monetary economics without asking you when the fed will raise the target rate, i was talking to steve roach the other day of yale university formally with morgan stanley about the asymmetric challenges that any bank faces. you did not receive many phone calls from politicians or presidents looking for you to raise interest rates. it's a substantially asymmetric universe that any central bank works in. how do you fault the realities and the desire for inflation targeting? >> first of all, what i actually said was that in all of my years i got bushels full of mail. i cannot recall a single request from the congress or any other political figure which said raise rates. it was just zero. and that's still the case basically because the political system seeks the short-term solution. and the fending off of any simblance of pain you cannot run a complex capitalist society in which the average age of assets is 20 to 25 years with everything being short term. and there are occasions when the wise thing to do is to allow markets to liquid ate. i think the best example i can give is the actual experie

monetary economics without asking you when the fed will raise the target rate, i was talking to steve roach the other day at your university formerly of morgan stanley about the asymmetric challenges that any central bank faces and as you wonderfully quote in your book, you did not receive many phonecalls from politicians or presidents looking for you to raise interest rates. is a substantially asymmetric universe that any central bank works in. how do you fold the asymmetric realities into the desire for inflation parity? >> well first of all, what i actually said was that in all of my years, are got huge bushels full of mail. i cannot recall a single request from the congress or any other political figure is said to raise rates. every single one of them said -- kill it wasn't even asymmetric. it was just zero plus and that is still the case basically because the political system seems the short-term solution and the sending off of any semblance of pain. you cannot run complex capitalist society which the average age of assets is 20 to 25 years with everything being short-term. and, there

. >> i was talking to steve roach the other day. as he wonderfully quote, how defunded in the desire for inflation targeting. >> >> i got bushels of mail. i cannot remember a single request from congress or any other political person that said to raise rates. it was not even asymmetric. that is still the case basically because the political system seeks a short-term paul -- solution. there are occasions where the wise thing to do was to find markets to liquidate. i think the best example i can give is the it experience we had -- i was on the oversight board and as a result i had to sit in on the meetings. i had a good job which i do not think we could do today. 800 failed -- this was back 30 years ago. it was easy to get rid of the mortgages in assets. then there was a large chunk which were 13 hole golf courses, 40 story skyscrapers of which eight had been built. we could see the main dance cost of maintaining all of the stuff eating away. all we could see was tax payer dollars going down the drain. we basically said we are going t