it was paul mccartney who said, yesterday, all my troubles seemed so far away. we're often reminded of ringo starr as we get by with some help from our friends, and i am not aware of any hidden messages, but some of the statements made more sense if you read them backwards. now to a more serious subject. following the worst financial crisis of the last 70 years, we are experiencing a recession that will surpass those of the 1970's and 1980's. the response at the fed has been to look for programs different from the past. these programs are put in place for these exceptional circumstances. they will have to be changed as we returned -- we return to normal. this morning i would like to discuss what underlines these policies, and some issues that we must address. these are my views and not necessarily those of my colleagues. in the current crisis, traditional monetary policy has reached its limits. one obvious way is that the federal fund target rate has been taken to essentially zero. they cannot do this when further accommodation is warranted. the second has to do

in regards to the current economy, i think it was paul mccartney who said yesterday all my troubles seemed so far away. now it looks like they are here to stay. [laughter] at our meetings, we get by with a little help from our friends. i am not aware of any secret messages embedded in fomc statement, but i have been told that some of our statements make more sense if you read them backwards. [laughter] i do not agree with that. now to a more serious subject. following the worst financial crisis in the past seven years, we are currently experiencing a recession that will likely match or surpass those of the 1970's or 1980's in depth and severity. the circumstances depots great challenges for policy makers. for us, the responses been to pursue a variety of aggressive and innovative approaches that differ significantly from the standard policies of the past. the programs that we have put in place were designed specifically for the circumstances. they will have to be ahmad as our financial system returns to normal and the economy is more clearly headed towards sustainable growth an. i will loo

paul mccartney is going to do another concert at shea. they've add add third. they sold out the first two. they've added another one. 0-1 delivery on the way. fastball taken i signed by -- inside by wright. here is one of the game's outstanding hitters not just at the moment but particularly at the moment as he leads the majors in batting average coming into this game and he has a 10-game hit streak getting there. >> jim: they always talk about young players. here are the numbers we talk about. at that average, steals. look at him right here. you know, he won a couple of gold gloves. he's only 26. ex-he can hit for power, steal bases. he can hit for average. >> gary:.309 average career coming into this season. clearly has upped that so far with the .364 number. a good slider away foul tipped into the mitt held on to by wieters. second strikeout for jeremy guthrie. >> jim: right here, a little extra. i don't know if it's a cut fastball, slider. it ends up in the low 90sment for wright who loves the ball out over the plate f you're hitting what he's hitting, you'

they want evolutions which was actually paul mccartney's theory of the beatles. he said never give them a revolution, and give them an evolution. you don't go from meet the beatles to sergeant pepper. it is very murky and and very bright. i quoted gary wills was writing for the national review in 1968 and he said the morning after nixon won the liberal establishment it woke up this morning. not being needed by middle america. the and not being needed by a midamerica this is very values they had ridiculed in the previous years. the democratic party of. the democratic party had moved far less. they have certainly been leftist in many respects. >> host: but to a dramatic and over the top. >> guest: i remember you talking once about the violent devos of the peace movement. everything was just so intense. >> host: i remember when i was a kid in college and lbj how many kids did you kill today was not really a peace filled question. >> guest: henry kissinger, henry lawes, people die -- there was an anchor in an instant and scared middle america. i am not talking politi