There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks.

Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.

The Fed chairman has a lot of latitude to do things the way he wants to. I don't see why he wouldn't carry the day the way he wants to.

We've had the same Fed chairman for so many years that we have a standard. He represents an unknown, to an extent.

It is not as if they named a plumber as chairman of the Fed.

The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy.