{"html":"\t\n\t\u003C!-- Advertisement Script --\u003E\n\t\u003Cscript \u003E\n\t\t\n\t\tvar key = [];\n\t\tvar values = [];\n\t\t\n\t\t\t\t\t\tkey.push(\u0022tn_keyword\u0022);\n\t\t\t\tvalues.push(\u0022\u00272008-finan\u0027, \u0027donald-tru\u0027, \u0027federal-re\u0027, \u0027wall-stree\u0027\u0022);\n\t\t\t\t\t\t\t\tkey.push(\u0022tn_author\u0022);\n\t\t\t\tvalues.push(\u0022\u0027nomi-p\u0027\u0022);\n\t\t\t\t\t\t\n\t\u003C\/script\u003E\n\t\t\t\n\t\u003Cdiv class=\u0022postid-279924 scrolltrace textContainer_Truncate\u0022 articlelisttitle=\u0022At the Fed, the Scene Is Being Set for Financial Disaster\u0022 articlelistlinks=\u0022https:\/\/www.thenation.com\/article\/at-the-fed-the-scene-is-being-set-for-financial-disaster\/\u0022 article-post-id=\u0022279924\u0022 article-keyword=\u0022\u00272008-finan\u0027, \u0027donald-tru\u0027, \u0027federal-re\u0027, \u0027wall-stree\u0027\u0022 article-subject=\u0022\u0027banking\u0027, \u0027economic-p\u0027, \u0027economy\u0027, \u0027executive-\u0027, \u0027financial-\u0027, \u0027government\u0027\u0022 article-authors=\u0022\u0027nomi-p\u0027\u0022\u003E\n\t\n\t\t\u003Carticle id=\u0022url-title\u0022\u003E\n\t\t\n\t\t\t\u003Cdiv id=\u0022tn_pixel_279924_1\u0022 style=\u0027height:0px; width:0px;\u0027\u003E\u003C\/div\u003E\n\t\t\t\u003Cdiv id=\u0022tn_pixel_279924_2\u0022 style=\u0027height:0px; width:0px;\u0027\u003E\u003C\/div\u003E\n\t\t\n\t\t\t\u003Cheader class=\u0022article-header\u0022\u003E\t\n\t\u003Cdiv class=\u0022article-header-content\u0022\u003E\t\t\n\t\t\u003Cul class=\u0022article-info\u0022\u003E\u003Cli class=\u0022category\u0022\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/subject\/financial-crisis\/\u0022 class=\u0022anchor_subject\u0022 subjectlink=\u0022https:\/\/www.thenation.com\/subject\/financial-crisis\/\u0022\u003EFinancial Crisis\u003C\/a\u003E\u003C\/li\u003E\u003Cli class=\u0022subcategory\u0022\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/keyword\/donald-trump\/\u0022\u003EDonald Trump\u003C\/a\u003E\u003C\/li\u003E\u003Cli class=\u0022subcategory\u0022\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/keyword\/federal-reserve\/\u0022\u003EFederal Reserve\u003C\/a\u003E\u003C\/li\u003E\u003C\/ul\u003E\u003Ch1 class=\u0022article_title hide\u0022\u003EAt the Fed, the Scene Is Being Set for Financial Disaster\u003C\/h1\u003E\u003Ch1 class=\u0022title\u0022\u003EAt the Fed, the Scene Is Being Set for Financial Disaster\u003C\/h1\u003E\u003Ch2 class=\u0027subtitle\u0027\u003EA crash could prove to be Donald Trump\u2019s worst legacy.\u003C\/h2\u003E\t\t\n\t\t\n\t\t\u003Cdiv class=\u0022byline\u0022\u003E\n\t\t\t\u003Ch2 class=\u0022author_name\u0022\u003EBy \u003Ca class=\u0022author\u0022 href=\u0022https:\/\/www.thenation.com\/authors\/nomi-prins\/\u0022\u003ENomi Prins\u003C\/a\u003E\u003C\/h2\u003E\t\n\t\t\t\t\t\u003Ch4 class=\u0022time is-today article_pub_time\u0022\u003E\n\t\t\t\t\t\tToday 11:23 am\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\u003C\/h4\u003E\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\n\t\t\u003C!--\u003Cul class=\u0022article-share\u0022\u003E\n\t\t\t\u003Cli\u003E\u003Ca class=\u0022social-share fb\u0022 href=\u0022javascript:void(0)\u0022\u003E\u003Cspan\u003EFacebook\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca class=\u0022social-share tw\u0022 href=\u0022javascript:void(0)\u0022\u003E\u003Cspan\u003ETwitter\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca class=\u0022social-share email\u0022 href=\u0022javascript:void(0)\u0022\u003E\u003Cspan\u003EEmail\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca class=\u0022social-share tn_print\u0022 href=\u0022javascript:void(0)\u0022 onclick=\u0022tn_print_fn()\u0022\u003E\u003Cspan\u003EPrint\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\u003C\/ul\u003E--\u003E\n\t\t\n\t\t\u003Cul class=\u0022article-share\u0022\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share fb\u0022\u003E\u003Cspan\u003Efb\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share tw\u0022\u003E\u003Cspan\u003Etw\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share mail email\u0022\u003E\u003Cspan\u003Email\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share tn_print\u0022 onclick=\u0022tn_print_fn()\u0022\u003E\u003Cspan\u003EPrint\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share msg\u0022\u003E\u003Cspan\u003Emsg\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share wa\u0022\u003E\u003Cspan\u003Ewa\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\t\u003Cli\u003E\u003Ca href=\u0022javascript:void(0)\u0022 class=\u0022social-share sms\u0022\u003E\u003Cspan\u003Esms\u003C\/span\u003E\u003C\/a\u003E\u003C\/li\u003E\n\t\t\u003C\/ul\u003E\n\t\t\n\t\u003C\/div\u003E\n\u003C\/header\u003E\n\n\u003Csection class=\u0022article-body  abody-279924 keep-reading\u0022\u003E\n\t\u003Cdiv class=\u0022article-body-inner\u0022\u003E\n\t\u003Caside class=\u0022left full-width-mobile image wide indent\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003Ca class=\u0022gallery imgHover\u0022 href=\u0022https:\/\/www.thenation.com\/wp-content\/uploads\/2018\/02\/Trump-Jerome-Powell-rtr-img.jpg\u0022 title=\u0022Donald Trump with Federal Reserve Chairman Jerome Powell at the White House. (Reuters \/ Carlos Barria)\u0022\u003E\u003Cimg src=\u0022https:\/\/www.thenation.com\/wp-content\/uploads\/2018\/02\/Trump-Jerome-Powell-rtr-img.jpg?scale=896&compress=80\u0022 alt=\u0022Donald Trump and Jerome Powell\u0022\u003E\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\u003Cp class=\u0022caption\u0022\u003EDonald Trump with Federal Reserve Chairman Jerome Powell at the White House. \u003Cspan class=\u0022credits\u0022\u003E(Reuters \/ Carlos Barria)\u003C\/span\u003E\u003C\/p\u003E\n\t\t\t\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\u003Cdiv style=\u0022clear:both\u0022\u003E\u003C\/div\u003E\u003Cdiv class=\u0022article-note\u0022\u003E\n\t\t\t\t\t\t\u003Cp class=\u0022editor_note_cls\u0022\u003E\u003Cspan\u003EEDITOR’S NOTE:&nbsp\u003C\/span\u003EThis article originally appeared at \u003Ca href=\u0022http:\/\/tomdispatch.com\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003ETomDispatch.com\u003C\/a\u003E. 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For more from \u003Cem\u003EThe Nation\u003C\/em\u003E, check out our \u003Ca class=\u0022textred-highlighted\u0022 href=\u0022https:\/\/www.thenation.com\/issue\u0022\u003Elatest issue\u003C\/a\u003E.