The benefit of hindsight.

Question: Is Alan Greenspan responsible for the era of “cheap money”?

Jim Hackett: With out taking chance of anybody who may have been in a position of were he is just a one those, granted the bigger boat getter, the biggest voter on F1-C, is that we all are sitting in the world again where we thought certain things are going to happen and not happen, and clearly when your money [Inaudible] somebody might say we should raised rates a little more quickly and made money a little less cheap and I would be one of those, that would say that today, but when you said they were making those decisions. I am not sure they are coming out of the 2000 tech buzz and going through 9/11 and then having the Iraq war come up and Afghanis war, that you would not had a bit of a conservative view towards how rapidly do that. So, clearly in hinge side you would say “yes, we should have made money less cheap,” but again I think deploying the Federal Reserve for what human beings are doing individually is a bit of stretch. One thing we have done in our company that is a directly action to this is that we actually.  Have written into our equity and bonus plans as now we just had it this year, that if there is a material miss statement of financial, is that when we capture from the executives, the money we just gave them, because I thought it was just horrible what happened, not because of any other right to collect it, but these guys walked away when their firms went and had lot of suffering. I don’t want that to happen on my watch, it doesn’t mean we cannot make mistakes, but I think you are going to start see compensation plans also alter, but that is a free market force, that wasn’t imposed by any government, as boards will do that, our board reserve is up to it, you haven’t have a management team that wanted to do it and they saw something in the news, they did not like and they change things. So, through a combination of changes from Federal Reserve, combination of state implementing laws, I think we will get some of this behind us and I also think that what’s remarkable is to think that you could have a war, you could have 9/11, you could have all these things happen, where the global economy is still able to absorb it and until very recently mainstream wasn’t suffering like Wall Street was. So our economy is still very robust and I think it will still had been more with this tremendous impact, it will take a while, but I still think we are going to end up in a good place at the end of the day.

Recorded On: 3/24/08