It's typical Greenspan double talk.
To ignore the inflationary aspects of oil is absolutely ridiculous. But then oil and food aren't included in the CPI, unlike in the 1970s. I guess in the USA you don't drive a car and your food doesn't incur transportation costs because you don't eat.
I suspect history's judgement of Greenspan will be very damning considering what will be happening to the once mighty USA in coming years.
