Nick and Jack

The Fed is actually the fourth independent branch of our government, the way we see it. And we'll tell you why it needs to stay that way. Yetis, let's do a little calendar play-by-play here. On Friday and Monday, President Trump targeted the chairman of the Fed, Jerome Powell. He went with some of his usual insults. He called Powell a major loser, but he also said that he's bad at his job.

Honestly, it's shocking Trump hasn't come up with like a nickname for Powell at this point. Ironic side note, Powell was actually appointed by President Trump back in 2018. And Jack, could you please share a legal side note as well? Most legal scholars agree the president cannot fire the chairman of the Fed. That would be unconstitutional.

Honestly, it's shocking Trump hasn't come up with like a nickname for Powell at this point. Ironic side note, Powell was actually appointed by President Trump back in 2018. And Jack, could you please share a legal side note as well? Most legal scholars agree the president cannot fire the chairman of the Fed. That would be unconstitutional.

Honestly, it's shocking Trump hasn't come up with like a nickname for Powell at this point. Ironic side note, Powell was actually appointed by President Trump back in 2018. And Jack, could you please share a legal side note as well? Most legal scholars agree the president cannot fire the chairman of the Fed. That would be unconstitutional.

Jack, why don't you throw in a financial side note while we're at it? Nick and I can tell you that Jerome Powell is one of the most respected financiers across the entire world. And besties, if you want proof of all the above side notes, you simply have to look at the market. Trump's threat to fire Jerome Powell sent the Nasdaq back into a bear market on Monday. And it's not just stocks.

Jack, why don't you throw in a financial side note while we're at it? Nick and I can tell you that Jerome Powell is one of the most respected financiers across the entire world. And besties, if you want proof of all the above side notes, you simply have to look at the market. Trump's threat to fire Jerome Powell sent the Nasdaq back into a bear market on Monday. And it's not just stocks.

Jack, why don't you throw in a financial side note while we're at it? Nick and I can tell you that Jerome Powell is one of the most respected financiers across the entire world. And besties, if you want proof of all the above side notes, you simply have to look at the market. Trump's threat to fire Jerome Powell sent the Nasdaq back into a bear market on Monday. And it's not just stocks.

The whole world sold America on Monday as well. U.S. stocks, U.S. bonds, and the U.S. dollar all got pummeled on Monday. Now, we should point out investors did a little BTD buying the dip on Tuesday. But still, Jack and I want to take this moment to clarify some very important things about the Federal Reserve. Because the Fed is unlike any other U.S. government agency.

The whole world sold America on Monday as well. U.S. stocks, U.S. bonds, and the U.S. dollar all got pummeled on Monday. Now, we should point out investors did a little BTD buying the dip on Tuesday. But still, Jack and I want to take this moment to clarify some very important things about the Federal Reserve. Because the Fed is unlike any other U.S. government agency.

The whole world sold America on Monday as well. U.S. stocks, U.S. bonds, and the U.S. dollar all got pummeled on Monday. Now, we should point out investors did a little BTD buying the dip on Tuesday. But still, Jack and I want to take this moment to clarify some very important things about the Federal Reserve. Because the Fed is unlike any other U.S. government agency.

Now I'm thinking about Jack. It reminds me of Batman. I'll get to that in a bit. But unlike the Treasury, unlike the Department of Justice, unlike the Department of Education, the Federal Reserve Bank is not in the executive branch. So it doesn't take orders from the president. who leads the executive branch.

Now I'm thinking about Jack. It reminds me of Batman. I'll get to that in a bit. But unlike the Treasury, unlike the Department of Justice, unlike the Department of Education, the Federal Reserve Bank is not in the executive branch. So it doesn't take orders from the president. who leads the executive branch.

Now I'm thinking about Jack. It reminds me of Batman. I'll get to that in a bit. But unlike the Treasury, unlike the Department of Justice, unlike the Department of Education, the Federal Reserve Bank is not in the executive branch. So it doesn't take orders from the president. who leads the executive branch.

And, unlike the House or the Senate, the leaders of the Federal Reserve are not elected officials. So the Fed is most similar in government to the Supreme Court. Yeah, it is. It's intentionally designed to be separate from politics. And it's because of this truth that every time a central bank has lost independence somewhere on Earth, it has led to financial disaster everywhere.

And, unlike the House or the Senate, the leaders of the Federal Reserve are not elected officials. So the Fed is most similar in government to the Supreme Court. Yeah, it is. It's intentionally designed to be separate from politics. And it's because of this truth that every time a central bank has lost independence somewhere on Earth, it has led to financial disaster everywhere.

And, unlike the House or the Senate, the leaders of the Federal Reserve are not elected officials. So the Fed is most similar in government to the Supreme Court. Yeah, it is. It's intentionally designed to be separate from politics. And it's because of this truth that every time a central bank has lost independence somewhere on Earth, it has led to financial disaster everywhere.

in whatever country that is. Nick and I jumped into the economic history textbooks for you. Oh, let's hit them, Jack. What do we got? Zimbabwe, Argentina, and Turkey are just a few examples of leaders who forced their central bank to make politically driven moves. And Jack, what were the results in all of those countries, please? Each resulted in hyperinflation.

in whatever country that is. Nick and I jumped into the economic history textbooks for you. Oh, let's hit them, Jack. What do we got? Zimbabwe, Argentina, and Turkey are just a few examples of leaders who forced their central bank to make politically driven moves. And Jack, what were the results in all of those countries, please? Each resulted in hyperinflation.

in whatever country that is. Nick and I jumped into the economic history textbooks for you. Oh, let's hit them, Jack. What do we got? Zimbabwe, Argentina, and Turkey are just a few examples of leaders who forced their central bank to make politically driven moves. And Jack, what were the results in all of those countries, please? Each resulted in hyperinflation.

Prices rose like 10 times faster than they've ever risen in the United States. Because investors know if a politician controls the central bank, like we saw the peso in Argentina pop, they like to give the economy a couple cookies, Jack. A short-term sugar high. Basically, it's like politicians get control of the candy jar if they can control their central bank. It feels good for a minute.