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Charles Hobson

Television producer Charles Hobson was born on June 23, 1936 in Brooklyn, New York to Charles Samuel and Cordelia Victoria Hobson. He grew up in the Bedford-Stuyvesant and Crown Heights neighborhoods in Brooklyn, and, in 1960, he graduated from Brooklyn College. From 1962 to 1963, Hobson served in the United States Army as a private first class.

In 1963, Hobson was hired to host a radio show at WBAI, New York’s Pacifica station. He went on to be promoted to production director at WBAI, where he produced a variety of programs until 1967. Hobson was then hired as a producer for ABC-TV, WABC-TV in New York, and WETA-TV in Washington D.C. In 1968, he produced the television programs Inside Bedford-Stuyvesant and Like It Is, which won seven New York-area Emmy Awards. After attending Emory University from 1974 to 1976, Hobson was promoted to senior vice president of WETA and became a consultant for the National Endowment for the Arts. In 1980, he produced the PBS series From Jumpstreet: A Story of Black Music, and, in 1986, he was the producer of the nine-part series The Africans. In 1988, Hobson was hired as a consultant for the Jamaica Broadcasting Corporation. The following year, in 1989, he was hired as the director of market planning for WNET-TV. Hobson also worked on the six-part series Global Links, and the science series Spaces.

In the 1980s, Hobson launched the production company Vanguard Documentaries, where he served as executive producer and artistic head. Vanguard has produced a number of documentaries and shows since its inception, including Porgy and Bess: An American Voice, Model U.N. For Everyone, Global Classrooms, Negroes with Guns, and Harlem in Montmartre: Paris Jazz. Hobson has also lectured at several schools including Harvard University, Yale University, Vassar College, the State University of New York, and New York University’s Tisch School of the Arts. In 1996, he became a Fulbright Scholar and taught film in Munich, Germany.

Hobson has received multiple awards for his work in film. He has been awarded an Emmy, the Japan Prize ‘Special Citation,’ and the Golden Eagle Award from the Council on International Nontheatrical Events. Millimeter magazine has ranked Hobson as one of the fifty top producers in the film and television industry, and, in 2010, he was named a Black Media Legend by the McDonald’s Corporation. Hobson has served on the boards of the America the Beautiful Fund, the National Black Programming Consortium, and the Museum of Modern Art.

Charles Hobson was interviewed by The HistoryMakers on October 23, 2013.

Accession Number

A2013.267

Sex

Male

Interview Date

10/23/2013

Last Name

Hobson

Maker Category
Marital Status

Married

Occupation
Schools

Brooklyn College

Emory University

Search Occupation Category
First Name

Charles

Birth City, State, Country

New York

HM ID

HOB02

Favorite Season

Fall

State

New York

Favorite Vacation Destination

Paris, France

Favorite Quote

Soon come.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

6/23/1936

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Chicken

Short Description

Television producer Charles Hobson (1936 - ) , founder of Vanguard Documentaries, has produced a number of television programs including Like It Is, Harlem in Montmartre: Paris Jazz, Inside Bedford-Stuyvesant, From Jumpstreet: A Story of Black Music, Negroes with Guns, Porgy and Bess: An American Voice, and The Africans.

Employment

WBAI

ABC

WABC TV

WETA TV

National Endowment for the Arts (NEA)

Jamaica Broadcasting Corporation

WNET TV

Vanguard Documentaries

Favorite Color

Blue

Timing Pairs
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DAStories

Tape: 1 Story: 1 - Slating of Charles Hobson's interview

Tape: 1 Story: 2 - Charles Hobson lists his favorites

Tape: 1 Story: 3 - Charles Hobson talks about the origin of his middle name

Tape: 1 Story: 4 - Charles Hobson describes his father's family background.

