because arthur burned his papers, there is not a lot left. everything that was there. there are some letters to juliet, some family papers, and reeves also donated his own papers to the library of congress, so that future writers could consult that. his book is a different kind of a book. of the chapters are more thematic rather than a narrative. i wanted to tell the story in a way that would be accessible to people who are coming to the story without knowing much about chester arthur, but are interested in american history and want to read a good story. brian: his grandson sold these letters to the library of congress in 1958. do you know how much they paid? scott: i do not know. they were buried in a trunk for a long time. kept thesehur's son letters in a trunk in denver, in someone's basement for long time. they were discovered many years later. a newspaper found out about this and published a query asking if anybody knew julia sandor what happened to her. the 1930's her in said, yes that was might catch. i remember -- yes it that was my aunt. became more comfortabl

because arthur burned his papers, there isn't a lot left. ere are some letters from chester arthur to some of his friends when he was a young man, some family papers. hises also donated many of letters to the library of congress. his book is a very different kind of a book. some of the chapters are more thematic rather than a narrative. i wanted to tell the story in a way it would be accessible to people were coming to the story without knowing very much about the gilded age and are interested in american history good yarn. read a host: do we know how much they pay for them? scott: i don't know what they paid for them. they were buried in a truck for a long time. he son of chester arthur kept these letters in a trunk in denver, in someone's basement for a long time. outthen a newspaper found a query asking if and a knew julia sand nephew of hers, who was living in miami beach said yes, that was my aunt. i remember when chester arthur came to visit and that is something that i should mention as well. when she waseriod writing to him, she kept

. >> you remember what former fed chairman arthur burns said, which was we can't exercise our independence or else we might lose it. >> that's right. >> other -- before i give burt a second chance. other questions? >> okay. wait for the microphone. >> thank you. this comes back to the fed and new appointments to the board. ran randy quarrels has been confirmed to be vice chairman for supervision as a result, of course, of dodd/frank. what are your thoughts as to -- is there going to be an increased emphasis on supervision and how is that going to interact with monetary policy now that supervision has to some extent been elevated by virtue of having this new vice chairman for supervision? >> you want to take that? >> i suspect supervision will be de-emphasized compared to the t turillo years. one of the big problems with the dodd/frank act, in my opinion, is that so many of the powers and regulations are not tightly conscribed. you can be pedal to the metal under one administration, fell on the brakes the next administration, depending on who is in charge. it doesn't constrain the regulator

by contrast, arthur burns in the 70's was a very distinguished phd economist from a top university, ande's generally viewed by the profession as having been a complete failure as fed chair. a phd is not a critical element. janet yellen has a phd in economics, but she has also shown herself to have a lot of common sense and ability to connect with people around people. normal working i think that communication ability is a key element of successful fed chair. julia: can i ask your views on the award for the nobel economics prize, and whether you would like to see behavioral economics adopted more by central banks like the fed? absolutely, i think the fundamental idea of behavioral economics is that ordinary people have to make plans and decisions, and it's not always easy. the world is constantly changing, we face a lot of different uncertainties, some things are hard to plan for. it's one reason why it's so important for the federal reserve be systematic and transparent, so the general public understands what they are doing. every american is affected by whether youlicies are a sabr are

. >> you remember what former fed chairman arthur burn said which is we can't exercise our independence otherwise we might lose it. before i give a second chance, other questions. okay. bate for the microphone. >> birdie again. this comes back to the fed and new appointments to the board. just been confirmed to be vice chairman for supervision. this is of course result of dod frank. what are your thoughts as to -- is there going to be an increased emphasis on supervision and how is that going to interact with monetary policy now that supervision has, to some extent, been elevated by virtue of having the new vice chairman for supervision. >> i suspect supervision will be deemphasized compared to the years. one of the big problems with the dodd frank act, in my opinion is that so manyf the powers and regulations that are not very tightly conscribed, you can do -- you can be pedal to the metal under one administration and full on the brakes the next, depending on who's in charge. it doesn't constrain the regulators enough. you don't know what the law requires them to do and i suspect the p

arthur the evidence suggested to support the argument. he saved the letters he specifically said save the letters but ordered the papers burned but his son got the letters when arthur was dying and they were buried at the bottom of a trunk in the basement of his grandson they discovered the letters in the 1930's. and the fact that they would be saved but number two but he visited that is extraordinary for the president to show up unannounced at your doorstep to say thank you for your vice. but very often did follow her vice and it was very specific. but in many cases gave him specific advice which he followed so because he burned his papers there is no diary or journal we don't know if he row back those letters if they existed don't survive. nobody knows for sure but there is pretty good evidence to have an impact so watching garfield suffered the fact he was shot by somebody who was a disappointed office seeker. >> [inaudible] i know think anybody knew they were in communication. >> afternoon understand both grand and arthur were from new york so could you elaborate on their relationship? you mentioned in passing this is an appointment b

burning 26,000 acres in napa county. today we met one family who didn't leave their home without a fight. arthur his wife marie torres are searching for signs that remind them of home in a place they almost don't recognize. lingers...an as they walk through their property, smoke still lingers and they remember what the atlas fire did sunday night. >> i can't believe we don't have time for anything. >> reporter: she said her husband warned her to pack up and leave when the flames approached their home. >> i thought we was going to go. >> reporter: the family was ready to evacuate, but arthur stayed behind. >> he said no. i have to try to save the home. >> reporter: arthured he stood outside fighting -- arthur said he stood outside fighting flames with a home for two hours. here's what's left of his yard. this was a storage shed that stood over 100 years. right next to it a garage that's now twisted metal, ash and rubble. the rest of the backyard also destroyed, even the chevy arthur put so much time into restoring, its baby blue paint now melted away, but arthur's effort paid off in another way.