and it is long overdue >> where then do you think -- if you, robert heller were in charge of the fed right now, what would you do with the policy rate and the asset purchases? >> i would reduce the asset purchases very quickly, within two months or something like that, have it down to zero and the policy rate, i would start to lift right at the beginning -- beginning of the year to get it back to a normal policy stance that is no longer further stimulating the economy. >> you know, robert, the fed funds futures imply 90% chance of the fed raising rates by july 2022 our steve liesman says that's not like me in june 2022 he has a longer horizon for rates to be rising -- at least the probability s. next summer a good time to raise rates >> the fed is very, very slow, very deliberate. i don't want to use the word political, but powell wants to be reappointed and the elections we saw today -- we saw elections. more elections are coming up next year, important elections towards the end of the year. so they don't want to rock the boat at all. so they are boxed in and it would take a very st

wayne angell, johnson, robert heller, they were commodity watchers.d to keep tightening this is long past the early '80s when volcker did a good job. they wanted to keep tightening and rebelled against him to stop him from doing stuff. charles: he got enough good work eventually they got inflation down and we had a big run ever prosperity. i do want to ask but the strategic petroleum reserve. >> dumbest thing i ever heard. dumb. drill, charles, drill. charles: profiteering going on all over america. >> gas stations. charles: two republican members of the ftc just about 30 minutes just asked the white house, listen, can you share evidence that they, that they know how to proceed since president biden made the comment that there is quote mounting evidence, mounting evidence of profiteering by american companies. he is ready to go to war with american companies, make them the bad guys, release strategic oil, maybe lower the price in conjunction with china than to do the right thing for this country. >> china produces coal. by the way,. charles: use a lot