It's not really a surprise.

It's not a dramatic fallout, and I don't see any evidence of panic. It's much more of a gradual adjustment; people have to diversify a little more. It just slows things down a little bit.

Greenspan's testimony to Congress is always an event and probably more so this time than usual. We are looking at the Fed with a bias to tightening and we have to get some warning of whether he is going to act on that or not. So what I am looking for is a clear signal.

The markets are clearly disappointed.

This [report] gives the Fed total latitude to do whatever they think is fitting.

The price we have to pay for all this is someplace. Early in the century, we're going to see a real good old-fashioned panic of the kind we haven't seen in a long time.