In today's market, everyone is a Fed-watcher. Hopefully we will not lose any transparency and will lose some of the volatility.

We had thought that transparency meant efficiency in the market... and that's not what happened. The meaning of the bias within the Fed was not well understood.

It's nice to know that the Fed is taking (exotic home loans) seriously,

It's nice to know that the Fed is taking (exotic home loans) seriously. It looks like (Greenspan's) trying ... to squeeze out the speculative element in housing; they don't want a repeat of the stock bubble.

The job market was lousy, now it's been upgraded to good,

The job market was lousy, now it's been upgraded to good.