Tape: 1 Story: 5 - Charles Hobson describes leaving Brooklyn, New York to attend school in Jamaica when he was eleven years old

Tape: 1 Story: 6 - Charles Hobson describes his father

Tape: 1 Story: 7 - Charles Hobson describes his mother's family background

Tape: 1 Story: 8 - Charles Hobson describes his childhood experience in Jamaica and his desire to identify as an American

Tape: 1 Story: 9 - Charles Hobson describes both his family's view on African Americans from the Unites States and not the Carribean

Tape: 1 Story: 10 - Charles Hobson describes his earliest childhood memory

Tape: 1 Story: 11 - Charles Hobson talks about his siblings and how he has not seen his sister in thirty years

Tape: 1 Story: 12 - Charles Hobson describes his childhood experience at Ten Downing Street in Brooklyn, New York

Tape: 1 Story: 13 - Charles Hobson describes his childhood eating habits and his tendency to identify with immigrants

Tape: 1 Story: 14 - Charles Hobson describes his Brooklyn family life and being in the boys' choir at Concord Baptist Church

Tape: 2 Story: 1 - Charles Hobson talks about his attraction to African American family life and his fondness for family gatherings

Tape: 2 Story: 2 - Charles Hobson describes the sights, sounds, and smells of his childhood

Tape: 2 Story: 3 - Charles Hobson talks about his affinity for the Dodgers and his hero, Jackie Robinson

Tape: 2 Story: 4 - Charles Hobson talks about his experience in middle school at PS3

Tape: 2 Story: 5 - Charles Hobson describes his formative encounter with African American literature as a youth.

Tape: 2 Story: 6 - Charles Hobson talks about Brooklyn gangs and the cultural diversity on his neighborhood block

Tape: 2 Story: 7 - Charles Hobson talks about his first social encounters with white women as a teenager

Tape: 2 Story: 8 - Charles Hobson talks about his athletic ability and being on the Brooklyn College track team

Tape: 2 Story: 9 - Charles Hobson talks about his childhood friends and his college job at Brooks Brothers

Tape: 2 Story: 10 - Charles Hobson describes the diversity of his neighborhood

Tape: 2 Story: 11 - Charles Hobson talks about his social life at Brooklyn College.

Tape: 2 Story: 12 - Charles Hobson talks about his love of music and jazz culture

Tape: 3 Story: 1 - Charles Hobson talks about his interest in magic

Tape: 3 Story: 2 - Charles Hobson talks about his experience in the National Guard in 1962

Tape: 3 Story: 3 - Charles Hobson talks about his first radio show for WBAI

Tape: 3 Story: 4 - Charles Hobson talks about getting a position as a producer for ABC in 1967

Tape: 3 Story: 5 - Charles Hobson talks about Bill Greaves and his role on the program 'Like It Is'

Tape: 3 Story: 6 - Charles Hobson describes his professional relationship with Gil Noble, pt. 1

Tape: 3 Story: 7 - Charles Hobson describes his professional relationship with Gil Noble, pt. 2

Tape: 3 Story: 8 - Charles Hobson talks about joining the Writer's Guild and Mal Goode, the first black correspondent on ABC

Tape: 3 Story: 9 - Charles Hobson talks about becoming a writer for the first African American television program, 'Inside Bed-Stuy'

Tape: 3 Story: 10 - Charles Hobson discusses meeting Earl Graves and Senator Bobby Kennedy's assassination

Tape: 4 Story: 1 - Charles Hobson talks about his second wife, Cheryl Chisholm

Tape: 4 Story: 2 - Charles Hobson talks about his father's stroke and graduate school at Emory University

Tape: 4 Story: 3 - Charles Hobson talks about his talent for raising money

Tape: 4 Story: 4 - Charles Hobson talks about his work at WETA TV in Washington, D.C.

Tape: 4 Story: 5 - Charles Hobson talks about producing his first major documentary series, 'Jump Street' for PBS

Tape: 4 Story: 6 - Charles Hobson talks about producing 'The Africans' for PBS

Tape: 4 Story: 7 - Charles Hobson talks about the documentary series 'The Africans'

Tape: 4 Story: 8 - Charles Hobson talks about the production of and fundraising for 'Harlem in Montmartre'

Tape: 4 Story: 9 - Charles Hobson talks about the nature of fundraising

Tape: 4 Story: 10 - Charles Hobson talks about producing the television project, 'Porgy and Bess', and a project on Black Germans

Tape: 5 Story: 1 - Charles Hobson talks about his battle with cancer

Tape: 5 Story: 2 - Charles Hobson talks about what differentiates him from other producers

Tape: 5 Story: 3 - Charles Hobson talks about how he would like to be remembered

Tape: 5 Story: 4 - Charles Hobson describes his hopes and concerns for the African American community

