What do you think?

Oh, I think it's a positive decision.

Kevin, I think, will be a very fine chair.

He really checks off all the boxes.

Policy experience, particularly policy during a crisis period in 2008.

I think that kind of background or that kind of experience is really valuable in this world.

He's had private sector experience.

What do you think it's gonna be like for, hypothetically, a Fed chair that may or may not be Kevin Warsh by the time it's all said and done in terms of how he has to navigate the different kinds of challenges he will face now as opposed to what he's seen over the course of the last decade and a half?

What do you think is appropriate Fed policy for a moment like this? And what do you expect to play out now with both the DOJ subpoena into Powell and the way that the board in that nomination process is going to play out?

First, the economic situation is pretty strong growth in the fourth quarter, at least as indicated by some of the early calls.

For example, the Federal Reserve Bank of Atlanta's GDP now indicator, 5.3% annualized real growth in the fourth quarter.

That's carried over.

It looks to me like the economy at the moment is running pretty hot.

I think the committee is likely to interpret all that as a good time to wait and see how things develop over the coming weeks and even conceivably the coming months.

So I think the action taken by the Department of Justice could very well backfire.

So while we debate, you know, kind of what's happening with the economy and with inflation, what do you think about just the sheer kind of fact of the Fed chair getting the subpoena? What do you think the impact of that is going to be both in a policy sense and in terms of the independence question?