Question: Is the Fed running out of ammunition?
Jim Hackett: I don’t think so. I mean there is number of people here who would think that they did not do enough, just being the most recent one, which is a wonderful thing to see around the country. As you main know in Dallas we voted against the recent rate cuts twice and there is a view in parts of the country that we shouldn’t be helping out the financial sector the way we are. And then there is a whole segment of the eastern media that saying federal reserve attitude is slow and doesn’t doing enough. So Chairman Bernanke does not have an easy job.
Question: How has Ben Bernanke handled everything so far?
Jim Hackett: I think he has been absolutely awesome, but the thing that is unfortunately that is that Director. Rean Spine [phonetic] was much more, he is much less open, he was actually much - he wanted to keep the markets guessing and in many ways that may be a positive strangely where as under Bernanke’s leadership the fed reserve has been very open and what happens is the market then prices in what they think they are hearing from the fed reserve and he get very little credit for, but I think that the amount of instruments that they have used. in the way they have gone about doing it, it is close to master fold, even though it doesn’t feel like it here.
Recorded On: 3/24/08