If people are comfortable with where inflation is, they feel comfortable with investing, and it does drive the market.

One quarter doesn't make for a whole year. Time Warner still has a long ways to go. They still have some problems with AOL.

It means that the housing market is seriously slowing. It's not great news for the economy.

We've actually had a bit of a stealth rally here in August. As many people have been away for vacation, the market's done fairly well in here. We still are pretty favorably disposed toward the technology area, and as we go into the Christmas season we'll see probably more activity there.

There are some fears about inflation but people are even more concerned about what's happening in the corporate credit market.

People were afraid we would see core inflation higher.