some of paulor volcker's ears as well. paul would not have tolerated that. would have been disciplined. i would say the chairs have been increasingly lies a fair -- laissez-faire about it. that was my attitude for many years as well, let everybody participate in the communication effort. i have changed my view of that. i don't think it has turned out to be effective. secondly, it diminishes the franchise. by which i mean i'm sitting here talking about policy for that that is fine. fed presidents in my judgment shouldn't be sitting here talking about policy. they should be talking about it at fomc meetings and so forth. >> for employment, you need growth. it's just a half step away. what would be the effect on growth at this point? growth isect on modest. i don't think in or outside the fed, people are expecting or sharp, significant increases in interest rates. the fed is a good servant of organization by nature. any increases that occur will be modest in size and gradual in terms of timing. there is that issue. i don't think the fed certainly intends to be