Tape: 5 Story: 5 - Charles Hobson describes the essence of the black experience and the election of President Barack Obama

Tape: 5 Story: 6 - Charles Hobson reflects upon his legacy

DASession

1$1

DATape

3$4

DAStory

9$7

DATitle
Charles Hobson talks about becoming a writer for the first African American television program, 'Inside Bed-Stuy'
Charles Hobson talks about the documentary series 'The Africans'
Transcript
So, so why don't you talk about 'Inside Bed-Stuy', can you do that for me? And not, not do it in reference to the articles, the many articles that have been written.$$'Inside Bed-Stuy' was a tactic started by the Kennedys, Bobby Kennedy was going to run for President, and part of his machinery was to have a good reputation in--he had a--there was a--the Bedford Stuyvesant Restoration Corporation was a kind of poverty a--poverty agency that was inspired or you know by, by Kennedy. And Kennedy ran, really, he had his people. You know I got to meet, you know people, Kennedy people. So and they wanted to start the first black television program and in America, right. And they ended up with--they had put a team together and they had a producer, a guy named--well he was a writer, a very--Leslie Lacy, he's written several books. A brilliant guy. I don't know where--what he's doing now. And he was a friend, you know, brilliant--he wrote about being, living in Africa and all. And I remember we had a drink and he said Charles [Hobson], you know, I can't work with these guys, you know you, you can work with white people, I can't, you know. He said I'm going to, I'm going to tell them to hire you. He didn't have any TV experience either, he was a--and I came out of radio. But I knew Bed-Sty and he knew--so I went and they hired me. He gave me the job, you know, Leslie. So then I became the writer. So I can see--so again we did things like the Persuasions, I remember we had--it was very eclectic, which I sort of like as you can guess. So we had like we had one of the high school, boy's high basketball star cause they'd won the championship that year. And--or a, you know the Persuasions, who I discovered, the group called the Persuasions, doo wop group. The guys went to the projects to interview them and they sang for me, you know and in one of their apartments and I thought this is amazing. So I booked them on the first show. And so we did everything--I'll tell you a story. We were talking about an old man that lived in the neighborhood, he had retired from entertainment world and you might want to put him on the show, you know this is about Bed-Sty. We put him on the show, it was Eubie Blake. You know he was about 79 at the time and because of that, he ended up having a--he lived to 100 and performed to 100, so that was a little--that was some of the--Bedford-Sty was a--was such a rich community, you know this was larger than, you know, 400,000, I think it was at the time 400,000 people. So this show looked at--we had no budget, you know we, we would put a camera in the middle of a house, a park and if it rained, we would--the guests had to use umbrellas. But we captured, you know, an amazing part of, of Brooklyn, you know. Of, of, of a black community. It's never done, never been done. So that, that was 'Inside Bed-Sty'. I was--I was honored at Lincoln Center, Morgan Meade Festival as a producer. And some of the--a couple of the people are still alive. So but most of them aren't, you know.$$So you--what's the--that was hosted--was Roxie Roker--$$Roxie Roker and Jim Lawry.$$Which is, you know he talks about that. I know him from Chicago and--$$He worked for McKenzie, right?$$Right, he worked for McKenzie, that's right.$So what did--how does this--how does it come about? Tell, tell us about not only what you did, but how you did it. We know that the BBC's [British Broadcasting Corporation] involved and you're saying that this was the legitimate co-production with the BBC. So as opposed to you were saying, you know, where BBC does it and you just are happy to slap your name on it as the co-producer. So tell, tell me about--cause I, I, I really think in terms of the, the, the subject matter and the research that went into it, and the information. You know as a viewer, you know who wasn't--I was viewing it. I'm not in production, really, I [unclear]. You know I was, I was struck. I mean I was learning all kinds of new things. And so my question is how did this--was it the, was it the BBC that first approached you, or vice versa, or who is doing what with this?$$I can tell you the story. They're, they're two very distinguished filmmakers, Albert, and I forgot his brother's name, Maysles, and they were, they were working with developing this with the, with the BBC. And then one of the brothers--German guys. One died, I forgot which one, but I said--they told PBS [Public Broadcasting Service], you know you really have to find a black producer, you know. Cause you know we, cause we, we want to do it but you know, it's Africa, everything. So they ended up recommending me and Susan Wild who is the Vice Pres--so that's how I got into 'The Africans'. Again, I, I've had some of the greatest things I've ever gotten into when someone said, you know, handed it to me, basically. You know like 'Like It Is' [unclear]. I, I, there was so many people involved with, with 'The Africans', and I couldn't say it's me, it's not me. It's David Harrison who was the BBC, British equivalent, Executive Producer. Brilliant, brilliant producer. He was about ten years older than me and he was very--and we--when it's a whole bunch of people, you know, it was--we did a book, we had various producers. You know we had three or four film crews. Two crews going at the same time in different parts of Africa, the world, yeah. So it was--they were different. And Ally Mesruley [ph.], you know. Oxford educated, Ally had, you know Ally--so a lot of people were involved. But you have to kind of keep as an Executive Producer, keep your eyes on the ball. Keep, keep the goal in sight, you know as things, you know as things move, move forward. So I think, I think we did that fairly well. So Ally--so it's, it's--film is a cooperative thing. You know like a big--like a documentary, a big thing. There's so many people involved. So yes, it wouldn't happen without me and--but there were a lot of people who, you know who I'd say even played greater roles doing execution of it. So--I like to look for things that were never done and, and even--like we're doing a much smaller--a smaller film crew for PBS on the Flat Iron, which is a wonderful building, Chicago [Illinois] influence. But no one's ever made it. Building on the most photographed--perhaps the most photographed building in New York [City], or in the world. One of the--you know, and with a great history. So we got the opportunity to do--and not even necessary--there was black stories in it, you know which you'll see. So that's kind of my motive.

