The early Fed carried the full "Federalist Paper" masthead and advertised itself as "a newspaper in the tradition of Columbians Hamilton and Jay."

The paper's mission was to create a "classically liberal" forum with content centered primarily on issues and news topics considered "politically delicate" at Columbia, such as race relations, discussions as to Barnard's place in the newly co-ed institution, and whether anyone at the school actually listened to the student radio station WKCR.

Issues from the era display an increasing disregard for layout and copy-editing (a charge often leveled at the paper regardless of the format), a decline in advertising from former stalwarts such as Coors and Kaplan, and an editorial board that drew almost exclusively conservative commentators.

[1] Mirroring Columbia's own campaign to upgrade its image, editor-in-chief Marc Doussard organized a massive layout overhaul and placed an increased emphasis on local social commentary.

[1] In the fall of 1998, a few readers of the older Federalist elected to restart the paper, committing to the same peculiar blend of viewpoints, with a focus on the humor and absurdism that made the previous incarnation appealing to the student body.

After a few false starts (no one on the staff had any experience in laying out a newspaper, and as such the initial issues were printed in an oversized font) and an anonymous donation, The Fed began to produce regular content.

Columbia was already experiencing racial tensions on campus, after the Conservative Club authorized an "Affirmative Action Bake Sale" where items were sold at various prices depending on a person's race, gender, or political affiliation.

Students formed groups calling for immediate action and multicultural awareness, alleging an insidious culture of discrimination was growing from ignorance at Columbia.

Stand-alone comics such as the "Prez-Bo"[12] also turned heads, and a large recruitment effort brought a bumper crop of new artists – making projects such as 22.2's full-page collaborative cover illustration[13] possible.

Notably, the Spectador has convinced readers that Malia Obama was attending Barnard College in 2016,[15] that Dean James Valentini was leaving the University for a position at NYU in 2022,[16] and that Greta Gerwig would act as the commencement speaker for the class of 2024.