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CONSUELO MACK: Jean-Marie, when you were here last in October, you mentioned the fact that there was something called, that Paul's talked about a lot, the Greenspan put and now it looks like we have a Bernanke put as well, and you noted that you thought that the Fed was basically going to bail out the financial sector, the banks, Wall Street, again. Is that what you see as happening right now?
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JEAN-MARIE EVEILLARD: Yes. I suppose the cuts and the cuts to come will help the economy, will help restart credit expansion, which is what Mr. Bernanke desperately wants. Maybe he will be successful in that respect. Maybe not. But there are at least three problems with those cuts. Number one, it gives a sense of panic on the part of the monetary authorities. A sense of pandering to the stock market, to Wall Street, which is not extraordinarily popular today among the public and among some of the presidential candidates. Number two, it may create a problem in terms of the dollar, although not so far. And, number three, those cuts are taking place at a time when inflation seems to be perking up.
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CONSUELO MACK: This could create problems.
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JEAN-MARIE EVEILLARD: That's right. Maybe Mr. Bernanke is paying for the mistakes of Mr. Greenspan, but I'm not sure he's, maybe it's the only approach he can take. Maybe there is so much debt, including some of it hidden, that the U.S. economy cannot afford a recession so that anything can be done, and indeed, if Mr. Bernanke has to choose between inflation and deflation, he will choose inflation.