joining us this morning, former wells fargo chairman and ceo dick kovacevich.d to have you back, good morning. >> morning >> describe for people the larger point of the op-ed. what do we mean when we say they should learn to love low inflation? >> well, i don't know why anyone would expect, given the excess economic capacity that exists in practically every country in the world, that you would have 2% inflation. any complier that tries to increase prices to a customer, the customer would go somewhere else, anywhere else in the world to get a lower price, so you just aren't seeing price increases because there's excess capacity i also would ask why would anybody want higher inflation or 2% inflation the average worker has had about 2.2% increases in their wages over the past few years. if the fed had achieved their goal of 2%, almost their entire wage increase would be wiped out by inflation this would be negative for the wage earner, negative for the middle class, negative for the retirees who were on fixed income the only bright spot in our economy, because it