It is always difficult to decipher just what the often-opaque Fed chairman means.

The New York Times shares your confusion.

No quote or phrase as memorable as "Irrational Exuberance" has come out of Greenspan's most recent comments, but there is no doubt of a sharp edge that can be felt slowly cutting. I hope our parents enjoy their Social Security. Security related problems seem to be the forte of my generation. Not all of them are globalized in nature, most are very domestic, much like Social Security. I don't feel very secure. I don't feel like anyone is looking out for us, and at the same time expecting us to do all the hard work and take all the hard breaks.

Mr. Greenspan's Warning