john tamny thinks so an editor on real clear markets.t every week on "forbes on fox." with more later. let me read you the jon hilsenrath quote he mentioned about janet yellen. janet yellen argued consistently in recent markets are abundant with slack that will hold inflation and wages down. in other words, as long as you have that slow growth you don't have to worry about inflation. what do you think of that? >> well i'm glad you read the quote because it needs to be stressed there is no bombast, there is no hyperbole here. janet yellen literally believes that too many americans working and pros pouring is the source of inflation. if there are labor shortages, it leads to inflation of the kind that we had in the 1970s. that there is evidence that low unemployment ever caused inflation doesn't seem to concern her. there has never been evidence supporting this going back to pericles but this is exactly what she believes. david: could that affect her monetary policy if in fact you're right and that is what she believes? >> of course it cou