video transcript

I'm writer columnist James sat. That sometimes banks -- clients. And sometimes bank employees -- banks sound obvious to you. For the reserves is a pretty big step poor. -- sign it governor of the Federal -- -- -- speech in which -- said that sometimes it may be necessary. To raise interest rates to control over eating. Well. Was made about signs being Wall Street's new well. I'd argue that actually the biggest jet skier was that he should see -- can't understand more. Our understanding that we are just to gain the system they're the church. This is a massive change from the old Greenspan and Bernanke assumption. Which was the banks could never do bad things that marketplace. And business. None of you view all of the things sooner or would it predictably and warrantless. It helps set the intellectual underpinnings. To it too easy rates further easing when things went -- -- Animal rolling series of bubbles. -- next we've seen over the last decade. Truth is we've seen is that you can't understand it financial market without taking into. Agents by banks and managers. Often clients and -- but profitable products and that those same bankers and managers often did the same thing to their own institutions. Overheating and credit markets and signs as he sees some evidence it's often goes hand in. An. After all you have an invitation happened to chance for the money manager and structure. Extra yield. While they -- telephone. Client base comes without extra rest that's not always the case extra yield. And it's sleeping in -- and wait I. Classic example of this year's. Stunning second. Can think to watch out for -- new regulation same he has yet a new regulation you got a new weighing in the regulations. Under any. Bank or. And finally and most interestingly he says low rates. Sometimes into where the other two things in Korea situation and which -- terrorists not for good reason. And opportunity it's. But that is yeah. Options for making. Yeah and implication here and he's explicitly that this is that sometimes it may make sense. To raise rates in order to extinguish bubbles. I expected to happen to -- and certainly. Anytime and next year. But it's refreshing to see that there are people within that were finally acknowledging the -- more -- really work.