Speaker 1: Old is new passes prologue off. How is this attempt
Speaker 1: different than the first?
Speaker 2: Well, substantively it's not. But you know, unfortunately, the Supreme
Speaker 2: Court really didn't put an end to this one.
Speaker 1: Of their no teeth in there and their ruling.
Speaker 2: Well, the way it came up to the Supreme Court
Speaker 2: was that it was on a sort of a procedural issue, right,
Speaker 2: So when they issued their ruling, they said, well, at
Speaker 2: a minimum, you need to give her notice and an
Speaker 2: opportunity to respond to the allegations. This is the most
Speaker 2: basic concept and my kind of legal due process. So,
Speaker 2: you know, I thought, perhaps because the Court, when the
Speaker 2: Court re shoot his decision, Trump had already managed to
Speaker 2: clear the deck and get Warsh confirmed. So I thought, okay,
Speaker 2: well maybe they'll sort of back off now because he
Speaker 2: kind of got the political win he want wanted. But
Speaker 2: evidently not, so he's still going at it.
Speaker 3: When he wants ray cuts. But I do wonder why
Speaker 3: not try there are other people on the board who
Speaker 3: are against the ray cuts that he's calling.
Speaker 2: I wonder why not try them?
Speaker 4: The lady it's the black lady. Huh.
Speaker 2: Yes, it's been a theme.
Speaker 4: I think though at the end of the day for
Speaker 4: Mss Cook, she has shown the kind of resolve in
Speaker 4: this fight that is very admirable, because I think for
Speaker 4: some folks they could just say, you know what, I
Speaker 4: don't need this in my life. I don't need this
Speaker 4: hasshole whatever I can have on my resume. I was
Speaker 4: a Federal Reserve you know official. But for her, it's
Speaker 4: more about the importance of standing in the ground. Her
Speaker 4: attorney noted today these allegations are baseless now as they
Speaker 4: were a year ago when President Trump tried to remove
Speaker 4: Governor Cook and interfere with the independence of the Federal Reserve.
Speaker 4: No matter what President Trump tries to do next, this
Speaker 4: much is clear under the facts and Supreme Court. President
Speaker 4: there is no valid costs for removing Governor Cook.
Speaker 2: Period, right right, you know, look, I think in terms
Speaker 2: of you know what Eugene just mentioned in particular, one
Speaker 2: of the most telling early episodes of this administration was
Speaker 2: when to me was when the helicopter you know, there
Speaker 2: was an issue with the helicopter Reagan National and immediately
Speaker 2: Trump came out and decided to blame it on DEI
Speaker 2: because he when he knew nothing about what had happened, Right,
Speaker 2: I mean, this is an administration that treats, you know,
Speaker 2: black people, non white people, women in positions of powers
Speaker 2: presumptively unqualified and presumptively on the decks for removal. The
Speaker 2: only I mean, I don't know if it's the only,
Speaker 2: but the majority of not all the cabinet officials. He's
Speaker 2: fired women right right, And you know, the targeting of
Speaker 2: black women, not just at the highest level, but within
Speaker 2: the federal workforce itself as part of the firings and
Speaker 2: the purges or whatever, has been a major, major issue,
Speaker 2: and it's had an extraordinary effect on those people who
Speaker 2: have been in the federal workforce. Lots of very good articles,
Speaker 2: including at the Washington Posts, have been written about this
Speaker 2: issue and the effects on black women in particular who
Speaker 2: used to be federal employees. So, you know, I don't
Speaker 2: know ms Cook at all, but I do think she's
Speaker 2: doing something admirable and saying, you know, I'm here, you
Speaker 2: have no right to do this to me, and I'm
Speaker 2: not just gonna buckle.
Speaker 3: There would be other potential remedies for the president to
Speaker 3: try to write the economy other than coerce the resignation
Speaker 3: of a sitting board member. I mean, we just had
Speaker 3: Jared Bernstein on the hour before talked about there wasn't
Speaker 3: a need for him to go to war with Iran.
