🚨Trump DIGS GRAVE DEEPER with WH STUNT…

establishing a committee of inquiry to. investigate allegations of false. statements by Lisa Cook, a governor on. the Federal Reserve Board. This was. released by the White House on Friday as. the Trump regime was adjudicated to have. unlawfully tried to terminate one of the. Federal Reserve governors, Lisa Cook, in. 2025. The Trump regime said, "Well, the. Supreme Court said if we followed a.

process, then maybe we would be able to. fire her. So, we're going to make up not. a judicial process, but an extrajudicial. process that we're going to create.". You've heard the term kangaroo court. This is an example of something so. utterly fascistic and ridiculous that. calling it a kangaroo court does not do. it justice. So, the Trump regime put out. this memo, which I'm not sure if they're. saying is an executive order. I don't.

even know what the hell they're trying. to say here, but they said, "Lisa Cook, you need to show up on November 5th, 2026. You've got 4 hours. Where do you. show up?" In the White House, and we're. going to do our own hearing. Donald. Trump is going to pick a board of three. people. It's not going to be public, even though the Federal Reserve is. independent. You must show up to the. White House and you will go before three.

of Trump's stooges and in 4 hours they. will decide whether they find you guilty. or whether they find you not guilty. And. if you're guilty then Donald Trump will. say there is cause to terminate you and. then Donald Trump will fire you. Talk. about interfering with the independence. of the Federal Reserve. And here's the. thing folks, you know, we have a. process. If you're going to try to. adjudicate claims against an individual, you know what that process is called?

Court. There's a process called court. You know, I'm a law professor. I went to. law school. If you believe somebody. engaged in unlawful conduct, you know. what you can do? Well, there can be an. investigation. You go before a grand. jury. You get an indictment. You present. evidence to a jury. and a jury can. convict. Kind of like what happened to. Donald Trump where Donald Trump went. before a jury in Manhattan and they.

found him guilty, guilty, guilty, guilty. over and over again of multiple felony. counts. That's the way our system works. You have a voadier process where the. lawyers from the prosecutor's side and. the defense side can be part of a jury. selection process. Evidence can come in. that is admissible evidence and not. hearsay. When a judge rules about the. admissibility of evidence, witnesses are. called to take the stand based on their.

personal observation and knowledge. You. can bring in expert witnesses whose. testimony must be based on what an. expertise is going to be only. And so. there is a process. So, the Trump regime. is trying to set Lisa Cook up and. saying, "Oh, you misrepresented mortgage. documents, or look, if you think she. engaged in criminal conduct, which she. did not, then there could be criminal. charges, and if she's found guilty, then. you can kick her off the board of the. Federal Reserve. She is a world-renowned.

economist. She is someone deeply. respected. And because Donald Trump. wants to try to put his stooges in the. Federal Reserve to try to manipulate the. process and not actually have. independence of the Fed. He wants to. have this closed door thing at the White. House where she shows up and that's. going to and then Donald Trump's going. to tell the Supreme Court that was her.

process. We found cause to fire her over. there. Now, she's represented by Norm. Eisen and she's also represented by Abby. Lel. Uh, two very well-known top lawyers. in this country. They said, "In light of. the president's reported statements that. he has already decided to fire Governor. Cook, regardless of the facts and. evidence, we have grave doubts that this. hearing is a legitimate one that would. conform to the law. But if it is. anything close to objective, the. conclusion will be that Governor Cook.

did not commit mortgage fraud, leaving. no cause to remove her from the Federal. Reserve Board. We have engaged with the. White House to evaluate whether the. process proposed has a possibility of. being genuine one and not simply a. boxchecking exercise. Governor Cook. welcomes the opportunity to present the. facts so she can clear her name and. demonstrate that there is no legal basis. to fire her. The Congressional Black. Caucus came out with this statement. Dr. Lisa Cook is a highly respected.

economist and the facts and the law are. on her side. Trump has no legal basis to. remove her from the Federal Reserve. No. amount of political theater changes. that. This is a blatant attempt to. politicize the Fed and undermine its. independence. Our nation's central bank. must remain free from political. interference. And again, remember the. Supreme Court's decision was that Donald. Trump can't unilaterally without process. terminate a governor from the Federal.

