By discussing financial markets at such length, Mr Greenspan has created the impression that share-price movements are a yardstick by which to measure monetary policy.
This trend is readily evident in the IAB Internet spending reports for the last three years, where performance based advertising has gained share at the expense of impression based advertising models.
The Fed has thereby fostered the impression that it will slash interest rates when share prices fall sharply, but not increase rates when they shoot up.