lisa: what you say and what kevin warsh is saying, the implication is significant. draw a line on this. are you saying the fed will cause another financial crisis by allowing risk to build in markets, for risk to build up with their easing and then have to hike rates much faster than people are expecting? john: the fed will not hike rates for a financial crisis. if we go that far the fed will be finding new ways to ease. what i am saying is the fed is feeding an inflation problem. right now it is not a problem, but it was stark and the wall street journal about commodity prices and inflation. reminds me of my former colleague from bear stearns who was very influential in talking about monitoring commodity prices. the monetary message is clear. a lot of ceos same these are not transitory. the fed sigma inflation problem will be transitory so they do not need to respond to this. business inflation expectations are rising, market inflation expectations have risen. i think that is a market move we will see higher inflation breakevens. romaine: some of the distortion we

i will say one thing, i still think former federal reserve governor kevin warsh, who wrote an op-ed ined still buying $40 billion of mortgage bonds each month? i don't get that. housing prices are way, way up. the housing sector, home buildings has done very, very well. i see no -- all it does is distort it. it makes it really hard to issue private label paper. it makes it really hard to finance paper because the fed is gobbling up everything. that i don't see. and i think they ought to tart to realize and say -- start to realize and say something about it. you've got a housing boom, basically. you've got a commercial boom coming on. why are they buying mortgage-backed papers? doesn't make any sense at all, they should get out of that game altogether. stuart: all right, we hear you. larry kudlow, 4:00 eastern time, right here, fox business. "kudlow." larry, see you again soon. thanks very much, indeed. >>> you herald president biden -- heard president biden praise vladimir putin, calling him bright and tough. but listen to what he had to say about republicans while standing on the worl