david wilcox joins us with more on this. at the history of the federal reserve, have we learned from past mistakes? what was the biggest one and what were the consequences? >> it is great to be with you. the fed made no shortage of mistakes like any organization that is populated by human beings but what sets us apart in my view is that we learn from the mistakes. we did much better with similar circumstances on the road. this highlights to catastrophic errors by the fed made during its earlier history. first, during the great depression, the fed never engaged the full range of tools after disposal of a central bank. they did not understand what to do. instead, banks failed in droves. they did not have the wisdom to step in and prevent the terrible hardship that was inflicted. the second catastrophic error i would point to is the failure to control inflation in the 1970's. it was a failure of ideas. the leadership of arthur burns who was chair at the time -- they felt they did not have the capability to control inflation. pa

david wilcox has got to loosen up and say -- is right.'t think that works for him, tom. i am sure that is the media training that the pr provides. it is a radical prediction which you don't necessarily believe. threatening central-bank independence. in the united kingdom i think it is a conversation for the last 12 months and certainly in the minds of many. i'm not suggesting they failed, but that some people think they have. tom: these are threats in more beleaguered economies. there are many way more beleaguered than the u.s. jonathan: chairman powell has been accused that they did not make that pivot earlier because he hadn't secured a second term yet. lisa, that is problematic to say the least. lisa: especially because if we delay, it does make a material difference in terms of how quickly nation can pick up speed. longer-term trajectory, how much does the fed -- the borrowing cost of a nation in the last of fixed -- lack of fiscal stimulus. it becomes very concerning heading forward especially if there is a dated turn because there i

. >> hello can you hear me this is david from wilcox frozen foods. >> yes, we can hear you >> great. so a bit about the business, we were customers my mom and i customers of wilcox for 20 years. it hen a learning curve. understanding stepping in the distribution business. but it was irrelevant important to us that this local independent, san francisco distributor stayed local. there was no other buyers the business was going to close or we were going to buy it. we bought it. saved jobs. we have been in san front our lives and i pledged my future and my family's future to the city with continuing this and you know i have been looking forward to keeping everything all the wonderful stuff we will have does in the community furthering those, everything we want to do. in district 10 and i made roads with local pantries and [inaudible]. and i want to keep going. i love san francisco. the legacy business is a fantastic way to so lidifiy your place in the community. and i'm -- grateful. thank you. last call for public ment on any of the legacy business registry applications. >> no additional