but that is again an administration decision. >> thank you, my time is up. >> and that was william lacy clay addressing questions to the fed chairman ben bernanke. again, he is seeing modest growth for the economy and benjamin applebalm is joining us from the newsroom, and what else is standing out for you and are there any new policies put out by the fed to further jump start the economy? >> well, it does not sound like any new policies to jump start the economy and the tone of the hearing today of mr. bernanke's testimony is that they don't see anything in the data to sunl that they should change their basic position. which is to say that they neither think that the economy is improving so quickly that they ought to dial back on some of the things that they are already doing. nor do they see sufficient reasons for the concern to think of doing new things. >> i guess that the word is cautious, cautious optimism from the fed chair. >> yes, that is a good way of characterizing it, and they have been burned a couple of times in recent years by being overly optimistic about the condition of the

. >> i appreciate the opportunity to substitute for my friend lacy clay, the ranking member of the sub committee because he is unable to be here because of a conflict. and i'm glad to see my friend president paul back from the campaign trail. this seems to be like dejavu all over again, since i was the chairman of the monetary policy sub committee and he was the ranking member. and i got to go back-to-back with him quite often. since i'm substituting i think i can do something out of the order today and that is praise the work of my good friend, chairman bernanke, for doing his job. and really not bowing to the political pressure of either the right or the left or political pressure of republicans and democrats since the federal reserve is supposed to be free of all of those influences and i just are think he has done a magnificent job be and the fed has done a magnificent job of navigating us through some very, very difficult times even as we will, i am sure experience in today's hearing, in the midst of criticisms about the dual mandate, which the chairman has already raised, which i