I think that Greenspan does have a very good intuitive sense of the economy, and the hardest thing with central banking is dealing with turning points,

We have done everything but tell you what our target is ... if you want to look at our past behavior, it's kind of magical. In the last decade (inflation excluding food and energy) has been between 1% to 2%.

If you want to keep politicians out of the Fed's business, which we do, then we ought to stay out of their business. That's one viewpoint.

It never got acrimonious. They're both very reasonable people, they know each other well, they're friends. They have, I think in the scheme of things, a relatively modest disagreement.

There's no shortage of information. You have to figure out what's important.

The No. 1 goal of everyone who was there was keeping prices stable.