Steve Syre

One Sox wagers families were really good attitude weird Boston's talk street shouldn't AM 68. W. -- WR gives on the side this time every day is good news I'm just beside our business reporter from the Boston Globe. And now the Fed is in the news which is a good thing because there's a lot of angst over the.

in this country and I think rightly so. Sire welcome back how are you. Happy Monday to you as well you gonna have Turkey others and actually could see I told he was a true blooded American he is. Plavix off puff puff puff puff puff puff up. So what what's up with the -- the.

That has been certainly Ben Bernanke is kind of become the congressional up -- lately. Baltimore last week or so and looking ahead where as you know. The president has reappointed Bernanke for another term and he comes up for his confirmation. Hearings in in the next month or so what's. Just the Fed didn't do in general Bernanke in particular they have. And it'd become kind of this point issue windows what people are upset of kind of a Wall Street versus main street. Issues that does people do. Big financial firms and Wall Street to getting. A lot of government support to get back on their feet while the rest of the country continues to struggle and that's really the crux of the higher and anger that they're aimed at the Fed right now.

Tell us a little bit about the Fed's history how you know in and the likelihood that they'll be substantially the change given the attitude in congress all the anger that Ron Paul. Used to must've seemed to be almost all by himself now we -- body of vote Republican in an.

We're paying attention -- all -- on this issue that you're absolutely right and TJ you know there are a couple of things going on legislatively right now that there in the Senate. There is -- their version of financial reform is being. Debated and and the Chris Dodd version of that would. Wouldn't make a big. Change in how the Fed is does business that is. It kind of takes away that bank regulatory issue to a great degree and and tell the -- focus almost exclusively on. Monetary issues and it also would give the Senate a better day and how the regional visited dozens. Dead regional presidents including one in Boston how they would be appointed stuff and there's a lot on the line right there and you know if you talk about recent history how the Fed has acted through this crisis. And I I have to say. Overall I'm very pleased and then what the Fed has done and I think that the you know the ability economy which -- speed. Circling the ball right now the Fed didn't do some of the inflating things that it did particularly in the mortgage market. But when when people in congress is saying are you did this and you did that that thing that really sort of sticks in people's craw right now is that deals that happened. When some financial institutions were failing and AIG the big insurance company. It is of particular interest here because AIG one of the reasons they fail they were in the business of making holiest -- essentially. Insurance policies -- insecurities that if this goes bad will it in -- owning it will make up the difference deal. And so all of a sudden AIG is just dying and point on the other remedies deals of the Goldman Sachs so the world and instead of trying to negotiate a deal where the insurance policy holders essentially those Goldman. Oldest people like that. Take some sort of haircut yes he does say all right I'll take.

He does -- sitting on the darn.

I don't know. We insist on having a hundred cents on the dollar and government in in the -- is involved in this process.

Wasn't it doesn't matter rational this was an irrational decision at the time Steve because they were trying to get more funds in the hands of those banks and stabilize them.

I think overall it was a pretty good decision I think it. People look back now and say all a lot of these banks have to have bounced back and they paid back their money they didn't need just. I think that's pretty convenient hindsight when the decision was actually being made. You know we didn't know exactly what was gonna happen if all these dominos kept -- what we saw was. What happened when the government let Lehman Brothers filed for bankruptcy and it was almost cataclysmic in the market. And you know the idea that we're just gonna stick you know squeezed banks so more and get a better deal out of there you know insurance relationship -- AIG. Strikes me as. Not. Realistic in real time.

Arctic sea breeze we've got to run thank you so much always could be your updates chiefs are from the Boston Globe Tom hands tied into on the market. -- comin' up 680 WR him.