Roger Ferguson

Economist and lawyer, Roger W. Ferguson, Jr. was born on October 28, 1951 in Washington, D.C. ‘s northeast section. His father was a U.S. Army mapmaker and his mother was a public school teacher. Ferguson became interested in economics and finance at an early age. His father was an avid investor and traveled to the Federal Reserve Bank in Richmond, Virginia to purchase treasury securities. Ferguson attended public schools in D.C. and high school at Sidwell Friends School, a co-educational Quaker day school. He obtained his B.A. degree in economics from Harvard University, graduating magna cum laude. He then spent a year in England as a Frank Knox Fellow at Pembroke College, Cambridge. Ferguson obtained his J.D. degree cum laude from Harvard Law School in 1979 and in 1981 his Ph.D. degree in economics from Harvard University.

Ferguson worked as an attorney for the law firm of Davis Polk & Wardell, LLP in New York before becoming an associate and ultimately a partner at McKinsey & Company Inc., where he served as director of research and information systems and managed a variety of studies for financial institutions. In 1997, Ferguson joined the Federal Reserve Board of Governors, becoming the third African American in history to serve on the Federal Reserve Board. In 1999, Ferguson was appointed to serve as vice chairman of the Federal Reserve Board of Governors, the first African American to serve in that role. His duties as vice chairman included heading a committee that proposed methods to improve Federal Reserve communication. Ferguson also served as chairman of the Group of Ten Working Party of Financial Sector Consolidation, chairman of the Committee on the Global Financial System (CGFS), and the chairman of the Financial Stability Forum (FSF) during his tenure as vice chairman.

In 2006, Ferguson resigned as vice chairman of the Federal Reserve Board of Governors and in 2008 joined the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) as CEO and President. He has served as economic advisor to President Obama, initially as a member of the President-elect’s Transition Economic Advisory Board and subsequently as a member of the President’s Economic Recovery Advisory Board. Ferguson has received the Distinguished Service Award from the Bond Market Association, an honorary Fellowship at Pembroke College, the William F. Butler Memorial Award from the New York Association for Business Economics, the Renaissance Award from the Abyssinian Development Corporation, and the Frederick Heldering Global Leadership Award from the Global Interdependence Center. He also holds honorary doctorates from Lincoln College, Webster University, Michigan State University, Washington and Jefferson College, and Worcester Polytechnic Institute. In 2009, Ferguson received The “Visionary Award” from the Council for Economic Education and the “Good Scout Award” from the Greater New York Boy Scout Council. Ferguson is married to former United States Securities and Exchange Commission Commissioner Annette Nazareth. They have two children.

