Topic: 1913

Federal Reserve Chairman Jerome Powell is facing allegations of perjury following testimony before the Senate Banking Committee. President Trump has continued to call for rate cuts while questioning the independence of the Fed. The discussion reviews the 1913 creation of the Federal Reserve by a banking cartel and debates the transparency of its member banks and decision-makers.

NPR reporter Scott Horsley characterized Donald Trump's trade policies as a form of "steam-driven nostalgia" for the Gilded Age prior to the 1913 adoption of the income tax. The report suggests Trump intends to replace income tax revenue with tariff revenue, a move NPR claims would benefit the wealthy while burdening lower-income families. The hosts mock the idea that poor people are significantly impacted by the cost of imported luxury goods.