\t\t\t\t\n\t\t\t\t\t\t\u003C\/div\u003E\t\t   \n\t\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\t\t\u003Caside class=\u0022left indent indents email-signup-module para-one-2\u0022 style=\u0022display: none;\u0022 data-section=\u00221\u0022\u003E\n\t\t\t\t\t\u003Cdiv class=\u0022emailetext-blocks\u0022\u003E\n\t\t\t\t\t\tSubscribe now for as little as $2 a month!\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/tna.pcdfusion.com\/pcd\/Order?iKey=I**GAA\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_5000b2 para_one_button\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Subscribe\u0022 style=\u0022\n\t\t\t\t\t\t\t\t\t\t\tbackground-color:#dd3333;color:#ffffff;\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003C\/div\u003E\t\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\t\u003Caside class=\u0022left indent indents email-signup-module para-one-3\u0022 style=\u0022display: none;\u0022 data-section=\u00222\u0022\u003E\n\t\t\t\t\t\u003Cdiv class=\u0022emailetext-blocks\u0022\u003E\n\t\t\t\t\t\t\u003Ch4\u003ESupport Progressive Journalism\u003C\/h4\u003E\r\n\u003Cem\u003EThe Nation\u003C\/em\u003E is reader supported: Chip in $10 or more to help us continue to write about the issues that matter.\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenation.com\/email-signup-module-donate\/\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_5000b2 para_one_button\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Donate\u0022 style=\u0022\n\t\t\t\t\t\t\t\t\t\t\tbackground-color:#dd9933;color:#000000;\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003C\/div\u003E\t\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\t\u003Caside class=\u0022left indent indents email-signup-module para-one-4\u0022 style=\u0022display: none;\u0022 data-section=\u00223\u0022\u003E\n\t\t\t\t\t\u003Cdiv class=\u0022emailetext-blocks\u0022\u003E\n\t\t\t\t\t\t\u003Ch4\u003EFight Back!\u003C\/h4\u003E\r\nSign up for \u003Cem\u003ETake Action Now\u003C\/em\u003E and we\u2019ll send you three meaningful actions you can take each week.\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenation.com\/sailthruform\/take-action-now\/\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_5000b2 para_one_button\u0022 name=\u0022submit_sailthru\u0022 value=\u0022TAKE ACTION\u0022 style=\u0022\n\t\t\t\t\t\t\t\t\t\t\tbackground-color:#81d742;color:#ffffff;\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003C\/div\u003E\t\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\t\u003Caside class=\u0022left indent indents email-signup-module para-one-5\u0022 style=\u0022display: none;\u0022 data-section=\u00224\u0022\u003E\n\t\t\t\t\t\u003Cdiv class=\u0022emailetext-blocks\u0022\u003E\n\t\t\t\t\t\t\u003Ch4\u003ETravel With \u003Cem\u003EThe Nation\u003C\/em\u003E\u003C\/h4\u003E\r\nBe the first to hear about Nation Travels destinations, and explore the world with kindred spirits.\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenation.com\/travels\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_5000b2 para_one_button\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Travel\u0022 style=\u0022\n\t\t\t\t\t\t\t\t\t\t\tbackground-color:#dd3333;color:#ffffff;\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003C\/div\u003E\t\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\t\t\t\t\u003Caside class=\u0022left indent indents email-signup-module para-one-6\u0022 style=\u0022display: none;\u0022 data-section=\u00225\u0022\u003E\n\t\t\t\t\t\u003Cdiv class=\u0022emailetext-blocks\u0022\u003E\n\t\t\t\t\t\t\u003Ch4\u003ESign up for our Wine Club today.\u003C\/h4\u003E\r\n\u003Cspan data-sheets-value=\u0022{\u0022 data-sheets-userformat=\u0022{\u0022\u003EDid you know you can support \u003Cem\u003EThe Nation\u003C\/em\u003E by drinking wine? \u003C\/span\u003E\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenationwineclub.com\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\t\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_5000b2 para_one_button\u0022 name=\u0022submit_sailthru\u0022 value=\u0022LEARN MORE\u0022 style=\u0022\n\t\t\t\t\t\t\t\t\t\t\tbackground-color:#dd3333;color:#ffffff;\u0022\u003E\n\t\t\t\t\t\t\t\t\t\t\u003C\/a\u003E\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u003C\/div\u003E\t\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\u003C\/aside\u003E\n\t\t\t\t\u003Cscript\u003Eparagraph_module[279924] = [{\u0022order\u0022:\u00221\u0022,\u0022event_name\u0022:\u0022paragraph-1-email-signup\u0022,\u0022user_logged_in\u0022:\u00221\u0022},{\u0022order\u0022:\u00222\u0022,\u0022event_name\u0022:\u0022paragraph-1-subscribe\u0022,\u0022user_logged_in\u0022:\u00221\u0022},{\u0022order\u0022:\u00223\u0022,\u0022event_name\u0022:\u0022paragraph-1-donate\u0022,\u0022user_logged_in\u0022:\u0022\u0022},{\u0022order\u0022:\u00224\u0022,\u0022event_name\u0022:\u0022paragraph-1-takeaction\u0022,\u0022user_logged_in\u0022:\u0022\u0022},{\u0022order\u0022:\u00225\u0022,\u0022event_name\u0022:\u0022paragraph-1-travel\u0022,\u0022user_logged_in\u0022:\u0022\u0022},{\u0022order\u0022:\u00226\u0022,\u0022event_name\u0022:\u0022paragraph-1-wineclub\u0022,\u0022user_logged_in\u0022:\u0022\u0022}];\u003C\/script\u003E \u003Cp\u003EWarning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It\u2019s the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer.\u003Caside class=\u0022ad right most-popular-plus-ad grey_back\u0022\u003E\n\t\t\t\t\u003Cdiv id=\u0022ad-halfpage-279924-0\u0022 class=\u0022sailthru_class_form\u0022\u003E\u003C\/div\u003E\n\t\t\t\t\u003Ca href=\u0022http:\/\/www.thenation.com\/advertising-policy\u0022 class=\u0022ad-policy\u0022 target=\u0022_blank\u0022\u003EAd Policy\u003C\/a\u003E\n\t\t\t\u003C\/aside\u003E\t\t\u003Cscript \u003E\t\t\t\t\n\t\t\tfunction load_article_ads(){\n\t\t\t\tif( jQuery(\u0022#ad-halfpage-279924-0\u0022).is(\u0022:empty\u0022) ){call_ad_new(\u0027halfpage\u0027,\u0027tn_article\u0027,\u0027ad-halfpage-279924-0\u0027,\u0027rectangle_1\u0027,{\u0022tn_author\u0022:\u0022\u0027nomi-p\u0027\u0022,\u0022tn_articleid\u0022:279924,\u0022tn_ptype\u0022:\u0022article\u0022,\u0022tn_keyword\u0022:\u0022\u00272008-finan\u0027, \u0027donald-tru\u0027, \u0027federal-re\u0027, \u0027wall-stree\u0027\u0022,\u0022tn_subject\u0022:\u0022\u0027banking\u0027, \u0027economic-p\u0027, \u0027economy\u0027, \u0027executive-\u0027, \u0027financial-\u0027, \u0027government\u0027\u0022,\u0022tn_slp\u0022:\u0022\u0022});}\t\t\t\t\t\n\t\t\t}\t\n\t\n\t\t\tjQuery(\u0027#expand-reduce-279924\u0027).click(function(){\n\t\t\t\tif( isMobile.any() ){\n\t\t\t\t\tcall_ad_new(\u0027halfpage\u0027,\u0027tn_article\u0027,\u0027ad-halfpage-279924-0\u0027,\u0027rectangle_1\u0027,{\u0022tn_author\u0022:\u0022\u0027nomi-p\u0027\u0022,\u0022tn_articleid\u0022:279924,\u0022tn_ptype\u0022:\u0022article\u0022,\u0022tn_keyword\u0022:\u0022\u00272008-finan\u0027, \u0027donald-tru\u0027, \u0027federal-re\u0027, \u0027wall-stree\u0027\u0022,\u0022tn_subject\u0022:\u0022\u0027banking\u0027, \u0027economic-p\u0027, \u0027economy\u0027, \u0027executive-\u0027, \u0027financial-\u0027, \u0027government\u0027\u0022,\u0022tn_slp\u0022:\u0022\u0022});\t\n\t\t\t\t}\t\t\t\t\n\t\t\t});\t\n\t\t\u003C\/script\u003E \n\t\t\n\u003Cp\u003EWhile we\u2019ve been bombarded with a litany of scandals from the Oval Office and the\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.tomdispatch.com\/blog\/176399\/tomgram%3A_nomi_prins%2C_jared_kushner%2C_you%27re_fired%21\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003ETrump family\u003C\/a\u003E, there\u2019s a crucial institution in Washington that few in the media seem to be paying attention to, even as President Trump quietly makes it his own. More obscure than the chambers of the Supreme Court, it\u2019s a place where he has already made substantial changes. I\u2019m talking about the Federal Reserve. \n\u003Cp\u003EAs the central bank of the United States, the \u201cFed\u201d sets the financial tone for the global economy by manipulating interest rate levels. This impacts everyone, yet very few grasp the scope of its influence.\n\u003Cp\u003E\u003Cspan\u003E\u003C\/span\u003EDuring times of relative economic calm, the Fed is regularly forgotten. But what history shows us is that having leaders who are primed to neglect Wall Street\u2019s misdoings often sets the scene for economic dangers to come. That\u2019s why nominees to the Fed are so crucial.\n\u003Cp\u003EWe have entered a landmark moment: no president\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.forbes.com\/sites\/johnmauldin\/2017\/08\/17\/whoever-gets-appointed-to-the-fed-expect-negative-rates-and-qe-in-the-next-crisis\/#49fea7ee79d9\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Esince\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003EWoodrow Wilson (during whose administration the Federal Reserve was established) will have appointed as many board members to the Fed as Donald Trump. His fingerprints will, in other words, not just be on Supreme Court decisions, but no less significantly Fed policy-making for years to come — even though, like that court, it occupies a mandated position of\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.federalreserve.gov\/faqs\/about_12799.htm\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Epolitical independence\u003C\/a\u003E.\n\u003Cp\u003EThe president\u2019s\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.reuters.com\/article\/us-usa-fed-trump\/trump-to-nominate-clarida-bowman-to-feds-board-of-governors-idUSKBN1HN2M3\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Elatest two nominees\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Eto that institution\u2019s Board of Governors exemplify this. He has nominated Richard Clarida, a former Treasury Department official from the days of President George W. Bush who later became a strategic adviser to \u003Ca href=\u0022https:\/\/www.pimco.com\/en-us\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Einvestment goliath Pimco\u003C\/a\u003E, to the Fed\u2019s second most important slot, while giving the nod to Michelle Bowman, a\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.osbckansas.org\/about\/staff.html\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003EKansas bank commissioner\u003C\/a\u003E, to represent community banks on that same board.\u003Caside class=\u0022right hidden-on-mobile most-popular-plus-ad\u0022\u003E\u003Cdiv class=\u0022most-popular hover_b_remove\u0022\u003E\n\t\t\t\t\t\t\t\t\t\u003Ch3\u003EMost Popular\u003C\/h3\u003E\u003Cdiv class=\u0022popular-article\u0022\u003E\u003Ch4\u003E1\u003C\/h4\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/can-the-aclu-remake-itself-as-a-mass-movement-for-progressive-change\/\u0022 onclick=\u0022ga(\u0027send\u0027, \u0027event\u0027, \u0027Most Popular\u0027, \u0027Click Most Popular\u0027, \u0027Can the ACLU Remake Itself as a Mass Movement for Progressive Change?\u0027,\u00270\u0027)\u0022\u003ECan the ACLU Remake Itself as a Mass Movement for Progressive Change?\u003C\/a\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv class=\u0022popular-article\u0022\u003E\u003Ch4\u003E2\u003C\/h4\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/erdogans-revenge-and-the-kurdish-dilemma\/\u0022 onclick=\u0022ga(\u0027send\u0027, \u0027event\u0027, \u0027Most Popular\u0027, \u0027Click Most Popular\u0027, \u0027Erdogan\u2019s Revenge and the Kurdish Dilemma\u0027,\u00270\u0027)\u0022\u003EErdogan\u2019s Revenge and the Kurdish Dilemma\u003C\/a\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv class=\u0022popular-article\u0022\u003E\u003Ch4\u003E3\u003C\/h4\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/south-and-north-korea-prepare-to-discuss-an-end-to-the-korean-war\/\u0022 onclick=\u0022ga(\u0027send\u0027, \u0027event\u0027, \u0027Most Popular\u0027, \u0027Click Most Popular\u0027, \u0027South and North Korea Prepare to Discuss an End to the Korean War\u0027,\u00270\u0027)\u0022\u003ESouth and North Korea Prepare to Discuss an End to the Korean War\u003C\/a\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv class=\u0022popular-article\u0022\u003E\u003Ch4\u003E4\u003C\/h4\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/over-7000-bodies-have-been-found-at-the-us-mexican-border-since-the-nineties\/\u0022 onclick=\u0022ga(\u0027send\u0027, \u0027event\u0027, \u0027Most Popular\u0027, \u0027Click Most Popular\u0027, \u0027Over 7,000 Bodies Have Been Found at the US-Mexican Border Since the \u002790s\u0027,\u00270\u0027)\u0022\u003EOver 7,000 Bodies Have Been Found at the US-Mexican Border Since the \u002790s\u003C\/a\u003E\u003C\/p\u003E\u003C\/div\u003E\u003Cdiv class=\u0022popular-article\u0022\u003E\u003Ch4\u003E5\u003C\/h4\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/invade-wakanda-right-now\/\u0022 onclick=\u0022ga(\u0027send\u0027, \u0027event\u0027, \u0027Most Popular\u0027, \u0027Click Most Popular\u0027, \u0027Invade Wakanda Right Now\u0027,\u00270\u0027)\u0022\u003EInvade Wakanda Right Now\u003C\/a\u003E\u003C\/p\u003E\u003C\/div\u003E\u003C\/aside\u003E\n\u003Cp\u003ELike many other entities in Washington, the Fed\u2019s Board of Governors has been operating with less than a full staff. If Clarida is approved, he will join Trump-appointed Fed Chairman Jerome Powell and\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.newyorkfed.org\/newsevents\/news\/aboutthefed\/2018\/oa180403\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Eincoming\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003ENew York Federal Reserve Bank head John C. Williams — the New York Fed generally exists in a mind meld with Wall Street — as part of the most powerful trio at that institution.