Roger W. Ferguson, Jr. was interviewed by the The HistoryMakers<\em> on May 14, 2012.

Accession Number

A2012.118

Sex

Male

Interview Date

7/30/2012

Last Name

Ferguson

Maker Category
Middle Name

W.

Occupation
Schools

Sidwell Friends School

Harvard University

Harvard Law School

Charles E. Young Elementary School

River Terrace Elementary School

Jefferson Middle School Academy

First Name

Roger

Birth City, State, Country

Washington

HM ID

FER03

Favorite Season

Spring

State

District of Columbia

Favorite Vacation Destination

Vermont

Favorite Quote

None

Bio Photo
Speakers Bureau Region State

New York

Birth Date

10/28/1951

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

French Fries

Short Description

Economist and lawyer Roger Ferguson (1951 - ) was the president and chief executive officer of the TIAA-CREF and served as vice chairman of the Federal Reserve System.

Employment

McKinsey and Company

Davis, Polk & Wardell, LLP

United States Federal Reserve System

Teachers Insurance and Annuity Association

Swiss Re America Holding Corporation

International Flavors and Fragrances

Favorite Color

Blue

Timing Pairs
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DAStories

Tape: 1 Story: 1 - Slating of Roger Ferguson's interview

Tape: 1 Story: 2 - Roger Ferguson lists his favorites

Tape: 1 Story: 3 - Roger Ferguson describes his mother's family background

Tape: 1 Story: 4 - Roger Ferguson describes his father's family background

Tape: 1 Story: 5 - Roger Ferguson talks about his paternal step grandfather

Tape: 1 Story: 6 - Roger Ferguson describes his father's athletic talents

Tape: 1 Story: 7 - Roger Ferguson describes his father's career

Tape: 1 Story: 8 - Roger Ferguson describes his father's interest in finance

Tape: 1 Story: 9 - Roger Ferguson describes his siblings and how his parents met

Tape: 1 Story: 10 - Roger Ferguson describes the sights, sounds and smells of his childhood

Tape: 1 Story: 11 - Roger Ferguson describes his neighborhood in Washington, D.C.

Tape: 1 Story: 12 - Roger Ferguson remembers Charles Young Elementary School in Washington, D.C.

Tape: 2 Story: 1 - Roger Ferguson recalls River Terrace Elementary School in Washington, D.C.

Tape: 2 Story: 2 - Roger Ferguson recalls his childhood pastimes

Tape: 2 Story: 3 - Roger Ferguson describes segregation in Washington, D.C.

Tape: 2 Story: 4 - Roger Ferguson remembers Jefferson Junior High School in Washington, D.C.

Tape: 2 Story: 5 - Roger Ferguson recalls his early interest in the Federal Reserve System

Tape: 2 Story: 6 - Roger Ferguson recalls enrolling at the Sidwell Friends School in Washington, D.C.

Tape: 2 Story: 7 - Roger Ferguson describes his social life at the Sidwell Friends School in Washington, D.C.

Tape: 2 Story: 8 - Roger Ferguson recalls his decision to attend Harvard University

Tape: 3 Story: 1 - Roger Ferguson recalls the racial tension at the Sidwell Friends School in Washington, D.C.

Tape: 3 Story: 2 - Roger Ferguson describes his work study job at Harvard University

Tape: 3 Story: 3 - Roger Ferguson recalls his activism at Harvard University

Tape: 3 Story: 4 - Roger Ferguson recalls his economics research in Chile

Tape: 3 Story: 5 - Roger Ferguson remembers his graduation from Harvard University

Tape: 3 Story: 6 - Roger Ferguson recalls his fellowship in Cambridge, England

Tape: 3 Story: 7 - Roger Ferguson recalls his decision to pursue law and economics

Tape: 3 Story: 8 - Roger Ferguson recalls his dual graduate degree program at Harvard University

Tape: 4 Story: 1 - Roger Ferguson describes his parents' influence on his self esteem

Tape: 4 Story: 2 - Roger Ferguson talks about his decision to pursue dual graduate degrees

Tape: 4 Story: 3 - Roger Ferguson remembers working at the law firm of Davis Polk and Wardwell

