He writes about how the markets, and the financial press, seem puzzled by the fact that Ben Bernanke can think about more than one thing at a time:
Daniel Gross: June 04, 2006 - June 10, 2006 Archives: HELICOPTER MAN: Federal Reserve Chairman Ben Bernanke earned his reputation for being more concerned about deflation than inflation in part because of this 2002 speech where he approvingly quoted a Milton Friedman phrase about the utility of a "helicopter drop" of money. Now that Bernanke is suggesting that inflation is, indeed, a problem, the stock markets are getting somewhat antsy. Traders apparently didn't realize that Bernanke's helicopter comes equipped with a high-powered, super-duper liquidity vacuum. And it looks like he might have to turn it on.
Ben Bernanke is smart enough to worry about all future possibilities--and both accelerating inflation and dangerous deflation are possibilities. It shouldn't take long before the markets realize this, even though the press corps doesn't.