mr. volcker at the federal rerks they got together and they did some tough things and they broke the back of 15%, 13% inflation, unemployment hit 10.8%, so it's not as high it was in the 1980's, and we bounced tbrak that. and we can bounce back from this. so i've got to say to my colleagues, if we don't have fiscal sanity in how we do our business, if we don't have a possibility of showing growth in revenues from economic growth and a containment of spending and our deficits are surging for as far as the eye can see, then i'm not sure we will have the kind of healthy, robust resurgence that we would normally expect to occur after a recession. look at these numbers, and it's just very, very, very disturbing. so we borrow all this money, and we spend it today. i know a great lawyer who's written a book request, "the caf character." this is a case for character here. it is the moral character of the united states congress and the president of the united states and how we approach our duties in a responsible manner. 2009, this year, we expect that this -- the taxpayers of the united states on

mr. bernanke will need political courage we have not seen since paul volcker was chairman. to prevent another bottle. they are talking about the housing and credit card bubble. -- to prevent another bubble. host: he did had amazing courage and strength -- guest: he did have strength to counteract the problem in the country, the loss of confidence in the dollar. he took action and was criticized for it, but stuck with it and passed a better situation with his successor, alan greenspan, who did a very good job. host: but some point to his policies as one of the reasons we are facing this situation today. guest: i am one of those critics come out because towards the end of his very effective term, the fed get too easy. -- i am one of those critics, because towards the end of his affective term of the fed got too easy. we can look back at that and learn lessons. the most important lesson is don't do that again. i call it get back on track. get on what was working in much of the 1980's. that will be a much better economy. i don't think we will have this kind of serious crisis if