They're obviously very close to being done with that long string of tightening.

Eighteen years of excellence has earned Greenspan the benefit of the doubt when blame is being allocated.

We've given the auto industry steroids, and we might be looking at a period of withdrawal as auto companies wean themselves from these stimulants,

The pool of available labor is diminishing and worker efficiency is growing more slowly. This adds up to a higher level of pressure on wages, and, by inference, on inflation.

We've been able to achieve great things amid great challenges- including the stock market crash of 1987, the bursting of the stock bubble in 2000, two wars and the September 11, 2001, terror attacks. Alan Greenspan might be thought of as our most valuable economic player.

It has surprised all of us that the economy has performed so strongly, but we think that the accumulated influence of higher rates both in the market and by the Fed will begin to take a little bit of starch out of the economy.