Tim Stenovec

those who care also about their own independence, who will... By the way, another reason I think Jay Powell may ultimately stay on that board for that reason.

Right?

By the way, it's not that I think that Jay Powell is going to be in this role forever.

They're going to let him stay.

No, but just that he can stay for another two years after this.

the board.

On the board.

And I think it is more likely that he will stay.

And in fact, to the extent that the president would somehow like to use that spot for somebody that he'd like to nominate, I would argue this whole thing has backfired.

In fact, you know, I was talking to Harvey Schwartz at the New York Economic Club yesterday from Carlisle, and he made the point, most people, most taxi drivers, people in the street didn't care about the

the idea of Fed independence at all a week ago.

I mean, this has been an academic conversation for the most part.

Now it's like a thing.

And people, constituents across the country all of a sudden care about this issue.

They may start to call their Congress.

I mean, it's very interesting what's happening.

And so to me, that's why in some ways, I think Harvey Schwartz is probably right.

The idea of Fed independence may have actually become more important and potentially even stronger, at least in the short term.

So unfortunately, all of these people were not alive.

I spent about eight years really just combing through boxes and boxes of materials, some at libraries, some from families that were involved in this.