mccloskey, the impact on low and moderate income. and dr. calabria, ma if we get onto a couple of other issues. >> that is their strategy and i think it's good to have a strategy. you saw what happened last may and june when it was a much of a strategy for the tapering. you could quarrel whether that is too specific. i congratulate them on moving ahead with some kind of strategy. >> you would rather have a strategy laid out like that than having -- >> yes. much better for the market. you've seen the market, better reaction than last may and june, absolutely spent anybody else care to comment? >> i would prefer to see tapering at a faster rate by think the fact that they have laid out a series, you got expectations of how much you'll get, those are helpful. >> i agree. i think a gradual taper withdrawal that extra caps that portfolio very slowly gives the market something to anticipate that's already built in. >> the market seemed surprised. spent i think you are a little surprise in december when it was announced, but not that surprised. and

in october two thousand and eight mr mccloskey said he was asked to wear that shirt. changing the tenth of the loans for making the pie was liable to repay twenty five percent to a dying in intensity to be paid nothing. the city was told this to be agreed by the board and the chief executive but he refused to sign. the edges were cent stake in july the seventeenth and signed by mr tusk he's direct boss mike o'sullivan and talk to clean and new dentures returning to the chorus to twenty five percent with the shoes the following january. dear property developer sean righty one of them ate that and told the court he was asked to be santa chief executive david strom and was completed in the bank in july two thousand and eight. he was told that i would provide him with up to sixty meeting new low in funding to buy and those shares. he said he was told the bank had any advice for men beating offer and not the sea wants the practice of the financial regulation and sent up by well aware of the deal. everyone was aware of it and wanted it done he said. to deny this to be paid

our first professors tonight are eby mccloskey and don boudreau. you are here to tell students what they should learn about economics. you can't do it all. >> first thing they should learn intentions are not results. judge policies by their results and not by the state intentions. people in the public sector are just as self did interested and no more enlightened than the people in the private sector. >> nice or vicious as everybody else. they are doing the public good. they are different. >> that's what they say. >> some other ideas that are taught. higher taxes can encourage work. carl smith, who teaches economics at the university of north carolina, fine school, says taxes make me poorer when people are poorer, they need to work more to pay for the things they want. therefore, taxes should make me work harder. >> when you tax something, you get less of it. if you take work you get less of it. the same for investments and business. this is why in countries with high taxes, like the united states, you see slow growth and slow job creation. >> you