it's a substantially asymmetric universe that any central bank works in. how do you fault the realities and the desire for inflation targeting? >> first of all, what i actually said was that in all of my years i got bushels full of mail. i cannot recall a single request from the congress or any other political figure which said raise rates. it was just zero. and that's still the case basically because the political system seeks the short-term solution. and the fending off of any simblance of pain you cannot run a complex capitalist society in which the average age of assets is 20 to 25 years with everything being short term. and there are occasions when the wise thing to do is to allow markets to liquid ate. i think the best example i can give is the actual experience that we had in the resolution trust corporation. i was on the oversight board ex off officio. they did a good job which i don't think we can do today.

it's a substantially asymmetric universe that any central bank works in. how do you fold the asymmetric realities into desire of inflation targeting? >> first of all, what i actually said is that in all of my years, i got bushels full of mail and i can't recall a single request from congress or any other political figure that said raise rates. every single one of them. it wasn't even asymmetric, it was zero. that is still the case because the political system seeks the short term solution and the fending off of any semblance of pain. you cannot run a complex society in which the average age of assets is 25 years with everything being short term. there are occasions when the war -- when the wise thing to do is to let the markets work. the best example i can give is the actual experience we had and the resolution trust corporation. i was on the oversight board and had to sit in on the meetings. that't think we could do job today. what they did was 800 savings and loans and failed. this was 20 or 30 years ago. all the assets delta air resolution trust corp. to

is a substantially asymmetric universe that any central bank works in. how do you fold the asymmetric realities into the desire for inflation parity? >> well first of all, what i actually said was that in all of my years, are got huge bushels full of mail. i cannot recall a single request from the congress or any other political figure is said to raise rates. every single one of them said -- kill it wasn't even asymmetric. it was just zero plus and that is still the case basically because the political system seems the short-term solution and the sending off of any semblance of pain. you cannot run complex capitalist society which the average age of assets is 20 to 25 years with everything being short-term. and, there are cases when the wise thing to do is to rob markets to liquidate. i think the best example i can give is the actual experience that we had in the resolution -- corp.. i was on the oversight board ex-officio and as a result i attended those meetings. i must have that must that they didn't have ended interestingly good job which i don't thin

it's a substantially asymmetric universe that any central bank works in. how do you told the a symmetric realities in the desire for inflation targeting? >> first of all, what i actually said was in all of my years i got bushels full of mail. i cannot recall a single call from the congress or any other political figure that said raise the rates. every single province, it wasn't even asymmetrical, it was zero plus come and basically because the political system seeks the short term solution. and the fending off any a semblance of came. you cannot run of the society unless the average age of assets this 20 to 25 years with everything being short term. there are occasions where the thing to do is to allow the market to liquidate, and i think the best example i can give is the actual experience that we had in the resolution trust corporation. i was on the oversight board, and as a result i had a seat in all those meetings and they did and interestingly good job which i don't think we could do today. what they did was 800 snls field, this was back 20, 30 years