After the 2008 financial crash, the Federal Reserve began an unprecedented, "epic economic experiment" that dramatically reshaped the American economy.
The central bank began creating new money and injecting it into the financial system, buying up bank assets in hopes it would stimulate economic growth.
During COVID-19, the Fed doubled down on its experimental moves, pushing billions of dollars into the financial system every day and even buying up corporate debt.
A new FRONTLINE film asks: Who is benefiting from the Fed's actions and their impact on the economy? Will its policies be remembered for helping the country avoid an economic crisis or for fueling wealth inequality? Did it simply make the rich richer?
How have the central bank’s actions played out over the years on Wall Street and Main Street?
What factors into its decisions and what are the measures of success? Will the Federal Reserve's "experiment" continue, and at what cost?
FRONTLINE's "The Power of the Fed" premieres on PBS stations and YouTube at 9 p.m. Central on Tuesday, July 13, and will be available to stream at 6 p.m. Central on pbs.org/frontline & in the PBS Video App.
Guests:
- James Jacoby, FRONTLINE director, producer and correspondent
- Rachel Leah Siegel, Washington Post reporter covering the Federal Reserve and economy
"The Source" is a live call-in program airing Mondays through Thursdays from 12-1 p.m. Leave a message before the program at (210) 615-8982. During the live show, call 833-877-8255, email thesource@tpr.org or tweet @TPRSource.
*This interview was recorded on Tuesday, July 13.