports on Vance's speech: "Vance focused on tax cuts and inflation, omitting the forthcoming Medicaid and food stamp cuts set to take effect post-midterms." ([14:05])

• J.D. Vance highlights economic gains:

  • [14:41] "Workers' wages are rising faster than inflation. You're able to buy more, you're able to do more, and we're just getting started."

However, Vance's message overlooks the narrowing gap between wages and inflation, reducing disposable income for Americans.

The discussion shifts to the potential impact of Trump's rescissions package on PBS Kids:

• Sarah DeWitt, Senior Vice President of PBS Kids, warns:
  • [15:54] "It's going to make it harder for us to tell that story [of providing free educational resources]. Creating new shows would be difficult, jeopardizing programs like Daniel Tiger."

DeWitt expresses concern that budget cuts will hinder PBS Kids' ability to innovate and remain relevant in a competitive media landscape, exacerbating the educational content crisis.

5. Immigration Policy and Humanitarian Concerns

Timestamp: [15:54 - 19:32]

The episode also covers controversial immigration policies under the Trump administration, including third-country deportations and the mass firing of immigration judges.

• Jane Kostin reports on migrants sent to Eswatini:
  • "Five migrants from Vietnam, Jamaica, Laos, Cuba, and Yemen were sent to Eswatini, a country with no ties to them."

This policy has sparked criticism due to the lack of geographical and diplomatic relevance, highlighting administrative challenges within the Trump administration.

Furthermore, the administration has fired 50 immigration court judges in six months, contributing to a backlog of approximately 3.5 million cases. The episode details a Senate hearing where Senator Tim Kaine scrutinizes Deputy Secretary Michael Regas over the mishandling of emergency food aid:

• Tim Kaine confronts Regas: [18:51] "Why has the State Department decided to burn it rather than distribute it to starving children?"

• Michael Regas admits failure:

  • [19:10] "I think that was a failure."

This segment underscores the administration's ongoing struggles with efficient resource management and humanitarian responsibilities.

6. Closing Remarks

The episode concludes with a brief mention of upcoming news and promotions, which are outside the scope of this summary.

Notable Quotes:

• Donald Trump on Jerome Powell's performance: "[02:27] 'Jerome Powell has done a terrible job and frankly, I don't think he could do a worse job.'"

• Stacey Vanek Smith on Fed Chair independence: "[04:19] 'The Federal Reserve chair has to make tough, unpopular decisions that are good for the economy...'"

• J.D. Vance on economic improvements: "[14:41] 'Workers' wages are rising faster than inflation. You're able to buy more, you're able to do more, and we're just getting started.'"

• Sarah DeWitt on PBS Kids' challenges: "[15:54] 'It's going to make it harder for us to tell that story... jeopardizing programs like Daniel Tiger.'"

• Tim Kaine on wasted food aid: "[18:51] 'Why has the State Department decided to burn it rather than distribute it to starving children?'"

This episode of What A Day provides a comprehensive analysis of President Trump's economic policies, his conflict with the Federal Reserve, and the broader societal implications, including the impact on public services and immigration. Through expert interviews and in-depth reporting, Coaston offers listeners a nuanced understanding of the complexities surrounding these pivotal issues.