But the concept that fascinates me and I suspect it's at least somewhere in Alan Greenspan's thought process, too, is that there are two kinds of inflation. There's wage inflation that goes to people who are in the labor market. And then there's the kind of inflation, which has just been going out of sight recently. CEO compensation is one part of it. But the stock market is another.
Currency trading is yet another.
This is financial inflation. And financial inflation has been soaring. But it makes a lot of difference if you're in a bubble, in a speculative bubble. I think the Federal Reserve should always worry about what's happening to asset prices because it affects the state of the health of the economy. And, in particular, if asset prices collapse, that actually can have an impact in terms of weakening the economy.