Speaker 3: There wasn't a need for him to decide to try
Speaker 3: to impose tariffs for a third time against the will
Speaker 3: of the courts and consumers who have had to eat
Speaker 3: the cost increases as a result of those tariffs. But
Speaker 3: let's also just go through some Trump's own cabinet members
Speaker 3: who have the multiple primary mortgages, which is what Lisa
Speaker 3: Cook has been under quote investigation for to begin with,
Speaker 3: Laurie Chavez, Duremmer now former Labor Secretary, Sean Duffy, Transportation
Speaker 3: Secretary Lee Zelden, he administrator. Is this going to be
Speaker 3: the line of the query that they pursue yet again
Speaker 3: or can they get more creative this time around?
Speaker 2: I mean, I think they have what they had last
Speaker 2: time still, and unfortunately the Supreme Court said, you know,
Speaker 2: you can give another go, and they've decided to do it.
Speaker 2: The argument has not gotten any better, right, it is
Speaker 2: a baseless case. It is a case or a set
Speaker 2: of allegations that could equally apply to plenty of other
Speaker 2: people who are not out of favor with the president.
Speaker 2: But of course they're not doing anything about that.
Speaker 4: You know.
Speaker 2: It's another instance of the administration sort of picking that
Speaker 2: sort of bluntest instrument that kind of has available, And
Speaker 2: it's not always an intelligent way of going about things right, right,
Speaker 2: but it is the way they choose to do. This
Speaker 2: part of it, I think is honestly a sort of
Speaker 2: a level of simple mindedness about the tools available to
Speaker 2: them in the government. I don't think they entirely understand
Speaker 2: the subtler forms of working within the government.
Speaker 4: And space is the kind that actually do a little
Speaker 4: thing called real due diligence and the hard way to
Speaker 4: do the homework.
Speaker 2: They don't do the homework right, so this is an
Speaker 2: easy way. Well, we'll have this Bill Polti, who nobody
Speaker 2: ever heard of before last year. It is not qualified
Speaker 2: to serve in the government. Spin this up, go out
Speaker 2: and pretend it's on the level, and then here we
Speaker 2: are a year later and change later. The arguments no better,
Speaker 2: and it's just as frivolous as it was the first time.
Speaker 1: To your point about not understanding the tools, it's also
Speaker 1: not understanding how the Fed Board of Governors works. Because
Speaker 1: Lisa Cook is one vote washes one vote. The chair
Speaker 1: does not have one more vote than everybody else. So
Speaker 1: just going after Lisa Cook does not even change what
Speaker 1: Donald Trump actually wants, which is for them to raise
Speaker 1: the raids. And honestly, if they're raising the rates, I'm
Speaker 1: not an economist, but I talked to them and they say,
Speaker 1: when you raise race, that's a bad move. That means
Speaker 1: that the economy isn't bad straits in dire straits.
Speaker 3: That's a very good point. And it gets to exactly
Speaker 3: what you were saying, which is sort of the simple
Speaker 3: mindedness of it all. And especially next week, there is
Speaker 3: an report that is supposed to come out which is
Speaker 3: likely to show that inflation, despite the jobs market showing
Speaker 3: some losses, that inflation is going to be even worse.
Speaker 3: And yet Trump this morning to Punchable News is still
Speaker 3: insisting on rates being cut. Let's listen to that quickly.
Speaker 3: Should Wash Kevin worsh Er Fetcher avoid a rate hike
Speaker 3: before the election.
Speaker 5: Well, it's up to him a little bit, but not completely.
Speaker 5: He he's got a board that's very political. The United
Speaker 5: States should pay the lowest interest rate in the entire world.
Speaker 3: So you think that he shouldn't hike rates before the election.
Speaker 5: It's not totally up to him, it's up to a board.
Speaker 5: I think he's great. I won't be criticizing him.