Tape: 4 Story: 4 - Roger Ferguson recalls meeting his wife

Tape: 4 Story: 5 - Roger Ferguson recalls working at McKinsey and Company

Tape: 4 Story: 6 - Roger Ferguson talks about balancing his career and family

Tape: 4 Story: 7 - Roger Ferguson recalls how he came to work for the Federal Reserve System

Tape: 4 Story: 8 - Roger Ferguson remembers joining the Board of Governors of the Federal Reserve System

Tape: 5 Story: 1 - Roger Ferguson recalls becoming vice chairman of the Federal Reserve System

Tape: 5 Story: 2 - Roger Ferguson remembers serving as vice chairman of the Federal Reserve System

Tape: 5 Story: 3 - Roger Ferguson remembers the terrorist attacks of September 11, 2001

Tape: 5 Story: 4 - Roger Ferguson recalls his decision to leave the Federal Reserve System

Tape: 5 Story: 5 - Roger Ferguson recalls serving as the president and CEO of TIAA-CREFF

Tape: 5 Story: 6 - Roger Ferguson describes his hopes and concerns for his children

Tape: 5 Story: 7 - Roger Ferguson describes his concerns for the African American community

Tape: 5 Story: 8 - Roger Ferguson reflects upon his legacy at TIAA-CREF

Tape: 5 Story: 9 - Roger Ferguson describes his plans for the future

DASession

1$1

DATape

1$5

DAStory

8$3

DATitle
Roger Ferguson describes his father's interest in finance
Roger Ferguson remembers the terrorist attacks of September 11, 2001
Transcript
But the thing that was really distinctive about my father [Roger Ferguson, Sr.] was that he was a child of the Depression [Great Depression] and he had lots of stories to tell about the Depression and it clearly impacted him. And the way it impacted him was he became very interested in savings and investments and the way the banking system worked. So the thing I, I remember many things about my father, the thing that really influenced me was that my father got me very interested at a very young age in things having to do with finance and banking and et cetera. And, in fact, as soon as I could do math at a reasonably proficient level, you know, just adding and subtracting, multiplying and dividing, he had me balance the check book.$$Okay.$$And much of our conversation while he was an avid football fan and, you know, loved to bowl and fish, much of our conversation was really about interest rates and investments and safe banks and, and that sort of thing.$$How do you think he acquired that kind of knowledge, he had the interest but how do you think he got the, the knowledge?$$I think he may have gotten it, some from his father [sic. step father, George Ferguson], I think he got it some from school as well, but mainly he was just sort of self taught. He read the newspapers, the other thing I remember about my father is not just that he read newspapers, but he had a broad interest in life and he was a curious person as well. And it, it showed up in, in unusual ways. I've talked a little bit about his interest in, in finance and money and investing, and for a, you know, a guy who was living, my mother [Alberta Lawson Ferguson] was a school teacher, my father worked for the government, they didn't have huge amounts of money so it was unusual for him to be interested in that kind of thing. He was interested in training people in that space, not only did he train me, but my sister [Rochelle Ferguson Washington (ph.)] has a very good friend who has gotten interested in investing in only land and property and she attributes all that to my father.$The thing that proves to be most important about my tenure at the Fed [Federal Reserve System] though is 9/11/2001 [September 11, 2001]. Nine, eleven, two thousand one is a day that obviously along with other fa- sadly a few other days, lives in infamy, 'cause that was the day of the terrorist attacks in United States of America. On that day Alan Greenspan was in Europe, in Switzerland at a big meeting of central banks that occurred every six to eight weeks, sometimes he would go, sometimes I would go, it was his turn to go, all the other governors in the Fed were around the country and the U.S. doing Fed business or giving speeches of, of, or doing other things. And so I was the only governor in Washington, D.C. I'm at my desk as usual at around 8:15, my wife [Annette Nazareth] at this point is an important senior official at the SEC [U.S. Securities and Exchange Commission], she runs market regulation. And market regulation team has a desk that watches and monitors markets in real time--$$Um-hm.$$--on a daily basis. And so at about 8:20 at the time, I'm gonna get the time wrong, 8:40, 8:45, my wife calls and says, "Our market watch folks have alerted me that there's something wrong in New York [New York] because one of the World Trade Center towers is on fire, you might just wanna turn on the TV and monitor it"--$$Um-hm.