1972 and 73 just the three of us in the room where john would beat up on arthur burns and i wasage and price controls wage and price controls were a disaster for the u.s. and that was all arthur burns the one thing he chose not to be controlled were interest rates how is that for hypocrisy at its very highest that's what happens when you have an independent fed and professor basically not someone in business that type of conflict and nixon did not win with arthur burns all the time, far from it. >> you said just a moment ago you thought maybe there should be a price rule or some ceo rules-based way of doing this. would you think it makes sense before 1913, do you think it makes sense to go to some modern version of a gold standard or a solid standard >> well, i don't know if it should be gold or not. it should be a commodity based standard i believe or an interest-rate based standard that would make sense as well. i wrote a piece in 1981 called reenstatement of the dollar the blueprint which now this is back in 1981 which was 30, 40 years ago. but what i proposed there was there

independent fed or from the executive or the legislative branch but i'll tell you back in the day it was arthur burnsed, independent head of the fed who talked nixon, forced into nixon to doing wage and price controls for u.s. which was horrible at the time. the bad policy at bad time t caused enormous damage to the u.s. economy. he was the independent chairman of the fed. so you know, bad policies can come from both sides. the one thing that is true though, that the fed does not have any accountability to the electorate. that is really the problem. imagine if we hadn't military authority, that had a board of people, professors from princeton university determining what our sanctions should be on iran, what military spending should be, what we should do with north korea? isn't that terrifying with no recourse whatsoever to the electorate? if you blame the guy or credit the guy with the economy, at leave give him the tools to do the job. that is what we should do with trump, give him the tools to do the job. if he doesn't do the job, that is all right. the fed, they're fine people, by the way, they're

will we go back to arthur burns or stay greenspan measured? 25 basis points is where we stand. the fed told us yesterday in the minutes and with testimony they are going to ease, but we do not see the weakness in the economy, nor do we see stress in the financial system giving us the case for 50. tom: are they giving up credibility? away forttering chairman powell and his fed? bruce: i don't think they are losing credibility in terms of the case for easing not being significant, as you heard from carney and as we are seeing. there is a global downturn taking place in business sentiment that is spilling to the u.s. shores. the risks have gone up and i think an insurance of 25 would make sense but 50 basis points would be hard to justify given where the economy is. francine: what does a policy mistake look like from the fed? cutting too much? bruce: we have to recognize we are in the midst of absorbing a shock we have not seen before and we do not know how big it is. and weks are two sided may find ourselves easing when we don't need to or we ma

my conversation with arthur lisa burn bok who was the first person that e.ean carroll called and she'll talk about what that conversation was like when we continue. to the badlands. from ts from the mountains and the midtowns. from the islands to the highlands. and directly to those who understand... that when you get behind the wheel of a jeep wrangler. you're joining a family. hurry in to the 4th of july sales event and get $500 additional bonus cash on select models. visit jeep.com when you start with a better that's no way to treat a dog... ...you can do no wrong. where did you learn that? the internet... yeah? mmm! with no artificial preservatives or added nitrates or nitrites, it's all for the love of hot dogs. book two, separate qualifying stays at choicehotels.com... ...and earn a $50 gift card. because when your business is rewarding yourself... ...our business is you. book direct at choicehotels.com behr presents: outdone yourself. staining be done... and stay done through every season. ♪ behr semi-transparent stain, overall #1 rated. stay done for

arthur burns gave us this in 1971-1972. i mean, he was the single person that determine that.was really a disastrous policy. >> sandra: i only have a few seconds left. do they cut rates? >> i think they do. their job is not to bait the president. their job is to do a good job. with interest rates falling, i would expect the fed to follow suit and lower interest rates as well. they have been doing it historically. >> sandra: byron york made a great point out the top of the hour. and in his piece as well, talking about how democrats are going to have to convince the voters to look over this strong economy, booming job market. a lot of growth. art, we have to leave it there. final thought, go ahead. >> final thought is we are probably going to have a stronger economy as well. this rising market is very good for the growth of the real economy and jobs. >> sandra: good stuff. our laugher. always good to talk to you. >> say hello to bill for me. >> bill: a group of officers were asked to leave one of the stores. apparently the customer said that the presence of the officers made the

and maybe the flairs are being allowed to burn out because on the right hand side there is something going on. it's a 30-mine carquinez bridge to the mc arthuraze. this time of the morning it usually takes half that. this is obviously having an impact on the commute. hopefully this will start easing up because it's going to be a tough one heading out towards the mc arthur maze and to the bay bridge. gilroy to san jose, no major issues this morning driving up in to san jose. no problems driving in to the valley. other than that, we are still looking okay in the east bay. if you are going to the bay bridge, it's doing okay so far. it's because people are stuck on the east shore and not getting through. let's bring steve in with today's forecast. >>> mostly clear, thick fog but it's going to burn off rapidly because the high is building in, already temperatures in the 60s for some. it won't take long to get in to the 90s. santa rosa 51. rivermore and sap jose 63 degrees. 89 santa rosa. oak land 3 above. livermore 93 normal is 89. san jose is 84. that where you should be. the high has been centered around colorado or new mexico for a long time.