tarifthis is bloomberg. ♪ paul: let's get back to los angeles and komal.hanks first thing with us. you are making a point about the independence of the fed. i want to get your thoughts on the effectiveness of the fed. interestinge very remarks, including this one. efforts to stimulate growth referred to as pushing on a string. is that where we are now with monetary policy easing? a timelyk yours is question. we are very much in that position. what i meant to say was the fed is much more effective if it wishes to be in crushing inflation. the case of what paul volcker did in 1988 with skyhigh interest rates, which crushed caused ad essentially recession. inflation was conquered by the time the reagan administration continued. the first time. the difference now is the growth is slowing, inflation is low and you can't just push money into the system to cause economic growth and inflation to rise just as you did in the other direction, making growth to come down. that is the point of that note. world, theround the european central bank and the bank of japan, t