If you look at the housing market and say, are housing prices going up where job growth is high, where wage growth is high, where demographic movement brings people into the housing market? All of those things seem to be true.

That probably is one of the policies we would like to avoid.

Are people behaving as if they believe this is a weak economy? I see no indication of that. In fact, I see the contrary.

It would be a significant problem and it would move in exactly the wrong direction.

There's not much we can do about it in the short run, and that's the reality.

We are moving into that phase where we expect that wage growth will catch up and take productivity over.

Over the longer period of time it would move in exactly the wrong direction because it would encourage us to use more oil, not less.

Over a longer period of time, it would be a significant problem.

If we were to see an abrupt change in exchange rates, we might expect there might be some change in that. But again, I don't think anybody's predicting any kind of abrupt change.

But there are other issues that we have to think about is that the best way to be using our tax revenues? Is it the most efficient way to allocate our resources? And so there are a number of issues that are under study on that.