see deflation and the money that the public has let's bring out their attempts to keep trying ok janet yellen who is the vice chair of the board of governors at the fed just in a speech last night said that as she discussed this evening prolonging weakness in the housing sector remains one of the several serious headwinds they think the u.s. economy. and she says given these headwinds i believe that a highly accommodative monetary policy will be needed for quite some time to help the economy and so my question about these headwinds that housing are is this a headwind simply because it's about all the debt in housing that's dragging down the economy and houses are just the conduit for this borrowing binge. yeah it is it is this debt bubble dragging down the economy will but what amazes me is that the people around that are running the economy don't know anything about economics this head when you get a look at what created the wind ok the stock market crash back in two thousand and . ten created a very accommodative policy and basically pumped the goose the money supply and that caused the rea

i know he's got evans on his side so that's evans and rosengren, probably janet yellen, but where the rest of the board, lockhart if he's in favor of open-ended qe i think there's quite a debate going on behind the board an many others to hear from and we're going to hear from them at jackson hole. >> steve stick with us. >> steve, i'm curious, did he talk about the fiscal cliff at all? because i know chairman bernanke has said no matter how much money we put in nobody's going to be able to alleviate the fiscal cliff? >> so rosengren takes a more affirmative responsibility for the economy no matter what congress says. he says let's look at the reality. this is a segment we'll play for you, hasn't cared yet, in the 1:00 hour, he says we just can't realistically expect too much help from europe and we can't expect congress in this period of time, between now and the end of the year, to fix the miss cal cliff problem. it is our responsibility to step forward and take action to help employment and to help the overall economy. so he does talk about it. but he says, look, it's our job to ha