dr. greenspan, always good to see you.rning >> good morning. >> we want to cover so many things bitcoin, powell, balance sheet runoff, entitlements, debt but let's start with the tax bill since it's in the news and we're watching it go through conference what's been your overall characterization of what it appears intended to do >> end of what >> as the tax bill, as it appears right now, and there's a lot of questions about what's going to happen in conference, but how will it impact growth, equities, the economy? >> no, i was mishearing you, and i couldn't believe it, but i got it look, this particular period, as alan simpson and his colleague wrote in "the washington post" recently, this is a terrible fiscal situation we got ourselves into the administration is doing a tax cut and a spending decrease but he's doing them in the wrong order. what we need right now is a focus wholly on reducing the debt even the debt increase right now, we're in a stage, if nothing is changed, we're about to go from stagnation to stagflatio

greenspan dynamic as well. does the fed staff, which you were a huge part of any, how they rally around the new chairman? is it done at starbucks? dr. soss: the organization chart of the fed is extremely stable. i make the analogy to the catholic church. there's a pope, a college of cardinals, and the parish priests and so forth. that organization chart has been in place for almost 2000 years. culture. stable i think it's going to be quite easy for the staff to continue the respect they all have already for jerome powell. --scarlet: ric mishkin, does it matter that the new fed chairman does not have a phd? mr. mishkin: i think it does matter, but it is different when the person who is becoming the this for has been at quite a while and is gained the respect of people as being a very sensible person who actually listens and have gotten an understanding of economics by learning from the people who were at the fed. if this was a person who did not have a phd and was not somebody who we thought of as an economist, and he had not been inside the system for a bunch of viewed as also successful in the system, i would be much more concerne