consider the jonathan franzen and criticism dichotomy is laid out by writer michael medley in the globe and mail. end the piece about the novelist reputation. for some it represents everything wrong with contemporary literature. unchecked privilege and unexamined sexism. to others, a great american novelist. one of the most skilled sentence builders of his time. a writer who can internalize the foremost issues of the day and bring clarity to them. such is the dichotomy. in the your on team identity politics and sit around policing whatever authors may or may not have left unexamined or you're able to appreciate their brilliance. four is the room for those of us that think jonathan is just okay? is it yes, he is got a boost from being from the one demographic allowed to exist outside the identity sphere. and his identity does not discredit his work. what privilege has done is create two tracks. the good but dull artist home thinks that peace is declared gets it right. in the -- an opinion writer or two also comes to mind. who tells it like it is. but do they really? for your appreciation

michael: this is something that has been going on for years. people at the fed talk to people in the markets, and the medley people are essentially analyst in thee time to give their views on what's going on, and vice versa. what wearket version of do our regular basis, talking to fed officials about what they are doing. you not supposed to disclose confidential information, and that is where this really veers off the rails, jeff lacker should not have told anybody in a commercial position what was going on. were lookingcutors into this, as was the commodity futures trading commission, because it was nonpublic information, it could be an insider trading case. according to the statement as i read it, lacker said he didn't devil's information, but confirmed it. there may be more to this than just mr. lacquers participation. we haven't had an update lately from legal authorities on the status of the case, but i'm sure we will get one now. david: michael mckee, international economics and policy correspondent. julie hyman joining the well as we get the news that jeffrey lacker of the richmond fed resigns today, effective immediately, after violatin