\t\t\u003Caside class=\u0022left indent indents current-issue\u0022\u003E\n\t\t\t\u003Ch4\u003ECurrent Issue\u003C\/h4\u003E\u003Cdiv class=\u0022current-blocks\u0022\u003E\n\t\t\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenation.com\/issue\/may-21-2018-issue\/\u0022 class=\u0022no-target-blank\u0022\u003E\n\t\t\t\t\t\t\t\t\t\u003Cimg src=\u0022https:\/\/www.thenation.com\/wp-content\/uploads\/2018\/04\/cover052118.jpg\u0022 alt=\u0022\u0022\/\u003E\n\t\t\t\t\t\t\t\t\u003C\/a\u003E\t\n\t\t\t\t\t\t\t\u003C\/div\u003E\t\t\t\t\t\u003Cdiv class=\u0022current-blocks\u0022\u003E\n\t\t\t\t\t\t\u003Ca href=\u0022https:\/\/www.thenation.com\/issue\/may-21-2018-issue\/\u0022 class=\u0022textred-highlighted\u0022\u003EView our current issue\u003C\/a\u003E\t\n\t\t\t\t\t\t\u003Cdiv class=\u0022magazine_text\u0022 id=\u0022magazine_text_279924\u0022\u003E\u003C\/div\u003E\n\t\t\t\t\t\t\u003Cdiv class=\u0022cta magazine_button\u0022 id=\u0022magazine_button_279924\u0022\u003E\u003C\/div\u003E\n\t\t\t\t\t\u003C\/div\u003E\n\t\t\t\t\t\t\t\t\n\t\t\u003C\/aside\u003E\t\t\n\t\t\u003Cscript \u003E\n\t\t\t\n\t\t\tvar magazine_text_279924            = \u0027\u0027;\n\t\t\tvar magazine_button_text_279924     = \u0027\u0027;\n\t\t\tvar magazine_button_url_279924      = \u0027\u0027;\n\t\t\tvar magazine_button_bg_color_279924 = \u0027\u0027;\n\t\t\t\n\t\t\tvar is_user_logged_in = getCookie(\u0027SESSname\u0027);\t\t\t\tif( is_user_logged_in != null ){\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tmagazine_text_279924 = \u0027\u003Cp\u003E\u003Cspan id=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022socialHighlighted\\\\\\\\\u0022\\\\\u0022\\\u0022\u0022\u003E\u003Cspan id=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022tweetButton\\\\\\\\\u0022\\\\\u0022\\\u0022\u0022 class=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022socialButtonHighlight\\\\\u0022\\\u0022\u0022\u003E\u003Cspan class=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022clickheresocial\\\\\\\\\u0022\\\\\u0022\\\u0022\u0022\u003E\u003C\/span\u003E\u003C\/span\u003E \u003Cspan id=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022emailButton\\\\\\\\\u0022\\\\\u0022\\\u0022\u0022 class=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022socialButtonHighlight\\\\\u0022\\\u0022\u0022\u003E\u003Cspan class=\u0022\\\u0022\\\\\u0022\\\\\\\\\u0022clickheresocial\\\\\\\\\u0022\\\\\u0022\\\u0022\u0022\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003EIf you like this article, please give today to help fund \u003Cem\u003EThe Nation\u003C\/em\u003E\u2019s work.\u003C\/p\u003E\u0027;\t\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_ffcf0d\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Donate\u0022\u003E\u003C\/a\u003E\u0027;\t\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_url_279924 = \u0027https:\/\/www.thenation.com\/email-signup-module-donate\/\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_bg_color_279924 = \u0027#ffcf0d\u0027;\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t}else{\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tmagazine_text_279924 = \u0027\u003Cp\u003ESubscribe today and Save up to $129.\u003C\/p\u003E\u0027;\t\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_d41d00\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Subscribe\u0022\u003E\u003C\/a\u003E\u0027;\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_url_279924 = \u0027https:\/\/ssl.palmcoastd.com\/06601\/apps\/NEW_US?ikey=I**GAB\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\tmagazine_button_bg_color_279924 = \u0027#dd3333\u0027;\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t}\n\t\t\t\n\t\t\t\t\t\t\n\t\t\tif( magazine_text_279924 !=\u0027\u0027 ){\t\t\t\t\n\t\t\t\tjQuery(\u0022#magazine_text_279924\u0022).html(magazine_text_279924);\t\t\t\t\n\t\t\t}\n\t\t\t\n\t\t\tif( magazine_button_text_279924 !=\u0027\u0027 ){\t\t\t\t\n\t\t\t\tjQuery(\u0022#magazine_button_279924\u0022).html(magazine_button_text_279924);\t\t\t\t\n\t\t\t}\n\t\t\t\n\t\t\tif( magazine_button_url_279924 !=\u0027\u0027 ){\t\t\t\t\n\t\t\t\tjQuery(\u0022#magazine_button_279924 a\u0022).attr(\u0022href\u0022,magazine_button_url_279924);\t\t\t\t\n\t\t\t}\n\t\t\t\n\t\t\tif( magazine_button_bg_color_279924 !=\u0027\u0027 ){\t\t\t\n\t\t\t\tjQuery(\u0022#magazine_button_279924 a input\u0022).css(\u0022background\u0022,magazine_button_bg_color_279924);\t\t\t\t\n\t\t\t}\n\t\t\t\n\t\t\u003C\/script\u003E\n\t\t\t\n\t\t\n\u003Cp\u003EWilliams served as president of the San Francisco Fed. Under his watch, the third largest U.S. bank, Wells Fargo, created about\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.bloomberg.com\/news\/articles\/2017-08-31\/wells-fargo-increases-fake-account-estimate-67-to-3-5-millio\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E3.5 million\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Efake accounts, gave its CEO a whopping raise, and copped to a\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.marketwatch.com\/story\/wells-fargo-fined-1-billion-for-unfair-insurance-practices-how-to-avoid-being-oversold-2018-04-25\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E$1 billion\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Efine for bilking its customers on auto and mortgage insurance contracts.\n\u003Cp\u003ENot surprisingly, Wall Street has embraced Trump\u2019s new Fed line-up because its members are so favorably disposed to loosening restrictions on financial institutions of every sort.  Initially, the financial markets reflected concern that Chairman Powell might turn out to be a hawk on interest rates, meaning he\u2019d raise them too quickly, but he\u2019s proved to be anything but.\n\u003Cp\u003EAs Trump stacks the deck in his favor, count on an economic impact that will be felt for years to come and could leave the world devastated. But rest assured, if the Fed can help Trump keep the stock market buoyant for a while by letting money stay cheap for Wall Street speculation and the dollar competitive for a trade war, it will.  \n\u003Ch6\u003EHistory Warns Us\u003C\/h6\u003E\n\u003Cp\u003EAt a time when inequality,\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.federalreserve.gov\/2015-report-economic-well-being-us-households-201605.pdf\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Eeconomic hardship\u003C\/a\u003E, and household and\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.cnbc.com\/2018\/02\/13\/total-us-household-debt-soars-to-record-above-13-trillion.html\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Epersonal debt\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Elevels are escalating and\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.bloomberg.com\/news\/articles\/2018-03-01\/america-s-wage-growth-remains-slow-and-uneven\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Ewages are not\u003C\/a\u003E, why should any of this matter to the rest of us? The answer is simple enough: because the Fed sets the level of interest rates and so the cost of money. This, in turn, indirectly impacts the value of the dollar, which means everything you buy.\t\t\u003Caside id=\u0022inline_cta_1_module_279924\u0022 class=\u0022inline-cta-1\u0022\u003E\n\t\t\t\u003Cdiv class=\u0022inline-cta-blocks\u0022 id=\u0022inline_cta_279924\u0022\u003E\u003C\/div\u003E\n\t\t\t\u003Cdiv class=\u0022cta\u0022 id=\u0022inline_cta_btn_279924\u0022\u003E\u003C\/div\u003E\n\t\t\u003C\/aside\u003E\t\n\t\t\n\t\t\u003Cscript \u003E\n\t\t\t\n\t\t\tvar inline_cta_text_279924            = \u0027\u0027;\n\t\t\tvar inline_cta_button_text_279924     = \u0027\u0027;\n\t\t\tvar inline_cta_url_279924             = \u0027\u0027;\n\t\t\tvar inline_cta_bg_color_279924        = \u0027\u0027;\n\t\t\tvar inline_cta_font_color_279924      = \u0027\u0027;\n\t\t\tvar cta_1_check_279924  = false;  \n\t\t\tvar is_user_logged_in = getCookie(\u0027SESSname\u0027);\t\t\t\t\n\t\t\t\tif( is_user_logged_in != null ){\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_text_279924 = \u0027\u003Ch4\u003E\u003Cstrong\u003ESupport Progressive Journalism\u003C\/strong\u003E\u003C\/h4\u003E\u003Cp\u003EIf you like this article, please give today to help fund \u003Cem\u003EThe Nation\u003C\/em\u003E\u2019s work.\u003C\/p\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\tinline_cta_font_color_279924 = \u0027#000000\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_ffcf0d\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Donate\u0022\u003E\u003C\/a\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_url_279924 = \u0027https:\/\/www.thenation.com\/inline-module-donate\/\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_bg_color_279924 = \u0027#ffcf0d\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t}else{\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_text_279924 = \u0027\u003Ch4\u003E\u003Cstrong\u003ESupport Progressive Journalism\u003C\/strong\u003E\u003C\/h4\u003E\u003Cp\u003EIf you like this article, please give today to help fund \u003Cem\u003EThe Nation\u003C\/em\u003E\u2019s work.\u003C\/p\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\tinline_cta_font_color_279924 = \u0027#000000\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Donate\u0022\u003E\u003C\/a\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_url_279924 = \u0027https:\/\/www.thenation.com\/inline-module-donate\/\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_bg_color_279924 = \u0027#ffcf0d\u0027;\n\t\t\t\t\t\t\t\t\t\t}\n\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\tif( inline_cta_text_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_279924\u0022).html(inline_cta_text_279924);\n\t\t\t\tcta_1_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_button_text_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_btn_279924\u0022).html(inline_cta_button_text_279924);\n\t\t\t\tcta_1_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_url_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_btn_279924 a\u0022).attr(\u0022href\u0022,inline_cta_url_279924);\n\t\t\t\tcta_1_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_bg_color_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_btn_279924 a input\u0022).css(\u0022background\u0022,inline_cta_bg_color_279924);\n\t\t\t\tcta_1_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_font_color_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_btn_279924 a input\u0022).css(\u0022color\u0022,inline_cta_font_color_279924);\n\t\t\t\tcta_1_check_279924 = true;\n\t\t\t}\n\n\t\t\tif( cta_1_check_279924 ){\n\t\t\t\tjQuery(\u0022#inline_cta_1_module_279924\u0022).addClass(\u0022inline-cta-module\u0022);\n\t\t\t}\t\n\t\t\t\n\t\t\u003C\/script\u003E\n\t\n\u003Cp\u003ESince the financial crisis, the Fed has kept the cost of borrowing money for banks at near zero percent interest. That allowed those banks to borrow money to buy their own stock (as did many corporations) to inflate their value but not, of course, the value of their service to Main Street.\n\u003Cp\u003EWhen money is cheap because interest rates are low or near zero, the beneficiaries are those with the most direct access to it. That means, of course, that the biggest banks, members of the Fed since its inception, get the largest chunks of fabricated money and pay the least amount of interest for it.\t\t\t\t\u003Caside class=\u0022ad-300\u0022\u003E\n\t\t\t\t\u003Cdiv class=\u0022ad full-width-mobile inline_ad_300x250_279924\u0022 id=\u0022inline_ad_300x250_279924\u0022\u003E\u003C\/div\u003E\n\t\t\t\u003C\/aside\u003E\n\t\t\t\t\n\t\u003Cscript \u003E\n\t\t\/*\n\t\t * Article Inline Ads Calling\n\t\t *\/\n\t\tvar art_inline_ad_279924 = true; \n\t\tfunction inline_ad( articlePostId ){\n\t\t\tif( art_inline_ad_279924 ){\n\t\t\t\tart_inline_ad_279924 = false;\n\t\t\t\tvar targetingArray              = new Array();\n\t\t\t\ttargetingArray[\u0027tn_author\u0027]     = [\u0027nomi-p\u0027];\n\t\t\t\ttargetingArray[\u0027tn_articleid\u0027]  = [279924];\n\t\t\t\ttargetingArray[\u0027tn_ptype\u0027]      = [\u0027article\u0027];\n\t\t\t\ttargetingArray[\u0027tn_keyword\u0027]    = [\u00272008-finan\u0027, \u0027donald-tru\u0027, \u0027federal-re\u0027, \u0027wall-stree\u0027];\n\t\t\t\ttargetingArray[\u0027tn_subject\u0027]    = [\u0027banking\u0027, \u0027economic-p\u0027, \u0027economy\u0027, \u0027executive-\u0027, \u0027financial-\u0027, \u0027government\u0027];\n\t\t\t\ttargetingArray[\u0027tn_slp\u0027]        = []; \n\t\t\t\tcall_ad_new(\u0027halfpage250\u0027,\u0027tn_article\u0027,\u0027inline_ad_300x250_\u0027+articlePostId+\u0027\u0027,\u0027rectangle_4\u0027,targetingArray);\t\t\t\t\t\t\n\t\t\t}\t\t\t\n\t\t} \t\t\n\t\u003C\/script\u003E\n\t\n\u003Cp\u003EAlthough