In the early 1920s, Washington, D.C. played host to what was then one of the worst political scandals in American history — the Teapot Dome affair. Behind closed doors, Secretary of the Interior Albert B. Fall leased out massive oil reserves in Wyoming and California to private companies without competitive bidding. In exchange, Fall pocketed hundreds of thousands of dollars in bribes — cash, cattle, even no-interest loans.
Fall went down in disgrace and prison stripes, earning the dubious honor of being the first U.S. cabinet member ever convicted and imprisoned for crimes committed while in office. But here’s the twist: while Fall was found guilty, many historians believe he was the “fall guy” — a willing patsy who took the hit to protect bigger fish, including possibly President Harding himself and the ultra-wealthy oil barons who escaped unscathed.
Although the phrase “fall guy” wasn’t born from Teapot Dome, it was certainly immortalized by it. And a century later, in the age of social media, meme warfare, and MAGA politics, the stage is set for a new name to wear the same jacket: Jerome “Jay” Powell.
📉 Enter the 47th President… Again
Now, early in his second, non-consecutive term as President, Donald J. Trump has returned to the White House with a vengeance — and a clear economic agenda: get interest rates down, keep markets juiced, and protect his legacy as the man who made America boom again.
But there’s a problem: the “independent” Federal Reserve isn’t playing along.
Despite Trump’s initial appointment of Powell as Fed chair in his first term, the central bank has kept rates higher for longer than Trump would like, citing persistent inflation and unstable global conditions. That’s not what Trump wants heading into a potential recession — or worse, another mid-term election cycle.
And so begins the blame game.
🎯 Blame Insurance: The Powell Doctrine
In true Trump fashion, the attacks have already begun. Powell is once again being painted as either “clueless” or “deliberately slow” to cut rates — the same script Trump ran back in his first term. He called Powell a threat to the economy, to growth, and even once to national security. Now, déjà vu has set in — again.
The beauty of the strategy? It’s asymmetric accountability:
If the economy roars back: Trump was right all along. If it stalls, it’s Powell’s fault. If inflation returns or markets stumble: blame the Fed — not the man in the Oval Office.
It’s political Teflon , and Powell is the frying pan.
🏛️ The Cost of Undermining the Fed
To be clear: Powell is no saint. He’s made policy errors and has been slow at times to respond to signals. Afterall, the Fed has historically been slow. The Federal Reserve is supposed to be politically independent, though; that’s what makes it work. If the chair of the Fed becomes just another Cabinet stooge, the entire global financial system starts to question U.S. stability.
And yet Trump is reportedly exploring ways to fire or demote Powell (or even arrest him), a constitutional gray zone that’s never been tested in the courts. If successful, it would trigger the biggest challenge to Fed autonomy since its founding in 1913 — all for political cover.
🔁 History Repeats — Just With Better PR
Albert Fall took his bribes in envelopes and cattle. Today’s scandals are laundered through policy manipulation, media narratives, and Wall Street reactions. But the core concept remains unchanged: find someone else to catch the blowback.
In the roaring 1920s, it was Fall. In today’s reality-TV White House, it’s Powell.
The real question isn’t whether Powell is being set up — that much is completely and totally obvious. The question is whether the American public will buy it — again.
And… also on the topic of fall guys, Jeffrey Epstein did not kill himself.