WFB warns us at the outset: "The ambitious purpose of this and the succeeding hour is to ponder the Federal Reserve Board's apparent attitude towards interest rates, and also to introduce the uninitiated--which includes your moderator--to the arcana of interest-rate practices and to the rather special vocabulary used in discussing the question. Keep your eyes on me. As long as I continue to sit here, you can stick around. If you see me slide away, you are at liberty to turn to another channel." In fact, although the discussion of interest rates, inflation, taxes, and more is often highly technical, Mr. Buckley sticks around, and so should we. One sample from Mr. Martin: "People in Washington do not know what is going on in the real world.... The mistake the central bank makes as it evolves is making governors out of staff people who have worked at the Fed for 39 years and 4 months and never really listened to the bank presidents of the 12 Fed banks when they tell you what's going on in New York and New Jersey and how sick that submarket really is."