this janet yelin, all right, i want kevin warsh.man steve forbes who links the dollar to gold. by the way, glenn hubbard, i could put him in. glenn mankiw, all smarter than i, they can do the job much better. i want to ask you honestly, as a reporter, extraordinaire on these subjects. >> thank you. >> do you think janet yelin would run the fed any differently than bernanke, he is buying bonds, adding to the base, he's hoping to get the economy moving again. do you think there will be a difference between yelin and bernanke? >> no, i mean, she's been the little engine behind all of his movement down this track. so, you know, i think that she would stick to these policy, but she would have a dilemma. and this is the dilemma. a lot of people, a lot of her critics and people on the market see her as very dubbish. >> right. >> so there is a question whether she would be forced to prove herself by pulling back sooner than ben bernanke who has this credibility already kind of built up. whether she would have to prove herself by pulling bac

kevin warsh former federal reserve governor. now distinguished visiting fellow at stanford university's hoover institution. wonderful to have you on the program. >> good to be here. >> let me ask you. it's interesting what steve just said. that the fed is being effective in terms of bringing unemployment down. is that what you think is happening right now? tell me how the fed's policies have worked from your standpoint. >> so i think it is very hard to believe ta central bank policies in the last couple of years have been moving the unemployment rate down. in fact, the state of our labor markets, the unemployment rate, is nothing to be proud of. the unemployment rate is falling because people are leaving the workforce. this isn't something to declare victory around. so i think the economy continues to be in mediocre shape. it's short on results and long on excuses. >> how would you grade the fed's policy? >> if policy is about good intentions i'd give them an a plus. if it's about achievement, about saying what you're going to d