Reserve Board. Donald Trump wants to do. that right now um by creating a fake. process. And I want to hear more about. this. Let's bring in Justin Wolfers, chief economist from the Midas Touch. Network. Justin Wolfers also has his. YouTube channel, Platypus Economics. Make sure you subscribe there. Let's. bring in Justin Wolfers for his. analysis. The White House is targeting the Federal. Reserve. Again, on Friday morning,

President Trump said that he's forming a. committee to investigate Federal Reserve. Governor Lisa Cook. This is the same. Lisa Cook that he tried to fire in. August of 2025. This is the same Federal. Reserve that is meant to be independent. of the White House. And this is part of. the president going back and trying to. destroy that independent Fed. I'm Justin. Wolfers. I'm a professor of economics. and this is the Midas Touch Network. Let. me try and explain what all of this.

means. Okay, let's go back a step. The. president wants to run monetary policy, but we historically have not allowed. presidents to run monetary policy. Congress gives the power over monetary. policy. That's the control of interest. rates and also the stability of the. banking system. Congress gave that to. the Federal Reserve. The president, he's. a former real estate developer. He's a. bloke who's facing an election in just a. moment. So, he wants low interest rates. He said interest rates should be as low.

as 1% right now. They're closer to 4%. There's not an economist on earth who. agrees with the president. So, he's not. getting what he wants. What does he do? He's attacked the institution. In the. past, he threatened former Fed Chair J. Pal with criminal proceedings. Do what I. want or I'm throwing you in jail. The. court said he couldn't do that. Jay Pal. stayed as Fed chair till the end of his. term and he stayed on the board. The. other person the president attacked was. Lisa Cook. Let me tell you a little.

about Lisa cuz I know Lisa pretty well. Lisa's a friend of mine. She also lives. in Ann Arbor, Michigan. She's been on. the Federal Reserve Board for a while. She was one of Joe Biden's appointees. About a year ago, the president decided. that he wanted to try to fire her. I. think this was part of an effort a year. ago to basically take over the Federal. Reserve system and fill it with his. lackey and hacks instead. Bill Py found. a claim that Lisa had lied on a mortgage.

form once upon a time many years ago. The president tried to fire her. That. firing went all the way up to the. Supreme Court. The Supreme Court said a. few things. One of the important things. it said is in fact it is possible to. fire Federal Reserve governance, but. they have to have due process and it has. to be over something substantial. What. the president had done prior is he. hadn't there'd been no due process. Look, the reality is he probably doesn't. have a case. That's why he didn't invite.

Lisa in to answer for her supposed. misdeeds. So what the president has done. today is set aside a a small committee. It's a committee of three people who. have invited Lisa Cook to come and talk. to him so that they can now decide based. on due process that she may or may not. have done the wrong thing. Okay. How do you feel about this? Look, boy, there's so much here and it's so. hard to figure out exactly how to go at. it. Let me try and give you the fair the.

fairest reading I can and then get into. the law and then get into the economics. Here's the fairest reading I can give. If the president were to any president. were to appoint or inherited an. appointee to the Federal Reserve who um. you know wasn't up to the job who was. doing the wrong thing, who was lying, who was cheating, who was insider. trading, they should fire them. They. absolutely should. Presidents do have. that power. Presidents should have that. power. So there's an if. If if Lisa Cook was.