during the election campaign of 2016 Trump\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.wsj.com\/articles\/donald-trump-attacks-federal-reserve-yellen-during-debate-1474946709\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Echastised\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ethe Fed for its cheap-money policies, he\u2019s since evidently changed his mind (which is, of course, very Trumpian of him). That\u2019s because he knows that the lower the cost of money is, the easier it is for major companies to borrow it. Easy money means easy speculation for Wall Street and its main corporate clients, which sooner or later will be a threat to the rest of us. \n\u003Cp\u003EThe era of trade wars, soaring stock markets, and Trump gaffes may feel like it\u2019s gone on forever. Don\u2019t forget, though, that there was a moment not so long ago when the same banking policies still reigning caused turmoil, ripping through the country and devouring the finances of so many. It\u2019s worth recalling for a moment what happened during the Great Meltdown of 2008, when unrestrained mega-banks ravaged the economy before being bailed out. In the midst of the current market ecstasy, it\u2019s an easy past to ignore. That\u2019s why Trump\u2019s takeover of the Fed and its impact on the financial system matters so much.\n\u003Cp\u003ELet’s recall that, on September 15, 2008, Lehman Brothers\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/article\/september-15-2008-lehman-brothers-files-for-bankruptcy-and-american-finance-collapses\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Ecrashed\u003C\/a\u003E. That bank, like Goldman Sachs a former employer of mine, had been around for more than 150 years. Its collapse was a key catalyst in a spiral of disaster that nearly decimated the world financial system. It wasn\u2019t the bankruptcy that did it, however, but the massive amount of money the surviving banks had already lent Lehman to buy the toxic assets they created.\n\u003Cp\u003EAround the same time, Merrill Lynch, a competitor of Lehman’s, was sold to Bank of America for\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.reuters.com\/article\/businesspro-us-bankofamerica-merrill\/bank-of-america-completes-merrill-lynch-purchase-idUSTRE5001EA20090101\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E$50 billion\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Eand American International Group (AIG) received\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.thedailybeast.com\/remember-the-dollar182-billion-aig-bailout-it-just-wasnt-generous-enough\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E$182 billion\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ein government assistance. JPMorgan Chase had already bought Bear Stearns, which had crashed six months earlier, utilizing a\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.reuters.com\/article\/us-bearstearns-fed\/ny-fed-to-provide-29-billion-in-bear-stearns-financing-idUSWAT00917720080324\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E$29 billion\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Egovernment and Federal Reserve security blanket in the process.\n\u003Cp\u003EIn the wake of Lehman\u2019s bankruptcy,\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.sanders.senate.gov\/newsroom\/press-releases\/the-fed-audit\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E$16 trillion\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ein bailouts and other subsidies from the Federal Reserve and Congress were offered mostly to Wall Street\u2019s biggest banks. That flow of money allowed them to return from the edge of financial disaster. At the same time, it fueled the stock and bond markets, as untethered from economic realities as the hot air balloon in\u003Cspan\u003E \u003C\/span\u003E\u003Cem\u003EThe Wizard of Oz\u003C\/em\u003E.\n\u003Cp\u003EAfter nearly tripling since the post-financial crisis spring of 2009, last year the Dow Jones Industrial Average rose magically again by\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.nomiprins.com\/thoughts\/2017\/12\/31\/the-next-financial-crisis-will-be-worse-than-the-last.html\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Enearly 24%\u003C\/a\u003E. Why? Because despite all of his swamp-draining campaign talk, Trump embraced the exact same bank-coddling behavior as President Obama. He advocated the Fed\u2019s cheap-money policy and hired Steve Mnuchin, an ex-Goldman Sachs partner and Wall Street\u2019s special friend, as his Treasury secretary. He doubled down on rewarding ongoing malfeasance and fraud by promoting the deregulation of the banks, as if Wall Street\u2019s greed and high appetite for risk had vanished.\n\u003Ch6\u003EImpending Signs of Crisis\u003C\/h6\u003E\n\u003Cp\u003EA quarter of the way into 2018, shadows of 2008 are already emerging. Only two months ago, the Dow logged its worst single-day point decline in history before bouncing back with vigor. In the meantime, the country whose banks caused the last crisis faces record consumer and corporate debt levels and a vulnerable geopolitical global landscape.\t\t\n\t\t\u003Caside id=\u0022inline_cta_2_module_279924\u0022 class=\u0022inline-cta-2\u0022\u003E\n\t\t\t\u003Cdiv class=\u0022inline-cta-blocks\u0022 id=\u0022inline_cta_2_279924\u0022\u003E\u003C\/div\u003E\n\t\t\t\u003Cdiv class=\u0022cta\u0022 id=\u0022inline_cta_2_btn_279924\u0022\u003E\u003C\/div\u003E\n\t\t\u003C\/aside\u003E\n\t\t\n\t\t\u003Cscript \u003E\n\t\t\t\n\t\t\tvar inline_cta_2_text_279924            = \u0027\u0027;\n\t\t\tvar inline_cta_2_button_text_279924     = \u0027\u0027;\n\t\t\tvar inline_cta_2_url_279924             = \u0027\u0027;\n\t\t\tvar inline_cta_2_bg_color_279924        = \u0027\u0027;\n\t\t\tvar inline_cta_2_font_color_279924      = \u0027\u0027;\n\t\t\tvar cta_2_check_279924  = false;  \n\t\t\tvar is_user_logged_in = getCookie(\u0027SESSname\u0027);\t\t\t\t\n\t\t\t\tif( is_user_logged_in != null ){\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_text_279924 = \u0027\u003Ch4\u003E\u003Cstrong\u003EGive a gift subscription today!\u003C\/strong\u003E\u003C\/h4\u003E\u003Cp\u003EKnow someone who would like \u003Cem\u003EThe Nation\u003C\/em\u003E?