4.6 • 29.8K Ratings
🗓️ 27 August 2025
⏱️ 31 minutes
🧾️ Download transcript
Get your own personalized summer school diploma here.
Today on our final episode of Summer School 2025, we will test your knowledge. We will salute the unsung heroes of government service. And we will pick our valedictorian from among you of the class of 2025.
Editorial Note:
President Trump attempted to fire Lisa Cook, a Biden appointee to the Federal Reserve Board. Our daily podcast, The Indicator, has coverage on their feed. We’ll have an episode in the Planet Money feed soon, in the meantime, here’s some background listening on why this is so important.
Years before she joined the Fed, we profiled the work of Lisa Cook. Listen here.
Also these: Happy Fed Independence DayA primer on the Federal Reserve's independenceThe case for Fed independence in the Nixon tapesTurkey's runaway inflation problem Arthur Burns: shorthand for Fed failure? Should presidents have more of a say in interest rates?Can the Federal Reserve stay independent?
It's hard out there for a Fed chair
The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford.
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
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Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Click on a timestamp to play from that location
0:00.0 | Quick note before the summer school finale. |
0:03.0 | As you likely saw, President Trump says he is firing Lisa Cook, a Biden appointee to the Federal Reserve Board. |
0:11.7 | This is big. |
0:13.3 | Our short daily show, The Indicator, already has an episode out about it. |
0:17.4 | We'll have a longer one here soon, so please watch our feed. |
0:21.6 | Here at Planet Money, we've covered why Federal Reserve Independence is so important for the economy. The Fed's origin |
0:27.6 | stories when Nixon tried to pressure the Fed. That time, Turkey fired its central bankers. We even |
0:34.3 | have an episode about Lisa Cook's work long before she was nominated to the Fed. |
0:39.6 | We put all those shows into a playlist for you. |
0:42.9 | If you're in the mood to dive deeper, to binge, to share with everyone, you know, check the show notes for a link. |
0:49.5 | We'll also post it to our socials. |
0:51.6 | Okay? |
0:52.4 | Now for summer school. |
0:54.0 | It's time to graduate. This is Planets. Okay? Now for summer school. It's time to graduate. |
0:56.4 | This is Planet Money from NPR. |
1:02.4 | Graduates, faculty, |
1:09.3 | parents, maybe there's parents here. Longtime listeners listeners a bit confused by the whole fake graduation theme. |
1:15.7 | Welcome to Planet Money Summer School. |
1:17.9 | I'm Robert Smith, and this is our live commencement ceremony at the Bell House in Brooklyn. |
1:37.4 | Thank you. I stand before you today in a dean's robe, green like the Planet Money podcast logo. |
1:44.5 | It was ordered from China, and like everything else about summer school, it is not recognized by any academic or government institution, yes. |
1:50.3 | But what it does symbolize is that we have completed a summer's worth of episodes in political economy. And in these days of short attention spans, that unfortunately earns you a degree. |
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