guilty of such misdeeds, then forming a. committee and giving her a chance who. would look at the evidence and giving. her a chance to defend herself is. exactly the right thing. The other side, economists always have. two hands. If there was no evidence that. she's ever done anything wrong or. anything substantially wrong, maybe she. did fill out a mortgage form, not quite. the right way. If she hadn't done that. or it's not substantial,

then this whole thing is a charade. It's. gonna blow up on the president. All he's. going to do is create more employment. for lawyers and greater mistrust of his. economic management. Federal Reserve. independence is an important part of. what keeps our economy running and he's. trying to undermine it here. Look, the. last time the president had a go at. this, he took it all the way up to the. Supreme Court. Not once did he present a. scaric of convincing evidence. So, I. reckon, yes, I'm willing to say there. are two cases. Maybe he has it, maybe he. doesn't. The fact that he went as far as.

the Supreme Court and didn't produce any. compelling evidence of misdeeds by Luca. Cook suggests they really don't have. anything here. So, my guess is this is. just another pointless attack on the. Federal Reserve. Okay, let me come back. to the economics of it and then maybe we. can talk a bit more about the law. The. economics of this is the reason Congress. and countries all around the world have. decided they want an independent Federal. Reserve. They want a bunch of nerds and. wonks sitting around setting interest. rates is precisely because they're.

worried about someone like the current. president. They're worried that a world. leader might choose to that a president. might choose to lower interest rates in. the hope that that creates an artificial. boom that gets them reelected even if it. creates an inflationary hangover later. or they worry that a future president. might do something that serves their. personal interests or their political. interests rather than the interest of. the American people. That temptation. through world history has been strong. enough and frequent enough that there's. a general sense from the economics. community far better that we have.

economic policy insulated from the. political cycle and the demands of. political masters and as a result most. leading countries around the world have. an independent central bank. That means. let them do what they're meant to do. Don't threaten to jail them uh based on. absurd pretexts. And so what the. president is doing is quite literally. attacking that premise. Uh that is very. bad economic policy at a moment when.

global markets were already looking at. the United States and saying we used to. love investing in the United States. The. United States has a great set of. institutions. They believe in the rule. of law. They have an independent central. bank. They have believable statistical. agencies and so on. They used to like. investing for all of those reasons and. those things are under attack right now. One of the reasons bond yields are. rising, which is to say interest rates. are rising, is the rest of the world no. longer thinks of the United States as. the beacon of stability or of economic.

hope that they once did. So I want folks. at home to understand if this is the. president just making stuff up and every. indication suggests it is. It's not just. a personal vendetta against Lisa Cook. Although our hearts should go out to a. dedicated public servant who wants to do. the right thing and is being forced to. hire lawyers. It's not just an attack on. Lisa. It's an attack on your pocketbook. and that of your children. It's the sort. of things that push interest rates. higher that makes an economic crisis. more likely. I'm not saying one's. happening tomorrow. I'm saying this is.

the sort of pointless undermining of the. foundations of American prosperity that. do make slower economic growth more. likely, that do make the possibility of. a fiscal crisis more likely. And if the. president were to succeed at his goal of. creating a a Fed that's run out of the. White House, well, you've seen what. they're doing with everything else right. now. This is not something that uh is. reassuring markets. So, that's the basic. economic principle here. Who do you want. making monetary policy? Independent.

experts or folks who are going to set it. according to their own political and. personal agendas rather than those of. the American people. Lisa Cook's just. the test case. Let me point out one more. thing that's utterly infuriating about. all of this. The thing is all of this. effort is going to go into it and it's. not going to do anything. The last Fed. decision to raise interest rates was. unanimous. Every single member voted for it. No one. wants Trump's absurdly low interest.

rate, high inflation policy. Not a. single member, including those appointed. by the president. [snorts] So if you get. rid of Lisa C, first of all, you. undermine Fed independence. That's very. harmful to the American economy. You. could put one lackey in subject to. Senate confirmation. But then you've. still got 11 folks who are on the other. side of the debate. This is going. nowhere. It's winning the president. nothing. But it is hurting you, me and. our economy. And then finally, there's.

the whole set of legal issues here. What. the president has done is he's appointed. a committee to give. the pretense of a sense that there's due. process here. Now, who's on this. committee? It's uh Kevin Hasset, the man. who once wanted to be chairman of the. Fed, an economist who should know better. and honestly should resign rather than. be a part of this charade. It's the head. of the president's EEOC, the person. who's been most responsible for getting. rid of any diversity, equity, inclusion. measures within the Federal Government.

