Yesterday, Trump claimed that he was removing Lisa Cook, the Federal Reserve Governor from her position due to baseless accusations of mortgage fraud. But Cook isn’t bowing out that easily. Rather, her attorney Abbe Lowell (friend of The Contrarian) told AP News that she would be suing the Trump administration, challenging the move.
Now, esteemed economist Paul Krugman joins Jen to discuss why the FED’s independence from political influence is so important, why replacing technocrats with loyalists kills democracy, and why the market hasn’t responded much to Trump’s chaotic economics.
Paul Krugman is a Professor of Economics at CUNY Grad Center. Since 2014, he has served as a distinguished scholar at the Stone Center on Socio-Economic Inequality at the Graduate Center. Before joining the GC, he was a professor of economics and international affairs at Princeton University’s Woodrow Wilson School; prior to his appointment at Princeton, he served on the faculties of MIT, Yale and Stanford. In 2008, he was the sole recipient of the Nobel Memorial Prize in Economic Sciences for his work on international trade theory. Make sure to subscribe to Paul’s Substack here.
