economist beth ann bovino says she has never seen so much attention on the federal reserve from so many groups. >> it's a shock to me, we're talking about moving from zero to 25 basis points and the response has been enormous. the protests, the call to action, everything. >> reporter: and then there's at least one economist who says, all the focus on rate hikes is misplaced. he says more attention should be on the federal reserve itself. reexamining some of the effects of its policies citing the great depression, stack-fl aftertion of the 1970s and the recent crisis. >> they have caused disaster for roughly one-third of the time and i'm unaware of any nongovernment nuke institution t could survive such a record. >> mary snow, al jazeera. >> however look at it, harvard economist howard rogoff, co-author of the new york times best seller this time is different. eight centuries of financial folly. he joins us from watertown, massachusetts. good friend of mine. ken, what do you marine, public relations move? >> they said they were going to do it and it would have confused the heck out of pe

beth ann bovino, senior economist with standard & poor's, welcome. >> great to be here. >> worst kept secret in the world, everybody knew it was going to happen. >> i see it as a vote of confidence that the u.s. economy can manage a small shock but a shock nonetheless and continue to strengthen. >> it seems for a while this country has been afraid of rising interest rates and what impact it would have on regular folks. what impact will it have on regular folks? >> separation anxiety, everybody likes cheap borrowing. >> of course. >> it's going to cost a little bit more, homes are going to cost a little bit more so are cars but we're talking about 25 baips anbasis points and even iy move to 1.25 by the end of next year, we see it as very, very slim. >> many on wall street have been complaining that it's too little too late. is it too little too late? should the fed have been more aggressive? >> no, actually i would disagree with that. i understand everybody's got an pine but when you think of it, inflation is rather, rather low and if the fed moved too fast, that would be pushing even