And he's the one who's sitting in. judgment of the only black woman. governor of the Federal Reserve Board. So, it looks like a kangaroo court. And. the question is, is it going to be. enough for the Supreme Court? So, we. pretended to do due process. It may well. be, but there's one more thing. It can't. you can't fire a Federal Reserve. governor just for finding a malfeasance. It has to be substantial. My guess is. that even if they say this was due. process, it's due process around such a. small thing that's from the past for.

which there's very little evidence in. any case. And so things aren't really. going to change as a result. So the. beginning of this is Trump has been. losing this legal battle because he's. trying to do do something destructive, illegal, and bad economic policy. And so. he's doubled down and he's going to lose. that legal battle. I really hope and. it's in the best interest of the. country, but along the way he's costing. us money. He's undermining America's. economic institutions and the cost falls. on you and me. Let me add another thing.

Last time Trump tried to attack Lisa. Cook, the Fed was pretty clear. This is. not okay. Uh she didn't do the wrong. thing. She belongs here. I'm a little disappointed that so far. the Fed hasn't said anything about this. So Jay Pal his fed did stand up for Lisa. Cook. I do hope Kevin Walsh silent Kevin. handsome Kevin but here's the problem. If he's silent Kevin or if he's trying. to keep extra favors with the president. Kevin I do fear that so far we haven't. heard him speak up on this issue. Now. it's all been really rapid. It's also.

been really dumb. What do you do when. you're running an institution and you. think the political sustainability of. that institution depends on you having a. good relationship with the president? At the same time, the president's quite. clearly doing the wrong thing and maybe. one ought to be standing up against it. Well, we're going to learn whether Kevin. Walsh is built from the same stock as. his predecessor J Pal who steadfastly. stood up for Fed independence. Look, Kevin Walsh said in his confirmation.

hearings he was in favor of Fed. independence. He appears to have that. written in his DNA. Now's the time for. him to stand up and [clears throat]. actually deliver on this. I find the. whole episode tiring, exhausting, and. dispiriting. The president is not going to win. anything from this. My friend Lisa Cook. is going to have higher legal bills. And. I think the broader lesson that comes. out of this is if you're a public. servant and I know many of the Federal.

Reserve governors, many are personal. friends of mine. They're people who have. studied economics because they want to. make the world a better place. And what. we're learning is if you go and do that. and you follow the letter of the law and. you do what Congress says, which is you. run your monetary policy so that it's. independent rather than serving the best. interests of the president. If you do. all that, the president might still use. the almighty power of the state to come. after you, forcing you into, I think, personal turmoil and also uh enormous. legal bills. This is a a statement that.

I think would discourage many people, smart people, good people, thoughtful. people, both leftwing and right-wing. from public service. It's the sort of. thing that creates a dysfunctional. government. If you make government. service painful, so painful that only an. ideological nut job from either the left. or the right would do it, then we're. left only with ideological nut jobs. So, let me conclude by saying I want to. thank the folks at the Fed who are. standing up and and doing a good job,

who are thinking hard about the state of. the economy, who were making the. decisions that serve yours and my. interests rather than those of the. present, and who are showing courage at. an important moment. Uh there's a whole. lot of us out here who are grateful. I'm. Justin Wolfers. You can find me at. Platypus Economics. You can check out. our YouTube channel. Look for the. Substack. Download the podcast wherever. you get your shows. And this is me. turning out for the Midas Touch Network. where I'm proud to be their chief. economist.

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