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This is a high risk investment and you should not expect to be protected if something goes wrong. I'm John Bachelor. I welcome Joseph Sternberg, member at the editorial board of the Wall Street Journal. He writes political economics. I welcome him to the show, to America.

Joe has been several years overseas living in London. He's now living in another capital that we

know very well, Washington, D.C. And what's important here, in addition to the fact that having

Joe home safe and sound, is that he can note the

ironies on both sides of the Atlantic. We come to an irony established by the Federal Reserve

Governor Christopher Waller in a recent speech about what drove the inflation spike of 2002 that made the American economy stagger for several years

and may have led to presidential contests decided against the Democrats and for the Republicans.

May have.

All of this is speculative.

However, Joe, for some time has been following the causes for the Federal Reserve to have missed that spike in interest rate and not to have moved more precipitously before it became out of hand.

Joe, it's like a detective story you've established and you're the Seamus here following the lead.

Mr. Waller says it was the dot plot,

a forward guidance that stayed the hand of the Federal Reserve.

Is that an adequate explanation? Good evening to you.

Hey, John.

...