\u003C\/p\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\tinline_cta_2_font_color_279924 = \u0027#ffffff\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn\u0022 name=\u0022submit_sailthru\u0022 value=\u0022GIVE A GIFT\u0022\u003E\u003C\/a\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_url_279924 = \u0027https:\/\/ssl.palmcoastd.com\/06601\/apps\/GFTOPTION1LANDING?ikey=I**GF2\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_bg_color_279924 = \u0027#cc0e0e\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t}else{\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_text_279924 = \u0027\u003Ch4\u003E\u003Cstrong\u003ESubscribe to \u003Cem\u003EThe Nation\u003C\/em\u003E\u00a0 for $2 a month.\u003C\/strong\u003E\u003C\/h4\u003E\u003Cp\u003EGet unlimited digital access to the best independent news and analysis.\u003C\/p\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\tinline_cta_2_font_color_279924 = \u0027#ffffff\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_button_text_279924 = \u0027\u003Ca href=\u0022javascript:void(0)\u0022\u003E\u003Cinput type=\u0022button\u0022 class=\u0022btn btn_ffcf0d\u0022 name=\u0022submit_sailthru\u0022 value=\u0022Subscribe\u0022\u003E\u003C\/a\u003E\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_url_279924 = \u0027https:\/\/tna.pcdfusion.com\/pcd\/Order?iKey=I**GAC\u0027;\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tinline_cta_2_bg_color_279924 = \u0027#cc0e0e\u0027;\n\t\t\t\t\t\t\t\t\t\t}\n\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\tif( inline_cta_2_text_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_279924\u0022).html(inline_cta_2_text_279924);\n\t\t\t\tcta_2_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_2_button_text_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_btn_279924\u0022).html(inline_cta_2_button_text_279924);\n\t\t\t\tcta_2_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_2_url_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_btn_279924 a\u0022).attr(\u0022href\u0022,inline_cta_2_url_279924);\n\t\t\t\tcta_2_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( inline_cta_2_bg_color_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_btn_279924 a input\u0022).css(\u0022background\u0022,inline_cta_2_bg_color_279924);\n\t\t\t\tcta_2_check_279924 = true;\n\t\t\t}\t\n\t\t\t\n\t\t\tif( inline_cta_2_font_color_279924 !=\u0027\u0027 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_btn_279924 a input\u0022).css(\u0022color\u0022,inline_cta_2_font_color_279924);\n\t\t\t\tcta_2_check_279924 = true;\n\t\t\t}\n\t\t\t\n\t\t\tif( cta_2_check_279924 ){\n\t\t\t\tjQuery(\u0022#inline_cta_2_module_279924\u0022).addClass(\u0022inline-cta-module\u0022);\n\t\t\t}\n\t\t\t\n\t\t\u003C\/script\u003E\n\t\t\n\t\n\u003Cp\u003ETrue, the unemployment rate is significantly lower than it was at the height of the financial crisis, but for Main Street, growth hasn\u2019t been quite so apparent. About one in five U.S. jobs still pays a median income\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/graphics.wsj.com\/how-the-world-has-changed-since-2008-financial-crisis\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Ebelow\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ethe federal poverty line. Median household income is only\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/graphics.wsj.com\/how-the-world-has-changed-since-2008-financial-crisis\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Eup 5.3%\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Esince 2008 and remains well below where it was in 1998, if you adjust for inflation. Workforce participation remains nearly as low as it’s\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/fred.stlouisfed.org\/series\/LNU01300001\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Eever been\u003C\/a\u003E. Meanwhile, the top 1% of American earners saw their incomes go up by leaps and bounds since the Fed started manufacturing money — to more than\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/inequality.org\/facts\/income-inequality\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E40 times\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ethat of the bottom 90%.\n\u003Cp\u003EJust as before the 2007-2008 financial crisis, there\u2019s a\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.businessinsider.com\/feds-powell-sets-new-tone-less-focused-on-social-issues-in-testimony-2018-2\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Escary level of confidence\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Eamong politicians and regulators that neither the economy nor the banking sector could possibly go bust. Even the new Federal Reserve chair views the possible need for bailouts as a relic of a bygone time. As he\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.reuters.com\/article\/us-usa-fed-powell-banks\/fed-chair-nominee-powell-sees-no-too-big-to-fail-banks-idUSKBN1DS260\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Esaid\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Eat his confirmation hearing, \u201cGenerally speaking I think the financial system is quite strong.\u201d When asked if there are any U.S. banks that are still too big to fail, he responded, \u201cI would say no to that.\u201d  \n\u003Cp\u003EThat\u2019s a pretty decisive statement, and not strikingly different from\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.foxbusiness.com\/markets\/yellen-too-big-to-fail-is-not-black-and-white-issue\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Eone\u003C\/a\u003Eoutgoing Fed Chair Janet Yellen made last year. By extension, it means that Trump\u2019s new chairman supports laxer structures for the big banks and more cheap money, if needed, to help them. So watch out. \n\u003Cp\u003EWhen a crisis hits, liquidity dies, and banks close their doors to the public. Ultimately, the same formula for crisis will surely send Wall Street executives crawling back to the government for aid and then Donald Trump will find out what financial negligence truly is.\n\u003Ch6\u003EA Time of Crisis and Financial Collusion\u003C\/h6\u003E\n\u003Cp\u003EAs signs of crisis emerge, few in Washington have delved into how we can ensure that a systemic crash does not happen again. That\u2019s why I\u2019ll never forget the strange message I got one day. It was in the middle of May 2015, about a year after my book,\u003Cspan\u003E \u003C\/span\u003E\u003Cem\u003E\u003Ca href=\u0022https:\/\/www.amazon.com\/dp\/1568584792\/ref=nosim\/?tag=tomdispatch-20\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003EAll the Presidents’ Bankers\u003C\/a\u003E\u003C\/em\u003E, had been published, when I received an email from the Federal Reserve. Every year, the Fed, the International Monetary Fund, and the World Bank hold an annual conference where the most elite central bankers from around the globe assemble. To my shock, since I hadn’t exactly written in a kindly fashion about the Fed, I was being invited to speak at the opening session about why Wall Street wasn\u2019t helping Main Street.