American government is designed to have components that are not directly accountable to the public. The Supreme Court is probably the most recognizable example, but it’s not the only one. In her new book, “Limitless: The Federal Reserve Takes On A New Age Of Crisis,” New York Times reporter Jeanna Smialek focuses on another unelected institution with a lot of power over American life: the Federal Reserve.
In this installment of the FiveThirtyEight Politics podcast, Smialek argues that over the past century, through successive crises, the Fed has accumulated the power to choose winners and losers across American markets and society on the whole. And if partisan loyalists were to make their way onto the Fed board, that degree of power could be abused.
Lorraine Marquez Eiler’s photo of her great-great grandparents and her great-grandparents, who would walk about 50 miles through the Sonoran Desert to the springs.
Construction equipment is seen near the U.S.-Mexico border just west of the Lukeville port of entry on Monday, Aug. 24, 2026. Credit: Stephanie Casanova
Rep. Adelita Grijalva, left, and Tohono O’odham Chairman Verlon Jose listen as Lorraine Marquez Eiler, a Hia-C’ed O’odham elder, shares how her ancestors would hold ceremonies at Quitobaquito Springs. Grijalva visited the springs with tribal leaders on Monday, Aug. 24, 2026. Credit: Stephanie Casanova
Sara Mae Williams, Justice of the Peace in Ajo and a Tohono O’odham citizen, shares their concerns regarding border wall construction on Tohono O’odham land at a town hall at the Ajo Plaza Rec Hall on Monday, Aug. 24, 2026. Credit: Stephanie Casanova