I think one of the things that is happening right now is that the Greensspan era is truly over. Despite the well deserved beatings Greenspan took during his tenure there was the impression of a steady hand on the wheel. All of those incremental rate changes gave the impression of someone gently guiding the economy. Now, of course, when the subprime mess hit the fan the Fed was bailing water and filling holes but by slashing rates the way it did it set up expectations of a reactive rather than a guiding policy. So now that inflation is on fire people expect another dramatic move. This reactive/dramatic mentality isn't a good thing to be in, and may in and of itself help feed further volatility.