i guess he and voelker got to be good friends. went fly fishing i guess together and all that. >> they did, and he kept hands off. he let voelker do his job. that's a lesson i think for president trump. we have a very strong economy and what i think chairman powell is doing is taking a page from the longest standing fed chairman, william chesney martin, who joked once he was like the chaperone at a party. his job was to take away the punch bowl just when the party was warming up. what the fed is trying to do now, particularly because of these external events, which could raise interest rates, is to take proactive steps now, small steps, but a signal to the market that he's not going to let inflation get out of control. neil: wouldn't that be a killer, though, if it gets to be a problem, not overdevelopment within the united states, but halfway around the world. >> quite the contrary. i think markets around the world depend on the fed's independence. neil: no, i know that. i'm just saying with the precipitant then as you accurately