$$--"we don't know what's happening," et cetera. So I turn on the TV, I see the second plane go into the second tower, obviously not a coincidence, not just bad luck, but hard to imagine what it is, you can't quite imagine that anyone would intentionally fly--$$Right--$$--airplanes into the world's tallest buildings in New York. But what it, what I do know is it's gonna be a scramble in Manhattan [New York, New York] because the World Trade Center, very close to the New York Stock Exchange [New York, New York], close to a number of other very important financial services firms and institutions including a company called Bank of New York [Bank of New York Mellon Corporation, New York, New York], which is one of the cl- clearing banks that keeps the, the system operating, the check clearing system operating, but more importantly, keeps the security systems operating and, and money flowing the system. World Trade Center was also very close to the New York Fed [Federal Reserve Bank of New York, New York, New York], so it's in the Wall Street area [New York, New York] and obviously I and my wife both know that it's gonna be a tough day that we don't know what the source of the problem is. I immediately then, you know, go to the floor where we are watching and listening to New York in the Fed, decide a couple of things that are very important, the president has announced that there has been some sort of attack and--$$This is President Bush [President George Walker Bush] at this time (simultaneous)?$$--(Simultaneous) President Bush at this point--$$Um-hm.$$--that there's been some sort of attack and that we need to evacuate Washington. I made immediately the executive decision that I was not gonna leave the Fed, others could leave, I couldn't lock the door and make the staff stay, but I was not gonna evacuate my location. That proved to be really pretty important, because everybody else was moving around the city out of touch, my phones were still working, everyone could call me, so the Fed, not just my office, but I was part of it, became the spider in the web of information flow, the SEC, the CFTC [Commodity Futures Trading Commission], the Treasury [U.S. Department of the Treasury], the White House [Washington, D.C.], the New York Fed, a number of the important banks, we in Washington, I at the Fed and my team, the Fed team were central in knowing what was going on.$$And so you kept the financial system together during that time (simultaneous).$$(Simultaneous) So we kept the financial system together. The second thing that we announced was that the Federal Reserve System was open and operating and that we were prepared to lend money.$$Throughout the entire time of--?$$Throughout the entire time. These things, as you point out, through lots of different technical reasons basically kept the Federal, the financial system operating, all checks got paid, the money market system still worked. A lot of technical things called the repo market, still worked and that was very important because there was no panic in America. Imagine if you would come to work one day and your check didn't clear on 9/11 (simultaneous)--$$(Simultaneous) Right.$$--or 9/12 [September 12, 2001], or you went to an ATM machine and you couldn't get money out of the machine, and so we kept the system operating, we kept the panic down and I truly believe that because of the good work that the Fed team did on that day, and I happen to be the one in the leadership role for the first two and a half days after 9/11, that we kept the economy from sinking into a deeper recession. At that point the economy had actually started to slow by the way. So I ran the Fed with a team but I was the team leader all on Tuesday, the September 11th, Wednesday September 12th, Alan got back very late on the 12th, he did some quite research, found that I had done a good job and basically I was responsible for the Feds initial reaction all through that first week. And, you know, I'm not a person given to immodesty, as you know--$$Um-hm.$$--and can tell, but, you know, things worked out well, the team did a really good job and in hindsight, obviously, I am pleased with the role that I played in keeping the system functioning--$$Would you say (simultaneous)--$$--(simultaneous) after 9/11.$$--that's one of your proudest moments in your career?$$It's definitely my proudest moment. It's the moment that brought together my knowledge of the banking system, financial markets--$$And technology (simultaneous)?$$--(simultaneous) technology, the way the Fed system worked. It required a lot of international coordination as well, so having spent that time starting back in my little story about going to Chile and England, and other things that I did. So it all came together. It also was a time where communication was important and I learned a lot of communication skills from McKinsey [McKinsey and Company, New York, New York] and frankly sort of interpersonal skills, which are important all through life. So it's absolutely my finest moment and, you know, had we made other decisions, had I decided to evacuate the building or not keep the Fed System open, or not issue a statement, or not lend money, I do believe things would have been, you know, much worse.