Why The Federal Reserve's Power Is 'Limitless'
FiveThirtyEight Politics
ABC News
4.6 • 20.6K Ratings
🗓️ 2 March 2023
⏱️ 44 minutes
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| 0:00.0 | Did you know choosing the train over your car can cut your carbon footprint by up to two thirds? |
| 0:06.0 | So, one family outing at a time, one little adventurer at a time, one trip to the museum, one dinner in the city, one nap on the way home at a time. |
| 0:18.0 | One train journey at a time can help create a greener future. |
| 0:23.0 | So when will you take your next trip? Find out more at nationalrail.co.uk slash greener. |
| 0:30.0 | Hey there listeners. Before we begin I wanted to let you know about a live show that we have coming up. |
| 0:36.0 | It's going to be on April 19th in New York City at the Bell House and it'll be at 7.30. |
| 0:42.0 | You can get tickets at 538.com slash live show. Again, that's 538.com slash live show. |
| 0:50.0 | April 19th we really look forward to seeing you there. |
| 1:02.0 | Hello and welcome to the 538 Politics Podcast. I'm Gailan Drug. |
| 1:06.0 | American government is designed to have components that are not directly accountable to the public. |
| 1:11.0 | The Supreme Court is probably the most recognizable example. |
| 1:14.0 | The idea is that parts of the system need to be above politics in order to keep everything else running smoothly. |
| 1:21.0 | Say a popularly elected president tries to consolidate power? Well, the unelected Supreme Court is there to uphold the Constitution. |
| 1:29.0 | In part because of its separation from electoral politics though, the Supreme Court is the subject of a lot of scrutiny. |
| 1:36.0 | Whether you think the court is actually above politics or not, you are almost certainly aware of the ways that it can shape your life. |
| 1:43.0 | Well in her new book, New York Times reporter Gina Smilak wants to focus our attention on another unelected institution with a lot of power over American life. |
| 1:52.0 | The Federal Reserve. And while the Fed has great power, unlike the Supreme Court, Americans on the whole are proud. |
| 1:58.0 | Americans on the whole are pretty unaware of the role it plays in their lives. |
| 2:02.0 | According to an Ipsos poll, 90% of Americans say their knowledge of the Fed ranges from not much to nothing at all. |
| 2:09.0 | Smilak argues that over the past century, through successive crises, the Fed has accumulated the power to choose winners and losers across American markets and society on the whole. |
| 2:19.0 | And that if partisan loyalists were to make their way onto the Fed board, that degree of power could be abused. |
| 2:26.0 | So the book is limitless. The Federal Reserve takes on a new age of crisis. Gina, welcome to the podcast. |
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