🦅 “Fed Prez” — REPLAY: Interview with Federal Reserve President Austan Goolsbee on Money, Inflation, & When You Can Buy a House
August 27, 2026
AI Summary
5 min readChicago Fed President Austan Goolsbee has a phrase for how he approaches his job: “I just want to be a data dog and sniff over here.” On this episode, he walks through what that sniffing looks like in practice—how the Fed thinks about credibility, why housing has gotten so expensive relative to everything else, and what makes stagflation the central bank’s nightmare scenario.
Why Credibility Is the Fed’s Only Real Asset
When asked for the single lesson from the 2008 financial crisis that applies to today’s inflation fight, Goolsbee pointed to something Paul Volcker told him: “When the crisis comes, the only true asset that you have is your credibility. And don’t do anything to blow your credibility.” He applies that rule to his own communication: “Don’t say something now that in six months they’re gonna look back and be like, ‘No, no, that’s totally wrong. I thought you promised this wasn’t gonna happen.’”
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What you'll learn
- 1 (00:00) **Opening & Guest Introduction** - The hosts introduce Austan Goolsbee, President of the Federal Reserve Bank of Chicago, with a dramatic, football-themed build-up.
- 2 (01:51) **From Trailer Factory to White House** - Goolsbee recounts his unconventional path and his first day as chief economist during the 2009 financial crisis.
- 3 (05:54) **The One Lesson from 2009 That Still Matters** - Goolsbee distills the single most important principle for navigating economic crises, from the Great Recession to the inflation surge.
- 4 (08:03) **Why Fed Credibility Is a Superpower** - He details how the Fed’s word choice and reputation directly influence market behavior and inflation expectations.
- 5 (14:23) **The Housing Crisis: Goods vs. Shelter** - Goolsbee explains why housing feels so unaffordable compared to everything else, using a personal anecdote.
- 6 (19:25) **Tariffs: The One-Percentage-Point Problem** - Goolsbee assesses the actual economic impact of tariffs, pushing back on the idea that they caused a catastrophic inflation spike.
- 7 (23:33) **Stagflation: The Boogeyman** - The hosts ask about the “scary monster” of stagflation (high inflation + high unemployment), and Goolsbee explains why it’s the Fed’s worst nightmare.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
Whip open your wallets, because no one affects your paycheck like this man. We just sat down with Austan Goolsbee — President of the Federal Reserve Bank of Chicago. He’s a Macarthur Genius, former Chair of Obama’s Economic Advisors, and the coolest economist we know: Picture Ted Lasso meets Paul Volcker… He’s the Maestro of our Money Supply, and he guided the economy through the ‘08 financial crisis and today’s Inflation Situation.
So Auston spilled the money beans for us: The 2009 phone call with the President that was the worst financial briefing since the Great Depression… What it’s like in the room when he votes to change interest rates (spoiler: The table is huuuuge)... How he’d grade outgoing Fed Chair J-Poww… and why he’s not a “Dove” or a “Hawk” — He’s a “Data Dog.”
If you want to know when you can finally afford buy a house, then Austan Goolsbee has the insights on the forces affecting that — And he makes dropping data sound as smooth as a beer commercial.
CHAPTERS:
Intro: Austan Goolsbee Joins TBOY
Obama's "Worst Briefing Since 1932" — Goolsbee On The 2009 Financial Crisis
Paul Volcker's One Rule For Every Crisis: Don't Blow Your Credibility
The 31% Housing Rule: Why Most Americans Are At Foreclosure Risk
Why Housing Has Compounded 5% A Year For 25 Years
Did Tariffs Cause Inflation? Goolsbee On The 1% Bump
Is Stagflation A Real Threat In 2026? Goolsbee Says "We're Not 1978"
Will AI Take Your Job? The Lump Of Labor Fallacy Explained
Why The Federal Reserve Has 12 Regional Banks
Inside The FOMC: How The Fed Actually Sets Interest Rates
Goolsbee On Kevin Warsh: The New Fed Chair & Why The Job Matters
The "Data Dog" Approach: What Goolsbee Watches Instead Of CPI
Fed Independence: Why Inflation Roars Back Without It
Goolsbee's Jerome Powell Grade: First Ballot Hall Of Famer
Rapid Fire: Sunk Cost Fallacy, Ditka, And Best Chicago Restaurant
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