territory so it's certainly an extremely tense and dangerous military eruption in gaza after a period of carman a period of encouragement as efforts towards a long term truce seem to be underway that's right harry the attack coming at a time when the united nations when egypt were trying to mediate some kind of settlement between israel and hamas. but how much of a response have we seen from hamas what are we expecting and from the israelis to as prime minister netanyahu comes back to oversee this. well that this is good going to be the critical question going forward how these two sides will respond because we have seen several occasions over the last few months when this these truce talks were under way the missed military conflagrations would erupt and that both sides would manage to calibrate their responses so as not to lead to an all out war so with the question is whether the commitment shown so far by both sides to try and keep to that line will be shown again now certainly both sides have invested quite a lot politically in trying to get to this situation a situation we've seen recentl

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. >> carman, congratulations on the book. and i think you have done a great public service. three quick questions and they're interrelated. correct me if i'm wrong but a lot of people think that the federal reserve bank of new york is a public entity. >> it's not. it's a private bank, just like citibank or goldman. >> it would be helpful to explain that because it is a private entity. >> yes. >> so most people don't know that. the only federal reserve that is public is the one at the mall. every other federal reserve bank, there are. >> 12. >> they've all private entities. so consequently i wonder if after the financial mess, some updated ethical imperatives or guidelines have been adopted? because i heard -- i don't know if it's true -- that it's a revolving door and people are intertwined and your cousin works at the x bank and your wife works at the other bank and you are the fed. because in at least in the federal government, we have sufficient safeguards -- as imperfect as they are but pretty good and we got nepotism rules and all that stuff. so i wondered inford reserv