Powell's Spare Key: Warsh, Fed Regime Change, and the New Exit Taxes Coming for Your Home Equity
Epic Real Estate Investing
Matt Theriault
4.7 • 955 Ratings
🗓️ 25 May 2026
⏱️ 38 minutes
🔗️ Recording | iTunes | RSS
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Summary
The episode argues that Jerome Powell's decision to remain a Fed governor and keep his vote through January 2028—breaking 78 years of precedent since Marriner Eccles—is a warning about Kevin Warsh's promised "regime change" at the Federal Reserve and growing political pressure on monetary policy. It connects this to historical parallels (the 1951 Treasury-Fed Accord and the Nixon–Burns era inflation) and claims JP Morgan's billionaire clients are shifting heavily into alternatives and underweighting the US dollar. The host outlines three suggested actions: move idle cash to high-yield savings, build defensive hedges (including precious metals and credit lines), or pursue inflation-arbitrage via fixed-rate leveraged rental real estate. The second half describes "exit tax" style policies targeting homeowners and movers in five states—New Jersey, Massachusetts, Washington, California, and New York—and says six more states are drafting similar measures.
Transcript
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| 0:00.0 | was the first time a Fed chair has done it in 78 years. |
| 0:04.0 | And what worse said the week before should have made every saver in this country sit up straight. |
| 0:09.0 | This is the epic real estate podcast, contrarian takes on money, housing, and policy without the guru nonsense. |
| 0:18.0 | Let's go, let's go, let's go, let's go, let's go, let's go, let's go. |
| 0:21.6 | Let's go. |
| 0:22.6 | Let's go. |
| 0:23.6 | And look, the financial press is calling it a routine personnel change at the Federal Reserve. |
| 0:28.6 | Jerome Powell's term ends. |
| 0:29.6 | Kevin Warsh, Trump's pick, takes over. |
| 0:32.6 | Move along. |
| 0:33.6 | Nothing to see here. |
| 0:34.6 | But I think we've been lied to about what just quietly happened |
| 0:38.4 | between these two men. |
| 0:39.6 | Because what Powell did on April 29th was the first time a Fed chair has done it in 78 years. |
| 0:46.8 | And what worse said the week before should have made every saver in this country sit |
| 0:51.0 | up straight. |
| 0:52.0 | Three things hit on the same day. The Federal Reserve held |
| 0:55.8 | rates at three and three-quarter percent. Four committee members voted against the chair, the most |
| 1:01.8 | dissents at a single meeting since October of 1992, a time when achy-breaky heart was terrorizing |
| 1:07.8 | the radio and we still collectively thought slap bracelets were a viable |
| 1:11.1 | fashion choice. And in his press conference, Jerome Powell had one last thing to say before he leaves on May 15th. |
| 1:18.3 | He announced he isn't leaving. He's keeping his vote through January of 2008. So let's read the box |
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