[The conference takes Fed staff and academics] out of their ivory tower ... It's the unique mix of those individuals — that's the beauty of it.

We have seen a softer tone in their write-ups. I think there is a real sense that the Fed is going to stay on the sidelines.

Many are the scholars who make it their professional occupation to occupy themselves in this towering edifice of culture, exploring its nook and crannies, developing their responses, making their contributions here and there, and helping to hand it on to succeeding generations. For some the temptation proves irresistible to go yet farther and make this the concern of their lives, letting society go its own sorry way while they lock themselves away in this abiding, socially transcendent cultural stronghold, acquiescing in society while pursuing Bildung. As Rotterdam burns, they study Sanskrit verb forms.

I don't see myself in an ivory tower.

I hate that phrase "the real world." Why is an aircraft factory more real than a university? Is it?

Acknowledging that crime happens in the ivory tower is really tough for them.