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Bulwark Takes

Dollar DROPS After Trump’s Fed Power Play (w/ Ben Walsh) (w/ Ben Walsh)

Bulwark Takes

The Bulwark

Politics, News Commentary, News, Society & Culture

4.71.1K Ratings

🗓️ 26 August 2025

⏱️ 14 minutes

🧾️ Download transcript

Summary

Donald Trump says he’s firing Federal Reserve Governor Lisa Cook. He claims that she falsified mortgage records, though she’s never been charged with wrongdoing and was confirmed by the Senate. Tim Miller and economics reporter Ben Walsh break down what this move means, whether Trump even has the legal authority to do it, and why gold is soaring and the dollar is sinking. Could this be the opening shot in Trump’s war on Fed independence, and Jerome Powell himself? 

You can read Ben's work at Sherwood News here

Transcript

Click on a timestamp to play from that location

0:00.0

Building a coffee business?

0:02.0

Serving the best Americano in town is up to you. But winning back time and growing your business, leave that to sum up. Take orders and payments anywhere with the new SumUp terminal. Turn occasional customers into regulars with a free loyalty program. And with the sumup point of sale system, you'll always know when you're running low on your best-selling blends. Visit sumup.co.uk to learn more. Hey everybody. This is Tim Miller from the bulwark here. We have some breaking news tonight. Lisa Cook has been removed from the board of governors of the Federal Reserve, according to a bleat from Donald Trump. I guess that is how we are getting our news now. And this says real ramifications. I mean, it is in line with Bill Crystal and I

0:38.7

we're talking about this morning when it comes to Donald Trump creeping or maybe even

0:44.3

marching towards despotism and, you know, what the ramifications of that are going to be

0:50.3

for obviously people that are working for the government, but for the economy at large.

0:54.8

And so, you know, this is just one of the latest examples that it has far, far reaching

1:01.9

implications. And, you know, we're going to be getting into, on this channel, a bunch,

1:08.0

the political side of it. But I wanted to focus tonight on what it means

1:12.7

for the economy and how that's going to be affecting everybody. So I wanted to bring in a fellow

1:17.6

who has been willing to help us on economic news, who was able to jump in tonight on breaking

1:23.6

news. And Ben Walsh, she's over at Sherwood News, that's an independent news site that is an arm of

1:30.2

the Robin Hood Corporation. We're talking about whether Ben's getting enough Robin Hood stock out of that deal.

1:34.4

He's been covering economics for a long time. And we brought him in because this is how we get

1:39.9

news now. Donald Trump bleated on his social media feed that he's planning on firing Lisa Cook

1:45.1

from the Board of Governors of the Federal Reserve. If you haven't been following this that

1:49.6

closely, he's been justifying this firing based on some accusations that some anti-Jerm

1:55.3

Powell people in the administration leveled that Cook falsified records to obtain favorable terms on a mortgage, essentially that

2:02.8

she had named two different properties or primary residence.

2:07.9

I should note here and point out the times, Cook was conserved by the, the confirmed by the

2:12.5

Senate, has not been charged with any wrongdoing.

2:15.9

She is the first black woman to serve on the board.

2:19.9

So there it is.

...

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