When the Federal Reserve is in a (interest rate) tightening mode it's difficult to get excited about old economy stocks,

You can't have it both ways -- the economy can't be strong and have us worrying about revenue growth going forward, so it has to be the trend is slowing and how much that affects equity valuations going forward.

(Greenspan's) a proponent of what productivity gains have brought to this new economy, ... Of all the things he says, the least hawkish is when he talks about productivity and the new economy. In terms of Wall Street's reaction, I wouldn't say we could garner anything but a positive feeling.

It sends a signal that the U.S. economy has weathered some pretty harsh storms over the past few years and in recent months.

It didn't really come as a surprise -- but, having said that, the broader thought process that the economy isn't doing well in the second half compared with the first half has investors concerned that we may need to test the lows of the market again.