morning at the brookings-- brookings institute on the discussion with the federal reserve with phil dudleyand economist john taylor it is just getting started. >> based on where an inflation is and how far the economy is from unemployment-- winona greenspan was chairman of the fed and he was either incapable or unwilling to describe his approach to the rest of the world and what made the rule so amazing was he seemed to capture the greenspan with an equation in ways that were more clear than greenspan was ever able to claim to anyone else and if you read the transcripts-- transcripts, he talked the same way inside the fed as he did outside. the chairman's role has evolved and some use as a yardstick to see if interest rates are too high or too low and there is even legislation pending in the house that would require the feds to cling to congress want to deviate from the roll and if so, why. filled dudley takes a different approach and said policy rules are worth looking at, but are not a good substitute for in-depth analysis and judgment and he has called the taylor rule incomplete because