\n\u003Cp\u003ETwo months later, I found myself sitting in front of a room filled with central bankers from around the world, listening to Fed Chair Janet Yellen proclaim that the worst of the crisis and its causes were behind us. In response, the first thing I asked that distinguished crowd was this: \u201cDo you want to know why big Wall Street banks aren\u2019t helping Main Street as much as they could?\u201d The room was silent. I paused before answering, \u201cBecause you never required them to.\u201d \n\u003Cp\u003EI added, \u201cThe biggest six U.S. banks have been rewarded with an endless supply of cheap money in bailouts and loans for their dangerous behavior. They have been given open access to these funds with no major consequences, and no rules on how they should utilize the Fed\u2019s largess to them to help the real economy. Why should you expect their benevolence?\u201d\n\u003Cp\u003EAfter I returned home, I became obsessed with uncovering just how the bailouts and loans of that moment were only the tip of an iceberg, the sort of berg that had once taken down the\u003Cspan\u003E \u003C\/span\u003E\u003Cem\u003ETitanic\u003Cspan\u003E \u003C\/span\u003E\u003C\/em\u003E— how that cheap money fabricated for Wall Street had been no isolated American incident.\n\u003Cp\u003EWhat my research for my new book,\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.amazon.com\/dp\/1568585624\/ref=nosim\/?tag=tomdispatch-20http:\/\/www.amazon.com\/dp\/1568585624\/ref=nosim\/?tag=tomdispatch-20\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E\u003Cem\u003ECollusion: How Central Bankers Rigged the World\u003C\/em\u003E\u003C\/a\u003E, revealed was how central bankers and massive financial institutions have worked together to manipulate global markets for the past decade. Major central banks gave themselves a blank check with which to resurrect problematic banks; purchase government, mortgage, and corporate bonds; and in some cases — as in Japan and Switzerland — stocks, too. They have not had to explain to the public where those funds were going or why. Instead, their policies have inflated asset bubbles, while coddling private banks and corporations under the guise of helping the real economy. \n\u003Cp\u003EThe zero-interest-rate and bond-buying central bank policies prevailing in the U.S., Europe, and Japan have been part of a coordinated effort that has plastered over potential financial instability in the largest countries and in private banks. It has, in turn, created asset bubbles that could explode into an even greater crisis the next time around.\n\u003Cp\u003ESo, today, we stand near — how near we don\u2019t yet know — the edge of a dangerous financial precipice. The risks posed by the largest of the private banks still exist, only now they\u2019re even bigger than they were in 2007-2008 and operating in an arena of even more debt. In Donald Trump\u2019s America, what this means is that the same dangerous policies are still being promoted today. The difference now is that the president is appointing members to the Fed who will only increase the danger of those risks for years to come.\n\u003Cp\u003EA crash could prove to be President Trump\u2019s worst legacy. Not only is he — and the Fed he\u2019s helping to create — not paying attention to the alarm bells (ignored by the last iteration of the Fed as well), but he\u2019s ensured that none of his appointees will either. After campaigning hard against the ills of global finance in the 2016 election campaign and\u003Cspan\u003E \u003C\/span\u003E\u003Ca href=\u0022https:\/\/www.scribd.com\/document\/318660213\/RNC-Platform#from_embed\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003Epromising\u003C\/a\u003E\u003Cspan\u003E \u003C\/span\u003Ea modern era Glass-Steagall Act to separate bank deposits from the more speculative activities on Wall Street, Trump’s policy reversals and appointees leave our economy more exposed than ever.\n\u003Cp\u003EWhen politicians and regulators are asleep at the wheel, it\u2019s the rest of us who will suffer sooner or later. Because of the collusion that\u2019s gone on and continues to go on among the world\u2019s main central banks, that problem is now an international one.\n\t\u003C\/div\u003E\n\u003C\/section\u003E\n\n\u003Csection class=\u0022aside-wrap\u0022\u003E\u003C\/section\u003E\n\u003Cfooter class=\u0022article-footer narrow new-article-footer\u0022 id=\u0022article-footer-279924\u0022\u003E\n\n\t\u003Cdiv class=\u0022footer-module narrow author-bio\u0022\u003E\n\t\t\n\t\t\u003Cp\u003E\u003Cspan\u003E\u003Ca href=\u0022https:\/\/www.thenation.com\/authors\/nomi-prins\/\u0022\u003E Nomi Prins\u003C\/a\u003E\u003C\/span\u003E\u003Ca href=\u0022http:\/\/www.nomiprins.com\/\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003ENomi Prins\u003C\/a\u003E is the author of \u003Ca href=\u0022https:\/\/www.amazon.com\/Collusion-Central-Bankers-Rigged-World\/dp\/1568585624\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003E\u003Cem\u003ECollusion: How Central Bankers Rigged the World\u003C\/em\u003E\u003C\/a\u003E, forthcoming from Nation Books May 1. She is also the author of\u00a0\u003Cem style=\u0022line-height: 1.5;\u0022\u003E\u003Ca href=\u0022http:\/\/www.powells.com\/book\/all-the-presidents-bankers-the-hidden-alliances-that-drive-american-power-9781568584799?partnerid=36604&p_ti\u0022 target=\u0022_blank\u0022 rel=\u0022noopener\u0022\u003EAll the Presidents\u0027 Bankers: The Hidden Alliances that Drive American Power\u003C\/a\u003E.\u003C\/em\u003E\u003C\/p\u003E\u003Cbr\/\u003E\t\t\n\t\u003C\/div\u003E\n\n\t\t\t\t\t\u003Cdiv class=\u0022footer-module narrow contact-us\u0022\u003E\n\t\t\t\t\t\u003Cp\u003E\n\t\t\t\t\t\tTo submit a correction for our consideration, click \u003Ca target=\u0022_blank\u0022 href=\u0022\/corrections?title=At+the+Fed%2C+the+Scene+Is+Being+Set+for+Financial+Disaster&url=https%3A%2F%2Fwww.thenation.com%2Farticle%2Fat-the-fed-the-scene-is-being-set-for-financial-disaster%2F\u0022\u003Ehere.\u003C\/a\u003E\t\t\t\t\t\u003C\/p\u003E\n\t\t\t\t\t\u003Cp\u003EFor Reprints and Permissions, click \u003Ca 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